MCALLEN, TEXAS — Acre Construction will build a 46,000-square-foot shopping center along the Expressway 83 frontage west of McColl Road in McAllen. Branded Premier Plaza Retail Center, the project’s first phase of construction, which is set to break ground in July, will deliver 25,000 square feet and Phase II will deliver 21,000 square feet. Completion dates are slated for late 2017 and early 2018, respectively. The property will also feature Class A medical space on the second floor.
LAS COLINAS, TEXAS — Irving-based developer and builder JPI has broken ground on Jefferson Eastshore, a 286-unit, Class A multifamily community overlooking Lake Carolyn in the Dallas metro of Las Colinas. Located within walking distance of the Irving Convention Center DART station, the property will feature a resort-style pool, fitness center and a yoga studio. Leasing is scheduled to begin in fall of 2018.
LAREDO, TEXAS — Majestic Realty Co. has negotiated a 166,400-square-foot lease within Port Grande, a 2,000-acre, master-planned industrial development in Laredo. The undisclosed tenant, an international firm in the automotive industry, will occupy a 366,080-square-foot building scheduled to be complete in late August. This building, which features 32-foot ceiling heights, 120 dock-high doors and 439 combined trailer and automobile parking spaces, is the first speculative property in the 100-acre, Phase I development of the project.
AUSTIN, TEXAS — SOCi, a California-based social media consulting firm, has opened a new office at 3755 S. Capital of Texas Highway, a 74,000-square-foot, Class A office property in southwestern Austin. The opening of the new office, which is the company’s second, comes two months after SOCi closed its $8.5 million Series A financing round.
DALLAS — Tenant representation firm Cresa DFW will relocate its Dallas office from its current location on Knoll Trail Drive to the Pinnacle Tower in Dallas’ Midtown neighborhood, effective August 1. The company has signed a three-year lease at the 24-story property, which is located at 5005 LBJ Freeway. The company’s new offices will provide enough space for 20 employees. Cresa DFW eventually plans to expand its office space to accommodate as many as 50 employees.
ARLINGTON, TEXAS — General Motors (GM) will invest $1.4 billion in improvements for its 4.3 million-square-foot Arlington Assembly Plant. Roughly 4,100 employees work at the facility, which will receive a new paint shop, body shop and general assembly area upgrades as part of the deal. The company will also be developing additional workspace at Arlington Logistics Center, a 1.2 million-square-foot industrial project under construction at the site of the former Six Flags Mall, according to the Fort Worth Star-Telegram.
AUSTIN, TEXAS — Tennessee-based developer MAA has completed Phase II construction of Post South Lamar, a multifamily community located at 1500 S. Lamar Blvd. in Austin. The property features a mix of studio, one-bedroom and two-bedroom units. Phase II delivered 344 units, restaurant and retail space and amenities such as two pools, an outdoor dining area, fitness center and rooftop terrace.
OKLAHOMA CITY — California-based lender iBorrow has provided $12 million for the refinancing of the Crowne Plaza Oklahoma City, a 218-room hotel located at 2945 Northwest Expressway in Oklahoma City. The undisclosed borrower, which purchased the property in 2016 and has since invested approximately $8.1 million in it, will rebrand the asset as a Wyndham hotel.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Sublett Corners Shopping Center, a five-building, 87,900-square-foot retail center located at 5900-5912 S. Cooper St. in Arlington. Situated on 10 acres and shadowed-anchored by Albertson’s, the Stein Mart-anchored center was 94 percent occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller and procured the buyer, both of whom are private investors.
AMARILLO, TEXAS — TREK Investment Group has brokered the sale of Coronado Shopping Center, a 48,716-square-foot retail center located at 3303 Wimberly Road in Amarillo. Parker Carroll of TREK represented the buyer, Assertive Realty Group LLC, in the transaction. The name and representative of the seller were not disclosed.
