Texas

HLCI, Principal Real Estate to Develop 1.7 MSF Industrial Project in Forney, Texas

by Taylor Williams September 14, 2022

FORNEY, TEXAS — A partnership between Holt Lunsford Commercial Investments (HLCI) and Principal Real Estate Investors will develop Gateway Crossing Logistics Park, an approximately 1.7 million-square-foot industrial project that will be located in the eastern Dallas suburb of Forney. The development will consist of three buildings ranging in size from roughly 1 million to 265,000 square feet on a 127-acre site along State Highway 80. Building features will include 36- to 40-foot clear heights, 185-foot truck court depths, built-to-suit office space and ample car and trailer parking. Construction is slated to begin within the month and to be complete in late 2023. Holt Lunsford’s leasing division will market the property.

September 14, 2022

Industrial Leasing Activity Texas

GXO Logistics Signs 644,318 SF Industrial Lease in Fort Worth

by Taylor Williams September 14, 2022

FORT WORTH, TEXAS — GXO Logistics has signed a 644,318-square-foot industrial lease at Everman Crossroads, a 954,611-square-foot development in Fort Worth that is owned by Atlanta-based MDH Partners. The third-party logistics firm will occupy the entirety of Building 2. Pet products supplier Purina occupies the 310,292-square-foot Building 1. Scott Moore and Steve Koldyke of CBRE represented the landlord in the lease negotiations. Allen Gump and Allyson Yost of Colliers represented the tenant.

September 14, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 336-Unit Multifamily Property in Corpus Christi

by Taylor Williams September 14, 2022

CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of Island Villas, a 336-unit multifamily property in Corpus Christi. The property was built in 2008 and features a pool, billiards room, fitness center, package room and a pet play area. Moses Siller of Northmarq represented the buyer and seller, both of which requested anonymity, in the transaction. Bryan Mummaw, Brandon Harrington, Bryan Liu and Tyler Woodard, also with Northmarq, originated an undisclosed amount of Freddie Mac acquisition financing for the deal. The financing was structured with a 10-year term and seven years of interest-only payments followed by a 30-year amortization schedule.

September 14, 2022

Civic Development Texas

HNTB Underway on Renovation, Expansion of Austin-Bergstrom International Airport

by Taylor Williams September 14, 2022

AUSTIN, TEXAS — HNTB, a Kansas City-based design-build firm focused on urban infrastructure projects, is underway on the renovation and expansion of Austin-Bergstrom International Airport. HTNB is working with global design firm Populous on the project, which will include updates to the existing Barbara Jordan terminal, a new below-grade passenger tunnel and a new Midfield Concourse with space for up to 30 gates. A tentative completion date for these pieces of the project was not disclosed.

September 14, 2022

Loans Lument Multifamily Texas

Lument Provides $15.4M Acquisition Loan for Denton Apartment Complex

by Taylor Williams September 14, 2022

DENTON, TEXAS — Lument has provided a $15.4 million bridge loan for the acquisition of Village on University, a 133-unit apartment complex located in the North Texas city of Denton. The 12-building property was built on 6.9 acres in 1968. John Sloot of Lument originated the financing, which was structured with interest-only payments throughout the entirety of the three-year term, as well as two 12-month extension options. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.

September 14, 2022

Industrial Market Reports Texas Texas Market Reports

Austin Continues Its Ascendance as an Emerging Industrial Market

by Taylor Williams September 14, 2022

By Chase Clancy, vice president, Colliers The Austin industrial market is booming. According to Colliers’ research, Austin’s industrial market continues to grow at an amazing clip, spurred by rapid population growth, major manufacturing relocations and new e-commerce and inventory trends. Despite the longstanding shadows that larger markets like Houston and Dallas have cast on Austin’s growth, the market is reaching a fever pitch of rising rents, tightening vacancy, significant new deliveries and equally noteworthy preleasing activity. Based on Austin’s population size, Colliers’ research suggests that the market has the runway — both in terms of supply and demand — to nearly double in size over the next five years. With demand for space showing no sign of cooling at the local level, we project a prolonged period of record development and record absorption. To put that into context, Austin’s industrial market currently spans roughly 57 million square feet. We are tracking more than 40 million square feet of product in our development pipeline — more than 10.2 million square feet of which is currently under construction — with more on the horizon. Trailing 12-month absorption stands at approximately 3.4 million square feet as of the second quarter of 2022, but …

September 14, 2022

Acquisitions Multifamily Texas

TerraCap Management Acquires 337-Unit Apartment Community in Metro Austin

by Taylor Williams September 13, 2022

CEDAR PARK, TEXAS — Florida-based investment firm TerraCap Management has acquired Latitude at Presidio, a 337-unit apartment community located in the northern Austin suburb of Cedar Park. The property features one-, two- and three-bedroom units with an average size of 959 square feet. Amenities include a pool, game room, outdoor grilling and dining stations, fitness center, coffee bar and a dog park. Matt Pohl and Kevin Dufour of Walker & Dunlop represented the undisclosed seller in the transaction.

September 13, 2022

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 159-Unit Pleasant Creek Apartments in Metro Dallas

by Taylor Williams September 13, 2022

LANCASTER, TEXAS — Marcus & Millichap has brokered the sale of Pleasant Creek, a 159-unit apartment complex in Lancaster, a southern suburb of Dallas. The garden-style property houses 16 buildings with amenities such as a pool, fitness center, business center and onsite laundry facilities. Nick Fluellen and Chris Pearson of Marcus & Millichap represented the undisclosed seller and procured the buyer, Cove Capital Investments, in the transaction.

September 13, 2022

Build-to-Rent Development Single-Family Rental Texas

RangeWater Real Estate Breaks Ground on 154-Unit Build-to-Rent Community in San Antonio

by Taylor Williams September 13, 2022

SAN ANTONIO — Atlanta-based developer RangeWater Real Estate has broken ground on Caliza at the Loop, a 154-unit build-to-rent residential community that will be situated on a 16.5-acre site in San Antonio. Homes will come in three-bedroom formats and will average 1,600 square feet in size. Amenities will include a pool, outdoor grilling areas, a fitness center, playground and a business center. The first move-ins are scheduled for May 2023. RangeWater will manage the property under its Storia brand.

September 13, 2022

Silver-Lake-Village-Bartlesville-Oklahoma

Acquisitions Oklahoma Retail Texas

Stan Johnson Co. Negotiates $15.3M Sale of Shopping Center in Bartlesville, Oklahoma

by Taylor Williams September 13, 2022

BARTLESVILLE, OKLA. — Locally based brokerage firm Stan Johnson Co. has negotiated the $15.3 million sale of Silver Lake Village, an 87,750-square-foot shopping center in Bartlesville, located north of Tulsa. The center was fully leased at the time of sale to 12 tenants, with T.J. Maxx, Ross Dress for Less, Petco and Ulta Beauty serving as the anchors. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, Tennessee-based GBT Realty Corp., in the transaction. The buyer was a Florida-based 1031 exchange investor that requested anonymity.

September 13, 2022

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