DALLAS — Lee & Associates has negotiated the sale of a 36,227-square-foot industrial asset located at 121 La Paz St. on Dallas’ southeast side. Corbin Blount and Nathan Denton of Lee & Associates represented the seller, La Paz Partners Ltd., in the transaction. Caleb Bates of Bates & Myers Co., represented the buyer, Jessup Charitable Remainder Trust.
Commercial real estate sectors in secondary and tertiary markets often suffer from a lack of current, comprehensive data and metrics. Until a few years ago, the multifamily market of the Rio Grande Valley (RGV) was no exception. Much of the region’s multifamily product consists of “clusters” of fourplexes. In many cases, different investors own different units within these properties, which generally do not have management and leasing offices with hard data. Consequently, for years multifamily developers and brokers in Hidalgo and Cameron counties operated without reliable information on their market, generally ceding to the ideas that it was overbuilt. Turns out they were incorrect. Year-over-year rent growth in this market tends to be flat. Fluctuations are short-lived and back-and-forth in nature. But beginning in 2015 and carrying over into 2016, multifamily players in the RGV began to realize that their market was not overbuilt and that in fact, demand for better product was rising. Volatile Vacancy To better grasp the ebbs and flows of this market, we revert to 2008 and pre-recession data. To simplify our analysis, we use the McAllen-Edinburg-Mission MSA as a proxy for the region. In 2008, multifamily vacancy stood at approximately 6 percent. By 2011, when …
ARLINGTON, TEXAS — The City of Arlington has announced that is it “no longer moving forward” with its bid to land Amazon’s new headquarters, a project that is expected to generate $5 billion in local investment and create 50,000 high-paying jobs. The city, which was one of several municipalities in the DFW metro to submit proposals, had offered the Seattle-based e-commerce giant roughly $921 million in incentives, including a 100 percent real and business personal property tax abatement for 10 years. City officials pitched Globe Life Park, the current home of the Texas Rangers, as the site for HQ2, highlighting the property’s size of 200-plus acres, infrastructure that was already in place and proximity to a major international airport. A new ballpark, Globe Life Field, is being developed for the Rangers in Arlington and is scheduled to open for the 2020 season. Arlington Mayor Jeff Williams told CNN that Amazon was “looking for a more advanced urban setting,” which contributed to its decision to pass. Other sites within the metroplex are still in the running for HQ2.
ROUND ROCK, TEXAS — Wisconsin-based Kalahari Resorts & Conventions, a developer of luxury resorts with convention centers and indoor water parks, has begun work on its newest property in the northern Austin metro of Round Rock. According to local news station KVUE, the project is valued at roughly $350 million. The property will be situated on 351 acres along U.S. Highway 79. The hotel will total 975 guestrooms, while the convention center and indoor water park will span a minimum of 150,000 and 200,000 square feet, respectively. The opening is slated for late 2020.
DALLAS — High Street Residential, a subsidiary of Trammell Crow Co., has opened Residences at Park District, a 34-story mixed-use property that fronts Klyde Warren Park in Dallas. Residences at Park District features 228 residential units ranging in size from 782 to 3,234 square feet, as well as 13,396 square feet of retail space. Amenities include a pool, 7,000-square-foot fitness center, business center, a dog park, outdoor grilling areas, spa and valet and concierge services. The property connects via a grand plaza to PwC Tower at Park District, a 20-story building with more than 500,000 square feet of office space and 7,000 square feet of ground-floor retail and restaurant space.
HOUSTON — Carroll Organization, an Atlanta-based multifamily investment and management firm, has acquired The Ava, a 321-unit multifamily community in Houston via its latest investment fund. The four-story, mid-rise property, which has since been rebranded Arium Uptown West, is located near the Galleria/Uptown area on the city’s west side. Amenities include a two-level fitness center, resident clubhouse, resort-style pool with outdoor kitchen, multi-level parking garage and a pet park. The seller and sales were not disclosed.
DENISON, TEXAS — HeyDay Entertainment, a retail concept that offers laser tag, mini-golf, ropes courses and bowling, will open a 42,500-square-foot venue in Denison, about 75 miles north of Dallas. The new venue will anchor Gateway Village, a 94-acre mixed-use development that is part of a 700-acre master-planned community. Ryan Smith of Venture Commercial Real Estate represented the landlord and developer of Gateway Village, Covenant Development, in the lease negotiations. Bryan Cornelius and Tim Henson, also with Venture Commercial, represented HeyDay. This venue, which is scheduled to open in the fall, will be the Oklahoma-based company’s first location in Texas and third overall.
EL CAMPO, TEXAS — Atlanta-based Ridgeline Property Group will develop SW International Gateway Business Park, a 540-acre industrial development that will be located in El Campo, about 75 miles southwest of Houston. Upon completion, the rail-served property will be able to accommodate up to 10 million square feet of Class A industrial space. Atlanta-based Stonemont Financial is funding the project, which will include warehouse, manufacturing and distribution facilities. NAI Partners will market the property. The groundbreaking is scheduled for June 19. A timetable for occupancy of the first buildings has not yet been established.
MCKINNEY, TEXAS — Houston-based PRMG will develop Hidden Springs, a $40 million senior living community that will be located in the northern Dallas metro of McKinney. The property will span 215,000 square feet and include 132 independent living units, 40 assisted living units and 28 memory care units. Amenities will include an art studio, dog park, community market, library, media room, putting green and a salon/spa. The groundbreaking is scheduled for this summer and initial occupancy is expected to begin in July 2019.
HOUSTON — EDENS, a retail developer with six offices across the country, will redevelop Uptown Park, a shopping center totaling roughly 154,000 square feet in Houston. The redevelopment project will add shaded walkways that connect the buildings and enhance the property’s common areas. All retailers will remain open during the project. In addition, Flower Child, an Arizona-based healthy food concept, will open a restaurant at Uptown Park this summer as part of the redevelopment.