CBRE announced that Sunrise Wood Designs, LLC, a supplier for volume home builders in North Texas, has grown its manufacturing facility in South Dallas with a lease expansion to 167,405 square feet. CBRE brokers Baron Aldrine and Michael Chiocca represented Sunrise Wood Designs in the lease negotiations. Sunrise Wood Designs is expanding its footprint at its South Dallas headquarters, located at 8801 Autobahn Drive, in order to accommodate the rapid growth of its business. The company, which manufactures and installs a wide range of custom cabinets, frequently works with builders of custom homes and large, planned communities. Sunrise Wood Designs was founded in 2007 by experienced professionals from the Dallas-Fort Worth cabinet industry and Dallas private equity firm Sunrise Equity Investors, LLC. The company, which employs nearly 300 workers, operates out of an updated facility in South Dallas which the Sunrise moved into in 2017.
Greystone|Investment Sales Group negotiated the sale of Residences at White Rock Lake, a 137-unit apartment community at 9312 Beck Ave. in Dallas. Mark Allen and Chibuzor Nnaji of Greystone|ISG represented the seller, a local Texas-based operator, Arcturus Investments. The buyer, a local Dallas-Ft. Worth limited liability company was also secured by Allen and Nnaji.
Montecito Medical, which holds a portfolio of medical office properties throughout the country, has completed the acquisition of two northeast Texas medical office properties occupied by a regional leader in spine and pain management. The two properties, located in Tyler and Texarkana respectively, are fully leased to Precision Spine Care. The Tyler facility, which serves as the group’s flagship location, encompasses 28,218 rentable square feet. Its counterpart in Texarkana offers just under 11,600 square feet and includes a new ambulatory surgery center. Precision Spine, which serves patients from parts of the Dallas area to southwest Arkansas, is one of the few spine and pain management practices in northeast Texas — and the only one with offices across the region, with facilities also located in Lufkin, Longview, Frisco and Mount Pleasant. In addition to spine and pain management specialists, the multidisciplinary team of providers within the group includes physician assistants, physical therapists, RNs and medical assistants. Among the procedures performed at the clinics are x-ray-guided epidural injections, facet blocks, radio frequency ablation, disc decompression, spinal cord stimulation and ultrasound-guided procedures. The group’s physicians can perform many surgical procedures at the clinics on a same-day, outpatient basis. The Precision Spine acquisitions represent further expansion in Texas by Montecito. Over the past six months, the company has purchased medical properties in Corpus Christi and in the Dallas and Houston areas, with several other acquisitions in the state currently slated to close during the first quarter of 2021.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Somerset, a 372-unit multifamily asset in Lewisville, Texas. IPA’s Drew Kile, Joey Tumminello, Will Balthrope, and Asher Hall worked with Marcus & Millichap’s Bard Hoover and Nick Fluellen on the deal. The apartment complex, spanning 284,530 square feet across a 15.5-acre footprint, is located on the southeast corner of Corporate Drive and Highway 121, six miles from Dallas-Fort Worth International Airport and 10 miles from Dallas. The average unit size at the development is 765 square feet. The property’s location gives residents immediate proximity to employers in the Waters Ridge Business Park and Lake Vista Office Center and retail is close by at Lakepointe Towne Crossing, Vista Ridge Village, Vista Ridge Plaza and Music City Mall Lewisville. Community amenities include two pool areas, a pool cabana, covered parking, and a fully furnished guest suite.
CBRE will handle leasing for a 28-story, 375,000-square-foot, Class-A office building planned by Skanska USA Commercial Development in downtown Houston adjacent to Discovery Green urban park. CBRE’s Kristen Rabel, Parker Duffie and Joel Douthit are the leasing agents representing the landlord for 1550 on the Green. The trophy office building at 1550 Lamar will anchor Discovery West, a three-block, master-planned district that Skanska is developing. This is the first tower project in Texas designed by BIG-Bjarke Ingels Group. It will showcase a forward-looking design focused on sustainability and tenant wellness to achieve LEED® Platinum certification. With spacious pedestrian walkways and outdoor terraces, the building will offer views of Discovery Green, the largest green space in the Houston CBD. The tower will also cater to tenants’ evolving needs through smart building technology, flexible workplace solutions and walkable retail amenities. It is located near attractions such as Minute Maid Park, The Toyota Center and the George R. Brown Convention Center. 1550 on the Green recently secured global law firm Norton Rose Fulbright US LLP as it anchor tenant that will obtain naming rights upon occupancy. CBRE’s Jon Lee and Craig Beyer represented Norton Rose Fulbright in the leasing transaction. The building will break ground this year, with completion expected in 2024.
Myung Lee renewed 5,412SF at 3707 FM 1960 in Houston TX for 5 years. Katherine Morrison represented the landlord, Hartman Income REIT.