SHERMAN, TEXAS — J.P. Hart Lumber Co. is developing a lumber and building materials distribution center within Progress Park, a 3,300-acre master-planned business park in the Dallas suburb of Sherman. The company acquired 37.6 acres along Progress Drive to develop the $5.5 million to $6.5 million facility, which will create 37 full-time positions. J.P. Hart Lumber Co. contracted with Sherman Economic Development Corp., represented by Bob Hagewood and Cannon Green of Stream Realty Partners, to acquire the site for an undisclosed price.
ADDISON, TEXAS — Citadel Partners has brokered an office lease at 14901 Quorum Place in Addison. RD&F Advertising will occupy 10,000 square feet of space at the property. Scott Morse and Taylor Dickerson of Citadel Partners represented the tenant, while Ryan Evanich, Chase Lopez and Jordan McFarland of Stream Realty Partners represented the undisclosed landlord in the deal.
NEW YORK — DRA Advisors has purchased a 19.8-million-square-foot industrial portfolio that spans 21 U.S. markets for $1.1 billion. The portfolio contains a total of 184 properties that are 94 percent leased to more than 500 tenants. The properties reside in industrial hubs such as Dallas, Houston, Chicago, Atlanta and Columbus, Ohio. The assets range from less than 15,000 square feet to 925,000 square feet, according to CoStar Group. Cabot Properties Fund II sold the portfolio, concluding the fund’s disposition activity. The fund was launched in late 2005. This acquisition will allow New York-based DRA Advisors to expand its industrial footprint to more than 45 million square feet. DRA’s industrial assets are primarily located in Texas, California, Illinois, Indiana and Florida. The private equity real estate firm currently has more than $10 billion of assets under management. This includes more than 70 million square feet of commercial real estate and more than 12,000 residential units. Eastdil Secured and Cushman & Wakefield represented Boston-based Cabot Properties in the transaction. The private equity real estate firm manages and operates about 160 million square feet of industrial properties throughout North America and the United Kingdom that are valued at $57 billion. — Nellie Day
AUSTIN, TEXAS — Goldman Sachs Asset Management (GSAM) Private Real Estate has purchased Quarry Oaks I and II, a two-building office complex located at 10900 Stonelake Blvd. in Austin. Principal Real Estate Investors sold the 292,421-square-foot complex for an undisclosed price. At the time of sale, the property was 100 percent leased to tenants including Forepoint, Microsoft Corp. and Microchip Technologies. HFF represented the seller in the transaction.
DALLAS — Northwood Retail, a subsidiary of Northwood Investors, has acquired Hillside Village, a shopping center located at the corner of Mockingbird Lane and Abrams Road in east Dallas. Current tenants at the 169,299-square-foot property include Stein Mart, Olivella’s Neo Pizza Napoletana, Dream Café, White Rock Coffee and Manny’s Lakewood Tex-Mex. The buyer has engaged SHOP Cos. to assist with leasing the property. The name of the seller and acquisition price were not released.
WESLACO, TEXAS — Marcus & Millichap has brokered the sale of Weslaco Station, an office building located in Weslaco. U.S. Customs and Border Protection occupies the entire 54,483-square-foot property on a long-term lease through February 2024. Joshua Murphy of Marcus & Millichap represented the seller, a private joint venture, and procured the undisclosed buyer in the deal. The acquisition price was not released.
PEARLAND, TEXAS — Pearland-based Frontier Forklifts has acquired an industrial facility located at 3401 S. Main St. in Pearland. Baker Hughes Inc. sold the 30,000-square-foot property, which is situated on 6.5 acres, for an undisclosed price. Frontier Forklift offers sales, service, rentals and parts for forklifts and specialty equipment. Conrad Bernard of Boyd Commercial represented the seller in the deal.
NORTH RICHLAND HILLS AND TOMBALL, TEXAS — NewQuest Properties has arranged two leases for retail space in North Richland Hills and Tomball. In the first deal, Cellphone Trendz leased 1,050 square feet of retail space at North Tarrant Marketplace in North Richland Hills. Josh Friedlander provided in-house representation for the landlord, NewQuest Properties, while Jack Burgher of Streetwise Retail Advisors represented the tenant. In the second transaction, PostNet TX 223 leased 2,095 square feet of retail space at Tomball Parkway Plaza in Tomball. Brad Elmore and Austen Baldridge of NewQuest Properties represented the landlord, Tomball Plaza LLC, while Caroline Howell of NewQuest and Josh Evans of Newmark Grubb Knight Frank represented the tenant.
FORT WORTH AND WACO, TEXAS — CBRE has secured $38 million in permanent financing for the recapitalization of two student housing properties totaling 558 beds in Fort Worth and Waco. The properties include Village East near Texas Christian University in Fort Worth and 11th Street Flats near Baylor University in Waco. Both properties offer fully furnished units with off-street parking. The borrower and lender were undisclosed.
PLANO, TEXAS — Stream Data Centers has broken ground on Steam Ready-to-Fit Data Center – DFW VI, a data center within Legacy Business Park in Plano. Situated on 16 acres, the 145,000-square-foot facility is expandable to 265,000 square feet. Completion is slated for October. The facility will be Stream’s 10th data center project in Texas.