FORT WORTH, TEXAS — Fort Worth-based Empire Roofing has acquired 4801 Esco, a 149,981-square-foot industrial property located in southeast Fort Worth. According to LoopNet Inc., the building is zoned for manufacturing uses. Jack Huff and Grant Huff of Transwestern represented the seller, KBW Property Ltd., in the transaction. Empire Roofing acquired the asset for an undisclosed price.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 65,814-square-foot industrial lease at 4395 Diplomacy Road in east Fort Worth. Adam Graham and Mark Graybill of Lee & Associates represented the landlord, ML Realty Partners, in the lease negotiations. Matt Carthey of Holt Lunsford Commercial represented the tenant, Factory Blue.
HOUSTON — Marcus & Millichap has brokered the sale of Garden Oaks Center, a 13,877-square-foot shopping center in Houston. Tenants at the center include Shepherd Park Draught House, Pinks Pizza and Molly’s Mutt House. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a local developer, in the transaction. Jerry Goldstein of Marcus & Millichap procured the buyer, a Houston-based investment firm.
AUSTIN, TEXAS — An affiliate of The Luzzatto Co. Inc. (TLC), a Los Angeles-based investment firm, has acquired Austin Oaks, a 445,322-square-foot office park in central Austin. Built throughout the 1970s and 1980s, the 12-building property is situated on 31.4 acres and houses 140 tenants in industries such as financial services, healthcare, legal services and technology. TLC will reposition the property to add more green space, as well as a café and fitness center. HFF represented the seller, Dallas-based Spire Realty Group LP, in the transaction and assisted TLC in securing a 10-year acquisition loan through a life insurance company.
BAYTOWN, TEXAS — A partnership between Houston-based Investment & Development Ventures LLC (IDV) and Sealy & Co. has broken ground on Thompson 10 Logistics Center, a 390,000-square-foot industrial facility in metro Houston. The project, which is being developed on a speculative basis, will be situated on 26.8 acres at the intersection of Interstate 10 and Thompson Road in Baytown, an eastern suburb. Thompson 10 Logistics Center will include a 130,074-square-foot front-load building and a 260,148 square-foot cross-dock building, each with 32-foot clear heights. Completion is slated for spring 2019. Tom Lynch and Mark Redlingshafer of CBRE represented IDV in its acquisition of the land and in securing an equity partner in Sealy. CBRE will also handle leasing of the property.
ARLINGTON AND ODESSA, TEXAS —Gordon Partners, a Houston-based full-service firm, has purchased two shopping centers totaling 170,000 square feet. Green Oaks Plaza in Arlington totals 100,000 square feet and Sherwood Village in Odessa totals 70,000 square feet. The company plans to remodel both properties beginning in the first quarter of 2019. The sellers were not disclosed.
DALLAS — Commercial mortgage brokerage firm Eastern Union has arranged a $24 million acquisition loan for Magnolia Creek, a 430-unit multifamily community located at 7272 Marvin D. Love Freeway in Dallas. The transit-oriented property features a pool, fitness center, outdoor grilling area and a playground. Marc Belsky of Eastern Union arranged the financing through Arbor Realty Trust Inc. on behalf of the borrower, Ashcroft Capital.
HOUSTON — EDGE Realty Capital Markets has brokered the sale of Cullen Plaza, an 84,717-square-foot retail center in Houston. Fiesta Mart anchors the property, which also houses a mix of national and regional retailers such as Family Dollar, Taco Bell, T-Mobile and Louisiana Famous Fried Chicken. Kevin Holland of EDGE represented AEW/Weingarten in the disposition of the property. Additional terms of sale were not disclosed.
As industrial development ramps up across the country in an effort to keep pace with demand, developers are eyeing Dallas-Fort Worth (DFW) for new projects, forcing existing players to get more creative with their site selections and design elements. The DFW metroplex has experienced millions of square feet of industrial development over the past year. The market currently has more than 27.9 million square feet of space under construction. If DFW continues to expand at this pace, year-over-year industrial growth will outpace that of 2017. As infill sites become more scarce, developers revisit land that was once looked over for previous projects. Some of these sites include closed landfills, shuttered golf courses and tracts that may have had unusual hurdles such as drainage, utility or environmental issues. Going South Of all the submarkets that comprise the metroplex, South Dallas enjoys the largest share of development. Over 7 million square feet of product is currently under construction in this submarket, which may puzzle those familiar with the area, as it has historically been less attractive to smaller, more regional tenants. Location is partly to blame for this pattern. South Dallas can be quite a drive for local business owners. In addition, …
PASADENA, TEXAS — Multinational chemicals firm LyondellBasell has begun work on a $2.4 billion manufacturing plant in Pasadena, a suburb of Houston located near the port. Spanning 140 acres, the plant will manufacture propylene oxide and tertiary butyl alcohol, two chemicals used in the production of a variety of consumer goods, including bedding, furniture, carpeting, building materials and adhesives. The plant is expected to begin operations by 2021. An analysis from the Greater Houston Partnership states that the project will have more than $450 million in economic impact on the region.