AUSTIN, TEXAS — 3M, the Minnesota-based manufacturer best known for office products like Post-It notes and Scotch tape, will close its 220,000-square-foot plant in north Austin by the end of 2019. The property will be marketed for sale once it closes. According to the Minneapolis Star Tribune, the closing will impact approximately 120 jobs, though laid-off employees can apply for positions at 3M in other locations.
FORT WORTH, TEXAS — Dematic, an Atlanta-based provider of technology and software for supply chain operators, will open a new, build-to-suit distribution center in Fort Worth. The center will be used to store, sequence and ship company equipment, modules and components. Colliers International provided site selection services, and TCRG Properties and Ironwood Realty Partners are developing the property. The opening is slated for the second quarter of 2019.
DALLAS — Hunt Real Estate Capital has provided a $35 million bridge loan for the acquisition of Park Ninety Six 90, a 506-unit multifamily community in Dallas. The property offers studio, one-, two- and three-bedroom units and amenities such as three pools, a resident lounge, fitness center, playgrounds, dog parks and outdoor grilling areas. A portion of the proceeds will be used to renovate select unit interiors and to make exterior upgrades. The borrower was a joint venture between California-based Concord Real Estate and New York-based Sun Equity Partners.
TULSA, OKLA. — Dallas-based R/D Investors has acquired Tulsa Hills, a 700,000-square-foot retail power center located at 7336 S. Olympia Ave. in Tulsa. Completed in 2011, the center houses tenants such as Lowe’s Home Improvement, Target, Dick’s Sporting Goods, Best Buy, Marshalls, PetSmart and Ulta Beauty. The seller was not disclosed, but Tulsa World reports that the sale price was $70 million.
DENTON, TEXAS — Fisher59, a distributor of alcoholic beverages serving Texas and Oklahoma, will open a $35 million distribution center and headquarters in Denton. Designed by HDA Architects, the 218,800-square-foot project will feature a cross-dock configuration for the warehouse component, as well as 22,000 square feet of office space. The office build-out will deliver executive and private offices, a sales training room, fitness center and a café. Completion is slated for fall 2019.
CARROLLTON, TEXAS — ML Realty Partners has purchased a 102,012-square-foot industrial building located within Valwood Industrial Park in Carrollton, a northern suburb of Dallas. The property offers access to Interstate 35 and State Highway 161. Greg Nelson of Paladin Partners represented the seller in the transaction and will retain leasing responsibilities for the property.
MISSOURI CITY, TEXAS — CBRE has negotiated the sale of Holiday Inn Express & Suites Missouri City West, an 84-room hotel in Missouri City, a southwestern suburb of Houston. Illinois-based Yeluh, LLC purchased the asset from MC Hotels LLC for an undisclosed price. Michael Yu, Rahul Bijlani and Agrama Mannapperuma of CBRE brokered the transaction, which is the seventh Houston-area hotel sold by CBRE’s South Central Hotel team this year.
VERNON, TEXAS — Marcus & Millichap has arranged the sale of Santa Rosa Retail Center, a 19,464-square-foot retail property in Vernon, a city in northwest Texas. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were undisclosed private investors. Tenants at the center include Dollar General and Anytime Fitness.
Less than 100 miles along Interstate 35 separates downtown Austin from downtown San Antonio. But thanks to strong job and population growth throughout the region, that short stretch is becoming home to two industrial markets that occupy distinctively different, yet thriving, niches in the local economy. The CliffsNotes version of this story is that Austin is trending toward servicing smaller, local tenants with ties to the tech sector, while San Antonio is moving toward being a regional distribution market for larger, nationally known users. Both markets are tight: the vacancy rate for both Austin and San Antonio is between 5 and 6 percent and both are seeing very healthy tenant demand and absorption of many current and planned developments. But to understand how the markets have come to function so differently from one another, we must consider the key driving factors in each metro. Austin: Access & Availability Developing new industrial space in Austin — an industrial market with about 79 million square feet of product, according to JLL’s research — is rife with challenges. The entitlement and zoning processes are exceptionally time-consuming, and most infill land sites are priced at levels that make new construction economically implausible. But the …
GEORGETOWN, TEXAS — Austin-based CSW Development has broken ground on Wolf Crossing, a 250,000-square-foot mixed-use center located at the junction of Interstate 35 and State Highway 29 in Georgetown, a northern suburb of Austin. Situated on 42 acres, the center will house a grocery store, several restaurants, neighborhood-service retailers, medical facilities and a hotel. Openings are slated for fall 2019. JLL is handling leasing and marketing of the center, prospective tenants of which include Verizon, P. Terry’s, Jason’s Deli and Salons by JC.