MCKINNEY, TEXAS — MYCON General Contractors has broken ground on a new industrial warehouse project located at 2639 E. Rosemeade Parkway in Carrollton. The new 70,000-square-foot build-to-suit project for the Workplace Resource Group includes 50,000 square feet of warehouse space and 20,000 square feet of office space. The $3.3 million project is slated for completion in the fall of 2015.
DALLAS — Lee & Associates has closed a sales transaction for a 38,810-square-foot industrial building located at 4630 Alpha Road in Dallas. Nathan Denton of Lee & Associates Dallas/Fort Worth office represented the purchaser, StoneDome Real Estate LLC. Sam Beys of Preston Commercial represented the seller, Dors Family LP.
FORT WORTH, TEXAS — ML Realty Partners LLC has arranged a lease renewal for Amcor Rigid Plastics, which has extended its 269,388-square-foot lease at 4100 Fleetwood Road in Fort Worth. Greg Kloiber and David Stechly at Top Gun Advisors represented the tenant in the transaction.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Lindy’s Landing, a 52-unit apartment property located in Austin. Joe James and Kent Myers of Marcus & Millichap’s Austin office, along with Robert Sheppard, Armand Tiberio and Spencer Hurst of the firm’s tax credit group, marketed the property on behalf of the seller, a partnership. James and Myers also secured the buyer, a foreign entity. Built in 1985 on 1.4 acres at 121 Woodward St., the complex is located just minutes south of downtown. Lindy’s Landing, a 33,600-square-foot apartment community, offers two floor plans and amenities including a leasing office, centrally located laundry facility and barbecue areas.
HOUSTON — PM Realty Group (PMRG) has revealed the plans and name for its development of a 35-acre tract in the center of Houston’s Energy Corridor, the previous location of the ExxonMobil Chemical headquarter campus. PMRG acquired the site in 2013. Republic Square, the $1 billion-plus, high-density mixed-use development, will include a mix of restaurants, hotels, meeting space and apartments. The development is situated between I-10 and Memorial Drive, bordering Terry Hershey Park, a 500-acre public park that winds through the Energy Corridor. PMRG plans to incorporate Republic Square with Terry Hershey Park to create a pedestrian-and-eco-friendly destination.
SAN ANTONIO — Olympus Property has acquired Tacara at Westover Hills, a 312-unit Class A apartment complex in San Antonio. Built in 2014, Tacara at Westover Hills sits on almost 14 acres in the Westover Hills submarket. The property’s amenities include a pool with sundeck, fitness center, business center, outdoor kitchen and fireplace, covered parking and detached garages. Tacara at Westover Hills comprises 192 one-bedroom, one-bath units; 108 two-bedroom, two-bath units; and 12 three-bedroom, two-bath units. Each unit features granite countertops, stainless steel appliances, keyless entry and patios. Vaulted ceilings and carports are also available for some residents.
LEWISVILLE, TEXAS — Bart Dickinson of NorthMarq Capital’s Dallas office has secured the $1.5 million refinancing of a 42,546-square-foot Lone Star Self Storage facility in Lewisville. The transaction was structured with a fully amortizing, 25-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with an unnamed life insurance company.
WEATHERFORD, TEXAS — Jada Jordan of BMC Capital’s St. Louis office has arranged a $1.8 million acquisition loan for an Olive Garden location in Weatherford. The loan featured a 50 percent loan-to-value ratio, a 10-year fixed interest rate of 4.2 percent and a 25-year amortization schedule. The loan was arranged through one of BMC’s correspondent bank relationships.
SAN ANTONIO — NAI Partners, a regional commercial real estate services firm based in Houston, has opened an office in San Antonio. Clare Flesher will serve as managing director, and Melissa Crimson will serve as senior client services coordinator. Flesher began his commercial real estate career in Houston working for CBRE in the office tenant representation arena. He then moved to San Antonio and has spent the past eight years focused on office corporate services. Most recently, Flesher served as a director with Travis Commercial Real Estate Services.
In March 2012 The El Paso City Council unanimously adopted Plan El Paso, a comprehensive development plan based on the principles of green and smart growth. Smart Code, which is based on these same princples, was largely chosen to combat sprawl, large land use and carbon pollution. After numerous citywide meetings with citizens, government entities, nonprofit groups and business leaders, the plan moved forward. Smart Code emphasizes new urbanism, density, walkability, mixed-use development and open space with access to public transit. Developers have the choice in most instances to pick the traditional zoning code or opt for Smart Code. The Smart Code offers potential Chapter 380 economic incentives with city council approval. Sales, use and property tax abatements are available for qualified projects. Higher densities and higher property values through Smart Code generate greater taxes, which justify the rebates. Some developers say project costs are about 30 percent higher under Smart Code when compared to the traditional code. Smart Code typically makes the most sense for infill development in higher-income areas. Prior to the economic downturn of 2008, a large mixed-use development in northeast El Paso was slated to become the first project in the city to implement elements of …
