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MIG Real Estate Closes on Ninth Multifamily Asset in Texas

23 Apr 2015, 6:56 pm

By Liviu Oltean, Associate Editor

Regency at Stonebridge Ranch

Newport Beach, Calif.-based MIG Real Estate recently closed on its ninth multifamily investment in Texas. The firm acquired Regency at Stonebridge Ranch, a 301-unit townhome apartment community in McKinney.

Located at 2305 S. Custer Road, the community is located within the master-planned community of Stonebridge Ranch and is in proximity to large employment centers such as the Legacy Business Park and City Line.

Regency at Stonebridge Ranch consists of 42 two-story townhome apartment buildings, which feature one-, two-, three- and four-bedroom floor plans. Amenities include nine-foot ceilings, oversize closets, crown molding and a covered patio or terrace. In addition, residents have at their disposal a resort-style pool, an outdoor kitchen, a freestanding clubhouse with a fitness and business center, and a pet park.

“MIG Real Estate recognized Regency at Stonebridge Ranch as an exciting opportunity to invest in a market with strong population and job growth,” said Greg Merage, MIG’s CEO. “Regency at Stonebridge Ranch offers a unique package of luxury amenities and value-add potential through interior upgrades in an area where multifamily housing is in high demand.”

Image via official website



Extensive Renovations Announced for The Shores at Las Colinas in Irving

17 Apr 2015, 7:56 pm

By Liviu Oltean, Associate Editor

The Shores at Las Colinas

LaSalle Investment Management, a Jones Lang LaSalle independent subsidiary, will soon begin work on the renovation of the Alesio Urban Center, formerly known as The Shores at Las Colinas, a 908-unit multifamily community located in the Urban Center of Las Colinas in Irving.

The community was developed in two phases in 1987 and 1995 and was the first multifamily complex developed in the Urban Center.  The Lake Carolyn-fronting community features six outdoor courtyards, five swimming pools, deck parking, retail shops, restaurants, a lakefront path and gondola boats.

“We are very excited not only to restore this once iconic property to its original prominence within Las Colinas but reposition it with the best resident amenity package in the market, in addition to completely modernizing unit interiors. We also look forward to creating the right combination of retail tenancy to be symbiotic with today’s technology and social media savvy and busy renters,” said Ty Spearing, managing director at LaSalle.

According to an official press statement, early plans call for the creation of a new fitness center, a lakeside interior and exterior Aqua Lounge, a package delivery center with 24/7 access, a second interior resident lounge, a gaming center, a bike storage and repair center, and a new pet park.

LaSalle is collaborating with a number of firms on the project: Lincoln Property Co. has been assigned as manager; Dodd Creative is designing the brand, signage and website for Alesio Urban Center; Village Green Interiors is tackling interior design; and Humphreys and Partners is handling landscaping and hardscaping.

Image courtesy of LaSalle Investment Management via its website



Behringer Announces HQ Relocation Plans

9 Apr 2015, 1:33 pm

By Liviu Oltean, Associate Editor

After executing a 10-year lease at their current headquarters at One Addison Circle, Behringer renewed its commitment to the city by announcing plans to relocate to Tollway Center, a 200,000-square-foot office building in Addison.  The multi-strategy investment firm was assisted in its search by JLL and expects to make the relocation by the third quarter of 2016.

According to the firm’s official press statement, Tollway Center is a six-story office building that will be developed by Cawley Partners on six acres of land between Belt Line and Spring Valley Road. Upon completion, the office building will feature an open-air rooftop terrace, a fitness center and an indoor café.

“Tollway Center will offer our team a state-of-the-art, amenity-rich, open-office environment that fosters open communication and reflects our company’s innovative and entrepreneurial identity, today and into the future,” said Jason Mattox, Behringer’s COO. “Addison was the right home for Behringer in 2004 and continues to be vital to our success due to the city’s business-friendly atmosphere, its growing residential base—which has allowed many of our employees to enjoy a fantastic work-life balance—and our existing fluency with the city.”



Ridge Development Plans Industrial Park for N. Fort Worth

4 Apr 2015, 3:20 pm

By Liviu Oltean, Associate Editor

Transwestern

Ridge Development, the industrial development arm of Transwestern Development Co., has unveiled plans to develop a 642,000-square-foot, dual rail-served industrial park in north Fort Worth.

Called Railhead Industrial Park, the 47-acre project will unfold in two phases. The first phase will consist of a 299,000-square-foot speculative building at the southeast corner of North Main Street and East Industrial Road. According to a statement from the developer, the building is designed to accommodate single- or multi-tenant use. Ridge expects to break ground in the second quarter and complete the building by the end of the year. The second phase will consist of a build-to-suit, 343,000-square-foot building.

As Commercial Property Executive reported recently, a new trend has emerged in the Dallas-Fort Worth industrial market. In a departure from recent years, when most industrial activity stemmed from big-box spaces and large build-to-suit opportunities, developers and investors are focusing increasingly on smaller-scale operations.

“The low vacancy levels in buildings under 300,000 square feet, coupled with the limited availability of rail-served product in Dallas-Fort Worth, are leading drivers for Ridge to commence its speculative development,” said Rob Dye, vice president of Ridge Development, in the statement. “Provided the flurry of big-box development over the last few years, Ridge sees opportunity in smaller, infill product and has focused its attention to these types of developments.”

 



Stream Realty-Clarion JV Breaks Ground for 940K SF Industrial Project

26 Mar 2015, 8:55 pm

By Liviu Oltean, Associate Editor

Rendering of the largest building at the Northport 35 Business Center

Stream Realty Partners and Clarion Partners will add more than 940,000 square feet of industrial space to the Dallas real estate market in the fourth quarter. The partnership recently broke ground on Northport 35 Business Center, a three-building industrial project in Northlake, Texas.

The project will rise on a 61-acre tract located at 4250-4251 Dale Earnhardt Way, a few miles from Alliance Airport and the Union Pacific and BNSF rail lines. Upon its completion, future tenants will receive financial incentives from the town of Northlake in the form of a 75 percent tax grant for business personal property tax and 50 percent tax grant for real property taxes.

As Commercial Property Executive has reported, the DFW Metroplex experienced its 17th consecutive quarter of positive net absorption in fourth quarter 2014. Consistent with an emerging trend in the market, developers have started to shift their attention from tenants interested in big-box spaces to smaller tenants, which would explain why Stream Realty and Clarion have opted to develop buildings ranging in size from 658,782 to 202,522 to 83,731 square feet.

“The tax benefits available to our future tenants and proximity to the fastest-growing area of the DFW Metroplex are the key components to our business plan,” said Cannon Green, managing director & partner in Stream’s Dallas office, in an official statement. “The town of Northlake has been exceptional to work with in getting this project started. Interest in the project has been substantial, and we expect it to increase as we move deeper into 2015.”

Image courtesy of Stream Realty Partners via official website.







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