DALLAS — TIG Real Estate Services Inc. has negotiated the sale of a 31,050-square-foot flex/warehouse property located at 11401-11431 Plano Road in Dallas. Matthew Hicket and Kristin Grammar of TIG represented the undisclosed seller in the transaction and have retained leasing duties for the property. Other terms of sale were not released.
CARROLLTON AND PLANO, TEXAS — Inland Private Capital Corp (IPC). has arranged the $86 million sale of two multifamily properties totaling 559 units in metro Dallas. The properties include the 289-unit Mustang Park Apartments, located at 4645 Plano Parkway in Carrollton, and the 270-unit Domaine Apartments, located at 6400 Windcrest Drive in Plano. Both properties offer fitness centers, business centers and pools. IPC facilitated the sale though its subsidiary that serves as asset manager on behalf of one of its 1031 investment programs.
SAN ANTONIO — Austin-based development firm Teeple Partners will develop Kallison Square, an $83 million mixed-use project that will be located at the southwest corner of Flores and Dolorosa streets in San Antonio. The project will include 45,000 square feet of retail space and office space, as well as 305 multifamily units. Construction is scheduled to begin during the spring of 2018 and conclude in mid-2020.
DALLAS — Northwood Investors will develop a 340,000-square-foot office tower within The Shops at Park Lane, a 550,000-square-foot mixed-use development in Dallas. Gensler designed the 11-story, Class A building, which has yet to be branded. Cushman & Wakefield will handle leasing of the property. A timetable for construction has not yet been established.
FORT WORTH, TEXAS — A partnership that includes creators of the restaurant BREWED and residential real estate firm 6th Ave. Homes will open The 4 Eleven in Fort Worth. The project involves transforming an 18,000-square-foot warehouse located at 411 S. Main St. into a center with an events venue and a variety of shops. Committed tenants include Alchemy Pops, a provider of frozen pops; Winton and Waits, an accessories and home goods store; and The Greenhouse 817, a design studio. The opening is scheduled for late October.
SAN ANTONIO — Siegel Group, a Las Vegas-based investment and hospitality firm, has acquired the former Budget Lodge Extended Stay Hotel in San Antonio for $3.3 million. Built in 1963 and situated on 6.6 acres along Interstate 35, the two-story property totals approximately 80,000 square feet. Siegel Group plans to repurpose some of the existing space to include a restaurant and lounge, as well as a conference and banquet area.
HOUSTON — CoStar Group Inc. has assessed the potential impact Hurricane Harvey could have on the Houston commercial real estate market, with findings reported that 27 percent of the gross leasable area may be flooded. This represents $55 billion in property value. The commercial real estate analytics firm reports that roughly 72,000 apartment units sit within the 100-year floodplain and are likely to be flooded. A 100-year flood is a flood event that has a 1 percent probability of occurring in any given year. The area of inundation is mapped and referred to as a “100-year floodplain.” In total, CoStar reports there are 12,000 properties with 400 million square feet of space that fall within the 500-year floodplain. This zone has a .2 percent chance of flooding each year. Only 9 million square feet of space, including 4,000 apartments, are within a designated floodway and most are probably inundated with floodwaters today. However, 175 million square feet located in the 100-year floodplain, including 72,000 apartment units and 20 million square feet of office space, are likely seeing water incursion today. Another 225 million square feet sits in the 500-year floodplain and is also at some risk of flooding, according to the report. “Unfortunately, the …
The need for storage and distribution space for the variety of fruits and vegetables imported from Mexico has long been a driver of industrial demand in the Rio Grande Valley (RGV). Overall industrial occupancy is on the rise throughout the region — about 92 percent in the Greater McAllen Area — and the role of agriculture is becoming a major part of it. The agriculture industry has fueled rapid growth in the RGV city of Pharr and continues to bolster its economic prosperity today. As a global agricultural powerhouse, Pharr is home to a variety of thriving businesses in the agriculture industry. The Pharr-Reynosa International Bridge represents the sixth-largest land (in the United States and currently processes more than $30 billion in international trade on an annual basis. The most influential element behind this uptick has not been agrarian, financial or demographic, but rather infrastructural and on the Mexico side of the region. The Baluarte Bicentennial Bridge, a 3,700-foot cable-stayed bridge completed in late 2013, provides direct access from the Pacific coast city of Mazatlan to the inland metro area of Durango. From Durango, product can be transported directly to the Mexico border city of Reynosa, which has a thriving …
Nearly a week has passed since Hurricane Harvey made landfall in Texas, drenching Houston and the Gulf Coast area with trillions of gallons of rainwater and sending residents scrambling for shelter. While Houston is now, in the words of Mayor Sylvester Turner, “mostly dry,” CoStar estimates that roughly 72,000 residential units are situated within Houston’s 100-year floodplain and are expected to suffer water damage, if they haven’t already. The volume of devastation has prompted property owners across all sectors of commercial real estate in Texas to issue press releases on the status of their properties. Texas Real Estate Business reached out to Norman Radow, CEO of The RADCO Cos., a private equity firm in the multifamily space whose holdings were mostly spared by Harvey. The Atlanta-based company owns seven multifamily properties in Texas, including four in Houston totaling about 1,800 units. Of those, only about 1 percent, or 18 units, were damaged by Harvey. The following interview captures his firm’s efforts to help displaced tenants, and offers insight on how Hurricane Harvey might positively impact future absorption and occupancy in Houston’s multifamily market. Texas Real Estate Business: Prior to the storm, the consensus coming out of Houston seems to have been …
MCKINNEY, TEXAS — KDC and the McKinney Economic Development Corp. (MEDC) will develop Southgate McKinney, a mixed-use project that will be located at the interchange of U.S. Highway 75 and the Sam Rayburn Tollway in McKinney. The size of the property has yet to be determined, but site proposals include plans for freestanding office space, retail and restaurant space, multifamily residences and two acres of common space with a stage for performances.