AMARILLO, TEXAS — Texas Oncology has opened a 50,000-square-foot cancer care center in Amarillo. The freestanding facility offers medical oncology, hematology, gynecologic oncology, radiation oncology, breast radiology, surgical oncology and colon and rectal surgery services. Denver-based NexCore Group developed the project, which sits on 4.8 acres and serves as the workplace for 10 physicians and more than 100 staffers.
CORINTH, TEXAS — Florida-based developer Landmark Cos. will build a 296-unit multifamily project in Corinth, located north of the metroplex in Denton County. Arden at Corinth will consist of two three-story apartment buildings with 268 units and four two-story townhome buildings with 28 units. Residences will be furnished with stainless steel appliances, quartz countertops, custom cabinetry and private patios and balconies. Amenities will include a pool, fitness center, dog park, clubhouse and outdoor grilling and dining areas. The first units are expected to be available for occupancy in the first quarter of next year.
PLANO, TEXAS — JLL has negotiated the sale of Independence Square, a 140,218-square-foot shopping center in Plano. Grocer Tom Thumb anchors the center, which was built in 1977 and renovated in 2005. Independence Square had a 94 percent occupancy rate at the time of sale, and other tenants on the roster include Oscar Nail Lounge, Cookies by Design, Great Clips, Little Greek Restaurant, Frost Bank, Jersey Mike’s and Workout Anytime. Chris Gerard, Barry Brown, Erin Lazarus and Ben Esterer of JLL represented the undisclosed seller in the transaction. The buyer was Dallas-based Head Capital Partners.
TOMBALL, TEXAS — Colliers has arranged the sale of a 17.6-acre industrial development site within Tomball Business & Technology Park on the northwestern outskirts of Houston. Tom Condon Jr. and John Grimsley of Colliers represented the seller, The Tomball Economic Development Corp., in the transaction. Will Condrey of Cresa represented the buyer, which plans to develop two build-to-suit facilities at the site for Walsh & Albert and Metal Zinc. Both of these companies supply products for HVAC systems.
IRVING, TEXAS — Texas AirSystems has signed a 103,000-square-foot office lease in Irving. The manufacturer of commercial HVAC systems will occupy the entirety of Royal Ridge II, a two-story building that recently underwent a capital improvement program. Dan Harris and Ryan Boozer of Stream Realty Partners represented Texas AirSystems in the lease negotiations. John Brownlee and Michael Williams of JLL represented the landlord, an affiliate of Silicon Valley-based investment firm Menlo Equities.
MANSFIELD, TEXAS — Lee & Associates has negotiated a 25,125-square-foot industrial lease in Mansfield, a southern suburb of Fort Worth. According to LoopNet Inc., the property at 2151 Heritage Parkway consists of two buildings with 30-foot clear heights and 3,800 square feet of office space. Robert Miller of Lee & Associates represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …
HOUSTON — JLL has negotiated the sale of Briar Forest Crossing, a 94,404-square-foot office building in West Houston. The four-story building was 73 percent leased at the time of sale. Marty Hogan of JLL represented the seller, CapRidge Partners, in the off-market transaction. Doug Pack of Colliers represented the buyer, LM & Associates, which purchased the property via a 1031 exchange. Colliers has also been tapped to market the building for lease.
HOUSTON — A partnership between Chicago-based investment firm Blue Vista Capital Management and Rycore Capital has acquired Techniplex Business Center, a two-building, 78,116-square-foot industrial property in northwest Houston. The first building exclusively offers industrial space with 18-foot clear heights and dock-high loading doors. The second building houses both industrial and lab space and offers 12-foot clear heights and grade-level doors. The seller and sales price were not disclosed.
EL PASO, TEXAS — Adolfson & Peterson Construction has completed a two-building, 52,000-square-foot healthcare project at Rio Vista Behavioral Health Hospital in El Paso. The project delivered 40 inpatient beds, outdoor recreation spaces and a one-story outpatient center. The project team also renovated 5,000 square feet of the existing 12-bed facility and added 14,000 square feet of parking space. Stengel Hill Architects designed the project. Construction began in February 2022.