MANSFIELD, TEXAS — SteelTex, a division of Houston-based rubber and plastics producer Utex Industries, will relocate its manufacturing operations from the southern Fort Worth metro of Venus to Mansfield, due south of Arlington. The company will occupy a 135,000-square-foot industrial facility located at 102 Sentry Drive within Mansfield Industrial Park. Following the relocation, the company expects to expand its operation from 75 to 130 employees over the next five years.
PLANO, TEXAS — Hospitality REIT Ashford Hospitality Prime Inc. has sold Marriott Plano Legacy Town Center, a 404-room hotel located at 7121 Bishop Road in Plano, for $104 million. Built in 2001, the property features amenities such as a pool, fitness center, multiple dining options and 36,223 square feet of meeting space, and was sold at a cap rate of 7.7 percent. The buyer was not disclosed.
NORMAN AND TULSA, OKLA. — Harborview Capital Partners has closed a total of $16.1 million in acquisition financing for a 399-unit multifamily property in Norman and a 100-unit multifamily property in Tulsa. Jeffrey Fuchs of Harborview closed both deals. Fuchs also recently closed $1.7 million in refinancing for two retail properties in Lorenzo and Paducah, Texas, both of which are leased to Family Dollar. The names of the Oklahoma multifamily properties and the borrowers were not disclosed.
With occupancies, rental rates and volumes of new construction on the rise, the Fort Worth retail market continues to draw a great number of investors and available debt lenders to the area in search of deals. Stabilized strip centers in high-traffic areas are in high demand, often trading at first-year returns in the high-6 percent to low-7 percent range. The Dallas-Fort Worth (DFW) metroplex’s thriving economy and growing population has prompted greater retail spending, which, in combination with the shifting retail landscape, is generating strong demand for space. During the first quarter, area employers added 24,300 positions. Many of these jobs were created at businesses that are situated within master-planned, mixed-use developments that combine office, retail and rental units, which has helped foster greater retail spending. As of the first quarter, average retail spending per household in Fort Worth reached $4,439 per month — 17.3 percent higher than the U.S. average. Looking forward, it seems likely that these trends will continue as the DFW population is projected to expand by 728,000 people over the next five years. This should help sustain healthy demand and positive momentum for retail real estate. Along with the positive economic outlook, the reconfiguration and diversification …
SAN ANTONIO — Casey Development Ltd. has broken ground on The Keep Storage, a 645-unit self-storage facility located near the intersection of Vance Jackson and Jackson Keller roads in San Antonio. The Class A property will feature more than 87,000 square feet of net rentable storage space. Approximately 95 percent of the units are climate-controlled. Baxter Contracting is serving as general contractor for the project, which was designed by Archcon Architecture. Delivery is scheduled for fall 2018.
ALLEN, TEXAS — Carrollton-based data center REIT CyrusOne has broken ground on a 340,000-square-foot data center campus located near the intersection of Stacy Road and Chelsea Boulevard in the northeastern Dallas metro of Allen. The three-building campus will be capable of generating more than 100 megawatts of power upon completion. The facility, which could span 90 acres at full build-out, raises CyrusOne’s total data center footprint in Texas to more than 1 million square feet.
STAFFORD AND SUGAR LAND, TEXAS — Colliers International has arranged the sale of two industrial properties totaling 400,000 square feet in the Houston metros of Stafford and Sugar Land. Jim Pratt and Trey Erwin of Colliers represented the seller of a 70,000-square-foot distribution facility located at 10702 Cash Road in Stafford. The tenant, Capital Plastics International Inc., will relocate from that property to a 330,000-square-foot facility located at 1601 Gillingham Lane in Sugar Land. Colliers recently represented the seller of that property as well.
GALVESTON, TEXAS — JLL has negotiated the sale of Driftwood Apartments, a 238-unit multifamily community located at 7019 Lasker Drive in Galveston. The garden-style property consists of 15 buildings offering one- and two-bedroom units. Gulf Coast Kington Properties, an affiliate of San Angelo-based multifamily investment firm Kington Properties, purchased the asset for an undisclosed price. Chip Nash, Greg Austin and Bob Heard of JLL brokered the transaction.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Quarry Luxury Townhomes, a 150-unit multifamily community situated on six acres at 250 Treeline Park in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a resort-style pool, 24-hour fitness center and resident clubhouse. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the undisclosed seller and procured the buyer, San Francisco-based investment firm Hamilton Zanze.
MCKINNEY, TEXAS — Hunt Southwest has broken ground on a 202,270-square-foot industrial facility located at 900 Wilmeth Road near U.S. Highway 75 in McKinney. The property will be configured as a front-park, rear-load facility and feature amenities such as 32-foot clear heights, an ESFR sprinkler system, LED warehouse lighting, 43 dock-high doors and two acres of additional land for parking or outside storage. Construction of the facility, which is being built on a speculative basis, is expected to be complete by June 2018. Hunt Southwest expects to begin developing another 200,000-square-foot speculative industrial facility within University Business Park in McKinney during the second quarter of 2018.
