Texas Commercial Real Estate: Cinemark to purchase land in Frisco


A. Lee Graham lgraham@bizpress.net

Cinemark Holdings Inc. of Plano has contracted to purchase land for a new 14-screen, all-digital movie theater in Frisco. The venue will be part of Frisco North, a 320-acre, mixed-use project being developed by partners Ernest Mahard and Forest City Enterprises. Frisco North, on the southwest corner of Dallas North Tollway and U.S. 380, will feature retail anchors, entertainment venues, specialty stores and restaurants as well as other mixed-use components. “We are very excited as this new complex will be the second Cinemark NextGenmovie theater that we will be offering to our guests in Frisco,” said CEO Tim Warner in a news release. “This theater will be part of a premier shopping destination being developed by Forest City and will quickly become recognized as a preferred location to enjoy a great moviegoing experience,” Warner said. Cinemark operated 467 theaters with 5,259 screens in 39 states, Brazil, Mexico, Argentina and 10 other Latin American countries as of March 31, 2013.

Irving campus acquired An Irving office campus currently occupied by Allstate Insurance Co. is among three properties acquired recently by Cole Corporate Income Trust Inc. The Irving campus comprises three interconnected three-story office buildings, one five-story office building and one single-story flex industrial building. Through a sale-leaseback transaction, Allstate will occupy the campus under a 12-year lease, plus renewal options. In addition to the 458,338-square-foot Irving campus, Phoenix-based Cole also acquired The Men’s Warehouse corporate campus in Houston and the Harvard Vanguard Medical Associates office building in Boston. “These high-quality assets exemplify CCIT’s investment criteria,” said Robert Micera, chief investment officer for office and industrial at Cole, commenting in a news release. “Strategic properties with creditworthy corporate tenants, under long-term net leases, are our primary target. These properties are well-located in major MSAs [metropolitan statistical areas] and are mission-critical for the corporate tenants,” Micera said. With the new transactions, Cole’s real-estate portfolio comprises 35 wholly owned properties in 17 states, totaling about 5.6 million square feet and with an aggregate purchase price totaling about $921.1 million. Cole Real Estate Investments Inc., a real-estate investment trust, acquires and manages real estate assets leased long-term. As of March 31, 2013, it owned $7.7 billion of gross assets, which included 1,013 properties representing about 43 million square feet of commercial real estate in 48 states.

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EverBank in Texas EverBank, a commercial real estate lending firm announced the opening of a new office in Houston. The office will support EverBank’s national commercial real estate lending group in the south central market, including correspondent lending relationships located in Texas, Oklahoma and New Mexico. Rick Clark, a veteran Texas-based commercial lending officer, has joined the new Houston office as regional sales director, and will focus on loan originations collateralized by multi-tenant, multifamily and credit tenant leased commercial properties. “Houston is an extraordinarily dynamic and growing commercial real estate market, and we’re looking forward to serving our clients throughout the region through our new office,” said John Randall, managing director of EverBank’s small balance commercial real estate program. Prior to joining EverBank, Clark was senior vice president of commercial lending with Integrity Bank SSB in Houston. EverBank commercial real estate lending offers commercial loans up to $10 million to small-balance real estate markets nationwide, with a focus on competitive rates and an efficient process. EverBank Financial Corp is based in Jacksonville, Fla. – Robert Francis

Houston aviation expansion J. A. Billipp Co. has joined with land owner, Webber Properties LP, to develop air cargo and other aviation related facilities on 36.8 acres located adjacent to the north end of Ellington Airport. Ellington Air Commerce Center will accommodate build-to-suit and multi-tenant buildings available for lease or sale, all with direct access to Ellington Airport runways, taxiways and ramp areas. “This project offers great potential for a wide range of domestic and international air cargo and aviation related businesses,” said Andy Billipp, president of J. A. Billipp Company. “Ellington Air Commerce Center has potential for over 600,000 square feet of new commercial/industrial buildings. It will be the only development of its kind in Texas offering direct airport access without commercial passenger airline traffic, combined with immediate access to nearby Houston Port facilities.” Ellington Air Commerce Center will give aviation related businesses an alternative to Bush Intercontinental Airport on the south side of Houston. The project will provide for various office, warehouse, distribution, production and/or assembly requirements in buildings anticipated to range from 60,000 square feet to 300,000 square feet. – Robert Francis