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EFC Gases & Advanced Materials Plans $210M Semiconductor Manufacturing Plant Near Waco, Texas

by Taylor Williams

MCGREGOR, TEXAS — EFC Gases & Advanced Materials has announced plans for a $210 million semiconductor manufacturing plant in McGregor, a city located about 15 miles southwest of Waco in Central Texas. Massachusetts-based EFC has purchased 195 acres within McGregor Industrial Park to serve as the site of the plant. According to the McGregor Chamber of Commerce, the park spans a little over 2,000 acres and is home to a development and test facility for SpaceX, the rocket and spacecraft company owned by Tesla CEO Elon Musk. The EFC facility will feature a central laboratory, a logistics hub and an administrative building in addition to specialty areas for chemical synthesis operations and gas transfill activities. The City of McGregor has committed to funding infrastructure improvements at the site, including the extension of water and wastewater lines, and assisting in the construction of an industrial rail spur to enhance operational efficiency. The project, a construction timeline for which was not announced, is expected to result in the creation of at least 120 new jobs, according to EFC. EFC’s decision to invest in Texas aligns with the state’s preexisting semiconductor manufacturing operations, which include Samsung’s $17 billion plant in Taylor (metro Austin) …

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Company NewsRetailTexas

Reports: Conn’s HomePlus Files for Chapter 11 Bankruptcy, to Close 70-Plus Stores

by Taylor Williams

THE WOODLANDS, TEXAS — Conn’s HomePlus, a home furnishing retailer based in the Houston area, has filed for Chapter 11 bankruptcy and will close at least 70 stores nationwide, according to reports from multiple media outlets including CNN and USA Today. The latter publication reports that Conn’s filed for bankruptcy protection this past Tuesday in the U.S. Bankruptcy Court for the Southern District of Texas amid slumping revenue reports and that the impacted stores are scattered across 13 states. Both news organizations report that the state with the highest concentration of closures is Florida (18), followed by Texas (nine). Conn’s was founded in 1890 and operates about 150 stores across the country, according to the company’s Wikipedia page.

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DevelopmentIndustrialSelf-StorageTexas

MYCON Breaks Ground on 800-Unit Self-Storage Facility for U-Haul in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Dallas-based MYCON General Contractors has broken ground on an approximately 800-unit self-storage facility for U-Haul in the North Texas city of Denton. Located on a 5.9-acre site on the city’s east side, the facility will consist of three buildings totaling 70,000 net rentable square feet. More specifically, the development will comprise a 28,639-square-foot pre-engineered metal building for U-Box storage; a four-story, 98,512-square-foot self-storage building; and a 2,400-square-foot drive-up storage unit. The project, which marks MYCON’s seventh collaboration with U-Haul, is slated for a March 2025 completion.

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AcquisitionsIndustrialTexas

Cushman & Wakefield Arranges Sale of 401,115 SF Industrial Building in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Cushman & Wakefield has arranged the sale of Cooper I-20 Building C, a 401,115-square-foot industrial facility in Arlington. Completed in 2020, the building features 36-foot clear heights, 92 loading doors, four storefronts with dedicated parking and 46 trailer storage spaces. Jim Carpenter, Jud Clements, Robby Rieke, Trevor Berry, Madeleine Supplee, David Eseke and Mark Collins of Cushman & Wakefield represented the seller, Barings, in the transaction. John Alascio, T.J. Sullivan and Meredith Donovan, also with Cushman & Wakefield, arranged acquisition financing on behalf of the undisclosed buyer.

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AcquisitionsMultifamilyTexas

Marcus & Millichap Brokers Sale of 120-Unit Serena Vista Apartments in Arlington

by Taylor Williams

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Serena Vista, a 120-unit apartment complex in Arlington. Built in 1980, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubhouse and a dog park. Nick Fluellen, Bard Hoover and Chris Pearson of Marcus & Millichap represented the seller, an undisclosed private investment group, in the transaction and procured the buyer, Green Mountain Properties LLC.

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Leasing ActivityOfficeTexas

Colliers Negotiates 14,581 SF Office Sublease in The Woodlands, Texas

by Taylor Williams

THE WOODLANDS, TEXAS — Colliers has negotiated a 14,581-square-foot office sublease in The Woodlands. According to LoopNet Inc., the building at 1735 Hughes Landing Blvd. was built in 2015 and totals 318,170 square feet. Tom Condon Jr., Jillian Fredericks, Norman Munoz, Michael Wu and Nic Fang of Colliers represented the sublessee, Skyline Industrial Supply, in the negotiations. Lonna Jenks, Beau Bellow and Ronnie Deyo of JLL represented the sublessor, ExxonMobil. An affiliate of Howard Hughes Holdings owns the building.

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AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates Second Quarter Report: Industrial, Office Market See Continued Challenges While Retail, Multifamily Trends Follow Region-Specific Patterns

by Sarah Daniels

In the first half of 2024, high interest rates led to decreased demand, higher vacancy rates, reduced construction starts and lower property sales in industrial and office, according to Lee & Associates’ 2024 Q2 North America Market Report. Meanwhile, retail saw minimal development and continued low vacancies. Retail rent growth was particularly strong in the South and Southwest. Finally, high demand for multifamily, coupled with a sudden influx of supply in the second quarter of the year, has created a market where outcomes are highly tied to region. Midwest and Northeast multifamily markets have remained stronger than their counterparts in the South and Southwest, while Western markets saw mixed growth. Lee & Associates has made their full market report available here (with complete breakdowns of cap rates by city, market rents, vacancy rates, square footage information and more). The summaries for the industrial, office, retail and multifamily sectors below provide detailed insight into the trends and trajectories likely through the end of 2024. Industrial Overview: Activity, Growth Checked by High Interest Rates Industrial market performance across North America continued to downshift in the first half of this year.  Although net absorption remains positive, demand for industrial space has fallen to the lowest levels …

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DevelopmentRetailTexas

Howard Hughes Holdings Begins Renovation of 90,000 SF Retail Property in Metro Houston

by Taylor Williams

THE WOODLANDS, TEXAS — Howard Hughes Holdings (NYSE: HHH) has begun the renovation of Grogan’s Mill Village Center, a 90,000-square-foot retail property located north of Houston in The Woodlands that was originally built in 1974. The renovation will add a new public gathering hub with a library that will feature multimedia rooms and a theater-style classroom, as well as a community center and 32,000 square feet of modern retail space. Tenants that have either extended existing leases or committed to new spaces at Grogan’s Mill include Brother’s Pizza, Ome Calli Café, Safeway Driving, The UPS Store, Woodforest National Bank, The Woodlands Cleaners, Chef Chan’s, 4H Tailor and SN Liquor. Lastly, the project team will make upgrades to the property’s existing farmers market

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Leasing ActivityRestaurantRetailTexas

TOCA, MLS to Open Soccer-Themed Entertainment Concept in The Colony, Texas

by Taylor Williams

THE COLONY, TEXAS — A partnership between soccer training organization TOCA Football and Major League Soccer (MLS) will open the first TOCA Social entertainment venue in the United States in The Colony, a northern suburb of Dallas. Situated within the Grandscape mixed-use development, TOCA Social Dallas will feature soccer-based immersive entertainment, as well as food-and-beverage options. The venue is scheduled to open next summer, with additional TOCA Social venues planned for other U.S. cities. Berkshire Hathaway owns Grandscape via Nebraska Furniture Mart.

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Leasing ActivityOfficeTexas

Law Firm Signs 15,458 SF Office Lease Renewal in Downtown Austin

by Taylor Williams

AUSTIN, TEXAS — International law firm Foley & Lardner LLP has signed a 15,458-square-foot office lease renewal at 600 Congress Ave. in downtown Austin. The building rises 32 stories and totals approximately 544,000 rentable square feet. Amenities include an outdoor terrace with a bar and lounge, as well as a fitness center and multiple food-and-beverage options. Robert Copito, Nate Stricklen and Jay Austin of CBRE represented the tenant in the lease negotiations. JLL represented the landlord, Beacon Capital Partners.

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