ALLEN, TEXAS — Massachusetts-based tech firm NETSCOUT Systems Inc. will relocate its research and development office to One Bethany at Watters Creek in the Dallas metro of Allen. The company will lease a 145,000-square-foot building from Kaizen Development Partners that will house more than 500 employees. The Class A property will feature an outdoor courtyard, fitness center, cafeteria and parking garage exclusively for employees. The relocation is scheduled for summer of 2018.
BEAUMONT, TEXAS — Marcus & Millichap has brokered the sale of La Quinta Inn & Suites Beaumont West, a 65-room hotel located at 5820 Walden Road in Beaumont. Skyler Cooper, Lisa Hankamer, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a limited liability company. The asset had a list price of $6 million. Other terms of sale were not disclosed.
SEATTLE — Online retail giant Amazon (NASDAQ: AMZN) has agreed to acquire high-end grocery chain Whole Foods Market Inc. (NASDAQ: WFM) for $13.7 billion. The all-cash transaction amounts to $42 per share and includes the Austin, Texas-based grocer’s net debt. Whole Foods Market will continue to operate stores under the Whole Foods Market brand. John Mackey will remain CEO of Whole Foods Market, and the company’s headquarters will remain in Austin. “This partnership presents an opportunity to maximize value for Whole Foods Market’s shareholders, while at the same time extending our mission and bringing the highest quality, experience, convenience and innovation to our customers,” says Mackey. Completion of the transaction is subject to approval by Whole Foods Market’s shareholders, regulatory approvals and other customary closing conditions. The parties expect to close the transaction during the second half of 2017. “It seems that Amazon, after all, is one of brick and mortar’s biggest believers — and for good reason. The grocery sector has been in major growth for some time now, and Amazon’s entry into the space will be a game changer,” says Rafael Romero, vice president on the retail team at Coral Gables, Florida-based CREC, an independent real estate firm. “It will be interesting to see how other high-end and organic …
Much like the overall U.S. economy, the Dallas-Fort Worth (DFW) office market is statistically trending upward and will experience continued growth in 2017 as indicated by first quarter numbers. Overall, the marketplace is experiencing sustained growth thanks to small- to medium-sized businesses expanding at a rapid rate, investors selectively chasing higher yields and market cores shifting to suburban areas. According to Stream’s first quarter 2017 data, the market experienced cautious growth in the latter half of 2016, with stagnations that are common during election years. Yet the report indicates 2017’s outlook is very promising. With 75 percent of the metro’s office markets posting a decrease in vacancy, we have much to look forward to over the remainder of the year. Only submarkets with heavy volumes of speculative office construction have not seen as much in the way of decreasing vacancies. Kicking off with a bang, the Dallas office market saw leasing activity ramp up dramatically to begin 2017. With quarter one in the books, we can project continued job growth, a robust local economy and heavy deal activity. Noteworthy Dallas Developments Similar to 2016, buildings that primarily focus on improving parking availability and walkable retail options will have the best …
MCALLEN, TEXAS — Acre Construction will build a 46,000-square-foot shopping center along the Expressway 83 frontage west of McColl Road in McAllen. Branded Premier Plaza Retail Center, the project’s first phase of construction, which is set to break ground in July, will deliver 25,000 square feet and Phase II will deliver 21,000 square feet. Completion dates are slated for late 2017 and early 2018, respectively. The property will also feature Class A medical space on the second floor.
LAS COLINAS, TEXAS — Irving-based developer and builder JPI has broken ground on Jefferson Eastshore, a 286-unit, Class A multifamily community overlooking Lake Carolyn in the Dallas metro of Las Colinas. Located within walking distance of the Irving Convention Center DART station, the property will feature a resort-style pool, fitness center and a yoga studio. Leasing is scheduled to begin in fall of 2018.
LAREDO, TEXAS — Majestic Realty Co. has negotiated a 166,400-square-foot lease within Port Grande, a 2,000-acre, master-planned industrial development in Laredo. The undisclosed tenant, an international firm in the automotive industry, will occupy a 366,080-square-foot building scheduled to be complete in late August. This building, which features 32-foot ceiling heights, 120 dock-high doors and 439 combined trailer and automobile parking spaces, is the first speculative property in the 100-acre, Phase I development of the project.
AUSTIN, TEXAS — SOCi, a California-based social media consulting firm, has opened a new office at 3755 S. Capital of Texas Highway, a 74,000-square-foot, Class A office property in southwestern Austin. The opening of the new office, which is the company’s second, comes two months after SOCi closed its $8.5 million Series A financing round.
DALLAS — Tenant representation firm Cresa DFW will relocate its Dallas office from its current location on Knoll Trail Drive to the Pinnacle Tower in Dallas’ Midtown neighborhood, effective August 1. The company has signed a three-year lease at the 24-story property, which is located at 5005 LBJ Freeway. The company’s new offices will provide enough space for 20 employees. Cresa DFW eventually plans to expand its office space to accommodate as many as 50 employees.
ARLINGTON, TEXAS — General Motors (GM) will invest $1.4 billion in improvements for its 4.3 million-square-foot Arlington Assembly Plant. Roughly 4,100 employees work at the facility, which will receive a new paint shop, body shop and general assembly area upgrades as part of the deal. The company will also be developing additional workspace at Arlington Logistics Center, a 1.2 million-square-foot industrial project under construction at the site of the former Six Flags Mall, according to the Fort Worth Star-Telegram.
