GRAND PRAIRIE, TEXAS — Lee & Associates has brokered the sale of a 20,150-square-foot industrial building in the Dallas/Fort Worth suburb of Grand Prairie. The facility is located at 1610 111th St., approximately 15 miles west of downtown Dallas. Mark Graybill of Lee & Associates represented the buyer, Trident Commercial Partners. The seller, Grand Prairie Ventures, was represented internally by Sarah Hart.
Texas
DALLAS — Hudson Peters Commercial has brokered the sale of an 18,160-square-foot industrial building in Dallas. The facility, located at 12500 Schroeder Road, features two dock-high doors and two grade-level doors, as well as proximity to Interstate 635 and State Highway 75. Scott Jackson of Hudson Peters represented the buyer, G G Squared LLC, in the transaction. Stephen Cooper and Chad Albert of NAI Robert Lynn represented the seller.
MESQUITE, TEXAS — NAI Robert Lynn has arranged a 189,492-square-foot lease of office/warehouse space for Senox Corp. in the western Dallas suburb of Mesquite. The tenant, a manufacturer of roof accessories such as gutters, will occupy the entire facility, which is located at 227 S. Town East Blvd. Stephen Cooper and Mark Miller of NAI Robert Lynn represented the tenant in the negotiations, while David Lachoff of Newmark Grubb Knight Frank represented the landlord.
IRVING, TEXAS — The Richland Companies has leased 34,056 square feet of flex space in Irving to Flowserve Corp., a manufacturer of pumps, valves and seals for the energy and chemical industries. The facility, located at 4343 W. Royal Lane in the Las Colinas submarket, serves multiple tenants with a total footprint of 80,500 square feet. Jon Altschuler of Altschuler & Co. represented the landlord, The Richland Companies. Kelly Kackley of Jones Lang LaSalle represented the tenant.
While the national economy remains sluggish, the energy-fueled Houston economy continues to power a resurgent local apartment market. The Houston multifamily market is the strongest it has been in years, with robust performance across classes and in virtually every submarket. Construction has rebounded from the depressed levels of the past few years, but demand continues to exceed supply, forcing rents ever higher. The statistics say that vacancy is at its lowest level in nearly eight years, and rents are at their highest rate on record. I am seeing that borne out, as virtually every deal that crosses my desk shows that income is on an upward trend. Houston was the first market nationally to recover all of the jobs lost during the recession, and since, the pace of job growth has accelerated. Projects that were shelved four or five years ago are now under construction throughout the region, including OliverMcMillan beginning work on its River Oaks District, Wulfe going vertical at BLVD Place and GID building on the site of the old Allen House. In addition, new developments continue to be announced. This construction activity, both residential and commercial, has created lots of good jobs for skilled and semi-skilled laborers …
SAN MARCOS, TEXAS — Automotive thermoform supplier Corvac Composites LLC has leased a 100,000-square-foot industrial building in the San Antonio suburb of San Marcos for its new manufacturing facility. The property, previously the home of American Tire, is located at 2350 Clovis Barker Road. Corvac, which is headquartered in Byron Center, Mich., will begin retrofitting the building in January 2014 and will create more than 30 jobs with the March opening of this new location. The Greater San Marcos Partnership, the City of San Marcos and Hays County worked together to provide the company with an incentive package totaling $189,000.
KATY, TEXAS — Developer Vista Equities Group has broken ground on Phase III of LaCenterra at Cinco Ranch in the Houston suburb of Katy. The new phase consists of 37,000 square feet of retail, 36,000 square feet of Class A office and a parking garage to the larger mixed-use development. The additions will be located on the southwest side of LaCenterra at Cinco Ranch, which totals 34 acres and 300,000 square feet. Hoar Construction is overseeing construction of the new phase, which is slated for completion in the fall of 2014.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the $4.8 million sale of a 98-bed skiled nursing facility in Fort Worth. Operated as DFW Nursing & Rehab, the property is located at 900 W. Leuda St. Rod Llanos of Marcus & Millichap marketed the asset on behalf of the seller, a partnership, and also secured the buyer, a limited liability company.
GARLAND, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 17,000-square-foot industrial building in the northeast Dallas suburb of Garland. Located at 1410 N. First St., the facility is in close proximity to the Bush Turnpike and Lavon Drive. Dan Spika of Henry S. Miller represented the seller, Altronic LLC, a manufacturer of ignition and control systems for industrial engines. Chris Stout of Jones Lang LaSalle represented the buyer, A-1 Powder Coat. The painting, powdering and sandblasting company will occupy the property by the end of the year and operate it as its Dallas headquarters.
DALLAS — Arbor Commercial Funding LLC, a subsidiary of Arbor Commercial Mortgage LLC, has arranged nearly $48 million in loans for eight Texas multifamily assets. Among the properties refinanced were Wimberly Park Apartments in Duncanville ($15 million), Camelot Village in Mesquite ($14.9 million), Sayle Gardens in Greenville ($3.2 million), Mill Run Apartments in Dallas ($3 million), Summit Plaza Apartments in Arlington ($2 million), Lakeview Townhomes in Rowlett ($2 million) and The Plaza Apartments in Austin ($1.1 million). Meanwhile, the acquisition of Ventana at Valwood in Farmers Branch received $6.5 million. Anthony Tarter of Arbor’s Dallas office originated all of the loans under Fannie Mae DUS product lines.