PEARLAND, TEXAS — Los Angeles-based PCCP LLC is underway on construction of a 109-unit build-to-rent residential project in the southern Houston suburb of Pearland. Skymor at Pearland will consist of 58 four-bedroom homes with an average size of 1,938 square feet; 29 three-bedroom residences with lofts that will average 1,866 square feet; and 22 three-bedroom units with no lofts that will span 1,763 square feet on average. All homes will include two-car garages. Communal amenities will include a playground, dog park and nature trails. PCCP has partnered with Integrity Community Builders on the project, and the first homes are expected to be available for occupancy by February 2025. Barkley Development sold the 13-acre site on which the project will be developed after acquiring the acreage in 2023 and handling the entitlement process and establishing infrastructure.
MCKINNEY, TEXAS — Cytracom has signed a 30,000-square-foot office lease in the northern Dallas suburb of McKinney. The provider of cloud-based communication and networking services will occupy the entire top floor of the building at 7300 State Highway 121 for its new headquarters. The building is part of District 121, a $250 million mixed-use development by Craig International. Kent Smith of NAI Robert Lynn represented Cytracom, which plans to move into its new space in January, in the lease negotiations.
PLANO, TEXAS — Bradford Commercial Real Estate Services has negotiated a seven-year, 26,828-square-foot lease at Plano Office Commons, an industrial flex property located northeast of Dallas. The tenant, Aither Systems LLC, a provider of renewable energy solutions, is relocating from nearby Allen to an endcap space at 605 Shiloh Road. Brian Pafford and Richmond Collinsworth of Bradford represented the landlord, an entity doing business as GH Plano Tech Center Inc., in the lease negotiations.
FORT WORTH, TEXAS — Industrial Realty Group (IRG) has acquired a 364,667-square-foot manufacturing and distribution facility in Fort Worth. The address of the property was not disclosed, but the site spans 10.4 acres and houses three buildings that were formerly owned by industrial equipment supplier S&B Technical Products, which will lease back a portion of the space. Lee & Associates is marketing the remainder of the space for lease. The new ownership plans to implement capital improvements to the property.
SAN MARCOS, TEXAS — Oklahoma City-based developer Olive Co. has broken ground on a 343,729-square-foot industrial project in San Marcos, located roughly midway between Austin and San Antonio, that represents Phase I of a 100-acre development known as McCarty Park. Phase I will comprise three rear-load buildings on 48.6 acres that will range in size from 94,648 to 127,480 square feet and feature 28- to 32-foot clear heights. Completion is slated for late 2025. CBRE is marketing the property for lease.
PEARLAND, TEXAS — Locally based developer Sueba USA has completed Ivy Lofts, a 335-unit apartment community in the southern Houston suburb of Pearland. The property offers studio, one-, two- and three-bedroom floor plans ranging in size from 480 to 1,280 square feet. Amenities include a pool, fitness center, coffee bar, multimedia center, catering kitchen and package lockers, as well as 10,707 square feet of retail space. Rents start at $1,275 per month for a studio apartment. Construction began in December 2022.
MANOR, TEXAS — Grocer H-E-B will open a 101,000-square-foot store in Manor, an eastern suburb of Austin. The store will feature pharmacy pick-up spaces, a curbside service area, seven-pump fuel station and a car wash. Construction is underway, and the opening is scheduled for late 2025. The San Antonio-based grocer operates about 435 stores throughout Texas and Mexico.
DALLAS — Willow Bridge Apartment Management has signed a 26,025-square-foot office lease renewal in North Dallas. Located at 10210 N. Central Expressway and known as Ten 2 Ten, the building was originally constructed in 1981 and totals 75,775 square feet, according to LoopNet Inc. Tim Terrell and Marissa Parkin of Stream Realty Partners represented the undisclosed landlord in the lease negotiations.
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Lee & Associates: Absorption Is Positive Across All Property Types According to Third-Quarter Report
Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …
NEW YORK CITY — New York City-based Newmark has arranged a $533 million loan for the refinancing of a multifamily portfolio located across six states in the Sun Belt. Boston-based investment firm West Shore is the borrower. Totaling 2,806 units, the portfolio comprises nine Class A, garden-style multifamily communities. The properties include: Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower (SASB) loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore. According to a press release issued by the firm, this loan transaction reflects continued investor interest in the Sun Belt markets, which benefit from population growth and demand for rental housing. Newmark also recently announced an assignment to market 10 multifamily properties comprising 2,845 units across eight states for sale. The assets are expected to draw a total of roughly $500 million. — Hayden Spiess