BAYTOWN, TEXAS — Avera Cos. will build a 500,000-square-foot, built-to-suit distribution facility in the Houston metro of Baytown for Vinmar International, a petrochemical marketer and distributor. The project will include 10,000 linear feet of rail with four separate lines. NAI Partners represented TGS Cedar Port Partners LP in the sale of the 40 acres on which the center will be developed.
ARLINGTON, TEXAS — Onward Investors, a Minnesota-based investment and development firm, has sold Arbors at Brookhollow, a 114,421-square-foot office property located at 2201 E. Lamar Blvd. in Arlington. Built in 1999, the two-story building currently houses tenants such as Farmers Insurance Group, Ascension Capital and Weir & Associates. Mike Hardage and Matthew Otte of Transwestern represented Onward Investors in the transaction. Arbor Hui LLC purchased the property for an undisclosed price.
HOUSTON — Tennessee-based developer GBT Realty Corp. will develop The Shoppes of Kemah, a $16 million, 79,000-square-foot retail center that will be located along Deke Slayton Highway near State Route 146 in Houston. GBT acquired the 11.7 acres on which the center will be situated from Kemah Marketplace LP in mid-May for roughly $2.1 million. Shadow-anchored by Walmart, the center is 92 percent preleased to tenants such as Petco, Marshall’s, ULTA Beauty and Rack Room Shoes.
HOUSTON — Marcus & Millichap has brokered the sale of Copper Grove Shopping Center, a 36,645-square-foot retail center located at 8955 Highway 6 North in Houston. The sale price was not disclosed, but the property had a list price of $8.2 million. Tenants at the fully leased center include Spec’s Liquor, Pinch A Penny and Boost Mobile. Jerry Goldstein of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction. Other terms of sale were not released.
OKLAHOMA CITY — CBRE has negotiated an 83,646-square-foot industrial lease at 3800 S. Harmon Ave. in Oklahoma City. David Portman of CBRE represented the landlord, GIJC OKC 7 LLC, in the transaction. The representative of the tenant, Lincoln Electric Co., a Cleveland-based, publicly traded retailer, was not disclosed.
To many people, Dallas and Fort Worth are one and the same. But to local Texans, they are two distinctly different cities in which to work, live and play. And to investors, the fundamental strategies are drastically different. Many consider Fort Worth to be the region’s cultural center and the “cooler” place to live. In terms of job growth, both cities are booming and are magnets for young, talented professionals. With this job growth comes a burgeoning multifamily market with future potential that is sure to remain strong. Here’s why. Job growth in the region continues to outpace the national average by more than 50 percent, and the Dallas-Fort Worth metropolitan area is ranked among the highest-growth metro territories in the country. More than 100,000 jobs have been added over the past year, thanks in large part to major corporate relocations and expansions. Toyota and Liberty Mutual are examples of two major companies committed to growth in the local market. In addition, over the next five years, the demographic of 20- to 34-year-olds is projected to increase by close to 100,000 people – one of fastest rates in the country. These millennials typically prefer to rent and are less likely …
AUSTIN, TEXAS — Ridge, the industrial development branch of Transwestern Development Co., has broken ground on a 351,171-square-foot industrial project within Southpark Commerce Center in Austin. The project is expected to deliver three buildings during the fourth quarter, with each building featuring 24-foot clear heights and more than 20 dock doors and 120 parking spaces. Situated on 24.2 acres near the intersection of Interstate 35 and State Highway 71, the center will encompass 2.3 million square feet at final buildout.
DALLAS — CBRE has brokered the sale of Parkway Office Center, a 229,466-square-foot office complex located at 14180 N. Dallas Parkway in Dallas. The Class A property, which was 90 percent leased at the time of sale to tenants such as Gulf Coast Western and Capital Senior Living, consists of two nine-story buildings and a multi-level parking garage. Gary Carr, John Alvarado, Eric Mackey and Robert Hill of CBRE represented the seller, KBS Realty, which sold the property to tech firm Apex Pacific Partners for an undisclosed price.
HOUSTON — HREC Investment Advisors has arranged the sale of Marriott TownePlace Suites Houston Northwest, a 127-room hotel located at 11040 Louetta Road in Houston. A California-based hotel investor purchased the property for an undisclosed price. Hank Wolpert of HREC represented the seller, a private equity fund that acquired the property in 2012.
DALLAS — JLL has secured a 42,989-square-foot office lease for payroll and HR firm BenefitMall as the company relocates its headquarters to Hidden Grove at 12404 Central, a four-story, 231,590-square-foot office property in north Dallas. Jeff Eckert, James Esquivel and Ahnie Gampper of JLL represented the landlord, Red River Asset Management, in the transaction. BenefitMall is the third company to relocate its headquarters to the property in the last nine months, following Latin restaurant chain Pollo Campero and Dallas-based entertainment firm Studio Movie Grill.
