216-Unit Timberock Sells to Local Investor

SAN ANTONIO-Calton Investments Inc. acquired the 216-unit Timberock Apartments from special servicer Ocwen Loan Servicing LLC. The local buyer closed on the distressed asset less than six months after it came to market.

Timberock Apartments at 7220 Marbach Rd. was developed in the 1980s and was foreclosed on in December 2010. Globest.com previously reported that occupancy at Timerock went from 50% to 88% within a 10-month period and, according to a press release detailing the recent sale, the seller generated improvements to increase occupancy and value before the sale.  Jeff Rogers, Alan Grilliette, and Chris Stutzman of Transwestern’s San Antonio Multifamily Group listed and negotiated the deal on behalf of the seller.

The release also stated that Timberock was an excellent fit for Calton, a privately held company with holdings throughout Central Texas and close to four decades of experience in owning, renovating and managing multifamily properties.

ACQUISITIONS/DISPOSITIONS

• CARROLLTON, TX-A California-based trust sold a 21,615-sf industrial building at 1335 Whitlock Lane to owner-user RIG Properties. Brian Pafford with Bradford Commercial Real Estate Services represented the trust in the disposition.
• ENNIS, TX-Marty Zmolik purchased 139,450 square feet of industrial space at 107 E. Waco St. from Leggett & Platt Inc. Steve Berger of CBRE represented the seller.
• GLENDALE, AZ- Glendale Bargain Storage LLC purchased a 51,850-square-foot All Purpose Mini Storage at 6208 N. 67th Ave for $1.1 million from The McGrath Family Trust. Russ Warner with Cassidy Turley BRE Commercial represented the seller. Paul Boyle and Rick Danis, also with Cassidy Turley BRE Commercial, negotiated on behalf of the buyer.
• GLENDALE, AZ- KLT Mangaement LLC purchased the 7,946-square-foot building B at Arrowhead Tech Center, 17437 N. 71^st Dr. from Iowa-Nebraska State Bank. Lou Finocchiaro and Paul Boyle with Cassidy Turley BRE executed the sale transaction on behalf of the seller. Mike Ciosek with Colliers International represented the buyer.
• GRAPEVINE, TX-Regions Bank sold a 26,240-sf, two-building office property at 1900 Enchanted Way to Capital Commercial Inc. Kevin Santaularia, Todd Lambeth and Joe Santaularia with Bradford Commercial Real Estate Services represented the bank in the disposition.
• IRVING, TX-Brookfield Asset Management purchased 161 Corporate Center, a 104,804-square-foot, Class A property at the northwest corner of State Highway 161 and State Highway 114 from Wereldhave. Gary Carr, Russell Ingrum, Eric Mackey, and Robert Hill of CBRE represented the seller.
• PHOENIX-LAM Research Corp. sold two properties to different buyers. ML Commercial Properties LLC purchased a 52,447-square-foot building at 4829 S. 38^th St. for $2.9 million.  CRC Crystal Research Corp. acquired a 12,500-square-foot clean room/lab/warehouse building at 4822 S. 40^th St. for $650,000. Marc Tuite and Tom Atkinson with Cassidy Turley BRE Commercial executed both sales transactions on behalf of the seller. They also represented the buyer on the sale transaction for the 40th Street property.
• PHOENIX- LWI Properties acquired 17 acres from LeSuer Investments III for $5.34 million. The Del Mar, CA buyer will begin construction shortly on the 382-unit San Tan Village Apartments, which will be located at San Tan Village Parkway and Ray Road. Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley BRE Commercial executed the transaction on behalf of the seller. John Luedtke and Paul Wiliamson with LWI Properties are handling the development for the purchaser.
• SAN ANTONIO-An out-of-state investor acquired the 200-unit Reserve in Alamo Heights, 8446 Country Village St., from JPMCC 2006-LDP9 Alamo Heights LLC. Mike Miller, Chris Ross, and Will Caruth of the San Antonio office of Hendricks & Partners negotiated on behalf of the seller.

LEASES

• GRAPEVINE, TX-Frog Street Press Inc. renewed 20,560 square feet of warehouse space in Heritage Business Park VI, 800 Industrial Blvd. Michael W. Spain and Todd Lambeth of Bradford Commercial Real Estate Services represented the landlord, A&B Properties Inc. Donnie Rohde of Lee & Associates DFW represented the tenant.
• GRAPEVINE, TX-Mitsubishi Electric Automation Inc. renewed 20,000 square feet of industrial space in Heritage Business Park Building 2, 1000 Nolen Dr., Michael W. Spain of Bradford Commercial Real Estate Services represented the landlord, CLPF-Heritage Two LP. Matt Thompson with Colliers International represented the tenant.
• FORT WORTH-TRJ Inc. renewed 18,800 square feet of light-industrial space at 8717 Forum Way. Todd Lambeth with Bradford Commercial Real Estate Services represented the tenant. Negotiating for the landlord, Randall Management LLC, was in-house broker, Randall Haefli.
• FARMERS BRANCH, TX-Pamarco Inc. leased 6,768 square feet of flex industrial space at 4324 S. Beltwood Parkway from Maxim Integrated Products Inc. Shawn Hall and Jason Mille with Bradford Commercial Real Estate Services represented the landlord. Tim Vogds of CBRE represented the tenant.
• DALLAS-American Bank of Commerce leased 5,224 square feet of office space in the Quorum, 5050 Quorum Dr. from Behringer Harvard Quorum. Sharon Friedberg and Melanie Hughes with Bradford Commercial Real Estate Services represented the tenant. Michael Dudley with CBRE represented the landlord.
• HOUSTON-Tejas Freight Forwarding Inc. renewed 11,375 square feet of industrial space in IAH Prologis Logistics Center at 3340 Greens Rd. Matteson Hamilton and Justin Robinson with Stream Realty Partners LP represented Prologis. The tenant was represented by Perry Reese with CresaPartners.
• HOUSTON-Halliburton Energy Services Inc. signed a lease for 18,754 square feet of industrial space at Prologis Park IAH Logistics Center, 3340 Greens Rd. The tenant was represented by Richard Quarles and Mark Nicholas with Jones Lang LaSalle. Matteson Hamilton and Justin Robinson with Stream Realty Partners LP represented Prologis.
• PLANO, TX-CODEKKO Inc. leased 10,013 square feet of office space at 1820 Preston Park from A&B Properties Inc. Dolores Wood-Euart of CBRE represented the tenant. Dennis Barnes and Rick Rensi of CBRE represented the landlord.
• DALLAS-Energy Resource Technology leased 8,999 square feet of office space at 8401 North Central Expressway from Lincoln Park Partnership. Robert Blount and Jeffrey Ellerman of CBRE represented the tenant.
• LEWISVILLE, TX-Nortex Modular Leasing & Construction Co. renewed 27,000 square feet of industrial space at 500 Huffines from the city of Farmers Branch. Steve Berger of CBRE represented the tenant.
• FLOWER MOUND, TX-HD Supply Facilities Maintenance Ltd. leased an additional 67,960 square feet of industrial space at 550 Lakeside Parkway from Duke Realty. Steve Berger of CBRE represented the tenant.
• FARMERS BRANCH-Maxim Integrated Products Inc. leased 50,000 square feet of industrial space at 4550 Spring Valley Rd. from CRP Holdings. Corbin Crews of CBRE represented the landlord and Steve Trese of CBRE represented the tenant.
• MIDLAND, TX- Haverty Furniture Companies Inc. leased 28,827 square feet of retail space on West Loop 250 North. Mark Reeder and Ryan Johnson with SRS Real Estate Partners represented the tenant in the transaction.  Jay Annand and Rob Exline with Annandale Real Estate represented the interests of landlord Annandale in the negotiations.

EXECUTIVE MOVES

• DALLAS-Josh White joined CBRE as executive vice president from Jones Lang LaSalle.
• HOUSTON-Dora Parker was appointed president and CEO of Principal Management Group, an Associa Co.  Parker founded PMG before its acquisition by Associa.