MIDLAND, TX-Houston-based Satterfield & Pontikes Construction Inc. is planning to build multiple 100,000-square-foot office buildings in in Westridge Park, a 100+-acre master-planned development situated in Midland’s premier high-growth Western Corridor. Groundbreaking on the projects have not been announced, but the growing energy sector has fueled demand for new development in this West Texas area.
Westridge Park is at the intersection of SH 191 and Loop 250, and is situated approximately two miles north of Interstate 20. I-20 is the major east-west route through Texas. Furthermore, Midland’s soaring economy has benefited from increased energy production as a result of new drilling technologies in the liquids-rich Permian Basin.
“Business is booming in Midland and we want to be a part of helping build the foundation for their next chapter in the city’s history,” commented George A. Pontikes Jr., President and CEO of S&P in a press release. “The demand for space is up-and-rising and we’re excited to have the opportunity to help provide a community with a second-to-none facility that delivers the resources to meet the area’s current demands.”
Employing a design from Kirksey Architects, S&P’s energy efficient four-story, multi-building development will be located ten minutes from Midland International Airport. The site is minutes from downtown Midland and Odessa and is conveniently located near Midland’s residential neighborhoods, restaurants and hotels. Ron McWherter of CBRE’s Houston office and Bill Scott of Midland Texas Real Estate will handle the leasing effort on behalf of S&P.
- CNL Lifestyle Properties Inc. acquired Culpepper Place of Fayetteville, a senior housing community at 4461 N. Crossover Rd. from an affiliate of Foster Hospitality Group for $14 million. The needs-based, assisted-living community contains 67 units and opened in June 2011. It is 100% occupied as of Nov. 30.
- B&H Enterprises LLC bought a 3,703-square-foot medical/office condo for #333,270 in the Executive Villas at Dana Point at 3303 E. Baseline Rd. The buyer will occupy the space as Brimhall Wellness Center. Tom Weinhold and Sharon Cinadr, CCIM with Cassidy Turley’s Healthcare Practice Group represented the sellers, UMB Bank Arizona, NA. T.J Zaharis with COBRE Real Estate represented the buyers. Executive Villas at Dana Point is an eight-building office condominium project located south of US 60.
- Davis Enterprises of Phoenix acquired Baseline Center, a 20,100-square-foot neighborhood center at 1824 and 1916 W. Baseline Rd. CBRE’s Steve Julius, Jesse Goldsmith, Max Bippus and Becky Wells represented the buyer and seller, Pacific Western Bank of San Diego, CA. The sale price was $1.25 million.
- Center at McDowell Investors LLC of Phoenix purchased McDowell Commercial Center, a 13,050-square-foot retail center at 2130, 2140 and 2154 E. McDowell Rd. CBRE’s Steve Julius and Jesse Goldsmith represented the buyer and the seller, Cactus Invest Inc. of Scottsdale. The sale price was $570,000.
- NPS Pool Supply of Las Vegas acquired Thunderbird Plaza, a 16,545-square-foot neighborhood center at 4716-4718 E. Thunderbird Rd. from Coastline RE Holdings Corp. of San Diego. Steve Julius and Jesse Goldsmith of CBRE represented the seller in negotiating the $920,000 sale. The buyer was represented by Mitch Stravitz and Bruce Campbell, also with CBRE.
- SPIM LLLP of Edmonton, Alberta, Canada, purchased 75th & Lower Buckeye Retail Center, a 13,502-square-foot neighborhood center at 7710 W. Lower Buckeye Rd. Steve Julius and Jesse Goldsmith represented the buyer and the seller, Russell Geyser of Encinitas, CA, in negotiating the $1.83 million transaction.
- 2778 Loker LLC acquired the 24-unit Los Porticos at 1221 N. 85th Place from a Portland, OR-based private real estate partnership for $1.7 million. Brian Tranetzki and Rich Butler with Marcus & Millichap Real Estate Investment Services represented the seller. The buyer was represented by Marc Huisken of Cassidy Turley BRE Commercial.
- Seaspray LLC of Boulder, CO acquired the 12,716-square-foot Shea Retail Center at 7337 E. Shea Blvd. from WFC East Shea Blvd of Phoenix. Steve Julius and Jesse Goldsmith of CBRE represented the seller in negotiating the $3-million transaction. The buyer was represented by Mark Rein of Rein & Grossoehme.
- Phoenix-based general construction company Linthicums promoted Ashley Domres to vice president of project development. Domres will be responsible for corporate marketing and business development, industry relations and community involvement. She previously served as director of Linthicum’s Custom Care line where she managed the care and maintenance of private Linthicum residences in Arizona, California and Hawaii. Prior to heading Linthicum Custom Care, Domres was a project engineer with the company.
- Advanced Graphic Technologies Inc. sold 9.42 acres at 1319 Minters Chapel Rd. to DDK West Ltd. Joe Santaularia with Bradford Commercial Real Estate Services, and former colleague Todd Lambeth represented the seller. Doug Carignan of Jones Lang LaSalle represented the buyer.
- 8111 N. Stadium Drive Partners LLC acquired 8111 N. Stadium Dr., a 15,273-square-foot office building anchored by the MS Society of Texas. The purchaser, an investment firm based in Houston, was represented by Joan Collum of Collum Commercial. The seller, Treeline Partners II Holdings LLC, was represented by Christopher D. Winters of Colliers International.
- SOHO Homes Inc. acquired a 22,856-square-foot lot at 2301 Yale St. Christopher Dray of Moody Rambin’s Investment Services Group represented seller Commonplace LLC. SOHO Homes plans to build a 10,000-square-foot office on the site. Clay Ryan of Ryan’s Real Estate Brokers represented the buyer.
- The Gault Co. acquired the Kaufman Retail Center, a 10,000 square-foot retail center at 1801 South Washington St. Roger Gault, principal, purchased the bank note and foreclosed on the property to gain ownership. The center is 100% occupied and the new owners plan rehab work including foundation repair, new roof, parking lot repair, new landscaping and paint. New leases will be negotiated with tenants. John Freeze and Associates brokered the transaction.
North Richland Hills
- T M P Partners sold an 11,000-square-foot, multi-tenant office building at 5750 Rufe Snow to an investor. Russ Webb with Silver Oak Commercial Realty and Keith Fisher with Stream Realty represented the seller.
- Stream Realty Partners LP and partner Goddard Investment Group acquired Waterview Place I & II, a 230,000-square-foot, vacant office campus via foreclosure sale at the Collin County Courthouse. The project has been renamed Waterview 190 in reference to its close proximity to the Bush Turnpike (Interstate 190). Waterview 190 is located at 17655-17657 Waterview Pkwy. Ramsey March and Matt Wieser with Stream Realty Partners will handle operations and leasing on behalf of the partnership. Stream will renovate both buildings, improve the landscaping and signage and expand parking capacity to accommodate up to seven cars per 1,000 square feet.
- JAH Realty LP acquired the 109,603-square-foot Marketplace at Spring Creek at Spring Creek Parkway and Coit Road from C-III Special Servicing, following a foreclosure earlier this year. The servicer worked with NAI Robert Lynn on the auction of the center and with Stream Realty on leasing and property management in advance of the sale.
- La Aventura Grande LLC acquired a 6,300-square-foot office building at 1330 N. White Chapel.
- LeAnn Brown and Russ Webb with Silver Oak Commercial Realty represented the seller and Mike Robertson with Realty World DFW represented the buyer.
- Marina Quest Inc. and Bosworth Farms II LP sold a 4,000-square-foot medical office building at 1910 E. SH 114. Russ Webb with Silver Oak Commercial Realty represented the buyer and Lisa Amend with Champions DFW Commercial represented the seller.
- A Dallas-based family trust sold fee-simple ownership on 1.53 acres containing a 3,360-square-foot McDonald’s to a Phoenix private investor. The all-cash buyer paid a sub 5% percent cap rate on the property at 1423 Southwest Pkwy. Jeremy S. McChesney of Hanley Investment Group represented the buyer and seller in the transaction.
- Durbin Bennett Peterson Private Tax Advisors renewed 9,772 square feet at 100 Congress Ave. Troy Holme and Katie Ekstrom of CBRE represented the landlord, Metropolitan Life Insurance Co. Russell Young and Jake Ragusa of Jones Lang LaSalle represented the tenant. Holme and Ekstrom also represented MetLife in a new 5,855-square-foot lease transaction with Durbin Bennett Peterson Wealth Management at the same building. JLL’s Young and Ragusa represented the tenant.
- Portelligent Inc. leased 10,995 square feet at 12303 Technology Blvd. from Investors Warranty of America Inc. Mark Emerick and John Barksdale of CBRE represented the landlord. Ryan Kasten of Oxford Commercial represented the tenant.
- Metagenics Inc. renewed 9,445 square feet of warehouse space in Venture Business Court, 2707 Realty Rd. Brian Pafford Bradford Commercial Real Estate Services, represented the landlord, Acquiport DFWIP Inc. Pafford also represented Acquiport DFWIP Inc. in another lease at 1406 Halsey Way to Milestone Construction Inc.
- Delve renewed 8,147 square feet at 2711 LBJ Fwy. (Interstate 635). Tim O. Terrell and Kendall Cramer of Stream Realty Partners represented the landlord. Delve was represented by Rick Nelson with Winthrop.
- Enterprise Staffing renewed 2,227 square feet at 1349 Empire Central. Tim O. Terrell and Kendall Cramer of Stream Realty Partners represented the owner of Woodview Tower. Enterprise Staffing was represented by Bob Robbins with Banner Commercial.
- Evolution Health renewed 1,526 square feet at 703 McKinney Ave. Stream Realty Partners’ Kendall Cramer represented the landlord. Evolution Health was represented by Brooke Armstrong with Jones Lang LaSalle.
- Valeo Electrical Systems Inc. leased 55,100 square feet on Zane Grey Blvd. from Butterfield Trail Trust. Chad McCleskey with CBRE represented the landlord. Christian Perez Giese, also with CBRE, was the tenant representative. McCleskey also represented Butterfield Trail Trust in a 4,669-square-foot lease at the same location to Raytheon Technical Services Co. LLC. Adrian Slater of Cushman & Wakefield represented the tenant.
- Pure Wave Communications signed a new 1,625-square-foot lease, located at 1000 Post & Paddock. Christopher Mendez with SCM Real Estate Services represented the landlord in this transaction.
- RJK Vending leased 4,388 square feet of industrial flex space in Trinity West Business Park Building 1, 2550 114th St from William J. Owen Trust & OMO Investments. Jim Ferris and Michael Spain with Bradford Commercial Real Estate Services represented the landlord. Art Rolader of Coldwell Banker represented the tenant.
- Noah’s Manufacturing Inc. leased a 44,000-square-foot warehouse building on 1.3 acres of land at 6028 Navigation Blvd. Landlord East End Holdings Ltd. was represented by Clay Pritchett of NAI Houston and the tenant by Steven O’Connor and Marc Drumwright with Southwest Realty Advisors.
- Worldwide Machinery Ltd. leased 14,651 square feet at BBVA Compass Plaza, 2200 Post Oak. Brad Fricks and Paul Coonrod of Stream Realty Partners represented the landlord, partners Stream Realty and Redstone Cos. David Bale and Louie Crapitto of Jones Lange Lasalle represented the tenant in the transaction.
- Lowery Property Advisors leased 2,545 at 105 Decker Court. Stream Realty Partners’ Tim O. Terrell, Beth Boyd, and Kendall Cramer represented the landlord.
- LA Fitness International signed a lease for 2,498 square feetat Charleston Court Office Complex, 552 Silicon Dr. LeAnn Brown with Silver Oak Commercial Realty represented the landlord and Chris Booras with Venture DFW represented the tenant.
- Meggatel Inc. signed a lease for 3,430 square feet at Myan Plaza, 520 Silicon Dr. LeAnn Brown with Silver Oak Commercial Realty represented the Landlord.
MARKETING AND LEASING ASSIGNMENTS
- D’Agostino Companies selected CBRE’s Steve Rocher and Kristen Rabel as the exclusive leasing agents for Vision Park Plaza, a proposed 75,000-square-foot office development located at 128 Vision Park Blvd. The three-story Class A, tilt wall and glass office building is a development of D’Agostino Companies and was designed by Browne McGregor Architects. Metzger Construction will build the facility.
- Mark Reeder and Ryan Johnson have been named market leaders with SRS Real Estate Partners. The new leadership was selected as part of an aggressive growth strategy that will focus on enhancing and expanding SRS’ reach in the Dallas-Fort Worth marketplace. Reeder has been with SRS since 2000 and is continually a top producer for the company. He focuses on national retailer and restaurant disposition requirements, as well as tenant representation for new store growth in the DFW area. Johnson has been with SRS since 2004 and specializes in disposition services and tenant representation throughout the south-central United States.
- Amy Collier has joined Cushman & Wakefield of Texas Inc. as director on the property tax services team led by Mark Kline, senior managing director. Collier previously worked with Harding and Carbone Inc. as vice president of sales and as a property tax consultant. She has more than 15 years of experience in the property tax industry.
- Walter Menuet has joined Colliers International as senior vice president in the industrial division. Menuet spent the previous 25 years with Vantage Houston, a division of the Vantage Cos. He is a graduate of the University of Texas at Austin.