MCKINNEY, TEXAS — Texas-based developer Presidium will undertake a redevelopment project in McKinney, a northern suburb of Dallas, that will convert the 28-acre site of a former cotton mill and textile manufacturing facility that was built in 1910 into a mixed-unit development. Plans for Presidium Cotton Mill include approximately 1,200 multifamily units that will be housed across four buildings ranging in height from five to seven stories. The project will also feature 200,000 square feet of office space, as well as retail and restaurant space, open green space and a boutique hotel. Residential amenities will include pools, outdoor grilling and dining stations, fitness centers, coworking spaces, game rooms and lounge areas. The development team is aiming to break ground in mid-2024 and expects the entire project to take about six years to fully complete.
Texas
AUSTIN, TEXAS — A partnership between Atlanta-based developer NitNeil Partners and locally based investment firm Seamless Capital will develop a 923-unit self-storage facility in East Austin. The existing structure on the 1.5-acre site at 853 Airport Blvd. will be redeveloped into a facility that spans 112,000 gross square feet and 83,000 net rentable square feet of climate-controlled space. LifeStorage will operate the property. Completion is slated for late 2024.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated the sale of a 50,566-square-foot industrial building in Grand Prairie, located roughly midway between Dallas and Fort Worth. According to LoopNet Inc., the single-tenant building at 1922-1938 N. Great Southwest Parkway was built on 2.1 acres in 1981 and features 18-foot clear heights and 16 exterior dock doors. Colton Rhodes of Lee & Associates represented the buyer, Texas-based investment firm Stonelake Capital Partners, in the transaction. The seller and sales price were not disclosed.
LEWISVILLE, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has arranged the sale of a 48-site mobile home park in the northern Dallas suburb of Lewisville. Lewisville Mobile Home Park spans 217,800 square feet and consists of 31 mobile home lots, 17 RV lots and one single-family residence. Arthur Varela, Kevin Puder, and Chad Kurz of Matthews represented the buyer, which acquired the property via a 1031 exchange, in the off-market transaction. The property was fully occupied at the time of sale.
AUSTIN, TEXAS — The Malin, a members-only coworking concept, will open a 12,123-square-foot space at 1515 E. Cesar Chavez St. in East Austin. The space, which is scheduled to open next summer, will feature 28 dedicated desks, 10 private offices and four meeting rooms. Brent Powdrill, Bethany Perez and Kevin Kimbrough of JLL represented the undisclosed landlord in the lease negotiations. Casey Casper and Kendall King of HPI Real Estate Services & Investments represented the tenant.
BOCA RATON, FLA. — Basis Industrial, a privately held real estate owner and operator headquartered in Boca Raton, has acquired four commercial properties in Florida and Texas for a total of approximately $160 million. Bank United, Banesco and Thorofare provided roughly $110 million in financing for the transaction. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the borrowers, Basis and NexPoint, providing the remaining funds. In addition to the acquisitions, the loans and equity will fund a $60 million refinancing for two of the borrowers’ existing commercial properties in Florida. The six properties, including those being refinanced, total over 1.3 million square feet. The four acquired properties include: The properties that Basis refinanced were Crystal Pointe and Gateway & Commercial Point. Crystal Pointe is a 96,888-square-foot property located at 4500-4870 North Powerline Road in Deerfield Beach, Florida. Crystal Pointe is currently 100 percent leased. Gateway & Commercial Point is a 253,701-square-foot asset located at 7550-7800 Southland Blvd. in Orlando. The property is currently 97.6 percent leased. “This is a huge step for Basis’ growth and my vision,” says Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted …
DALLAS — Harwood International will develop Harwood No. 15, a 23-story, 340,000-square-foot office building that will be situated within the locally based developer’s 19-block namesake district in Uptown Dallas. Harwood No. 15 will feature spa-like amenities, including saunas, steam rooms and a cold plunge, as well as a conference center, fitness center and a 20,000-square-foot rooftop park. The design team includes Kengo Kuma & Associates and Corgan. Construction is set to begin in mid-2024 and to be complete in late 2026. Harwood most recently completed the 27-story Harwood No. 14, which is now 76 percent leased. The entire Harwood District currently has an occupancy rate of about 93 percent.
AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Rivette Tower, a 345-unit apartment community located in Austin’s Mueller District. The project comprises two three- and five-story buildings with 2,500 square feet of retail space on the ground floor. Units will feature one-, two- and three-bedroom floor plans, with 15 percent of the residences (about 50 units) reserved for renters earning up to 60 percent of the area median income. Amenities will include a pool, rooftop deck, coworking space and outdoor gathering areas. The first units are expected to be available for occupancy next spring. Construction began in March 2022.
ANNA, TEXAS — Locally based developer JPI, in partnership with the City of Anna, has begun leasing Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas. The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project. The 150,000-square-foot community will span over nine acres and include 185 apartments. Rents start at $1,100 per month for a one-bedroom unit.
HOUSTON — Engineering and industrial services firm Acuren Inspection has signed a 10,829-square-foot industrial lease renewal in northwest Houston. The space is located within Four Seasons Business Park, a 204,532-square-foot development that was constructed on 11.8 acres in 2011, according to commercialcafé.com. John Buckley and Jack Gaffney III of locally based brokerage firm Finial Group represented the undisclosed landlord in the lease negotiations. Judd Harrison of KBC Advisors represented the tenant.