By Taylor Williams DALLAS — As a metroplex, Dallas-Fort Worth (DFW) has the physical sprawl, population density, pace of job growth and volume of housing development to fairly be labeled as one of the biggest consumer markets in the country, on par with New York City and Los Angeles. It’s the extent to which affordability has matured in New York City and Los Angeles that marks the key difference between DFW and the coastal behemoths. Aside from rental housing, no asset class within commercial real estate captures a given market’s affordability better than retail. Retail rents in the most sought-after corridors and districts of New York City and Los Angeles seemingly have no ceiling, and that is reflected in the prices of the products and services that are dispensed from those spaces. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. It’s fair to assume that for most households that have relocated from the coasts to DFW, housing and jobs have been the most decisive factors. Yet retail spending does account for a good chunk of the average family’s disposable …
Texas
FARMERS BRANCH, TEXAS — Texas-based developer Presidium has completed Presidium Valley View, a 338-unit multifamily project located in the northern Dallas metro of Farmers Branch. Units come in studio, one-, two- and three-bedroom floor plans and range in size from 573 to 1,631 square feet. Residences are furnished with stainless steel appliances, quartz countertops, kitchen islands, built-in desks, private balconies, keyless entry mechanisms and individual washers and dryers. Indoors, the property houses a fitness center, clubroom area, coffee bar, theater lounge with a golf simulator and coworking spaces. Outdoor amenities include a pool, yoga lawns, grilling areas and a pet park/spa. Dallas-based O’Brien Architects served as the project architect. Leasing began last winter, at which point rents started at $1,585 per month for a studio apartment.
WALLISVILLE, TEXAS — A joint venture between two locally based developers, Vigavi Realty and Ley Wilson Development, as well as Chicago-based Pearlmark, will develop Wallisville Logistics Center, a 262,612-square-foot industrial facility that will be located on the eastern outskirts of Houston. Wallisville Logistics Center will consist of two buildings spanning roughly 135,000 and 128,000 square feet that will feature 32-foot clear heights. Amegy Bank is financing construction of the project. JLL arranged the construction debt and equity partnership and has also been named as the project’s leasing agent.
DALLAS — Locally based investment firm CanTex Capital has sold a portfolio of eight industrial outdoor storage facilities totaling roughly 44 acres that are located across the Dallas-Fort Worth metroplex. The portfolio was fully leased at the time of sale. Eastdil Secured represented CanTex Capital in the transaction. The buyer was San Francisco-based Stockbridge Capital Group.
DALLAS — Image First of Dallas has signed a 44,045-square-foot lease renewal at 3040 Quebec St. in West Dallas. Quebec Business Center features 18-foot clear heights, three dock-high doors and 800 square feet of office space. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, GKI Industrial Dallas LLC, in the lease negotiations. Ruth Baker of Mohr Partners represented the tenant.
RICHMOND, TEXAS — JLL has arranged the sale of a 23,256-square-foot grocery store building in Richmond, located southwest of Houston, that is occupied by Sprouts Farmers Market. The newly constructed building is located within Waterview Town Center, a 143-acre mixed-use development. JLL represented the seller, metro Nashville-based GBT Realty, in the deal. JRW Realty represented the buyer, Southern California-based ExchangeRight.
ELLIS COUNTY, TEXAS — Locally based developer Huffines Communities has broken ground on Lakesong, a 2,700-acre master-planned community in Ellis County, located south of the metroplex. Plans for the mixed-use development, which encompasses the cities of Grand Prairie and Midlothian, currently call for approximately 5,000 single-family homes, 2,000 multifamily units and a 40-acre commercial district. Onsite amenities will include roughly 780 acres of open space and parks, a trail system and a 100-acre private lake, as well as several fishing ponds, pools, pickleball courts, sports facilities, a fitness center and multiple amenity centers. Construction on the first phase of single-family homes is underway, and the first model homes are expected to be complete late next year.
HOUSTON — Panelmatic Electrical Solutions has signed a 10-year, 728,080-square-foot industrial lease in North Houston. The manufacturer of switchgear systems will occupy the entirety of Westpoint 45, a newly developed, cross-dock facility that sits on a 42-acre site near the intersection of I-45 and Beltway 8. Building features include 40-foot clear heights, speculative office space and 180 trailer parking stalls. Richard Quarles, Mark Nicholas, Joseph Berwick and Eliza Klein of JLL represented the landlord, a partnership between locally based developer Vigavi and Principal Asset Management, in the lease negotiations. Wes Williams of Colliers represented Panelmatic.
SAN ANTONIO — A joint venture between Baltimore-based MCB Real Estate, Austin-based Epic Real Estate Partners and Centerbridge Partners LP has acquired Northwoods Shopping Center, a 439,569-square-foot retail power center in San Antonio. An H-E-B grocery store anchors the property and has operated at the site since its development in 1996. Additional tenants at the center, which was 91 percent leased at the time of sale, include Nordstrom Rack, Marshalls, Homesense, Barnes & Noble, Old Navy and Ulta Beauty. Truist Bank financed the acquisition. The seller and sales price were not disclosed.
SAGINAW, TEXAS — A partnership between Canadian owner-operator Tricon Residential and Texas-based developer HHS Residential has completed a 166-unit build-to-rent residential project in Saginaw, a northern suburb of Fort Worth. Residences feature three and four-bedroom floor plans and have attached two-car garages and fully fenced backyards. Amenities include a dog park and multiple outdoor recreational spaces. Information on starting rents was not announced.