HOUSTON — Alterra IOS has acquired two industrial outdoor storage sites totaling 7.2 acres in the eastern Houston suburb of Baytown. The sites at 8121 and 8223 Parkside Ave. are located within Bay 10 Business Park and house a combined 50,000 square feet of warehouse space. Lee & Associates brokered the sale. The seller and sales price were not disclosed. Alterra IOS plans to make capital improvements into the sites, including adding speculative office space and a reinforced concrete yard at 8121 Parkside.
AUSTIN, TEXAS — CBRE has arranged a quintet of office leases totaling 22,823 square feet at Centre II, a 54,696-square-foot building located just south of downtown Austin. The deals include a combination of new leases and renewals, with the largest being an 11,049-square-foot renewal with Alabama-based computer hardware manufacturer Abaco Systems. Casey Ford of CBRE represented the landlord, Los Angeles-based Stanton Road Capital, in the lease negotiations.
FRISCO, TEXAS — FC Dallas and the City of Frisco have formed a public-private partnership to undertake a $182 million renovation of Toyota Stadium, the Major League Soccer (MLS) team’s home playing field. Upgrades will include three new clubs and a new roof structure that will provide shade for the majority of fans in the seating bowl. The partnership will also deliver expanded seating capacity, renovated entrances and new concession stands and restroom locations. HKS Architects is handling design of the project, and Manhattan Construction Group is serving as the general contractor. Construction will be carried out in phases and will begin early next year. Toyota Stadium originally opened in 2005, which makes it the third-oldest soccer-specific venue among MLS teams, according to the newly formed partnership.
NEW BRAUNFELS, TEXAS — Developer CLX Ventures has completed New Braunfels Commerce Center, a 651,010-square-foot speculative industrial project on the northeastern outskirts of San Antonio. Designed by Powers Brown Architecture and built by Arch-Con Construction Corp., New Braunfels Commerce Center consists of four buildings ranging in size from 129,949 to 204,876 square feet on a 46.7-acre site. All buildings feature 32-foot clear heights, rear-load configurations, move-in ready office spaces, drive-in and dock doors, extended truck courts and ESFR sprinkler systems. Stream Realty Partners is the leasing agent. Construction began in August 2023.
EL PASO, TEXAS — Dallas-based Provident Industrial has sold the 345,394-square-foot Building III within Gateway Logistics Park in El Paso. Completed in August, the building features 36-foot clear heights, 59 dock doors, two ramp doors and a separately gated trailer staging area with 98 parking spaces, bringing the total trailer parking capacity to 173 stalls. The buyer was Philadelphia-based investment firm EQT Exeter, which also purchased Building I and II within Gateway Logistics Park earlier this year. Provident developed Building III in partnership with WestStar Bank and Singerman Real Estate. The sales price was not disclosed.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Cobble Hills, a 136-unit apartment complex located on the east side of Fort Worth. The property consists of 12 buildings that house a mix of one-, two- and three-bedroom apartments. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Obsidian Capital, and procured the buyer, an out-of-state family office. Additionally, Danny Abergel of Marcus & Millichap Capital Corp. arranged $7.5 million in acquisition financing for the deal. The loan carried a seven-year term, a loan-to-value ratio of 60 percent and two years of interest-only payments followed by a 30-year amortization schedule.
NEWPORT BEACH, CALIF. — California-based pizza chain Mountain Mike’s has signed three multi-unit franchise agreements to open 11 new restaurants in Texas. The deals call for five restaurants in Austin, three restaurants in metro Houston and three restaurants in the Dallas-Fort Worth (DFW) metroplex. Franchisees Rajeev Dewan, Ajay and Karina Gorde and Tim Fogarty will own and operate the units in Austin, metro Houston and DFW, respectively. Mountain Mike’s current portfolio includes four existing restaurants in the DFW area and one in greater Houston.
By Taylor Williams DALLAS — It’s an exceptionally challenging time to be developing retail space in the metroplex. Pick your poison: Interest rates that have tripled in two years, restricted proceeds from lenders, longer entitlement and permitting times, limited land for new projects. Between all these barriers to growth, the deck is seemingly stacked against brick-and-mortar retail developers these days, despite the fact that in Dallas-Fort Worth (DFW), occupancy is very high and population growth shows little sign of slowing. Of course, each of those factors is exacerbated with large-scale developments. More land and rentable square footage require the raising of more debt and equity, which translates to heftier interest and dividend payments, respectively. If the site is an assemblage, then predevelopment is more time-consuming, and with the push outward to new suburban paths of growth, those sites may not already be zoned for retail. If rents aren’t trending upward, those factors alone can kill a project in its infancy. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. For all these reasons, some owner-operators see opportunity in building smaller …
CELINA, TEXAS — The City of Celina, located north of Dallas near the convergence of Denton and Collin counties, has unveiled plans for Downtown Center. The impetus behind the 115,245-square-foot project is a need for expanded parking in the downtown area as well as new home for city operations. The first phase will center on the construction of a 25,202-square-foot, four-story parking garage totaling nearly 400 parking spaces. Following completion of the garage, the development team will construct a new facility that will house the operations of various city administrative departments, as well as a 26,209-square-foot library and a rooftop community space. Swinerton is the general contractor for the project. Construction on the garage will begin next fall.
DENTON, TEXAS — JLL has arranged an undisclosed amount of construction financing for a three-building, 451,856-square-foot industrial project in the North Texas city of Denton. Denton Point III, IV and V will feature rear-load configurations, 28- to 32-foot clear heights, 114 total dock doors and bay depths ranging from 160 to 280 feet. Campbell Roche, Will Mogk, Tom Weber, Luke Rogers and Jordan Buck of JLL arranged the five-year loan through First United Bank on behalf of the borrower, Holt Lunsford Commercial Investments, which is developing the project in a joint venture with Dallas-based Silverado Interests. Completion is scheduled for the third quarter of 2025.