Texas

FORT WORTH, TEXAS — Mississippi-based developer EastGroup Properties has broken ground on a three-building, 351,000-square-foot industrial complex in North Fort Worth. The project represents Phase II of Basswood 35, a seven-building, 882,000-square-foot development. The buildings will span 89,741, 130,750 and 130,750 square feet and feature front- and rear-load configurations. Method Architects designed the project, and Talley Riggins is serving as the general contractor. Halff Associates is the civil engineer, and NAI Robert Lynn is the leasing agent. Construction is slated for a fourth-quarter completion.

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MONTGOMERY, TEXAS — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Town Creek Storage, a 251-unit self-storage facility in Montgomery, about 60 miles north of Houston. The facility was built in 2017. Matt Franke and Michael Borden of Northmarq arranged the fixed-rate loan, which was structured with a five-year term and a 25-year amortization schedule. The borrower and direct lender were not disclosed.

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HOUSTON — Marcus & Millichap has brokered the sale of Greenkey Storage — Pasadena, a 63-unit self-storage facility located near Gulf Freeway and the Sam Houston Tollway on the east side of Houston. The facility spans 18,060 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were Houston-based limited liability companies that requested anonymity.

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DALLAS — Artemis Fine Art Services, which provides artwork shipping and handling services, has signed a 59,000-square-foot industrial lease at 10405 Shady Trail in northwest Dallas. According to LoopNet Inc., the building sits on 4.8 acres and totals 116,140 square feet. Adam Graham and Ken Wesson of Lee & Associates represented the landlord, Mississippi-based REIT EastGroup Properties, in the lease negotiations. The representative of the tenant was not disclosed.

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DALLAS — Cleveland-based developer The NRP Group has broken ground on Ascent at Mountain Creek, a 324-unit mixed-income housing development in southwest Dallas. Half of the units will be reserved for households earning 80 percent or less of the area median income, and the remainder will be rented at market rates. Residences will feature one-, two- and three-bedroom floor plans and will be furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities will include a pool, fitness center and a resident lounge. Completion is slated for September 2024.

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OKLAHOMA CITY — A partnership between Houston-based developer Tradewind Properties and Arkansas-based ERC Holdings is underway on construction of PURE OKC, a 150-unit multifamily project in Oklahoma City. Located within the 24-acre Brookstone Village master-planned development on the city’s southwest side, PURE OKC will offer one- and two-bedroom units that will be housed across four three-story buildings. Courtyard Block & Building is designing the project, and Pick-It Construction Inc. is serving as the general contractor. Greystar will manage the property. The first units are expected to be available for occupancy this fall.

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AMARILLO, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of an 84-unit facility in the northwest Texas city of Amarillo. The facility spans 36,000 net rentable square feet across 72 traditional storage units and 12 parking/outdoor storage spaces. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Iowa-based Second Generation Properties LLC, in the transaction. The team also procured the buyers, which were Texas-based private investors.

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MCALLEN, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.1 million CMBS loan for the refinancing of a Hilton-branded hotel in the Rio Grande Valley city of McAllen. The Hilton Garden Inn McAllen Airport was built in 2000 and totals 104 rooms. Robert Bhat of MMCC arranged the loan, which carried a five-year term, 30-year amortization schedule and a 65 percent loan-to-value ratio. The borrower and direct lender were not disclosed.

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DALLAS — Law firm Haynes & Boone LLP has signed a 24,721-square-foot office lease expansion at Harwood No. 14, a building in Dallas that is under construction and set to open later this year. The firm now occupies about 149,000 square feet within The Harwood District, which spans 19 blocks in the city’s Uptown neighborhood. John Lee, Hannah Mesh and Kelly Whaley internally represented the landlord, Harwood International, in the lease negotiations. Andy Leatherman and Brad Selner of JLL represented the tenant.

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Data Center Development

Data center development is simultaneously growing by leaps and bounds as well as suffering from its own success. The easy-to-develop sites have been snapped up and demand for additional data and cloud services continues to grow, forcing developers to look beyond the obvious locations for sites. This can entail running into less-than-obvious delays in the development process. Data centers reliably store and transmit the deluge of information that makes modern life possible. The factors driving the need for data centers — enterprise demand for cloud services, dependence on 5G cell networks, artificial intelligence technology, edge computing capabilities, social media use and streaming needs — will continue to grow exponentially in the coming years. According to a September 2022 report by advisory company Arizton, approximately 2,825 megawatts of power capacity will be added to the data center market in the next five years. The same report forecasts the U.S. data center construction market will reach $25 billion by 2027, up from $20 billion in 2021. Data centers are utility-intensive property types, and the sites that can support their formidable power, communication and water needs often require high-level considerations right from the start. How can the development process for such projects be streamlined …

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