DALLAS — Gold 3PL, a Texas-based third-party logistics firm, has signed a 50,575-square-foot industrial lease at 1602 Terre Colony Court in West Dallas. According to LoopNet Inc., the property totals 131,412 square feet and sits on a 5.7-acre lot. Mark Graybill and Adam Graham of Lee & Associates represented the landlord, Chicago-based First Industrial Realty Trust, in the lease negotiations. The representative of the tenant was not disclosed.
GRAND PRAIRIE, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Bella Capri, a 20-unit complex located in the central metroplex city of Grand Prairie. According to Apartments.com, the property was built in 1969. Jon Krebbs of TMG represented the seller in the transaction, and Nasir Pooran of TMG procured a 1031 exchange investor as the buyer. Both parties requested anonymity.
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Retail Development Program Lessons Apply Across Property Types
Retail development programs have allowed retailers to streamline their goals by creating prototype models based on site particulars. This process saves developers and retailers money as they can be flexible in choosing models that work for each site without needing to alter layouts and features too much between builds. But what makes for successful prototypes and program standards? Can this approach work outside of the retail world? “The lessons of retail programs can apply across property types in this sense: land development consultants and site designers can learn how specific clients need their set of standards and guidelines implemented. It’s essential to thoroughly understand a program client’s procedures, and we’re expected to know these parameters inside and out,” says Steven T. Fortunato, a senior project manager at Bohler’s Rehoboth Beach office in Delaware. Bohler is a land development design and consulting firm that specializes in helping developers move their projects forward faster. “The retail program methodology translates well to other sectors. Starting off with either a new developer or a new client is an opportunity to learn their standards — or help the client create them. The end result must offer the same level of confidence whether the product is retail or …
SCHERTZ, TEXAS — A joint venture between Atlanta-based Core5 Industrial Partners and California-based MBK Industrial Properties has broken ground on a 1.8 million-square-foot speculative project in Schertz, a northeastern suburb of San Antonio. The site is located along the I-10 corridor. Phase I of the project will deliver two buildings totaling roughly 1 million square feet, and Phase II will comprise two buildings spanning roughly 788,000 square feet. Building features will include 40-foot clear heights, 185-foot truck court depths and ample car and trailer parking. Partners, the firm formerly known as NAI Partners, has been tapped as the leasing agent. Completion of Phase I is slated for November 2023.
VICTORIA, TEXAS — Dallas-based investment firm Dunhill Partners has acquired Northcross Shopping Center, a 206,284-square-foot retail property in Victoria, about 100 miles north of Corpus Christi. At the time of sale, the center was 91 percent leased to tenants such as Ashley Furniture, Office Depot, Tuesday Morning, Dollar General and Dollar Tree. Adam Howells, George Cushing, Matthew Barge and Cole Sutter of JLL represented the undisclosed, Dallas-based seller in the transaction.
CARROLLTON, TEXAS — Lee & Associates has negotiated a 22,000-square-foot industrial lease at 1536 Hutton Drive in the northern Dallas suburb of Carrollton. According to LoopNet Inc. the property was built in 1986 and spans 89,560 square feet. Ken Wesson and Adam Graybill of Lee & Associates represented the landlord, EastGroup Properties, in the lease negotiations. The representative of the tenant, CMD Group, a provider of countertops for kitchens and bathrooms, was not disclosed.
HOUSTON — Locally based brokerage firm Davis Commercial Real Estate has arranged the sale of a 16,571-square-foot office building located at 800 Tully Road in West Houston. According to LoopNet Inc. the property was built on a half-acre lot in 1984. Ashley Casterlin of Davis Commercial represented the seller, American Savings Life Insurance Co., in the transaction. Independent realtor Marcela Banh represented the buyer, Advantis Investments Group LLC.
PARIS, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Pavilion, a 24-unit complex in Paris, located about 100 miles northeast of Dallas. According to Apartments.com, the property was built in 1984 and offers one- and two-bedroom units ranging in size from 750 to 950 square feet, as well as outdoor grilling and dining areas and a dog park. Chase Davis of TMG represented the buyer and seller, both of which requested anonymity, in the transaction.
CYPRESS, TEXAS — The Waller Independent School District (ISD) has acquired 19 acres within Bridgeland, a master-planned development in the northwestern Houston suburb of Cypress, with plans to build a new elementary school. A construction timeline for the school, which will serve about 850 students, has yet to be established. The Howard Hughes Corp. (NYSE: HHC) is the master developer of Bridgeland and sold the land to Waller ISD. A general contractor has not yet been appointed.
TOMBALL, TEXAS — New York-based investment firm Castle Lanterra Properties has purchased Laurel at Vintage Park, a 120-unit active adult community located in the northwestern Houston suburb of Tomball. Built on 5.5 acres in 2014, Laurel at Vintage Park features one- and two-bedroom units and amenities such as a clubhouse and a fitness center. John Sweeny, Aron Will, Scott Bray, Garrett Sacco, Clint Duncan, Matthew Phillips, Jock Naponic and Nolan Mainguy of CBRE represented the seller, Coastal Ridge, in the deal.