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.
FORT WORTH, TEXAS — Matthews Real Estate Investment Services has arranged the sale of Amberwood Apartments, a 62-unit multifamily complex in Fort Worth. The property was built in 1969. A partnership between an entity doing business as Bakerson LLC and Massive Capital purchased the asset from an undisclosed seller. Jared Rice and Harris McKay of Matthews brokered the deal.
HOUSTON — Source Vital, a provider of beauty and cosmetics products, has signed a 7,892-square-foot retail lease in Houston’s Post Oak district. According to LoopNet Inc., the property at 1291 N. Post Oak Road was built in 1983 and totals 58,050 square feet. Ryan Hartsell of Oxford Partners represented the tenant in the lease negotiations. Kyle Whieldon represented the landlord, Prologis, on an internal basis.
GRAPEVINE, TEXAS — Design-build firm ARCO/Murray will construct a 972,380-square-foot speculative industrial facility in Grapevine, located in the northern-central part of the metroplex. The developer was not disclosed. Phase I will consist of a 200,340-square-foot, rear-load warehouse that will feature 37 dock positions, two drive-in ramps, 119 car parking spaces and 49 trailer parking stalls on a 16-acre site. The building is designed to accommodate up to four tenants. Phase II will include three buildings totaling 772,040 square feet (504,000, 183,040 and 85,000 square feet) with a total of 216 dock positions, eight drive-in ramps and 700-plus car parking spaces on the remaining 72 acres. All necessary approvals have been secured, and construction is set to begin in September.
ROCKWALL, TEXAS — CTO Realty Growth has acquired Plaza at Rockwall, a 446,500-square-foot retail power center located on the eastern outskirts of Dallas, for $61.2 million. The center sits on 42 acres and was 95 percent leased at the time of sale to tenants such as Best Buy, Ulta Beauty, Dick’s Sporting Goods, J.C. Penney, Belk, Five Below and HomeGoods. The seller was not disclosed.