DALLAS — Northmarq has arranged the sale of Grand Seasons Apartment Homes, a 144-unit multifamily complex in North Dallas. The property was built in 1978 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining areas and a dog park. Taylor Snoddy, Charles Hubbard and Eric Stockley of Northmarq brokered the deal. The buyer and seller were not disclosed. The new ownership plans to implement a value-add program.
HOUSTON — Locally based developer NewQuest Properties is underway on the redevelopment of Pavilion Square, a 90,000-square-foot retail center in Houston. NewQuest is rebranding Pavilion Center as West on West. Asian grocer 99 Ranch Market will anchor the center. Other tenants will include Gen Korean BBQ House and Teso Life, which will occupy 6,212 square feet and 13,340 square feet, respectively. Exterior renovations are scheduled for completion this month.
TOMBALL, TEXAS — Colliers has negotiated the sale of a 10-acre commercial development site located at 15530 Treichel Road in the northern Houston suburb of Tomball. Tom Condon Jr. and John Grimsley of Colliers represented the seller, an undisclosed private investor, in the transaction. Chris Weisinger and Ryan Knape of One Rock represented the buyers, Max & Beverly Welch, who plan to expand their existing garden center and nursery at the site.
PLANO, TEXAS — Midland Tower Construction has signed a 7,193-square-foot office lease at Placid Business Center in Plano. Jared Laake and Brian Paffford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Kennington Placid LLC, in the lease negotiations. Jack Kemendo and Cameron Rogers of Rubicon Representation represented the tenant.
FORT WORTH, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 2,348-square-foot office lease at Mallick Tower in downtown Fort Worth. The 90,000-square-foot building was originally constructed in 1968. Vic Meyer, Jake Neal and Matt Carthey with Holt Lunsford Commercial represented the undisclosed landlord in the lease negotiations. Alex Hrapkiewicz of JLL represented the tenant, Stannum Capital.
By Taylor Williams The current industrial development landscape in Texas is a true testament to the awesome power of demand — and of interest rate hikes. From El Paso to Houston, industrial users of all sizes and across all industries continue to demand new or expanded spaces to accommodate their ever-growing warehousing, distribution and manufacturing needs. E-commerce, nearshoring, COVID-19 — name your impetus — they’ve all contributed to a feverish pace of industrial development and absorption in recent years. According to fourth-quarter 2022 data from CBRE, Dallas-Fort Worth (DFW) saw an annual supply gain of about 36.1 million square feet in 2022 while posting positive net absorption of 36.5 million square feet. Third-party logistics users drove much of the new leasing activity, which contributed to a 4.6 percent vacancy rate at the end of the year. The market has now posted consecutive years of sub-5-percent vacancy. Fittingly, there remains more than 75 million square feet of product under construction throughout the metroplex. In Houston, developers delivered approximately 18.8 million square feet of new industrial space in 2022, per CBRE. Yet the market posted more than 30 million square feet of positive absorption over the course of last year, and the …
DALLAS — Bay 9 Holdings LLC, an affiliate of Lapis Advisers LP, has agreed to acquire Edgemere, a continuing care retirement community (CCRC) in Dallas. Located on a 16-acre site, Edgemere features 304 independent living units, 60 assisted living units, 31 memory care units and 72 skilled nursing beds. Bay 9 plans to install a new operator, Long Hill at Edgemere LLC, a wholly owned subsidiary of United Methodist Homes (UMH). The initial phase of development opened in 2001. The asset has been operating under a forbearance agreement with its lender, UMB Bank, since January 2022.
KATY, TEXAS — Locally based firm Investment & Development Ventures (IDV) will develop Anserra Business Park, a 715,920-square-foot industrial project that will be located on the western outskirts of Houston in Katy. The development will comprise a 510,000-square-foot cross-dock building and a 205,920-square-foot, front-load building. The structures will house 36- and 32-foot clear heights, respectively, and will offer combined parking for 436 cars and 179 trailers. A construction timeline was not disclosed.
KATY, TEXAS — Marcus & Millichap has brokered the sale of Bear Creek Boat & RV Storage, a 625-unit self-storage facility located in the western Houston suburb of Katy. The property consists of 14 buildings on a 15.4-acre site totaling 287,804 net rentable square feet. The facility also includes 15 outdoor storage spaces for boats and RVs. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were Texas-based limited liability companies that requested anonymity.
LEWISVILLE, TEXAS — Design and engineering firm McAdams has signed a 30,000-square-foot office lease at The Realm at Castle Hills, a 324-acre mixed-use development located in the northern Dallas suburb of Lewisville. McAdams is relocating from nearby Roanoke and plans to take occupancy this fall. About 65 people will work in the new office, which is situated off State Highway 121 and overlooks Lewisville Lake. JLL represented McAdams in its site selection and lease negotiations. Bright Realty owns The Realm at Castle Hills.
