BROWNSVILLE AND AUSTIN, TEXAS — Elon Musk will move the headquarters of his rocket and spacecraft manufacturing company, SpaceX, from California to Texas. The billionaire entrepreneur and Tesla CEO made the announcement earlier this week in a post to social media platform X, formerly known as Twitter, which Musk also owns and intends to relocate to Texas. According to CBS News, Musk said that SpaceX would move from the Los Angeles-area community of Hawthorne to its Starbase facility in Brownsville and that X would move from San Francisco to Austin. Musk cited multiple political policies in California as the impetus behind his decision, which follows the relocation of the headquarters of Tesla (NYSE: TSLA) from Silicon Valley to Austin a couple years ago. Timelines for the moves were not disclosed.
DALLAS — Developer IAC Properties has broken ground on an approximately 435,000-square-foot industrial project in South Dallas. IAC Beckleymeade will be a two-building speculative development that will be situated on a 28.2-acre site. The buildings will total 234,900 and 199,800 square feet and will include 81 dock doors and 5,500 square feet of office space. Azimuth Architecture designed the project, and Krusinski Construction Co. is serving as the general contractor. A tentative completion date was not disclosed.
CLUTE, TEXAS — Marcus & Millichap has brokered the sale of Vanderbilt Apartments, a 288-unit multifamily community located south of Houston in Clute. The property was built in 1978 and offers one-, two- and three-bedroom units. Amenities include a pool, dog park, playground and outdoor grilling and dining stations. Nico Bianchi and Kent Myers of Marcus & Millichap represented the seller, an entity doing business as Gupta Vanderbilt Place LLC, in the transaction. The duo also procured the buyer, a locally based limited liability company.
DALLAS — Locally based developer Mintwood Real Estate has begun leasing Oakhouse, a 219-unit mixed-income residential project in the Oak Cliff area of Dallas. Mintwood developed the project in partnership with Mirasol Capital and New York City-based MSquared. Approximately half the units are reserved for households earning 80 percent or less of the area median income. Amenities include a pool, fitness center, dog park, children’s play area and a resident lounge. WDG Associates designed the project, and Rogers O’Brien served as the general contractor. Independent Financial provided construction financing.
FORT WORTH, TEXAS — F.O.H. Events has signed a 23,465-square-foot industrial lease in Fort Worth. The provider of services for entertainment venues is expanding and relocating its headquarters space to 8803 Forum Way on the city’s south side from a space across town that was roughly a third of that size. Shane Benner of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Benson Williams of LanCarte Commercial represented the landlord, Dundee Investments LLC.
STAFFORD, TEXAS — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable property that will be located in the southwestern Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprising a four-story, mid-rise building, the development will offer a mix of one- and two-bedroom homes for those who earn up to 30, 50 and 60 percent of the area median income (AMI). Amegy Bank also provided $10.5 million in construction financing for the project, and Legacy Bank & Trust provided $2.6 million in permanent financing.
DALLAS — Developer IAC Properties has completed Wintergreen Distribution Center, a 553,030-square-foot industrial project in South Dallas. Wintergreen Distribution Center is a multi-tenant speculative building that sits on a 34-acre site and features 40-foot clear heights, 1,550 square feet of office space, four drive-in doors and parking for 151 trailers and 328 automobiles. Krusinski Construction Co. served as the general contractor for the project.
WEBSTER, TEXAS — Dallas-based brokerage firm STRIVE has negotiated the sale of Village Real Shopping Center, a 94,249-square-foot retail property located southeast of Houston in Webster. The center was 95 percent leased at the time of sale to tenants such as Office Depot, Family Dollar and Eduardo’s Mexican Kitchen. Jake Dutson of STRIVE represented the seller and procured the out-of-state buyer, both of which requested anonymity, in the transaction.
FORT WORTH, TEXAS — The Fort Worth Food + Wine Foundation has signed a 2,335-square-foot office lease at Quorum West on the city’s west side. According to LoopNet Inc., the six-story, 93,445-square-foot building was constructed in 1987 and renovated in 2018. Jake Neal, Vic Meyer and Carter Sells of Holt Lunsford Commercial represented the landlord, Hickman Investments, in the lease negotiations. Kelly Horton of Big Ink Real Estate represented the tenant.
GEORGETOWN, TEXAS — Partners Real Estate has secured a 2,200-square-foot retail lease in Georgetown, a northern suburb of Austin. The tenant, My Dental, is taking space at Commons at Rivery, a 34,200-square-foot shopping center located at 1313 Williams Drive. Kevin Murphy of Partners represented the landlord in the lease negotiations on an internal basis. Kelly Arnold of CLD Realty represented the tenant.