DUNCANVILLE, TEXAS — Northmarq has brokered the sale of Candlelight Park, a 128-unit apartment complex in Duncanville, a southwestern suburb of Dallas. Built in 1980, the property offers one-, two- and three-bedroom units ranging in size from 688 to 1,078 square feet. Amenities include a playground and onsite laundry facilities. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq represented the undisclosed seller in the transaction. Kevin Leamy, also with Northmarq, arranged fixed-rate Freddie Mac acquisition financing on behalf of the buyer, which was also not disclosed.
Texas
IRVING, TEXAS — Kelly-Moore Paints has signed a 15,000-square-foot lease to relocate its headquarters office from Northern California to Irving. The paint manufacturer and retailer plans to move about 30 senior executives and other team members into its new space at 500 E. John Carpenter Freeway before the end of the year. Tyler Isbell of SRS Real Estate Partners represented Kelly-Moore Paints, which has a manufacturing plant in nearby Hurst and operates about 160 stores throughout Northern California and the Southwest, in its site selection and lease negotiations.
By Taylor Williams Office owners have spent the last two-plus years undertaking every creative measure they can fathom — and afford — to get tenants and their employees to legitimately want to come back to their buildings. From investing in upgrades to physical amenities to hiring hospitality-minded professionals for property activation to offering personalized incentives, nothing has been out of bounds when it comes to recouping occupancy. Enough time has now passed such that owners can judge the extent to which their ideas and initiatives have worked. Of course, the goalposts for what defines success in the office sector have shifted radically during that time. Profit margins and forecasts have shrunk as 60 to 70 percent occupancy three to four days a week now starts to look pretty good, all other factors being held equal. It’s simply a different world. “We are never going back to pre-pandemic ways,” says Ami Figg, senior leasing specialist at Houston-based Hartman. “What COVID-19 has done for the office market is equivalent to what September 11 did for the travel industry. There will always be a need for traditional office space, but it’s changed forever, so it’s upon us as landlord and tenant reps to …
LEWISVILLE, TEXAS — Locally based developer Bright Realty has broken ground on Crown Centre II, a $50 million office project that will be located in the northern Dallas suburb of Lewisville. The four-story, 147,000-square-foot building will be situated within Bright Realty’s Crown Centre development, which will ultimately feature up to 2,000 multifamily units, 3 million square feet of office space, 500 hotel rooms and 140,000 square feet of retail, restaurant and open green space. Bright Realty delivered Crown Centre I in 2020, and the building is now 89 percent leased. Dallas-based Rudick Construction Group is the general contractor for the project, which is scheduled for a fall 2024 completion.
FORT WORTH, TEXAS — San Francisco-based investment firm Hamilton Zanze has sold 4000 Hulen, a 240-unit apartment complex in Fort Worth. The property was built in 2015, has an average unit size of 886 square feet and offers amenities such as a pool, fitness center, coffee bar, game room and a dog park. Hamilton Zanze acquired the property in 2017 and implemented a value-add program that upgraded unit interiors, amenity spaces, building exteriors and landscaping. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Jeffrey Kindorf and Will Balthrope of Institutional Property Advisors, a division of Marcus & Millichap, represented Hamilton Zanze in the transaction and procured the buyer, Pegasus Real Estate. At the time of sale, 4000 Hulen was 95 percent occupied.
MCKINNEY, TEXAS — ILS Gummies, a provider of nutritional supplements that support a range of health issues, has opened its 70,000-square-foot manufacturing and headquarters facility in the northern Dallas suburb of McKinney. According to commercialcafé.com, the industrial property at 350 Cypress Hill Drive was built on 19.9 acres in 2021, totals 301,714 square feet and includes 194 car parking spaces. The company expects to hire about 70 people to staff the facility.
HOUSTON — Deshazo Crane Co., a designer and manufacturer of the construction machines, has signed a 20,124-square-foot industrial lease renewal at 14223 Interdrive E in North Houston. According to LoopNet Inc., the property was built in 1991 and offers 22-foot clear heights, 25 parking spaces and 2,000 square feet of office space. Doc Perrier and Travis McEldowney of Finial Group represented the undisclosed landlord in the lease negotiations. The representative of the tenant was not disclosed.
SAN ANTONIO — Houston-based brokerage firm Partners Real Estate has arranged the sale of a 6,866-square-foot office building in San Antonio. According to LoopNet Inc., the single-tenant property at 825 Jackson Keller Road was built on 1.4 acres in 1996. Joe Bright of Partners represented the seller, River City Federal Credit Union, in the transaction. Additional terms of sale were not disclosed.
Pavlov Media is accelerating the expansion of its fiber network and fiber-to-the-home initiatives with a key investment from the world’s largest infrastructure investor, Macquarie Asset Management. The funding will help Pavlov Media augment its coverage of student and multifamily housing, developing and broadening resident access to high-speed Internet across a variety of property types. “We are ramping up our growth plans with a combination of building municipal fiber networks in college towns and extending service to underserved areas adjacent to our core markets,” says Glenn Meyer, board member and president of Pavlov Media. “It’s basically more of what we have already been doing but on a larger scale.” Pavlov Media is already the nation’s largest private provider of fiber-based Internet and video services to off-campus student housing, connecting properties in more than 150 U.S. markets and Canada to its national backbone via its own last-mile, municipal fiber networks and third-party circuits. The Champaign, Illinois-based company serves approximately 1,000 multifamily and student buildings encompassing more than 285,000 beds, and in recent years has begun extending fiber to customers in areas adjacent to its core student-housing markets. Now the broadband service provider is poised to quicken the pace of its growth with …
SPRING, TEXAS — Locally based developer Sueba USA has broken ground on Imperial Oaks Square, a 269-unit multifamily project in the northern Houston suburb of Spring. The site is located within Falls at Imperial Oaks, a 686-acre master-planned development by Holcomb Properties, and is adjacent to the 100-acre Lake Holcomb. Units will come in one-, two- and three-bedroom floor plans and will range in size from 496 to 1,594 square feet. Amenities will include a pool, fitness center, outdoor grilling and dining areas, a dog park, business center and a catering kitchen. Preleasing will begin in July 2024.