PEARLAND, TEXAS — Brask Inc., Neela is constructing a new fabrication facility on 9.45 acres within Pearland's Industrial Park in Pearland. The facility will feature welding, machining and assembly departments as well as a clean room for high-alloy welding. Completion is slated for the third quarter of 2011. Brask received a package of property tax abatements, job creation grants and bond financing to help fund the project. The estimated cost of the project is $6 million.
FAIRVIEW, TEXAS — MGHerring has selected Cadence McShane Construction Co. to complete renovations to the Whole Foods Market located within the developer's Village at Fairview project in Fairview. Construction will include the replacement of the existing masonry façade with a contemporary masonry exterior. In addition, the exterior will be painted, and new metals panels and canopy extensions will be added. The project is scheduled for completion in the fall.
COLLEYVILLE, TEXAS — Stream Realty Partners has arranged the acquisition of a 2,500-square-foot office property at 5209 Heritage Ave. in Colleyville. The buyer, Bishop and Chen Orthodontics, is currently located in Bedford, Texas, and will relocate in August. Russell Webb of Stream represented the buyer, and Bill Jordan of Moss Jordan represented the seller, TAK Enterprises
ROWLETT, TEXAS — Marcus & Millichap has completed the sale of Comfort Suites Lake Ray Hubbard in Rowlett. The 62-suite property is situated at 8791 East Interstate 30. It was constructed in 2000. Chris Gomes of Marcus & Millichap's Dallas office represented the seller, a locally based private investor, and procured the buyer, a Dallas-based limited liability company.
SPRING, TEXAS — Dallas-based The LaSalle Group has acquired 2.83 acres of land in Spring for the construction of its third Autumn Leaves property in the Houston area. The site is located at 6327 Cypresswood Drive. The groundbreaking has already been held for the 38-unit project, which is scheduled for completion in late spring 2011. Ron Dagley of The BETZ Companies represented the undisclosed seller in the land transaction, and Jim Shaw of Indermuehle & Co. represented LaSalle. Autumn Leaves is LaSalle's brand of assisted living communities focusing on Alzheimer's and memory care.
GRAND PRAIRIE, TEXAS — National Distribution Centers (NDC) has renewed its lease for 242,980 square feet of warehouse space at Regency I in Grand Prairie. The now-fully leased building contains 406,110 square feet and is located at 1029 Post & Paddock Road. As part of the new lease, the building's landlord, Teachers State Retirement Systems of Ohio, will install new levelers on four of NDC's 27 dock doors. Spain Santaularia and Kevin Santalauria of Bradford Commercial Real Estate Services represented the landlord in lease negotiations. Jean Russo of Cushman & Wakefield of Texas represented the tenant.
DALLAS — Future Foam has leased 100,000 square feet of warehouse space from CRP-2 Ambassador LP in Dallas. The property is located at 8611 Ambassador Row. CB Richard Ellis' Corbin Crews represented the landlord.
ARLINGTON, TEXAS — Jason Industries has sold an Arlington industrial property to Solv-It Products for an undisclosed amount. The warehouse is located at 1114 and 1118 W. Harris Road. NAI Huff Partners' Frank Jester, II, represented the seller. Michael Newsome of NAI Robert Lynn represented the buyer.
MARBLE FALLS, TEXAS — Southstar Development Partners is beginning the first phase of Flatrock Springs, a 1,030-acre development in Marble Falls. The property will eventually encompass 700,000 square feet of retail and office space, and will include space for 2,100 residential units. The first phase will be located at the interchange of highways Texas 71 and U.S. 281.
Dallas/Fort Worth’s retail market continues to show the impact of the economic downturn, most notably in a lower occupancy rate. But the market at mid-year 2010 is showing signs of getting a little better. The market is helped by the improving economy. For example, April represented the third month in a row of positive job growth in D/FW, although overall unemployment remains more than 8 percent. As of mid-year, D/FW shows an occupancy rate of approximately 86.2 percent, compared to 86.4 percent at year-end 2009. The rate, which is very low, results in part from the many vacant boxes that were created in the past few years by the closures of Circuit City, Linens ‘n Things, Shoe Pavilion, Steve & Barry’s and Mervyn’s, plus underpforming grocer and department store locations. The rate remains fairly consistent thanks to a market where no major chains have gone out of business. Other than a handful of 2010 closings of underperforming Blockbuster stores (following a number of 2009 closings), we haven’t seen major chain pullbacks similar to when Linens ‘n Things failed in late 2008 and Circuit City and closed its last stores in early 2009, putting hundreds of thousands of feet back onto …
