SACHSE, TEXAS — Mustang Creek Estates will develop a $7.5 million assisted living and memory care facility in the Dallas-Fort Worth metro of Sachse. The 42,000-square-foot Mustang Creek Estates at Sachse is expected to open this fall and create as many as 50 new staffing jobs. The property will be Mustang Creek’s fifth seniors housing asset in the Dallas-Fort Worth area.
DALLAS — Weitzman has negotiated the sale of the Forest Theater retail block located at 1902-1920 Martin Luther King Jr. Blvd. in South Dallas. The block totals 81,221 square feet, including 31,114 square feet of retail space and the 14,565-square-foot Forest Theater, a landmark property that will be restored as part of the deal. David Zoller of Weitzman represented both the buyer and seller in the transaction. Both parties requested anonymity.
DALLAS — CBRE has arranged the sale of 4895 Mountain Creek, a build-to-suit industrial property in Dallas. LBA Realty, a California-based management company, purchased the asset from the Courtland Development LC, Dallas-based developer for an undisclosed price. Jack Fraker, Jonathan Bryan and Ryan Thornton of CBRE represented the seller in the transaction. Courtland Group built the facility in 2016 for Cummins Inc., an engine and machinery manufacturer
Despite waves of new development and rebounding oil prices, the Fort Worth office market hasn’t changed. It reflects the city’s lifestyle and attitude — stable and patient — and optimistic as to what the future holds. As businesses come and go and vacancy rates fluctuate, the Fort Worth office market views the long-term potential of its investments and confidently forges ahead. Go West Much of the new development we are seeing is southwest of downtown. The West Southwest submarket accounts for 62 percent of the construction begun or underway in 2016, with The Offices at Clearfork accounts for 330,000 of the 734,000 square feet built after 2016. The new vision for the master-planned, 270-acre Clearfork development includes 2,500 apartment units, two million square feet of office space, and 1.2 million square feet of retail space anchored by Nieman Marcus. Fort Worth’s CBD is adding its first new building since Sundance Square, which was built in 2014. The property at 640 Taylor St. will add 280,000 square feet and will be 51.5 percent leased upon completion. Its owner, Jetta Operating Co. Inc., and namesake, Frost National Bank, will occupy 140,000 square feet. Effects of Westward Migration The Offices at Clearfork and …
FORT WORTH, TEXAS — Majestic Realty Co., a California-based industrial developer, will build a 320-acre, master-planned business park approximately 2.5 miles south of the Interstate 20 and Interstate 35 interchange in Fort Worth. Branded Majestic Fort Worth South Business Park, the property will feature more than 6 million square feet of office, industrial and administrative space. Phase I of construction, which is scheduled for a June 2018 completion, will deliver 1.8 million square feet of industrial space across 110 acres.
FORT WORTH, TEXAS — Embrey Partners Ltd., a San Antonio-based developer, has broken ground on the Kelley at Samuels Ave., a 353-unit, Class A multifamily community in Fort Worth. The property will be situated on 10 acres near the original 1884 Queen Anne home, a Recorded Texas Historic Landmark, which will be restored as part of the development. The community will consist of one- and two-bedroom units averaging 914 square feet per unit. Occupancy is scheduled for spring 2018.
HOUSTON — Industrial Outdoor Ventures (IOV), a Chicago-based investment firm, has acquired an 80,000-square-foot industrial property located at 13500 John F. Kennedy Blvd. in Houston. A division of Houston-based Clay Development and Construction Inc. sold the asset for $11.2 million. Developed in 2016 for the current tenant, industrial shipping and packing firm MEI Rigging and Crating LLC, the facility features 30-foot clear heights, three exterior docks and four extra-large drive-in doors.
THE WOODLANDS, TEXAS — E.E. Reed Construction LP has completed a six-story, 176,836-square-foot medical office building on the Memorial Hermann Woodlands campus in the northern Houston suburb of The Woodlands. Balfour Concord served as construction manager on the development and Powers Brown Architecture served as designer for the project.
AUSTIN, TEXAS — Walker & Dunlop has closed an $8.8 million loan for the refinancing of SOCO Apartments, a 122-unit, garden-style multifamily community located at 6300 S. Congress Ave. in Austin. The 103,568-square-foot, Class A property consists of one-, two- and three-bedroom apartments that are 95 percent occupied. Stuart Wernick of Walker & Dunlop led the loan placement team.
TYLER, TEXAS — The University of Texas Health Northeast in Tyler will add a three-story, 89,000-square-foot building to its School of Community and Rural Health. A developer of the project has not yet been named. Dallas-based architecture firm Smith Group is designing the project, which has an estimated cost of $39 million. Expected to be complete within 18 months of groundbreaking this summer, the building will house classrooms, offices and administrative space.
