MOCKINGBIRD, HAVE YOU HEARD?
DALLAS (The Dallas Morning News) – New retail and restaurant space will result in an expansion for Mockingbird Station.
Mockingbird Station's owners, a European investment group, are adding about 23,000 square feet of retail space to the seven-year-old development at Mockingbird Lane and North Central Expressway. The expansion will house six to eight new tenants.
A two-story retail building will be built at the north end of the project on what is now surface parking, and a spot on the north central service road has been reserved for a free-standing restaurant. A new two-story parking garage will be built behind the new shops.
Mockingbird Station currently contains 178,000 square feet of retail space, 211 loft-style apartments, 150,000 square feet of office space and an eight-screen Angelika movie theater.
A formal groundbreaking is set for April 26. General manager Sarah Jimenez says they hope to complete the expansion early next year. Capstar Commercial Real Estate Services and United Commercial Realty of Dallas oversee the project.
THERE'S A PLACE FOR US
FRISCO (globest.com) – Cross Development Co. has purchased more than 16 acres from Plano-based Lloyd Investment Co. Ltd. with plans to build a 120,000-square-foot, $24 million specialty center called Preston Place.
Five pad sites are also planned on the acreage, which is at the corner of Preston Road and Hickory Street.
New development nearby includes a Sprout's Farmers Market, Mardel Christian & Educational Supply and Hobby Lobby. The center will also be adjacent to a proposed 200,000-square-foot Wal-Mart Supercenter.
Groundbreaking is scheduled for within six months.
FIDELITY'S MID-SUMMER CONVERGENCE
LEWISVILLE (Market Wire) – Fidelity Investments will lease 160,000 square feet beginning mid-summer at the more than one million-square-foot Convergence office campus at Highway 121 and FM 3040.
Convergence, owned by Brookfield Real Estate Opportunity Fund, is on 185 acres approximately five miles north of Dallas–Fort Worth International Airport.
Brookfield purchased the complex last November and began an extensive capital improvements program. The city is contributing to infrastructure improvements, including new turning lanes into the campus and the addition of a second entrance along Hwy. 121, expected to be completed by early 2008.
Other tenants include Texas Instruments, GMAC Mortgage Corporation, Overhead Door Corporation and Archon Group.
Fidelity was advised by CB Richard Ellis in Dallas and FHO Partners of Boston. CAPSTAR Commercial Real Estate Services, which leases and manages Convergence, represented Brookfield.
ASHFORD'S ACCOMODATING PURCHASE
DALLAS, PLANO (Dallas Business Journal) – Locally based Ashford Hospitality Trust Inc. has completed the $2.4 billion purchase of a 51-hotel portfolio from CNL Hotels and Resorts.
In Dallas, the hotels purchased are Hilton Dallas and the Marriott Suites Market Center. In Plano, Ashford now owns the Marriott Legacy Center, Courtyard Legacy Park and Residence Inn Dallas Plano.
The hotels were purchased in connection with Morgan Stanley Real Estate's $6.6 billion purchase of Florida-based CNL.
WATERSIDE WATERSHED
RICHMOND (globest.com) – Regency Centers Corp. has purchased four additional acres adjacent to its proposed 16-acre Waterside Marketplace development for building a Kroger-anchored shopping center.
Kroger, which will own its almost 103,000-square-foot store, will occupy about 13 acres, leaving about 24,500 square feet of inline space and two out-parcels available. The 127,500-square-foot Waterside Marketplace at the Grand Parkway–Mason Road intersection will break ground by year’s end.
Steven W. Fritzer, Regency's senior management of investments, said the firm had acquired the 16 acres about three years ago and was prepared to build the Kroger-anchored center.
"But then Kroger's prototype expanded substantially from what we were planning on so we had to obtain the four additional acres," said Fritzer.
Read King Commercial Real Estate in Houston is overseeing leasing. CDA Architects of Houston is the architect of record.
FROM HIGHRISES TO HOMESTEADS
SUNNYVALE (The Dallas Morning News) – A company best known for building uptown highrises will begin work next week on its first suburban residential community.
Local developer Harwood International’s 124-acre St. James Park will contain 49 two- to three-acre home sites, with prices starting around $270,000. About seven acres of the development will be set aside for parks and green space.
St. James Park is on Tripp Road north of US 80.
CONSTRUCTION FLURRIES NEAR WATTERS CREEK
ALLEN (The Dallas Morning News) – A flurry of office and retail construction promises to add almost two million square feet of commercial space and bring thousands of jobs and shoppers to the Collin County suburb.
Emerson Partners’ Angel Field Center will have about 166,000 square feet of office space when it opens next year. Set on 15 acres, the eco-friendly stone and glass buildings were designed by award-winning Dallas architects Oglesby Greene. The new office will overlook the Watters Creek mixed-use development.
Meanwhile, developer Duke Realty Corp. is building One Allen Center. The five-story office building is across Bethany Road, also near Watters Creek. The 150,000-square-foot project will open later this year.
"We have coming out of the ground right now about $350 million of office, medical office and retail development," said Jennifer Grimm, marketing director with the Allen Economic Development Corp. "And we have a couple more things in the works that will take that up significantly.”
More information about Watters Creek is available here.
TRUST BUYS GATEWAY
COPPELL (globest.com) – Lexington Realty Trust of New York City has spent about $177 per square foot for the two-story Gateway Office Center on more than seven acres at the Interstate 635–Freeport Parkway junction.
The Class-A Gateway Office Center on 555 Dividend Dr. was built in 2002 by San Francisco–based Catellus Development Corp., which merged in 2005 with ProLogis Real Estate Investment Trust (REIT). The center has two 50,922-square-foot wings connected by an atrium.
Brink's Inc. home security subsidiary occupies 75 percent of the space and is in talks with Lexington to expand its remaining six-year lease. Other tenants include Washington Mutual Bank, which has five years remaining on its lease.
CB Richard Ellis represented ProLogis in the all-cash transaction. The industrial REIT sold the office building because it is a non-core asset.
NURSING THE DREAM
SAN ANTONIO (San Antonio Business Journal) – Skanska USA Building, the New Jersey–based subsidiary of Swedish construction firm Skanska AB, has been awarded the $43.5 million contract to build a new three-story building at St. Philip's College campus.
The new building will house the school's Nursing and Allied Health Career Center, Learning Resource Center and enrollment center. The new building is part of the $450 million community college district bond package approved by voters in November 2005.
St. Philip's College, a member of Alamo Community Colleges, is a historically black college and Hispanic-serving institution serving more than 10,000 students.
Classes are slated to open in fall 2008.
BUSINESS INTERIORS CONSOLIDATES
IRVING (globest.com) – A local wholesaler and retailer of business furniture is rolling two sites into one.
Business Interiors will leave its 132,400-square-foot warehouse at 1101 Valley View Lane and move all operations into the more than 177,000 square feet the company leases at 1111 Valley View Lane.
The consolidation will bring Business Interiors a 5,500-square-foot showroom. The showroom in the vacated warehouse was roughly 1,700 square feet. In addition, the company's 20,000-square-foot headquarters office will be upgraded as part of the repackaged lease.
Staubach Co. of Dallas represented Business Interiors, while CB Richard Ellis' (CBRE) Dallas office represented building owner CLPF-Western Industrial LP. CBRE will handle leasing of the soon-to-be-empty warehouse.
CORRECTION
SAN ANTONIO (Real Estate Center) – In Tuesday's edition of RECON, we incorrectly credited DA Associates as the architect of record for the Vantage at Converse Heights and Vantage at Comal Gardens complexes ("Opportunity Knocks for Affordable Housing"). The correct name of the architecture firm is B&A Architects Inc. of San Antonio.
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