SACHSE, TEXAS — PMB Capital Development has unveiled updated plans for the retail and multifamily components of The Station, the Dallas-based developer’s $500 million mixed-use project in the northeastern suburb of Sachse. New food and beverage users that will open in the coming months at The Station include Manny’s Tex-Mex Restaurant, brewery Brass Tap, confectionary concept Cold Stone Creamery and Vietnamese kitchen Pho Station. In addition, PMB Capital has announced the construction of a 297-unit apartment community with 18,000 square feet of retail and restaurant space.
FORT WORTH, TEXAS — Canadian investment firm Marlin Spring has acquired Centreport Lake Apartments, a 452-unit multifamily community in Fort Worth. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 673 to 1,394 square feet and amenities such as a pool, fitness center, business center and walking/biking trails. Global alternative investment firm H.I.G. Capital provided an undisclosed amount of acquisition financing for the deal.
RICHMOND, TEXAS — Houston-based REIT Camden Property Trust has acquired 16 acres in the southwestern Houston suburb of Richmond for the development of a single-family rental community that will total 180 to 200 residences. The site is located within the 58-acre Grand Center at Long Meadow Farm mixed-use development. Ashley Strickland of NewQuest Properties represented the seller, CJ Development, in the sale of the land. Kenneth Danna of Dosch Marshall Real Estate represented Camden Property Trust. A construction timeline was not disclosed.
DALLAS — Locally based brokerage firm Altschuler & Co. (ALT + Co.) has negotiated a 101,080-square-foot office lease at The Stack, a newly constructed office building in the Deep Ellum area of Dallas. ALT + Co. represented the landlord, a partnership between Westdale Real Estate Investment and Management, Ivanhoé Cambridge and Hines, in the lease negotiations. Robert Blount and Andy Leatherman of JLL represented the tenant, marketing and advertising agency TRG. With this transaction, which follows the signing of life insurance software provider Bestow to a 42,000-square-foot deal, The Stack is now fully leased.
BILLERICA, MASS. — Design-build firm PROCON has broken ground on the redevelopment of Billerica Mall on the northern outskirts of Boston. The main piece is the demolition of an 84,000-square-foot structure that was vacated by Kmart several years ago and the new construction of a 43,000-square-foot grocery store at that site. In addition, the development team, which is led by an entity doing business as F.B. Billerica Realty Investors LLC, will deliver 18,000 square feet of new restaurant space and upgrade the property’s signage, landscaping and utility systems. Lastly, the project team will develop a 200-unit apartment community on the Tower Farm Road section of the site that will include 20 affordable housing units and Class A amenities. Upon completion, a tentative date of which was not disclosed, the project will be branded The Shoppes and Residences at Billerica.
FAIR LAWN, N.J. — Regional healthcare provider Summit Health has signed a 70,594-square-foot lease at 17-17 Route 208, an office and healthcare building located in the Northern New Jersey community of Fair Lawn. Marc Rosenberg of Cushman & Wakefield represented the tenant in the lease negotiations. Sam Horowitz and Michael Tesser of Colliers represented the landlord, Keystone Development + Investment, which acquired the building in 2014 from Mack-Cali. The building is now fully leased.
HOBOKEN, N.J. — Locally based brokerage firm Katz & Associates has arranged the $13 million sale of the 20,000-square-foot former Bow Tie Cinemas building in Hoboken, located across the Hudson River from Manhattan. Jonathan Greenberg of Katz & Associates represented the seller, Hoboken Theaters LLC, in the transaction. Jon Compitello and Dan Spero of JLL represented the buyer, Hoboken Grace Community Church, which will use the buildings as its new headquarters and community center.
ALLENDALE, N.J. — Azarian Realty Co. has signed fast casual restaurant concept Primo Hoagies to a 2,008-square-foot lease at the 90,000-square-foot Allendale Town Center, located in Bergen County in Northern New Jersey. Kevin Pelio and James Azarian of Azarian Realty Co. represented the undisclosed landlord in the lease negotiations. Jason Brooke of MSC Retail represented the tenant. Primo Hoagies currently operates 85 franchised locations across seven states and is underway on expansion plans.
Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …
By Taylor Williams From sprawling garden-style complexes in the suburbs to wrap-style construction and high-rise buildings in the urban core, multifamily properties come in many shapes and sizes. And in Texas, all of these product types are in high demand. Consequently, developers have generally seen healthy paces of rent growth over the last decade. But with each year of cyclical maturation, land becomes more scarce, construction grows more costly and more communities come on line, making the competition to secure renters increasingly stiff. On a more granular level, bidding wars for large tracts of land that can support major residential density are becoming increasingly intense with the growth of build-to-rent (BTR) development throughout Texas. Global supply chain disruption is putting relentless pressure on costs of construction materials and timelines for new projects, and leasing initiatives are getting smarter via sophisticated proptech platforms that were developed exclusively with real estate operations in mind. But these economic and operational constraints exist entirely on the supply side of the market. Simultaneously, demand for housing is accelerating unencumbered throughout Texas, a perennial medalist in population growth among the 50 states. These market factors are creating an unusual dynamic in which the forces that drive …