RICHARDSON, TEXAS — Lee & Associates has negotiated an 8,710-square-foot lease at Arapaho Place, a 151,728-square-foot industrial flex complex located in the northeastern Dallas suburb of Richardson. Jessica Reinhardt, George Tanghongs and Ally Tanghongs of Lee & Associates represented the landlord, an entity doing business as Dallas North Industrial LLC, in the lease negotiations. Nathaniel Barrett of White Rock Realty represented the tenant, Indian software developer Incresol Inc.
FORT WORTH, TEXAS — Single-family residential developer Highland Homes has signed an 8,500-square-foot office lease at Hillwood Commons II, a newly constructed office building located within the Alliance Town Center in North Fort Worth. The office will be the company’s fifth in Texas and will be able to support up to 175 employees. Scott Hobbs and Kim Lyon of Newmark represented Highland Homes, which plans to take occupancy this summer, in the lease negotiations.
HOUSTON — Morales Capital Group, an affiliate of Mexcor International, has unveiled redevelopment plans for Viva Center, a 2.3 million-square-foot office and warehouse complex on a 66-acre site in Houston. The developer plans to revitalize the facility to support the research and development of liquid-cooled IT equipment for supercomputing. Eduardo Morales, CEO of Mexcor International and Morales Capital Group, says he envisions the newly rebranded Viva Center as “a transformative tech hub that seamlessly blends Houston’s rich history with futuristic innovations. With a focus on integrating cutting-edge infrastructure and next-gen application platforms, Viva Center aims to lead the charge in shaping Houston’s technological landscape for years to come.” Morales bought the property in 2022. The asset is part of a larger, sprawling, 300-acre campus that once served as the headquarters of Compaq, which was the largest home computer manufacturer of the 1990s. Fellow tech giant Hewlett-Packard bought Compaq in 2002 and has gradually sold off pieces of the campus, finally leaving the site entirely for a newly built, smaller building in the suburbs in 2022. For example, in 2009, Lone Star College purchased 1.2 million square feet of the property and turned it into a branch of the college. VivaVerse Solutions LLC will lead …
FORT WORTH, TEXAS — Locally based brokerage firm Younger Partners has arranged the sale of a 58-acre industrial development site in Fort Worth. The site at 5921 South Freeway is located on the city’s southwest side near the junction of Interstates 20 and 35. Carter Crow and Michael Ytem of Younger Partners represented the seller in the transaction. Justin Toon of Industrial Reserve represented the buyer, which plans to start construction in 2025. Both parties requested anonymity.
HUTTO, TEXAS — A partnership between regional firm Titan Development and St. Louis-based Sansone Group will develop a 208,560-square-foot speculative cold storage facility in the northern Austin suburb of Hutto. The facility will be located within Titan’s Innovation Business Park and will feature 50-foot clear heights. Construction is slated to begin in the second quarter. CBRE and locally based brokerage firm AQUILA Commercial have been tapped as co-leasing agents for the facility.
CYPRESS, TEXAS — Colliers has negotiated a 142,100-square-foot industrial lease in the northwestern Houston suburb of Cypress. The tenant, 84 Lumber Co., will occupy the entirety of Barker Cypress Distribution Center. According to commercialsearch.com, the building sits on 12 acres and features 149 parking spaces and 3,574 square feet of office space. Wes Williams of Colliers and Conrad Bernard of Boyd Commercial represented the landlord, Molto Properties, in the lease negotiations. The tenant was self-represented.
DALLAS — Preziosa Stone has signed a 23,874-square-foot industrial lease in the Brookhollow neighborhood of northwest Dallas. The tenant is taking space at PROTO Park, a 250,000-square-foot industrial redevelopment by North Texas-based M2G Ventures. Sheenu George of KW Commercial represented the tenant in the lease negotiations. Sarah Ozanne and Lena Pierce of Stream Realty Partners represented M2G Ventures. The deal brings PROTO Park to full occupancy.
HOUSTON — Partners Real Estate has brokered the sale of an industrial flex building located at 3611 Gulf Freeway, just southeast of downtown Houston. According to LoopNet Inc., the property was constructed in 1969 and renovated in 2022. Travis Land, Cole Popper and Braedon Emde of Partners represented the seller in the transaction. Zachary Green of Chodrow Realty Advisors represented the buyer. Both parties requested anonymity.
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LIHTC Program Offers Lifeline to Struggling Multifamily Developers
It’s a tough time for much of multifamily development, but the Low-Income Housing Tax Credit (LIHTC) program offers incentives that make much-needed affordable housing comparatively easier to achieve under the current economic conditions. Building is expensive and financing is tight in the current multifamily market. However, as it has for the last 30 years, the LIHTC program provides solutions that increase the ease of creating and sustaining affordable housing, even when the overall multifamily market faces challenges. The program not only promotes the construction and acquisition of housing but also enforces conditions that help maintain the stability and preservation of affordable properties. The program is also needed to address the demand for affordable housing. The National Low Income Housing Coalition estimates that extremely low-income households represent 25 percent of the nation’s 44.1 million renters and reports a shortage of 7.3 million affordable and available rental homes. Historical Financial Resilience “The LIHTC asset class is resilient, if not countercyclical, under challenging economic times,” says Katie Balderrama, executive vice president of affordable equity at Walker & Dunlop. The firm typically sees a foreclosure rate of under 1 percent on properties supported by LIHTC. “Overall, our affordable housing assets tend to perform fairly …
STAFFORD, TEXAS — A partnership between locally based developer Lovett Industrial and Los Angeles-based PCCP LLC has broken ground on Stafford Logistics Park, a 785,000-square-foot speculative industrial project that will be located on the southwestern outskirts of Houston. The development will consist of a 520,000-square-foot, cross-dock warehouse and a 265,000-square-foot, front-load warehouse. Building features will include 36- and 32-foot clear heights, respectively, as well as parking for 190 trailers and 380 cars. JLL will market the development for lease.