Property Type

MetroNational Tops Out 25-Story McKinley Memorial City Apartment Tower in West Houston

by Taylor Williams August 6, 2020

HOUSTON — MetroNational has topped out The McKinley Memorial City, a 278-unit luxury apartment tower located at 9757 Katy Freeway in West Houston. The 25-story building, which is scheduled to be complete in the fourth quarter of 2021, will be part of a larger, four-acre mixed-use development. McKinley Memorial City will feature studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, movie theater, chef’s kitchen, wine bar, dog park and a golf simulator. Ziegler Cooper Architects designed the 332,231-square-foot project, and Anslow Bryant is serving as the general contractor.

August 6, 2020

Development Office Texas

Bright Realty Completes 109,000 SF Office Project in Metro Dallas

by Taylor Williams August 6, 2020

LEWISVILLE, TEXAS —Bright Realty has completed Crown Centre at Castle Hills, a 109,000-square-foot office building in the northern Dallas suburb of Lewisville that represents Phase I of the locally based developer’s Crown Centre mixed-use project. The four-story, Class A property is the first of more that 35 buildings that will ultimately comprise Crown Centre. Upon completion, the development will consist of 35 buildings featuring 3 million square feet of office space, 2,000 apartments, 140,000 square feet of dining and retail space, and 500 hotel rooms interconnected by extensive walking trails lined. Hill & Wilkinson served as the general contractor for the office building.

August 6, 2020

Acquisitions Healthcare Texas

Colliers Brokers Sale of 30,000 SF Medical Office Building in Metro Houston

by Taylor Williams August 6, 2020

KATY, TEXAS — Colliers International has brokered the sale of the Mason Creek medical office building, a 30,000-square-foot facility in the western Houston suburb of Katy. The property was fully leased to Village Family Practice LLP and Memorial MRI & Diagnostics LLC at the time of sale. Beth Young and Bob Parsley of Colliers represented the seller, Read King, in the transaction. The buyer was Montecito Medical Real Estate. Arch-Con Construction served as general contractor of the newly built facility. Several healthcare systems have recently opened hospital campuses within a four-mile radius of Mason Creek, including Houston Methodist Hospital, Memorial Hermann Hospital, Texas Children’s Hospital and MD Anderson Cancer Center.

August 6, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 18,138 SF Retail Center in Mansfield, Texas

by Taylor Williams August 6, 2020

MANSFIELD, TEXAS — Marcus & Millichap has arranged the sale of Mansfield Highlands, an 18,138-square-foot retail center located southeast of Fort Worth. Tenants at the center include Mama’s Pizza, Beer & Wine World, Vintage Barber Shop, Debbie Donuts, Unique Threading Salon and Grade Power Learning Center. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

August 6, 2020

Development Healthcare Midwest Nebraska Office Top Stories

McCarthy Completes $86M Omaha VA Ambulatory Center in Nebraska

by Alex Tostado August 6, 2020

OMAHA, NEB. — McCarthy Building Cos. has completed construction of the Omaha VA Ambulatory Care Center, an $86 million, 157,000-square-foot outpatient facility for veterans. The property includes seven primary-care units, an outpatient surgery suite and a specialty medicine unit allowing 400 additional patients to visit the clinic each day, as well as a dedicated women’s health clinic area. The new facility, which is connected to the existing 12-story VA Medical Campus, will open to patients this month. This is the first center in the country to take advantage of the C.H.I.P.I.N. for Vets Act passed through Congress in 2016, according to McCarthy. Under the law, the VA is permitted to accept private donations to complete construction projects. The VA entered a public-private partnership with nonprofit group Veterans Ambulatory Center Development Corp. (VACDC) to save taxpayers roughly $30 million. The law also requires the builder to use innovative delivery techniques that fall outside federally prescribed specifications and methods. Such initiatives include subsurface utility mapping, virtual design and construction, and using a design-assist subcontracting approach instead of a hard-bid approach. McCarthy claims it completed the project four months ahead of schedule. “Breaking from the traditional design-bid-build delivery format allowed for creative solutions, more …

August 6, 2020

Illinois Industrial Market Reports Midwest Midwest Market Reports

Pandemic Shines Light on Lack of Cold Storage Space

by Kristin Harlow August 6, 2020

By Brian Niven As we begin to reopen most parts of our society following the COVID-19 pandemic that devastated our country and economy earlier this year, many in the commercial real estate industry are beginning to take stock of the massive shifts it may have put into motion. While the pandemic has decimated many sectors — shuttering retail shops, leaving offices empty and setting off an exodus of urban apartment dwellers — prospects for industrial properties have remained strong. Demand for warehouses of all kinds has been soaring in recent years, largely on the back of the growing e-commerce industry, and the sidelining of brick-and-mortar stores has only strengthened those tailwinds. However, that does not mean that the sector will not face challenges in the years to come. While most of the country’s core markets have a healthy pipeline of dry warehouse development that will help meet demand from users, the same cannot be said for an increasingly essential part of our supply chain — cold storage facilities. Vacancy for cold storage was already at or near zero across the country, but the pandemic has set off a chain of events that is likely to place significant stress on our …

August 6, 2020

Features Industrial Texas Texas & Oklahoma Feature Archive

Warehouse Sector Reaches New Heights as User Demand for Flexibility, Variation Increases

by Taylor Williams August 6, 2020

By Nazir Khalfe, Principal, Powers Brown Architecture Having designed multiple millions of square feet of speculative and build-to-suit industrial buildings in my career, I’ve witnessed some striking trends over the past two decades, especially with the advancements made in tilt-wall construction. The ability to go higher and store and ship more product with today’s technology is creating an ever-changing landscape for industrial product. We have witnessed the boom of e-commerce, advancements in logistics and automation, and all the while tried to keep up with the dynamic market forces that produce a successful industrial park. Since the Great Recession, demand for industrial space has been at a premium, not only in Texas but also in most markets throughout the United States. Out of necessity for how our lives are changing, the industrial market has become the darling of the real estate industry. In 2020, thanks to the exponential growth of e-commerce activity and manufacturing jobs, we are breaking new ground on how a standard industrial park looks, feels and operates. While COVID-19 has not changed the expansive, open-space feel of warehouses where social distancing is inherently built-in, the pandemic has started to impact the industrial world on the development side. Developers …

August 6, 2020

Development Industrial Loans Texas

JLL Arranges Construction Financing for 956,020 SF Industrial Project in Fort Worth

by Taylor Williams August 5, 2020

FORT WORTH, TEXAS — JLL has arranged construction financing for South Fort Worth Logistics, a 956,020-square-foot speculative industrial project that will be situated on 47.6 acres near Interstates 20 and 35. Halff Associates is designing the project, which will consist of two cross-dock buildings with 36- to 40-foot clear heights, ample trailer parking and storage, 231 loading doors and ESFR sprinkler systems. A JLL Capital Markets team of Dustin Volz, Stephen Bailey, Taylor Coy and Zach Riebe arranged a three-year, floating-rate construction loan through Veritex Bank on behalf of the borrower, a partnership between Invesco Real Estate and Bandera Ventures. The development team expects to complete the project in 2021.

August 5, 2020

Acquisitions Multifamily Texas

Pearlmark, Sinatra Buy 340-Unit La Jolla Apartments in Fort Worth

by Taylor Williams August 5, 2020

FORT WORTH, TEXAS — A partnership between Chicago-based investment firm Pearlmark and Buffalo-based Sinatra & Co. Real Estate has acquired La Jolla Terrace, a 340-unit apartment community in Fort Worth. Built in 1984, the property was 97 percent occupied at the time of sale and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a playground. The new ownership will implement a value-add program that will upgrade unit interiors and exterior amenity spaces. The seller and sales price were not disclosed.

August 5, 2020

Acquisitions Florida Multifamily Southeast

Kimball Key Sells Apartment Complex Near Tampa for $55.8M

by Alex Tostado August 5, 2020

CLEARWATER, FLA. — Kimball Key LLC has sold Woodland Key Apartments, a 416-unit complex in Clearwater, for $55.8 million. The property offers one- and two-bedroom floor plans. Communal amenities include two pools with sundecks, a grilling area, car care center, 24-hour fitness center, two dog parks and a clubhouse. The asset is located at 2770 Roosevelt Blvd., 19 miles west of downtown Tampa. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction. Ashcroft Capital Managers LLC acquired the property.

August 5, 2020

Newer Posts

Older Posts