DALLAS — Lee & Associates has negotiated a 28,562-square-foot industrial lease in northwest Dallas. The building at 10701 N. Stemmons Freeway totals 83,370 square feet. Adam Graham and Ken Wesson of Lee & Associates represented the landlord, Mississippi-based EastGroup Properties, in the lease negotiations. The tenant was Baker Distributing Co. No other third-party brokers were involved in the deal.
HOUSTON — A joint venture between Stream Realty Partners and Principal Asset Management has completed Portside Logistics Center, a 1 million-square-foot speculative industrial project located near Port Houston in Baytown. Portside Logistics Center consists of an expandable 760,000-square-foot, cross-dock building and a flexible 260,000-square-foot, front-load building. The structures offer 40- and 36-foot heights, respectively, as well as office space and fully fenced truck courts. Stream is also the leasing agent for the property.
EL PASO, TEXAS — Greysteel has arranged the sale of El Sol del Lago, a 320-unit multifamily property in El Paso. The garden-style community was built in 1973 and offers studio, one- and two-bedroom units, according to Apartments.com. Doug Banerjee, Andrew Mueller, John Tallis and Sterling Warren of Greysteel represented the buyer and seller, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program. El Sol del Lago was approximately 98 percent occupied at the time of sale.
IRVING, TEXAS — Newmark has negotiated a 162,500-square-foot industrial lease extension at International Commerce Park in Irving. According to LoopNet Inc., the building at 1011 N. 28th Ave. was built in 2006 and totals 205,000 square feet. Blake Anderson of Newmark represented the tenant, packaging and fulfillment services provider AmeriPac, in the lease negotiations. Stream Realty Partners represented the unnamed landlord.
KATY, TEXAS — Texas-based grocer H-E-B has opened a 100,000-square-foot e-commerce fulfillment center at 2102 Elrod Road in the western Houston suburb of Katy. The facility, which is expected to employ about 300 people on full- and part-time bases, is the seventh that the grocer has opened in Texas since 2018, with more planned to launch by the end of next year.
HOUSTON — Horizon Forest Products has signed a 30,600-square-foot industrial lease at 9284 Baythorne Drive in northwest Houston. Jon Michael, Ed Bane and J.D. Dieckman of Bridge Commercial Real Estate represented the landlord, Teachers Insurance & Annuity Association of America (TIAA) in the lease negotiations. George Montes of locally based brokerage firm Cypressbrook Co. represented the tenant.
By Ryan Kimura, senior vice president of strategic partnerships, Premier The changing landscape of work and the future of the office remains in flux, leading to a reduced demand for office space in major metropolitan areas throughout the country. This shift has rendered many office buildings underutilized and obsolete, prompting developers and investors to seek alternative uses for these structures. Simultaneously, urbanization continues to grow, fueling the demand for housing and a need for innovative multifamily solutions. Office-to-multifamily conversions provide an answer to both challenges, repurposing office spaces into much-needed residential units while allowing investors to capitalize on demand. This perfect storm of reduced office demand, increased housing needs and favorable regulatory conditions has driven the popularity of office-to-multifamily conversions, positioning them as a sustainable strategy for urban development. These conversions began to surge in popular metro areas during the height of the pandemic as uncertainty surrounded the return to the workplace. Fast forward three years later and office conversions are still booming — especially in the Dallas market. The region, which has witnessed some of the largest population increase in the country over the past five years, has also had a double-digit office vacancy rate in its downtown area …
ARLINGTON, TEXAS — Dallas-based Bridgeview Multifamily will develop a 250-unit project on a 6.3-acre site at 800 W. Bardin Road in Arlington. The development, which has tentatively been dubbed Mercantile Lofts, will consist of a four-story building with three-story wings. Units will come in one- and two-bedroom floor plans and average 796 square feet, and amenities will include a pool, courtyard and a single-level parking garage. Construction is expected to begin next summer.
FRISCO, TEXAS —Pickle & Social and Fairway Social will open entertainment centers at Frisco Station, a mixed-use development on the northern outskirts of Dallas. Pickle & Social will offer both indoor and outdoor pickleball courts, as well as live entertainment, food and beverages and other games. Fairway Social will feature golf simulators that include 130 courses, as well live entertainment, food and drinks, cornhole, beach volleyball and ping-pong. Construction is scheduled to begin next spring, with the opening scheduled for spring 2025. Tim Henson of Venture Commercial Real Estate and Bryan Cornelius of RETAIL UNION represented Pickle & Social in the lease negotiations. The Frisco Station Partnership, which includes The Rudman Partnership, Hillwood and VanTrust Real Estate, is the developer of Frisco Station.
ADDISON, TEXAS — National Bankruptcy Services has right-sized its office footprint at 14841 N. Dallas Parkway in Addison, located just north of Dallas. The tenant, which has leased space at the building since 2014, has moved from a 75,000-square-foot space to a 45,000-square-foot space. Sarah Catherine Alford of Vista Holdings represented the undisclosed landlord in the negotiations. Nick Lee, Tom Lynn, Kent Smith and Grant Frerichs of NAI Robert Lynn represented the tenant.