ADDISON, TEXAS — Bank of America has renewed its full-building, 553,779-square-foot office lease at Hallmark Center I in the northern Dallas metro of Addison. The lease term is 10 years. Rhett Miller and Matt Wieser of Stream Realty Partners represented the landlord, The RMR Group, in the lease negotiations. Andy Leatherman and Bret Hefton of JLL in Dallas represented Bank of America, which signed its original lease to be the building’s sole occupant in 2013. Bank of America has also preleased half the space at Parkside Uptown, a 500,000-square-foot office building in Dallas that is under construction.
DALLAS — A partnership between Pacific Elm Properties and Mintwood Real Estate is nearing completion of Peridot, a 291-unit apartment property located within the 1.3 million-square-foot Santander Tower mixed-use development in downtown Dallas. Peridot occupies 11 of Santander Tower’s 50 floors and offers one- and two-bedroom units ranging in size from 700 to 1,300 square feet. Residential amenities include a pool, dog park, fitness center, game lounge and a pickleball court. Santander Tower also houses a boutique hotel and Class A offices. Rents start at roughly $2,400 per month, according to Apartments.com.
GRAND PRAIRIE, TEXAS — Younger Partners has arranged the sale of a 32-acre multifamily development site in Grand Prairie, located roughly midway between Dallas and Fort Worth. The site is located at the northwest corner of Lake Ridge and Great Southwest parkways. John St. Clair and Davis Willoughby of Younger Partners represented the undisclosed seller in the transaction. The buyer was multifamily developer JPI.
By Emin Aboolian, senior vice president of underwriting, iBorrow It is not a shock to anyone in the industry to say that the commercial real estate market this year has been challenging and expected to experience further turbulence. The hoped-for interest rate cuts from the Federal Reserve have not yet happened. Price expectations from sellers have remained too optimistic due to the historic low interest rate environment that defined the capital markets for more than a decade. Investors with robust capital buckets continue to sit on the sidelines waiting for price corrections. The wall of impending maturities keeps getting closer — and seemingly larger. The “extend and pretend” approach from large lenders has pushed some maturities out but has not addressed the underlying debt-to-income ratios that these struggling commercial properties face. In summary, no matter what segment you are in — retail, office, industrial or multifamily — 2024 has been a tough year so far and is expected to carry into 2025 until sellers are forced to transact. So why do we think these clouds are going to clear generally, with the Texas market in particular pulling ahead in its recovery? Broadly speaking, the real estate sector is a victim …
HOUSTON — Edge Capital Markets has arranged the sale of Southwest Corporate Center, a 525,580-square-foot office and healthcare property in Houston. The 39-acre site at 9700-9702 Bissonnet St. is located on the city’s west side and includes 8.6 acres of undeveloped land for future expansion. Texas Children’s Pediatrics, the State of Texas and DIRECTV are the anchor tenants at the property, which was originally built in 1975 and renovated in 2020, according to LoopNet Inc. Micha van Marcke and Chace Henke of Edge Capital Markets represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
INEZ, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of two self-storage facilities totaling 483 units in Inez, located in southeast Texas. Inez Storage and Beck Road Storage span a combined 11 acres and consist of 10 buildings that house 214 climate-controlled units, 258 drive-up non-climate spaces and 10 covered parking spaces. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a California-based family trust. The sales price was not disclosed.
HOUSTON — Locally based developer Welcome Group is nearing completion of Pinto Park, a 125,333-square-foot industrial project that encompasses a nine-acre site in North Houston. Construction of the 56,272-square-foot building at 454 Fallbrook Drive is expected to be complete in the coming weeks, and the building is fully preleased to an undisclosed tenant in the advanced technology manufacturing sector. Welcome Group was self-represented in the lease negotiations. Building 2, which totals 69,061 square feet, is also scheduled for a fall completion. Houston-based KDW served as the general contractor for the project, construction of which was financed by Simmons Bank.
DALLAS — Lee & Associates has negotiated a 40,081-square-foot industrial lease in northwest Dallas. According to LoopNet Inc., the building at 1314 Viceroy Drive, which was built in 1969 and renovated in 2023, features 17-foot clear heights and four dock-high doors. Stephen Williamson of Lee & Associates represented the landlord, Stonelake Capital Partners, in the lease negotiations. Tod Zhang of Mohr Partners represented the tenant, Yamato Transport USA.
AUSTIN, TEXAS — The Picklr will open a 39,642-square-foot athletic venue in northwest Austin. The Utah-based pickleball concept is taking space at The Preserve at 620, a 225,000-square-foot mixed-use property that is a redevelopment of a former Walmart Supercenter. The venue, which will be the operator’s first in Austin and fifth in Texas, is scheduled to open this fall. Will Majors and Carson Hawley of CBRE represented The Picklr in the lease negotiations. Sean Couey and Jason Steinberg of ECR represented the landlord.
DENTON, TEXAS — Texas Woman’s University (TWU) has topped out the $107 million health sciences center at its campus in the North Texas city of Denton. The 136,000-square-foot facility will serve students in the allied healthcare fields such as nursing, physical therapy and occupational therapy. The new health sciences center is being constructed on seven acres adjacent to Parliament Village, a TWU residential complex. Plans for the facility include laboratory space, classrooms, collaborative workspaces, outdoor clinic sites and a teaching kitchen, as well as community healthcare clinics and training areas for students. Construction began last fall, and the facility is expected to be complete in advance of the fall 2025 semester.