GRAPEVINE, TEXAS — Manhattan Construction has broken ground on a $105 million mixed-use project in Grapevine, just north of Dallas-Fort Worth (DFW) International Airport. The transit-oriented development will connect Grapevine to both DFW International Airport and downtown Fort Worth. Project elements will include a 38,000-square-foot outdoor plaza, a 42,000-square-foot rail station, a 121-room Hotel Vin and a 552-space parking garage. Construction is expected to be complete by late 2019.
DALLAS — JLL has negotiated the sale of a 289,000-square-foot manufacturing plant located at 4949 Joseph Hardin Drive in south Dallas. The sale includes 24 acres contiguous to the facility. The property is rail-served and offers convenient access to Interstates 20, 30 and 35. Dustin Volz, Zane Marcell and Grant Matthews of JLL represented the seller, Linron Properties, in the transaction. Polk Street Industrial acquired the asset for an undisclosed price.
PLANO, TEXAS — CBRE has brokered the sale of 1800 & 1820 Preston Park, a two-building, 198,759-square-foot office property in Plano. The Class A buildings were 81 percent leased at the time of sale to tenants such as American Flood Research, Arrow Electronics and Health Texas. Eric Mackey, Gary Carr, John Alvarado, Robert Hill, Evan Stone and Jared Chua of CBRE represented the seller, Alexander & Baldwin, in the transaction. Libitzky Property Cos. acquired the asset for an undisclosed price.
DALLAS — Marcus & Millichap has arranged the sale of the Woodhollow and Pebble Cove, two multifamily assets in Dallas. Both the 236-unit Woodhollow and the 160-unit Pebble Cove are located on the 4300 block of Woodhollow Drive on the city’s south side. Both properties were built in the 1960s and share a single access gate. Al Silva and Ford Braly of Marcus & Millichap represented the sellers, a local investor and a local partnership, in the portfolio transaction. Silva, Braly and Mark McCoy, also with Marcus & Millichap, procured the buyer, a private investor who plans to invest $7 million in renovations to the exteriors and unit interiors of both properties.
COPPELL, TEXAS — JLL has brokered the sale of a three-building, 578,000-square-foot flex portfolio located near Dallas-Fort Worth (DFW) International Airport in Coppell. The portfolio consists of a 409,600-square-foot distribution warehouse, a 115,200-square-foot production warehouse and a 53,600-square-foot office building. The buildings were all 100 percent leased at the time of sale. John Huguenard and Dustin Volz of JLL represented the sellers, affiliates of Torrance, Calif.-based Transpacific Development Co., in the transaction. Irvine, Calif.-based LBA Realty purchased the portfolio for an undisclosed price.
HOUSTON — A fund managed by Arlington-based SkyWalker Property Partners has acquired One Northwind Plaza, a 141,480-square-foot office building located at 7600 W. Tidwell Road in northwest Houston. The Class B mid-rise property was built in 1980 and offers proximity to Loop 610 and Beltway 8, as well as to walk-able retail and dining options. The new ownership will invest more than $1 million in capital improvements to the eight-story property. Aegon Asset Management, a global investment and management firm, sold the property for an undisclosed price. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented Aegon in the sale. Karen Kuczek of Pinnacle Bank’s Arlington branch secured acquisition financing for the transaction.
COLLEGE STATION, TEXAS — CBRE has arranged the sale of The Marc, a 478-unit multifamily community located within a mile of Texas A&M University’s campus in College Station. The property was built in 1969 and 1977 and is comprised of one-, two- and four-bedroom units. Amenities include four pools and shuttle service to campus, as well as tennis, basketball and volleyball courts. Chris Deuillet, Chandler Sims, Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the undisclosed seller in the transaction. Presidium, an investment firm specializing in Class B multifamily assets, acquired the property for an undisclosed price.
SAN ANTONIO — Pillar Financial, a division of SunTrust Bank, has provided a $13.4 million Fannie Mae loan for the acquisition of Avesta ICON Apartments, a 256-unit multifamily community located on San Antonio’s north side. The property, which was 93 percent occupied at the time of sale, was built in 1981 and renovated in 2015. Evan Hom of Pillar Financial originated the loan, which features a 15-year term, a fixed interest rate and five years of interest-only payments, on behalf of the Los Angeles-based borrower.
HUMBLE, TEXAS — Lee & Associates has negotiated a 112,021-square-foot industrial lease at 8575 Volta Road in Humble, a northern suburb of Houston. Thomas Leger, Robert McGee and Mike Spears of Lee & Associates represented the landlord, Cypressbrook Huntington Volta LLC, in the lease negotiations. Grady Tibbs of Brazos ML represented the tenant, Flexo Converters USA Inc., a manufacturer of custom-designed gift and shopping bags.
ARLINGTON, TEXAS — Rent the Runway, a New York City-based online clothing rental company, will open a 300,000-square-foot distribution center along West Bardin Road in Arlington, according to the City of Arlington. Development of the facility, which is slated to open at the end of the year, is expected to create an additional 600 construction jobs over the next 12 months. A general contractor has not yet been named to the project, which represents Rent the Runway’s second distribution center in the United States, the first being located in Secaucus, N.J.
