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
CONROE, TEXAS — SurePoint Self Storage has delivered a 744-unit facility in Conroe, about 40 miles north of Houston. Operated by CubeSmart, the facility is located within Johnson Development’s Grand Central Park master-planned community and spans approximately 94,000 square feet of net rentable, climate-controlled space. The facility, which was originally announced in early 2022, is SurePoint’s 14th self-storage development in the greater Houston area.
CARROLLTON, TEXAS — Cushman & Wakefield has brokered the sale of Lux on Main, a 352-unit apartment community located in the northern Dallas metro of Carrollton. Built in 2019, the property offers studio, one- and two-bedroom units. Amenities include a pool, wellness center, resident lounge and a business center, as well as 4,095 square feet of fully leased retail space. Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, Nimes Real Estate, in the transaction. RPM Living purchased the asset for an undisclosed price.
ROUND ROCK, TEXAS — Developer IDI Logistics has completed a 310,689-square-foot industrial project in the northern Austin suburb of Round Rock. The three-building project represents Phase I of Sunrise Commerce Center, a 465,786-square-foot speculative development that will ultimately comprise five buildings on a 37-acre site. Phase I’s rear-load buildings range in size from 59,274 to 175,170 square feet. Project partners included 5G Studio Collaborative, Pacheco Koch and Adolfson & Peterson Construction. Construction began in May 2023.
LAREDO, TEXAS — Chicago-based private equity real estate firm Timber Hill Group has purchased four industrial outdoor storage (IOS) sites totaling 23.1 acres in the Rio Grande Valley city of Laredo. The sites at 701 Enterprise St. and 4006 Quivira Drive will have new facilities developed from the ground up that are expected to be complete by mid-2025. Timber Hill will renovate the existing facilities at the sites at 18729 and 18701 Metropolitan Road. The seller was not disclosed.
SAN ANTONIO — Dallas-based EōS Fitness has signed a 42,500-square-foot retail lease in San Antonio for its first Central Texas location. The space is located within The Shops at Redland Road in the city’s Stone Oak neighborhood, and the new facility will consist of 40,000 square feet of indoor space and 2,500 square feet of contiguous outdoor space. The opening is scheduled for 2026.
DALLAS — Goldman Sachs has provided a $227 million loan for the refinancing of The Union, a 505,994-square-foot office and retail property in Uptown Dallas. The Union’s 21-story office building was completed in 2018 and offers amenities such as a fitness center, tenant lounge and conference facility. Tenants include Salesforce, Invesco, Akin Gump and Weaver. A Tom Thumb grocery store anchors the property’s retail component, which is also home to restaurants The Henry and North Italia. Jim Curtin, Greg Napper and Rex Cruz of JLL arranged the loan on behalf of the borrower, a joint venture between KB Asset Management and RED Development. The Union also houses a 309-unit apartment community.
AUSTIN, TEXAS — A partnership between two locally based companies, developer Riverside and operator MML Hospitality, has broken ground on Sixth&Blanco, a mixed-use project located just west of downtown Austin. The site spans 1.6 acres at the corner of West Sixth and Blanco streets. The mass timber development will consist of 10 for-sale residences, a 57-room hotel, retail and restaurant space, art galleries and a members-only social club. Swiss architectural firm Herzog & de Meuron is designing Sixth&Blanco. Arvest Bank provided a $193 million construction loan for the project, with Prosperity Bank and Southside Bank also contributing to the financing.