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DFW-Industrial-Panel
Conference CoverageIndustrialMarket ReportsTexasTexas Market Reports

Tenant Activity Has Slowed in DFW Industrial Market, But That’s Not Necessarily a Bad Thing, Say InterFace Panelists

by Taylor Williams

By Taylor Williams In the eyes of some commercial brokers, especially those who represent tenants, there actually is such a thing as too little vacancy. When markets are running super-hot, meaning demand is far outstripping supply, tenants have minimal options and often end up paying premiums just to be able to secure space. That’s great for landlords — to a point — because markets can only bear so much rent growth in so much time before tenants start looking for workarounds to physical occupancy. Enter the Dallas-Fort Worth (DFW) industrial sector, which has been on fire for the past seven-plus years. Explosive volumes of new deliveries, frenetic paces of absorption, stiff competition for space, record levels of rent growth and a national coming-out party as an undeniable Tier 1 market have all been hallmarks of this activity. But such torrid paces of growth were never really sustainable in perpetuity, and although both the supply and demand sides of the market have cooled, the slowdown in some ways reflects a return to healthier dynamics. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements …

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PACE Appeal Rafi Golberstein
Content PartnerData CentersFeaturesHospitalityLife SciencesLoansMidwestMultifamilyNortheastOfficeSelf-StorageSoutheastTexasWestern

C-PACE Maintains Appeal in Lower Interest Rate Environment

by Sarah Daniels

The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Sponsored: A smarter way to finance your next CRE project – PACE Loan Group Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. …

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IndustrialLeasing ActivityTexas

Reports: Google Signs 1.1 MSF Industrial Lease in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Google has signed a 1.1 million-square-foot industrial lease in Fort Worth, according to reports from multiple news outlets, including Dallas Morning News and the Dallas Business Journal. The latter publication reports that the building is located within Majestic Silver Creek Business Park, a 520-acre development on the city’s west side that is owned by California-based Majestic Realty. The DBJ also reports that the deal is part of a larger initiative in which the California-based tech giant pledged to invest $1 billion in Texas markets to support its cloud infrastructure and data center operations.

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Gateway-at-Denton
AcquisitionsMultifamilyStudent HousingTexas

IPA Negotiates Sale of 696-Bed Student Housing Property in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Gateway at Denton, a 696-bed student housing property that serves students at the University of North Texas. Built in 2005, the 228-unit complex is located within a half-mile of campus and features a mix of two-, three- and four-bedroom floor plans with complete bed-bath parity. Units range in size from 816 to 1,360 square feet. Amenities include a newly renovated clubhouse, three pools with cabanas, outdoor grilling and dining stations, basketball court, fitness center and a computer lab. Peter Katz and Drew Kile of IPA represented the seller, Los Angeles-based MJW Investments, in the transaction and procured the buyer, Vesper Holdings.

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The-Royalton-at-Prosper
DevelopmentMultifamilyTexas

SWBC Breaks Ground on 270-Unit Multifamily Project in Prosper, Texas

by Taylor Williams

PROSPER, TEXAS — Dallas-based developer SWBC has broken ground on The Royalton at Prosper, a 270-unit multifamily project that will be located on the northern outskirts of Dallas. The site is adjacent to SWBC’s The Royalton at Creeks of Legacy development, which also totals 270 units and is currently in lease-up. Units at the new property will come in one-, two- and three-bedroom floor plans, and select residences on the first floor will have private yards and direct-access garages. Amenities will include a clubhouse with a business center, 24-hour fitness center and a resort-style pool with cabanas and grilling stations. Cross Architects is designing the project, and Carleton Cos. is serving as the general contractor. The first units are expected to be available for occupancy next summer.

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McCallum-High-School-Austin
CivicDevelopmentTexas

AP Construction to Renovate McCallum High School in North Austin

by Taylor Williams

AUSTIN, TEXAS — Adolfson & Peterson (AP) Construction has been awarded the contract to renovate McCallum High School, which is part of the Austin Independent School District and located on the city’s north side. The school originally opened in 1955 and serves roughly 1,500 students. The project team will demolish the existing 30,000-square-foot science wing and deliver a 50,000-square-foot facility with computer labs, robotics, a wood shop and spaces for biology, chemistry and physics classes. In addition, the entry vestibule and front office will be reconfigured/remodeled for enhanced security. PBK Architects is leading design of the renovation, which is expected to begin in May 2025 and to be complete in fall 2026.

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DevelopmentLeasing ActivityRetailTexas

Lowe’s Home Improvement to Open 94,000 SF Store in Celina, Texas

by Taylor Williams

CELINA, TEXAS — Lowe’s Home Improvement will open a 94,000-square-foot store in Celina, located at the convergence of Collin and Denton counties in North Texas. The North Carolina-based retailer will join the tenant roster at The Crossing at Moore Farm, a 100-acre mixed-use development located along Preston Road. The store will be situated on a 14-acre site, and Lowe’s expects to receive its certificate of occupancy by March 2027.

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The-Links-on-PGA-Parkway-Frisco
LoansMultifamilyTexas

BayBridge Arranges $138.3M Loan for Refinancing of Frisco Apartment Community

by Taylor Williams

FRISCO, TEXAS — BayBridge Real Estate Capital, a New York City-based capital markets advisory firm, has arranged a $138.3 million loan for the refinancing of The Links on PGA Parkway, an apartment community located north of Dallas in Frisco. The Links on PGA Parkway is a four-phase development, and the first two phases totaling 690 units were completed in December 2021 and October 2023. Phases III and IV will total 620 units. Residences come in one-, two- and three-bedroom floor plans. Amenities include two clubhouses, two pools and two fitness centers, as well as a golf simulator, complimentary yoga classes and lessons from a local golf professional. The borrower is Dallas-based Carbon Cos. Jay Miller, Spencer Miller, A.J. Felberbaum, Gabe Stolar and Noah Rothman of BayBridge arranged the debt through MF1 Capital.

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Avera-Baywood
DevelopmentIndustrialTexas

Avera Cos. to Develop 401,154 SF Industrial Project in Southeast Houston

by Taylor Williams

HOUSTON — Locally based firm Avera Cos. will develop a 401,154-square-foot industrial project in southeast Houston. Avera Baywood will be a front-load building that will be situated on a 34-acre site west of the Houston Ship Channel. Building features will include 36-foot clear heights, oversized truck courts and an ESFR sprinkler system. Completion of the project, which will be Avera’s 12th development in the southeast Houston submarket, is slated for late 2025.

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AcquisitionsMultifamilySeniors HousingTexas

Mustang Creek Enterprises Buys 80-Unit Seniors Housing Project in Frisco

by Taylor Williams

FRISCO, TEXAS — Locally based seniors housing operator Mustang Creek Enterprises has purchased Mustang Creek Estates of Frisco, an 80-unit facility that is located on a six-acre site at 1200 W. Main St. on the northern outskirts of Dallas. Mustang Creek has operated the six-building property, which offers assisted living and memory care services, since it opened in 2014. Mustang Creek financed the purchase through Community National Bank. The seller and sales price were not disclosed.

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