DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit seniors housing complex in Dallas. The unnamed property is located in the Preston Hollow area and offers assisted living and memory care services. The buyer was the existing operator, Juniper Communities, and the seller was undisclosed. Alex Florea, Giancarlo Riso and Amy Sitzman handled the transaction for Blueprint.
HOUSTON — Keller Williams Metropolitan has signed a 20,656-square-foot office lease on the eighth floor at 4265 San Felipe Street, a 223,545-square-foot building in Houston’s River Oaks neighborhood. Ty Martin of McCann Commercial represented the tenant in the lease negotiations. Brad Fricks and Matt Asvestas of Stream Realty Partners represented the landlord, Woodbranch Management Inc. The building is now 90 percent leased.
By Taylor Williams The Houston industrial market has generally performed quite well over the past few years, even as a global pandemic, record inflation and hard-hitting interest rate hikes have rocked the commercial real estate industry as a whole. Demand for industrial space has held firm due to rebounding energy prices and expansions in infrastructure and traffic at Port Houston, as well as organic population growth and economic diversification that has elevated the market’s role as a distribution hub. According to data from CBRE, the market has a 6 percent vacancy rate and posted 5.1 million square feet of positive net absorption through the first three quarters of 2023. The volume of new construction was on track to outpace absorption in 2023 when the report was released. But that was not the case in 2021 and 2022, years in which net absorption equaled and exceeded 7 million square feet, respectively. New deliveries totaled approximately 5.6 million and 5.4 million square feet in each of those years, driven not only by the aforementioned factors but also by a temporary uptick in demand for e-commerce services in the wake of the pandemic. In any market or asset class, when absorption exceeds supply …
GALVESTON, TEXAS — Dallas-based investment firm RREAF Holdings, in partnership with Gulf Coast owner-operator Innisfree Hotels, will develop a $250 million Margaritaville Hotel & Resort in Galveston. The 334-room, 300,000-square-foot hotel will feature a 2.5-acre elevated waterpark, a lazy river, pickleball courts, family entertainment center, four restaurants and direct beach access, as well as other features activities and amenities with themes from the music of the late Jimmy Buffett. Construction is scheduled to begin in May or June. A tentative completion date was not disclosed.
PORTLAND, TEXAS — McLeod Cobb Investments has revealed construction updates and new tenant signings at Oliver’s Way, the firm’s $100 million multifamily and retail development in the South Texas city of Portland. A 128,500-square-foot Target store that will anchor the retail component is nearing completion and will open late this summer. Construction will also soon begin on a 13,800-square-foot freestanding retail building. McLeod Cobb has secured deals with retailers such as Jack in the Box, Brake Check, Raising Cane’s, Chipotle Mexican Grill, Aspen Dental, Five Guys, James Avery and Wells Fargo. The development team expects to begin construction on the apartments later this year.
HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 190,714-square-foot industrial park in North Houston. The master-planned development comprises nine buildings on a 15.1-acre site at 1531-15342 Vantage Parkway E. A family office sold the park to a private equity group for an undisclosed price, with both parties requesting anonymity. Keith Bilski, Dylan Schopper, Jack Gaffney, Chase Tucker and John Buckley of Finial Group brokered the deal.
FORT WORTH, TEXAS — Lockheed Martin has signed a 136,165-square-foot industrial lease in Fort Worth. The aerospace and defense contractor will take space at Fort West Commerce Center, a three-building, 531,601-square-foot development that sits on a 30-acre site on the city’s north side. Todd Burnette and John Davidson of JLL represented Lockheed Martin in the lease negotiations. Matt Carthey and George Jennings of Holt Lunsford Commercial represented the landlord, Phoenix-based Creation Equity.
FLOWER MOUND, TEXAS — Houston-based brokerage firm Oxford Partners has negotiated a 48,500-square-foot industrial lease in Flower Mound, located in the northern-central part of the metroplex. Andrew Gilbert and Keaton Brice of Holt Lunsford Commercial represented the landlord, Prologis, in the lease negotiations. Chase McAteer of Oxford Partners represented the tenant, Amber Green Realty, which plans to use the facility for the preparation of catered meals.
With high operating costs eroding profitability at many urban stores, major retailers are concentrating development and store renovations in suburban locations with layouts geared to the latest consumer preferences. As more retailers follow suit, early adopters provide object lessons in best practices to better serve an evolving customer base and reveal pitfalls to avoid along the way. “Retailers are more sensitive to the pressures of high costs and loss prevention in urban markets, and as a result, they are backing off in those areas,” says Cornelius Brown, a principal and regional manager in the Philadelphia office of Bohler. “Retailers looking to grow, in our experience, are shifting to the suburbs and using retail program methods to cut costs.” Bohler is a land development design and consulting firm that helps developers move their projects forward quickly. Recently, those clients have been keen to avoid risk in both site selection and design features, Brown says. Streamlining Retail Development Retail programs allow developers to use pre-existing retail layout prototypes to determine optimal site arrangements. This approach uses checklists to assign one of several pre-made layouts to a development based on factors such as road location, grading and elevation, parking needs, drive-through layout, loading …
DENISON, TEXAS — Craig International, a locally based developer that is perhaps best known for the $5 billion Craig Ranch project in McKinney, has closed on 3,114 acres in Denison for the development of Preston Harbor, a $6 billion master-planned community. The site on Lake Texoma is located about 75 miles north of Dallas. Preliminary plans for Preston Harbor call for approximately 7,500 residential units, a resort hotel, retail, restaurants and a marina. The residential component will include single-family, active adult and multifamily uses. Plano-based Aimbridge Hospitality will develop the $100 million hotel, which will be operated under the Margaritaville brand. Steve Cook of Steve Cook & Co. and Jim Meara of Jim Meara Co. represented the sellers, entities doing business as Preston Harbor LP and Preston Harbor Homeplace LP, in the disposition of the land. Both entities are part of the estate of George Schulte, the developer who originally amassed and assembled the site. John Auletta and Kaitlyn Sogga of JTA CR Group represented Craig International. Other project partners include The Choctaw Nation of Oklahoma, Horizon Capital Partners and N9 Capital Partners. The development team is currently finalizing plans and engineering work and expects to break ground before the end …