MCKINNEY, TEXAS — Phillips Edison & Co. (PECO), an owner and operator of grocery-anchored retail centers, will build an 8,500-square-foot retail property in McKinney, a northern suburb of Dallas. Expected to be completed later this year, the property will be part of McKinney Market Street, an 88,389-square-foot shopping center anchored by Market Street, a subsidiary of Idaho-based grocer Albertsons. Tenants that have preleased space at the new development include Sport Clips, The Gelato Cone and Credit Union of Texas.
ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Landmark Village Shopping Center, a 71,915-square-foot retail center in Arlington. Situated on 5.9 acres, the property was built in 1985 and was 86 percent occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not released.
HOUSTON — Colliers International has arranged the sale of a 57,500-square-foot industrial property located at 14212 & 14210 Interdrive W. in north Houston. The facility was formerly leased to Newberry Bakery and will now serve as the headquarters of Celebrate Bakery Co. LLC, a wholesale bakery for the grocery sector. Gary Mabray, Jon Lindenberger and Paul Dominique of Colliers represented the seller, a private investor. Mark Martin of 2M Realty Advisors LLC represented the undisclosed buyer.
OKLAHOMA CITY — CBRE has negotiated a 41,936-square-foot industrial lease at 3228 N. Santa Fe Ave. in Oklahoma City on behalf of Spiers New Technologies Inc. a manufacturer of batteries for electric and hybrid cars. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented Spiers in the lease negotiations. Brett Price of Newmark Grubb Levy Strange Beffort represented the landlord, a private trust.
DALLAS — Lee & Associates has closed the sale of a 13,800-square-foot industrial facility located at 2006 Farrington St. in Dallas. Stephen Williamson of Lee & Associates represented the buyer in the transaction. Robert Blankinship of NAI Robert Lynn represented the seller, Century Oak Investments. Other terms of sale were not disclosed.
WYLIE, TEXAS — KWA Construction has broken ground on Club Inspiration, an 11,404-square-foot amenities center in the northeastern Dallas metro of Wylie. The property will be part of Inspiration Texas, a 600-acre master-planned development. Valued at roughly $3.8 million, the project will bring multiple pools and a lazy river to the development, as well as a fitness center, volleyball and tennis courts, a playground and walking trails. Completion is slated for October.
As the number of jobs and people in the Rio Grande Valley (RGV) grows, the region’s retail market holds steady. Historically, vacancy in this market tends to hover between 5 and 7 percent. So the current retail vacancy rate in the McAllen-Edinburg-Mission MSA, which according to CoStar Group is 4.5 percent, represents a couple different trends. First, the vacancy figure illustrates positive absorption of newly constructed retail space. In 2016 and 2017, the market added about 770,000 and 675,000 square feet, respectively, its highest supply additions in nearly a decade. Second, the diminished vacancy rate suggests that new retailers are entering the McAllen MSA, which can be a gauge for the rest of the RGV. In actuality, much of the new space is being leased to retailers that already have a presence in the valley. One might think the RGV is too small a market to support healthy same-store operations, but this is not the case. Best Buy, Walmart and Ulta Beauty can attest to this. A Dominant Sector There is a common thread that unites these newcomers, and it involves single-family development. According to the latest HUD data available, single-family home sales increased 3 percent year-over-year in 2017. More …
GRAPEVINE, TEXAS — Paycom Software Inc., an Oklahoma City-based provider of payroll and human resources software, will relocate its Texas operations center to Grapevine, a northern suburb of the Dallas-Fort Worth (DFW) metroplex. The company will occupy a 14-acre site on which a new office building is being developed, with plans to expand in the coming years. Paycom ultimately expects its physical footprint to be able to accommodate as many as 1,000 employees. Construction of the new center will begin in 2019. Paycom plans to move into the new facility in 2020.
SAN ANTONIO — REATA Real Estate Services LP has brokered the sale of Valley View Shopping Center, an 86,196-square-foot retail center located at 8523 Blanco Road on San Antonio’s north side. Anchored by Marshalls, the property was 89 percent occupied at the time of sale. Kevin Catalani of REATA represented the seller, Weingarten Realty, in the transaction. Dallas-based LRIC Properties purchased the center for an undisclosed price.
EL PASO, TEXAS — CBRE has negotiated a 100,483-square-foot industrial lease at 1270 Don Haskins Drive in El Paso on behalf of Redwood Logistics, a Chicago-based freight company. Arturo De la Mora, Christian Perez Giese and David Saad of CBRE represented Redwood Logistics in the lease negotiations. The name and representative of the landlord were not disclosed.