DALLAS — Taylor Team Relocation, an Ohio-based copier shipping firm, has signed a 50,070-square-foot industrial and office lease at Marsh Business Park West, a 636,725-square-foot development in North Dallas. The space comprises 23,220 square feet of office space and a 26,850-square-foot warehouse. Hudson Sheets and Andrew Gilbert of Holt Lunsford Commercial represented the tenant in the lease negotiations. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as GKI Industrial Dallas LLC.
HOUSTON — Zar Law Firm has purchased a 45,648-square-foot office building in West Houston. According to LoopNet Inc., the four-story building at 17 Briar Hollow Lane was built in 1974 and renovated in 1993. Ryan Hartsell of locally based brokerage firm Oxford Partners represented the buyer in the transaction. Bill Byrd and Marshall Clinkscales of Colliers represented the undisclosed seller.
The term “adaptive reuse” in real estate circles typically conjures images of repurposing old, obsolete commercial buildings. Meanwhile, academic buildings, administrative offices and other properties on college campuses rarely come to mind. But NAI has noted a growing need among higher learning institutions with vacant or underused assets, particularly as a result of growing online learning options, says Larry Gautier, senior vice president of NAI Miami | Fort Lauderdale. As a result, the brokerage is focused on finding solutions for schools. “NAI hasn’t historically been involved with higher institutions of learning — we’ve typically focused on conventional real estate transactions,” Gautier acknowledges. “But a few years ago, when students weren’t going in to class, colleges and universities were facing a challenge: what do you do with facilities — that were built for thousands of students — in a remote-learning setting? For many schools, remote learning is here to stay.” Options include leasing buildings to commercial users or entering a joint venture with, for example, an aerospace or engineering company for educational programs, he adds. Colleges that suddenly have vast unused parking lots could also enter into long-term leases with multifamily, office or mixed-use developers. “Our position is to help these schools create …
EL PASO, TEXAS — A partnership between two California-based firms, PCCP LLC and Panattoni Development, along with Hunt Cos., is underway on construction of a 939,612-square-foot speculative industrial project in El Paso. Project Grande, which represents the first phase of a larger, 1.8 million-square-foot development, will consist of two buildings on a 45-acre site at the southeast corner of Pellicano Drive and Aircoupe Way on the city’s east side. Features of the rear-load and cross-dock buildings will include 36- to 40-foot clear heights, ESFR sprinkler systems and ample trailer parking. Completion of Phase I, which is 50 percent preleased, is slated for the second half of the year.
GRAND PRAIRIE, TEXAS — Gantry has arranged $23.4 million in senior financing and preferred equity for the acquisition of DFW Corporate Park, a 211,385-square-foot industrial flex property in the central metroplex city of Grand Prairie. The 22-building development is located at 2100 N Highway 360. Braden Turnbull and Keegan Bridges of Gantry arranged the financing through an undisclosed life insurance company. The borrower was also not disclosed.
DALLAS — Charlotte-based developer Crescent Communities has sold NOVEL Turtle Creek, a 20-story apartment complex located at 4251 Irving Ave. in the Oak Lawn area of Dallas. The property houses 206 one-, two-, and three-bedroom apartments, as well as penthouses on the top two floors. Amenities include a pool, outdoor kitchens, resident lounge, fitness center, package lockers, a private resident bar and concierge services. California-based investment firm Goldrich Kest purchased the property for an undisclosed price.
VAN ALSTYNE, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Flats at Van Alstyne, a 232-unit multifamily property located about 50 miles north of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse and a resident lounge. Fritz Waldvogel of Colliers Mortgage originated the five-year loan through a partnership with Old Capital Lending. The borrower was an entity doing business as MPT Texas 9 LLC.
HOUSTON — Locally based brokerage firm Finial Group has negotiated an 18,471-square-foot industrial lease at 6832 Bourgeois Road in Houston. The tenant, global energy services firm Interwell US, will occupy space within Four Seasons Business Park on the city’s northwest side. John Buckley and Jack Gaffney of Finial Group represented the undisclosed landlord in the lease negotiations.
SAN ANTONIO — Colliers Mortgage has provided $16.8 million in HUD-insured, construction-to-permanent financing for Culebra Road Apartments, a 199-unit affordable housing project in San Antonio. The property will offer one-, two- and three-bedroom units, all of which will be subject to income restrictions, and amenities such as a pool, fitness center, playground, business center, clubhouse, activities room and outdoor grilling and dining stations. Jeff Rogers of Colliers Mortgage originated the financing, which was structured with a 40-year term. The borrower was an entity doing business as Culebra Road Apartments LP.
IRVING, TEXAS — Orlando-based real estate investment and brokerage services firm Foundry Commercial has purchased a 287,000-square-foot office building located at 4000 Horizon Way in Irving with plans to convert the property into an industrial facility. Foundry Commercial plans to reposition the property, which was built on 24.2 acres in 1999, into a three-building complex that totals roughly 337,000 square feet. The industrial buildings will feature rear-load configurations and roughly 70 combined trailer parking spaces. Construction is set to begin in the first quarter. Holt Lunsford Commercial will market the property for lease.