El Paso is a thriving community with active investments across the area ranging from redevelopment of its downtown to new infrastructure across the city. Notable for being the safest city in the Unites States, El Paso is the sixth largest city in Texas and a vital part of one of the largest borderplex metropolitan economies in the world. The city is the focal point of more than $88 billion of the $530 billion annual trade between the United States and its third largest trading partner, Mexico. But trade isn’t the only industry thriving in El Paso, other sectors such as education and healthcare continue on a strong path forward given stable population growth and a significant military base. The City of El Paso has a population just over 679,000. Its metropolitan statistical area, composed of El Paso County and the more recently added Hudspeth County, is home to over 837,000 individuals. The area is projected to grow to nearly 863,000 residents by 2016. Historically, El Paso is among the fastest-growing metropolitan areas in the nation with an average growth per decade of 21 percent from 1960 to 2010. According to a recent report by the UTEP Border Region Modeling Project, …
DALLAS — Tradition Senior Living (TSL) has opened The Tradition-Lovers Lane Community, including independent living, assisted living and memory care, at 5850 E. Lovers Lane in Dallas. The complex is a rental community with no buy-in fee. The 7.5-acre campus includes the 202-unit independent living building and the 109-unit assisted living and memory care property fronting Milton Street. Jonathan Perlman is founder and CEO of Tradition Senior Living, which is developing, marketing and managing the project. Houston architects Meeks + Partners designed the independent living building, and Dallas architects D2 Architecture designed the assisted living and memory care property. The community will include a physical and occupational therapy center, a therapy pool with an underwater treadmill, nursing, a multi-sensory room and medication management. The Tradition-Lovers Lane is the second community developed by TSL.
SAN ANTONIO — Architecture firm Pelli Clarke Pelli will design the Frost Tower, Frost Bank’s new headquarters and San Antonio’s first new downtown office tower in three decades. The architecture firm, based out of New Haven, Conn., will orchestrate the design of the 400,000-square-foot office tower. Fred Clarke and Bill Butler will lead the project. Pelli Clarke Pelli has designed and developed towers including the World Financial Center in New York and the Petronas Towers in Malaysia. Texas-based KDC will partner with Weston Urban to serve as the development team for the tower project. Alamo Architects will serve as the local consulting architects. Construction on the project is slated to begin next fall and will be completed in 2018 or 2019.
AUSTIN, TEXAS — Trammell Crow Company (TCC) has been appointed as the developer for the construction of a 57,600-square-foot, Class A build-to-suit industrial building. The project, Expo 12, will be Excel Filters’ new satellite manufacturing facility in Expo Business Park, a new industrial park located in Southeast Austin. TCC and Clarion Partners recently sold the 6.8-acre site for Expo 12 to a private investment company, who is leasing the building to Excel Filters. Construction on the project has commenced and will deliver in May 2016. Excel Filters will expand its operations from Los Angeles into Austin. Upon completion of the new building, Excel will staff the facility with existing personnel and new local hires. Expo 12, located in the four-building second phase of Expo Business Park, will include 28-foot clear heights, 13 dock-high doors and truck courts. Expo Business Park spans 37 acres and is located at 6231 E. Stassney Lane in the newly established Triple Freeport Zone. Mark Emerick, John Barksdale, Ace Schlameus and Darryl Dadon with CBRE’s Austin office represented both TCC and Excel Filters in the deal.
HOUSTON — Three new retailers have signed on at Caldwell Cos.’ mixed-use development, The Boardwalk at Towne Lake. Land of a Thousand Hills Coffee Co., a coffee shop and bakery, World of Beer, a tavern with a craft beer focus, and Massage Heights, a massage and skin therapy provider, are the latest tenants to sign leases at the Northwest Houston project. The Boardwalk at Towne Lake offers restaurant, retail and recreational spaces accessible by walking, driving and boating. The three new retailers join Texas Children’s Pediatrics, Copper Creek Orthodontics and restaurants Jaxton’s and Taisho at the site.
PALESTINE, TEXAS — Marcus & Millichap has arranged the sale of La Quinta Inn & Suites Palestine, a 60-room hospitality property located in Palestine. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Gomes, Cooper and Miller also procured the buyer, a private investor. La Quinta Inn & Suites Palestine is located at 3000 S. Loop 256, just west of Palestine Regional Medical Center. The property is a 60-room, interior corridor, midscale hotel situated on approximately three acres. The three-story hotel was built in 2007 with a wood frame and stucco exterior. The property features a fitness center, a 324-square-foot meeting room, outdoor pool with spa and breakfast/dining area. Guest rooms offer amenities such as a pillow top bed, microwave, refrigerator and work desk.
GRAND PRAIRIE, TEXAS — Cabot Properties, a private equity real estate investment firm, has purchased an 18.4-acre site in Grand Prairie. Cabot, along with Stream Realty, plans to develop two Class A industrial buildings totaling 322,853 square feet designed to accommodate tenants from 30,000 to 175,000 square feet. The project is located at the intersection of Roy Orr and Trinity boulevards in Dallas’ Great Southwest industrial submarket. Stream Realty will develop and lease the new project branded Trinity Crossing. Steve Riordan of Stream’s construction division will oversee the project. The project is expected to break ground this month and will deliver in the second quarter of 2016.
SAN ANTONIO — Tryperion Partners and Goodstone LLC have acquired Network Tech Center, an 84,505-square-foot, three-building office park located in the University Business Park of San Antonio’s Northwest office market. Located along I-10 near Loop 1604, Network Tech Center offers freeway access and close proximity to restaurant and retail amenities. CBRE’s Todd Mills represented the seller in the transaction.
GRAPEVINE, TEXAS — Realty Capital Management has sold a pad site located off Texan Trail to Norman Construction. The construction firm will be relocating its corporate offices from Coppell to a new location just north of Dallas Road on Texan Trail in Grapevine. Norman Construction has been in business since 1997 and is a full-service commercial contracting company specializing in multifamily rehab and construction. In addition, Norman offers capital improvements, fire remediation services and deferred maintenance needs. Mark Boone of Realty Capital Management represented the landlord and tenant in the lease transaction.
GALVESTON, TEXAS — Marcus & Millichap has arranged sale of Jamaica Village Shopping Center, a 21,065-square-foot retail property located in Galveston. Derek Hargrove and Matthew Mignerey of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. The team secured a Houston owner and facilitated the sale with a local bank lender. Jamaica Village Shopping Center is located at 16708 San Luis Pass Road.