DENTON, TEXAS — Weitzman has arranged the sale of a 13,562-square-foot retail strip center in the North Texas city of Denton. The centers sits on 1.1 acres at 111 E. University Drive. Tenants include The UPS Store, Taqueria Monterrey and Sangam Indian Restaurant. A local investor sold the property to a California-based limited liability company for an undisclosed price, with both parties requesting anonymity. David Zoller of Weitzman brokered the deal.
DALLAS — Two locally based firms, De La Vega Development and StreetLights Residential, have broken ground on Phase I of The Central, a 27-acre mixed-use project located at the corner of North Haskell Avenue and the North Central Expressway. The initial phase comprises a park within the center of the site, development of which will be led by De La Vega, and The Oliver, an apartment building that StreetLights will develop in partnership with Mitsui Fudosan America. Both pieces of the project are slated for December 2023 completions. Units at The Oliver will come in studio, one- and two-bedroom floor plans, and amenities will include a pool, fitness center, coworking space, resident lounge and a dog park. Additional plans for The Central ultimately call for more than 4 million square feet of office, residential and retail/restaurant space, as well as dedicated open green spaces and event areas. Steve Williamson of Transwestern arranged the land sale between De La Vega Development and Streetlights Residential.
SAN ANTONIO — Locally based investment firm The Lynd Group has acquired Parc 410, a 344-unit apartment community in San Antonio’s Leon Valley submarket. Built in 1985, the garden-style property offers one- and two-bedroom units with an average size of 716 square feet. Amenities include two pools, a clubhouse, fitness center, outdoor grilling and picnic areas, a dog park and a basketball court. As part of a $6 million capital improvement program, Lynd will install package lockers and a children’s playground, as well as upgrade unit interiors and other common areas.
COLUMBUS, TEXAS — DWG Capital Partners has sold a 35,835-square-foot light industrial facility in Columbus, located west of Houston. The investment and advisory firm acquired the asset in April 2021 via a sale-leaseback with the tenant, The Theut Co., a division of Denver Glass Interiors. Simon Miller of Endaxi Capital Partners represented DWG Capital Partners and the buyer, a private partnership based in Oregon, in the off-market transaction.
IRVING, TEXAS — Engineering firm Kimley-Horn has signed a 25,767-square-foot office lease at Mandalay Tower 2, a 16-story building within Irving’s Las Colinas district. Rodney Helm, Zach Bean and Chris Taylor of Cushman & Wakefield represented the landlord, Parmenter Realty Partners, in the lease negotiations. Kimley-Horn plans to move into Mandalay Tower 2, which offers a restaurant, fitness center, sundry shop and conference facilities, in May 2023.
DRIPPING SPRINGS, TEXAS — Avison Young has brokered the sale of a 19,472-square-foot office building in the western Austin suburb of Dripping Springs. Giovanni Palavicini of Avison Young represented the buyer, locally based coworking concept FUSE Workspace, in the transaction. Dan Lewis and David Alsmeyer of TIG Real Estate Solutions represented the seller, private developer Steve Herren. FUSE Workspace also plans to occupy the building and is targeting a first-quarter 2023 opening.
OKLAHOMA CITY — JLL has arranged a $100 million construction loan for OAK, a mixed-use project in Oklahoma City. Jeremy Sain of JLL arranged the financing through an undisclosed lender on behalf of the borrower, Veritas Development. At full build-out, the development will consist of 320 residential units, 260,000 square feet of office space, 250,000 square feet of retail space, a 133-room boutique hotel and 7,000 square feet of public green space, all connected by walking paths. Retail tenants that have already committed to OAK include RH, Arhaus and Capital Grille.
HOUSTON — Locally based developer Lovett Industrial has broken ground on a 388,793-square-foot industrial project in South Houston. The project represents Phase I of 610 Business District, a 113-acre speculative development. Phase I will comprise a 291,459-square-foot, cross-dock building with 36-foot clear heights and a 97,223-square-foot, front-load building with 32-foot clear heights. Completion is slated for August 2023. More Architecture Studio designed the development, and Alston Construction is serving as the general contractor. Associated Bank provided construction financing for the project. CBRE has been tapped as the leasing agent.
DUNCANVILLE, TEXAS — Houston-based investment firm Venterra Realty has acquired Bella Ruscello, a 216-unit apartment community in Duncanville, a southern suburb of Dallas. Built in 2007, the property features one- and two-bedroom units ranging in size from 655 to 1,074 square feet. Amenities include a pool, fitness center, community room with a theater and a paved walking trail. The seller was not disclosed. Venterra plans to implement a value-add program.
GRAND PRAIRIE, TEXAS — Locally based developer Proterra Properties has begun construction of Carrier/360 Distribution Center, a 114,400-square-foot industrial flex facility that will be located near Dallas-Fort Worth International Airport in Grand Prairie. The rear-load facility will feature 32-foot clear heights, 120-foot truck court depths, 32 dock-high doors, two drive-in ramps and a high office finish. Completion is slated for July 2023. Proterra Properties will also handle leasing of the property.