250,000 SF of Mixed-Use Construction on Tap for Sundance

FORT WORTH–Developers with Sundance Square unveiled plans for three buildings to be built in the 35-block office, retail, and entertainment district.  The buildings will be located at 420 Commerce St., 425 Houston St. and 407 Throckmorton St. and construction for the phased project will begin during spring of 2012.

Each of the buildings will feature retail space on the ground level with office space above. The building on Throckmorton Street also will feature one floor of residential space offering six penthouse luxury apartments.  These one- and two-bedroom units will have outdoor terraces with floor to ceiling glass walls and sweeping views of Sundance Square and the City of Fort Worth. They will be accessed as an extension of the Sanger Loft apartments at 222 W. 4th Street.

The Throckmorton Street building will be the largest building with six floors and more than 99,000 square feet including 12,196 square feet of retail and 12,187 square feet of residential space.  The Houston Street building will also stand six stories tall with more than 93,000 square feet including 12,393 square feet of retail space. The ground floor of the building will include an office lobby on Houston Street and retail space fronting Houston, 3rd and 4th Streets.

The five-story Commerce Street building will measure more than 83,000 square feet with nearly 17,000 square feet of significant retail and restaurant space. The upper floor offices will access terraces on both the north and south ends of the building. The massing of the new building will respond to the height of the existing Land Title building so as not to overwhelm this historic landmark, which will be preserved. 

“The addition of office, retail and residential space to Sundance Square in this economy emphasizes the success of the development and the strength of the business environment in downtown Fort Worth,” said Johnny Campbell, president and CEO of Sundance Square, in a press release describing the construction. “Interest in space from office and retail users is already strong because of the location of the buildings in the heart of Sundance Square.”

Sundance Square will seek LEED certification for all three buildings, which have yet to be named.  Each of the buildings will boast LED perimeter lighting to follow Sundance Square’s master design.

David M Schwarz Architects Inc. is the project designer. Fort Worth-based Projects Group has been named the project manager. Bennett Benner Pettit, Planners + Architects was named architect of record for the project. The Beck Group has been retained as construction manager.

CONSTRUCTION

PEARLAND, TX – Health care company Kelsey-Seybold has selected a site for its new administrative office building. The 170,000-square-foot facility will support Kelsey-Seybold’s 370 physicians, who provide primary care and specialty care at 20 clinic locations throughout the region. The four-story office building will be built on an 18-acre site in Shadow Creek Ranch on the northeast corner of Kirby Drive and Shadow Creek Parkway, just west of State Highway 288. Current plans have the facility opening in approximately 18 months.

The facility is being designed by Powers Brown Architecture and will be constructed by E.E. Reed Construction LP. TGB Crosswell, formerly CG Commercial Development, developed the property and coordinated the sale with CG-Shadow Creek Ranch Village LP, owner of the Shadow Creek Ranch commercial site. TGB Crosswell managing partners Allen Crosswell and Tod Greenwood and director of construction Stan Beard worked on the sale. Thad Armstrong of Thompson & Knight LLP provided legal representation for Kelsey-Seybold on all aspects of this project.

ACQUISITIONS/DISPOSITIONS

DESOTO, TX – SPAR Five Group LLC acquired a 17,090-square-foot office/warehouse building at 201 Executive Way. The seller was U.S. National Bank Group, which was represented by Jim Turano of Henry S. Miller Brokerage LLC. Representing the buyer, SPAR Five Group, in the transaction was Hi View Real Estate’s Graham Sparrow.

HOUSTON – Brantley Healy Trust sold a 6,587 square foot office/warehouse on 12,430 square feet of land to Mark Yao. Tim M. Thomas, B. Kelley Parker, John F. Littman, and Coe Parker

with Cushman & Wakefield’s Houston office represented the seller in the negotiations. Richard Glass of CRC Real Estate represented the buyer

PHOENIX – Realty Associates Fund VI LP sold a 108,287-square-foot dock-high distribution building at 640 S. 51st Ave. to Pacifica Real Estate Group LLC of Newport Beach, CA. The Boston, MA-based seller collected $6.25 million for the property, which is 100% leased to Tharco, a division of Boise Cascade. Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE’s Phoenix office, along with Scott Schumacher and Kevin Shannon in the firm’s office in Torrance, CA, represented the seller in the transaction.

LEASES

GRAND PRAIRIE, TX -- Children 1st Grand Prairie LLC, children's dental and surgery center, leased a 7,036 square foot facility at Bardin Road Retail Center. Judy Zoch-Nitzinger, leasing specialist for SCM Real Estate Services, represented the landlord in this transaction. Austin Barrett with Globe Medical Realty Advisors represented the tenant.

HOUSTON – Morgan Keegan has leased 24,357 square feet in San Felipe Plaza, 5847 San Felipe. The brokerage and investment banking firm will occupy the entire 43^rd floor and a portion of the 41^st floor in the class A office building in the Galleria/Uptown submarket. With this lease, San Felipe Plaza is 89 percent leased. The Colvill Office Properties leasing team of Chip Colvill, Michael Anderson and Win Haggard Jr. represented the landlord, TPG/CalSTRS, a joint venture of Thomas Properties Group and the California State Teachers’ Retirement System. Brad Marnitz of NAI Houston represented Morgan Keegan in lease negotiations.

EXECUTIVE MOVES

AUSTIN, TX – Robert Wooten and Kelsey Roop have joined Holliday Fenoglio Fowler LP’s Austin office as associated directors in the debt placement group and investment sales group respectively.

Wooten will focus on debt and structured finance transactions with a specific focus on the Austin and San Antonio markets. He joins the Austin office from HFF Houston, where he worked in the debt placement group since 2007. 

Roop is relocating to the Austin office from HFF Dallas where she has worked for the investment sales group since 2007.  She will primarily focus on office investment sale transactions in the Austin and San Antonio markets with a secondary focus on industrial and retail transactions. 

PHOENIX – Todd Folger has joined CBRE’s retail services group as first vice president. Folger comes to CBRE from SRS Real Estate Partners, formerly Staubach Retail, where he worked since 1999.  Folger has worked with many recognized companies, including Chevron, Brinker International, Panera Bread, Ross Dress for Less and DSW.