WACO, TEXAS — Time Manufacturing, headquartered in Waco since 1968, plans to expand its truck-mounted hydraulic lift manufacturing operations in Waco. Time will invest $5.8 million to expand its facilities by 50,000 square feet at Texas Central Parkway and add 121 jobs during the next four years. The factory manufactures 20 to 25 aerial lifts per day, for a total of 3,500 to 4,000 units a year. The lifts are sold at dealerships throughout the U.S. and in Europe, Latin America and parts of Asia. Time has additional operations in Bethel, Pa. and the United Kingdom.
EL PASO, TEXAS — Marcus & Millichap has brokered the sale of Sundial, a 112-unit apartment property located in El Paso. Kent Myers and Joe James of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Sundial is located at 5515 Alabama St. The property boasts two swimming pools, a resident clubhouse, playground and three on-site laundry facilities. Interiors feature newly renovated units, dishwashers and disposals.
DALLAS — Wellington Realty has negotiated the sale of the Summer Glen Apartment complex located at 9624 Rolling Rock Lane in Dallas. With a total of 206 apartment units, the Summer Glen Apartment complex was built in 1972 and renovated in 2000. David Shaffer, Kirby Hall Jackson III and Caleb Jones of Wellington Realty sold the asset.
Right now, the Dallas-Fort Worth metropolitan statistical area is one of the hottest multifamily markets in the country with an eye-opening 34,000-plus units currently under construction. Long-term trends suggest that even if construction slows somewhat, demand for north Texas apartments will outstrip supply for the foreseeable future. The reason is straightforward. Dallas has much going for it that employers find extremely appealing, including a central location equidistant from both coasts, an educated workforce, a diverse economy and a favorable business climate. These underlying advantages are simply not going to change. In the last three years, a number of companies, including Toyota North America and Nationstar Mortgage, have relocated their headquarters to Dallas-Fort Worth, while others, like Southwest Airlines and AT&T, have added thousands of positions to their headquarters. Most recently, American Airlines announced plans to create a corporate campus west of its current location near Dallas/Fort Worth International Airport. Dallas-Fort Worth has also become a popular site for regional corporate centers. State Farm is constructing a 2 million-square-foot campus on Dallas’s main north-south light rail line in suburban Richardson. When it is completed in 2016, the company will have more than 5,000 employees in north Texas. Liberty Mutual announced this …
HOUSTON — i3 Interests and Atlas Real Estate Partners have closed a 202,978-square-foot acquisition of a three-building portfolio located on the campus of the Tenet Health Systems-operated Northwest Medical Center in Houston. Scott Carter of Transwestern represented the seller. Texas Capital Bank provided financing. The company plans to update the portfolio’s lobbies, landscaping, corridors, bathrooms, elevators and internal building components that will be followed by a rebranding campaign. Transwestern will provide both leasing and property management services.
WACO, TEXAS — Coca-Cola Refreshments has received a tax abatement incentive to expand its Waco presence with a $13.3 million blow-molding line. The line will be used for in-house production of bottles in its Waco facility, located in Texas Central Park. Coca-Cola established its first Waco manufacturing facility in 1995, and Coca-Cola Enterprises constructed a 50,000-square-foot regional distribution center to supply the central Texas market in 2007. The expanded operations are a result of the company’s continued growth in product demand and a long-established partnership with the city of Waco, McLennan County and the Waco Industrial Foundation.
DALLAS — Cornerstone RPC Storage Development, a joint venture between real estate development firms Rosewood Property Co. and Cornerstone Development, has begun construction on Phase II of a $75 million self-storage development plan. The firm will build three self-storage facilities in infill locations located in Dallas, Carrollton, Texas and Denver. Cornerstone has begun preparation to break ground on a 105,606-square-foot, 928-unit self-storage facility on the southeast corner of Maple Avenue and Butler Street in Dallas. Located in the Dallas Medical District, the facility is expected to open in the fourth quarter of 2016. In addition to the Dallas facility, Cornerstone plans to break ground on an 110,150-square-foot storage facility on E. Hebron Parkway in Carrollton. The 776-unit, multi-story facility will offer climate control in 94 percent of its units and is expected to open in the third quarter of 2016. The development company also closed on a property in metro Denver to develop an 116,325-square-foot self-storage facility. All three new developments will be managed by and branded Extra Space Storage.
ARLINGTON, TEXAS — SVN (formerly Sperry Van Ness) has arranged the sale of Olympic Club Apartments, a 305-unit garden-style community located at 504 Dudley Circle in Arlington. Todd Franks and Jon Krebbs of SVN marketed the property on behalf of the seller, a Colorado partnership. The team also procured the buyer, a local partnership. The new owner plans to upgrade the buildings’ interiors and amenities to compete with other complexes in the immediate area.
DALLAS — Marcus & Millichap has arranged the sale of Courtyard Condominiums, a 32-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie also procured the buyer, a limited liability company. Courtyard Condominiums is located at 6003 Ridgecrest Road in Dallas just off Hemlock Avenue. Situated on approximately 0.7 acres, the asset was built in 1983. The Class B apartment community has a unit mix of 14 one-bedroom/one-bath units and 18 two-bedroom/one-bath units. At the time of listing, the seller reported an occupancy of 94 percent.
HOUSTON — Morgan, a multifamily developer and manager, has opened Pearl Woodlake in Houston’s Westchase District. Located at 2033 S. Gessner Road between Westheimer and Briar Forest, construction started on the property in early 2014. Pearl Woodlake’s 376 studio, one-, two- and three-bedroom units range from 607 to 1,551 square feet. The units feature open floor plans, wood-style floors, track and pendant lighting, under-mount kitchen and bathroom sinks, kitchen islands in select units, full-size washers and dryers, walk-in closets, side-by-side refrigerators/freezers and patios and balconies in select units. Recreational amenities include a courtyard with a pool, outdoor kitchen and poolside cabanas, grilling stations, a dog park and dog wash station, a club room with pool table and catering kitchen and a gym. Car charging stations also are available. Rents for Pearl Woodlake units range from around $1,250 to $2,600 per unit.