FARMERS BRANCH, TEXAS —Bradford Commercial Real Estate Services has negotiated an 18,445-square-foot industrial lease at Westwood Business Park in the northern Dallas metro of Farmers Branch. The development consists of 12 buildings totaling 227,905 square feet. Jason Finch of Bradford represented the landlord, Dallas-based Pegasus Real Estate, in the transaction. The representative of the tenant, Colt Facility Maintenance, was not disclosed. Westwood Business Park is now 95 percent leased.
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Lee & Associates’ Second-Quarter 2023 Economic Review by Sector
Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption dogged each sector, with the exception of retail, throughout the first half of 2023. Scheduled deliveries for industrial, office and multifamily indicate this trend will continue throughout much of the United States for the foreseeable future. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). The summaries from each sector below provide high-level considerations of the overall outlook and challenges in the market. Industrial Overview: Industrial Growth on Track for Least Gain in Years In a reversal from the ballooning logistics capacities required during the pandemic, demand for industrial space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through the third quarter of last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over …
GRAND PRAIRIE, TEXAS — Locally based developer JPI has broken ground on Phase I of Jefferson Loyd Park, a multifamily project in the central metroplex city of Grand Prairie that will add 450 units to the local supply. The development will consist of eight three-story buildings on a 25-acre site. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool and a fitness center. Completion of Phase I is slated for early 2025. Construction of Phase II of Jefferson Loyd Park, which will feature 352 units, is set to commence later this year. Other project partners include Demarest (architect), Kimley-Horn (civil engineer) and Happy State Bank (construction lender).
MELISSA, TEXAS — Dallas-based Welker Properties will develop a 343-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. The project, known as Wolf Creek Farms Melissa BTR, has a total price tag of $95 million. Homes will come in one-, two- and three-bedroom floor plans and will be situated on a 32-acre site. Residents will have access to amenities such as a pool, fitness center, dog park, courtyards and lounges. Construction is scheduled to begin in the fall and to be complete by the end of 2025.
FORT WORTH, TEXAS — North Carolina-based investment firm Bell Partners has acquired Presidio East, a 312-unit apartment community in North Fort Worth that was built in 2017. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 661 to 1,469 square feet and amenities such as a pool, fitness center, clubhouse, dog park and package lockers. Bell Partners will implement a value-add program and rebrand the property as Bell Presidio. The seller and sales price were not disclosed.
HOUSTON — Port Houston will open a 95,000-square-foot headquarters office at East River, a 150-acre mixed-use development that is under construction in the city’s Historic Fifth Ward. The port authority purchased two tracts, and its development plans also include a 300-space parking garage that will connect to the office building via a skybridge. Construction is expected to begin in 2024 and to be complete in summer 2025. Locally based developer Midway owns East River. The port was self-represented in the land deals.
FORT WORTH, TEXAS — Locally based developer The Woodmont Co. has broken ground on Berkshire Corner, a 12,002-square-foot, multi-tenant retail project in North Fort Worth. The strip center is preleased to tenants such as Jersey Mike’s Subs, Blue Mound Nail Spa, Blue Mound Liquor, Mynt Barbershop and ProSmiles Dental. Completion is slated for late 2023/early 2024.
By Ron Gilbreath, managing director of asset & property management, Westmount Realty Capital It’s no trade secret that global lockdowns during the pandemic had a significant and lasting impact on supply chains worldwide. EY’s 2023 poll revealed that 72 percent of senior-level supply chain executives experienced negative impacts on their businesses due to the pandemic, resulting in the emergence of a concentrated focus on supply chain visibility. The crucial point to acknowledge during this continued disruption is that these impacts are closely tied to the just-in-time (JIT) inventory management system. As a result of these challenges, businesses are actively reassessing their distribution network strategies, leading to a surge in demand for industrial warehouse space. With the necessity to maintain greater inventory levels, companies are re-evaluating their warehouse space requirements and distribution setups to mitigate the risk of future supply shortages. The lockdowns disrupted two essential elements of JIT strategy: steady production and supplier reliability. Suppliers forced to comply with government lockdowns incurred major disruptions across various business lines due to the challenge of maintaining consistent production. This is a key component of JIT delivery that relies on having materials physically present during the production process. When these materials are unavailable, …
HOUSTON — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $90.6 million acquisition loan for an industrial park in Houston. The four-building, 1 million-square-foot development is located on Fairbanks North Houston Road near U.S. Highway 290 and Beltway 8. Building features include 32-foot clear heights and 180- to 185-foot truck court depths. The borrower was Dallas-based Dalfen Industrial.
CARROLLTON, TEXAS — A partnership led by Atlanta-based Integral Group has broken ground on EVIVA Trinity Mills, a 436-unit multifamily project located in the northern Dallas metro of Carrollton. The project is being developed as part of Trinity Mills Station, a 25-acre urban village located adjacent to a Dallas Area Rapid Transit (DART) Green Line Station. The community will house studio, one- and two-bedroom units and roughly 11,000 square feet of retail space. Completion is slated for November 2025. Other members of the development team include Koa Partners and Artemis Real Estate Partners.