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What’s happening around Texas?

by admin on July 17, 2012

REIT BUYS FOUR-BUILDING INDUSTRIAL PORTFOLIO

HOUSTON (REBusinessOnline.com) – A four-building industrial portfolio has been sold.

Denver-based Industrial Income Trust purchased two buildings in the Northwest 8 Business Park and another two buildings in the Windfern Distribution Center, totaling 515,478 sf of industrial space.

HFF arranged the sale of the Class-A properties, which average more than 93 percent occupancy by such tenants as Schlumberger Technology and Bayou Packaging.

PROVIDENT REALTY ADDING 500 NT APARTMENTS

DALLAS (Dallas Morning News) – Provident Realty Advisors Inc. is adding two new rental communities to North Texas.

The longtime developer has begun work on a 254-unit apartment complex called Gateway, to be built at 350 Vistacourt Dr. in Plano. They are also building Lakepoint at Las Colinas, a 256-unit rental project at 5349 Las Colinas Blvd.

Both projects are expected to open next year after stalling during the recession.

TWIN FW TOWERS SOLD

FORT WORTH (Fort Worth Star-Telegram) – A San Diego real estate investment firm has picked up a pair of office towers in Fort Worth.

American Recovery Property Trust acquired the Western Place office complex on West Freeway from G REIT Liquidating Trust and NNN Realty Advisors for $32 million.

The two ten-story office buildings are on about 13 acres and were built in 1978.

JV TAKES LAKE TRAVIS RESORT

AUSTIN (REBusinessOnline.com) – A joint venture has purchased a Lake Travis resort.

Carlyle Realty Partners VI and Seattle-based The Dow Hotel Company have acquired the 174-room Lakeway Resort and Spa at 101 Lakeway Dr. in Austin.

The 12-acre property includes 1,000 feet of waterfront on Lake Travis as well as indoor and outdoor tennis courts and 24,000 sf of meeting space.

The buyers are planning a $5 million renovation to update guest rooms and common facilities.

ALLIANCE ADDS ANOTHER APARTMENT COMPLEX

FORT WORTH (Fort Worth Business Press) – The 900-acre Alliance Town Center is set to add even more apartments to the master-planned community.

SWBC Real Estate purchased 18 acres of the town center from Hillwood Properties to construct Overlook Ranch, a 318-unit apartment complex at the northeast corner of State Highway 170 and Old Denton Rd. The 15-building project is expected to include one- to three-bedroom apartments, plus an on-site gym, car wash, and a movie theater.

Alliance Town Center already includes about 550 apartment units, with another 300 units expected to open within the next year.

Pre-leasing for Overlook Ranch is set to begin in early 2013.

FEDEX UNPACKS WACO FACILITY

WACO (Waco Tribune-Herald) – Package delivery titan, FedEx, is putting the finishing touches on its newest distribution facility just outside Waco.

FedEx Ground is building the 102,594-sf facility in Commerce Park, near I-35 and Sun Valley Blvd. in Hewitt to replace its smaller center on Imperial Dr.

FedEx Ground spokesperson Brian Iams said employment could rise at the new center as demand increases. About 65 employees work in the location being vacated.

Meanwhile, in nearby Robinson, FedEx Freight looks to build a 44,191-sf service center for 60 trucks, as well as a truck shop, fuel island and office.

The Commerce Park development opened in 2004.

PARTNERS PICK UP TOWER IN PLANNED LAND GRAB

DALLAS (GlobeSt.com) – As part of its plan to add more than a million sf to its investment portfolio in Texas, JP Realty Partners snapped up a North Dallas office tower.

The Dallas-based investment fund acquired the 353,996-sf North Central Plaza III at 12801 N. Central Expressway. The 17-story tower, with its eight-level parking garage, was 45 percent occupied at closing.

CBRE represented Los Angeles-based Younan Properties Inc. in the sale of the building.

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