GRAND PRAIRIE, TEXAS — Stream Realty Partners has brokered the sale of a 265,877-square-foot distribution center located at 3100 State Highway 161 in the Dallas metro of Grand Prairie. Built in 2015, the property is located within Trinity 161 Trade Center and offers convenient access to Interstate 30. Building features include 27-foot clear heights, 46 dock-high doors, an ESFR sprinkler system and 390 car parking spaces. Cannon Green and Sarah Ozanne of Stream Realty Partners represented the buyer, Colony Industrial, a division of Los Angeles-based REIT Colony Northstar. The seller was Soho Somervell Trinity LP.
Texas
AUSTIN, TEXAS — Innovative Aftermarket Systems (IAS), a provider of management solutions for the finance and insurance industries, has signed a 40,000-square-foot office lease at Preserve at 620 in Austin. The company will establish its headquarters at the 225,000-square-foot property, which is currently under construction. Amenities at the property will include a fitness center, sports court and open courtyard spaces. Ryan Bohls of Newmark Knight Frank represented IAS in the lease negotiations. Ben Tolson and Joe Simmons with AQUILA Commercial represented the landlord and developer, San Diego-based PacVentures Inc.
BALCH SPRINGS, TEXAS — Marcus & Millichap has arranged the sale of a 9,100-square-foot retail property net-leased to Dollar General in Balch Springs, an eastern suburb of Dallas. Vincent Knipp of Marcus & Millichap represented the buyer, a private investor, in the transaction. Other terms of sale were not disclosed.
As the retail sector continues to adapt and evolve to meet consumer demand for e-commerce and next-day or same-day delivery, industrial real estate will hold its place in 2018 as the top-ranked property sector. The property type has held this title for the past four years, according to the annual Emerging Trends in Real Estate study, conducted by PwC and the Urban Land Institute. The growth of e-commerce has been so rapid that the demand for industrial warehouse space has far outpaced supply in most markets for years. However, Emerging Trends also indicates that supply and demand began to come into balance in 2017 and will continue to do so in 2018. That balance gives users the opportunity to pay for industrial spaces that better suits their needs, as new buildings with increased technology and other amenities are popping up in prime areas. The growth of e-commerce has also created new demand for properties that were previously considered Class B and C industrial buildings, particularly those located along the “last mile” to consumers in urban areas. Basic Stats & Trends Current demand for industrial real estate in San Antonio is highly diverse. According to the latest report from REOC San …
MISSOURI CITY, TEXAS — Ridge, the industrial development arm of Transwestern, will develop Southwest Commerce Center, a 477,355-square-foot speculative industrial property in the southwestern Houston metro of Missouri City. The cross-dock property will be situated on a 29-acre site at the corner of Beltway 8 and U.S. Highway 90. Individual features will include 32-foot clear heights, 129 dock doors, 58 trailer parking spaces and 275 car parking spaces. The groundbreaking is slated for May and delivery is slated for early 2019.
AUSTIN, TEXAS — HFF has negotiated the sale of the 194-room DoubleTree by Hilton Hotel Austin Northwest Arboretum on Austin’s north side. The property is situated adjacent to two mixed-use developments, The Domain and The Arboretum, and features a 24-hour business center, outdoor pool and 6,600 square feet of meeting and event space. John Bourret, Austin Brooks and Daniel Peek of HFF represented the seller, Florida-based Driftwood Hospitality Management, in the transaction. San Diego-based Pinnacle Hotels USA purchased the property for an undisclosed price.
OKLAHOMA CITY — Dallas-based hospitality development firm NewcrestImage has opened a 134-room Hyatt Place hotel in the Bricktown district of Oklahoma City. The five-story property features a 24-hour fitness center and 1,800 square feet of meeting space. The Hyatt Place is the third hotel operated by NewcrestImage in Oklahoma City.
GRAND PRAIRIE, TEXAS — Lee & Associates has brokered the sale of a 74,100-square-foot industrial building located at 2001 110th St. in the Dallas metro of Grand Prairie. Trey Fricke and Reid Bassinger of Lee & Associates represented the seller, 2001 110th Street Grand Prairie LLC, in the transaction. Todd Hubbard of NAI Robert Lynn represented the buyer, Dealer Industries LLC, a Carrollton-based research and consulting firm.
MCALLEN, TEXAS — JLL has arranged the sale of Kerria Square, an 82-unit multifamily community located in the Rio Grande Valley (RGV) city of McAllen. Built in 2014, the property was 95 percent occupied at the time of sale. A pair of private investors purchased the community from Kerria Square Development LLC for an undisclosed price. Zar Haro and Moses Siller of JLL represented the buyer in the transaction.
DALLAS — Dallas County has approved the $83 million sale of the former Parkland Memorial medical campus in northwest Dallas to Dreien Opportunity Partners, according to the March 27 agenda from the county commissioners. Dreien is a development group headed by Dallas magnate Sam Ware that is also working to redevelop the Collin Creek Mall in Plano. The company is financing the acquisition in part by leasing 560 parking spaces currently used by Parkland employees. Plans for the redevelopment of the 38-acre campus, which was owned by Parkland, include condos, apartments and a hotel.