SAN ANTONIO — San Diego-based investment firm Westcore has acquired Eisenhauer Business Park, a 377,318-square-foot industrial development in San Antonio, for $36.6 million. The newly built, four-building property was 95 percent leased at the time of sale. Building features include dock-high and grade-level loading doors and clear heights ranging from 28 to 32 feet. Michael Kent of Stream Realty Partners represented the seller, NIT Industrial, in the transaction. Westcore was self-represented.
FRISCO, TEXAS — Crow Holdings Development (CHD), a Dallas-based real estate development firm and subsidiary of Crow Holdings, has released plans for The Offices at Southstone Yards, a mass timber office building in Frisco. The 235,000-square-foot property will anchor Southstone Yards, a 45-acre mixed-use development that will feature over 1 million square feet of office space at full buildout. In addition to offices, Southstone Yards will feature shops, restaurants, hotels, nine acres of green space, and more than 1,000 apartments and townhomes, including a five-story, 355-unit property that North Carolina-based LMC is developing. The Dallas Morning News reports that the mixed-use development is valued at $850 million. The seven-story office building represents the first mass timber office building in North Texas, according to CHD. Compared to common building materials like steel and concrete, developers are utilizing mass timber construction because they find it’s more sustainable, provides greater design flexibility, results in a lighter environmental footprint, offers higher thermal insulation and creates a warmer aesthetic. The Dallas Business Journal reports that The Offices at Southstone Yards will be among the largest mass timber office buildings in the United States at completion. The property will feature raised floors, which provides flexibility for …
SUNNYVALE, TEXAS — Locally based brokerage firm Paladin Partners has negotiated a 643,760-square-foot industrial lease at 100-200 Planters Road, a newly built property located in the eastern Dallas suburb of Sunnyvale. Conrad Madsen and Greg Nelson of Paladin Partners represented the landlord, a partnership between locally based developers Langford Property Co. and Flaherty Development, in the lease negotiations. Adam Curran and Jay Benner of Cushman & Wakefield represented the tenant, an undisclosed, locally based manufacturer.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mosaic Dallas, a 440-unit multifamily property in downtown Dallas. Constructed as office buildings in the 1950s, Mosaic Dallas was converted into apartments in 2006. The two high-rise buildings also house 8,766 square feet of ground-floor retail space. Amenities include a rooftop pool, indoor putting lounge, valet and concierge services, dry cleaning service and a fitness center. Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware, Grant Raymond and Will Balthrope of IPA represented the seller, Olympus Property, and procured the buyer, a New York-based investment manager, in the deal.
SAN ANTONIO — North Texas-based developer Jackson-Shaw has broken ground on Phase II of Centerpoint Logistics Park, a project in San Antonio that will add 416,707 square feet of industrial space to the local supply. The site spans 64 acres on the city’s northeast side. Phase II will consist of a 139,427-square-foot, rear-load building and a 277,280-square-foot, cross-dock building. Greystar is Jackson-Shaw’s equity partner on the project. R.C. Page Construction is the general contractor, with design led by Beaty Palmer Architects. Kimley-Horn is the civil engineer, and Veritex Community Bank is providing construction financing. Stream Realty Partners will manage and market the project for lease. Jackson-Shaw broke ground on the 302,518-square-foot initial phase of the project in late 2020.
HOUSTON — JLL has brokered the sale of Oak Park Office Center II, a 206,362-square-foot office building in Houston that houses the headquarters operations of apparel retailer Men’s Wearhouse. The building, which is located in Houston’s Westchase District, was 49 percent occupied at the time of sale. Kevin McConn, Marty Hogan and Jack Moody of JLL represented the seller, metro Boston-based REIT Office Properties Income Trust, in the transaction. The buyer was an undisclosed, Houston-based investment firm.
KATY, TEXAS — Wan Bridge, a developer of build-to-rent residential communities, is underway on The Enclave at Mason Creek, a 192-unit project that will be located in the western Houston suburb of Katy. Construction began in early July, and the first residences are expected to be complete at the beginning of 2023. Homes will come in three- and four-bedroom formats and range in size from 1,430 to 1,750 square feet. Amenities will include parks, playgrounds and walking trails. BMO Harris Bank provided construction financing for the project.
FORNEY, TEXAS — Locally based brokerage firm Paladin Partners has negotiated a 712,900-square-foot industrial lease at Gateway East Trade Center in Forney, an eastern suburb of Dallas. Dallas-based Hunt Southwest delivered the single-tenant, cross-dock building earlier this year. Gateway East Trade Center sits on 44.9 acres and features 40-foot clear heights, four drive-in doors, 266 car parking spaces (expandable to 439) and 151 trailer parking spaces (expandable to 226). Conrad Madsen and Greg Nelson of Paladin Partners represented the tenant, Kansas-based logistics firm Hayes Co., in the lease negotiations. Kurt Griffin, Nathan Orbin and Stuart Smith of Cushman & Wakefield represented Hunt Southwest.
TYLER, TEXAS — Marcus & Millichap has brokered the sale of Don’s Self Storage, an 334-unit facility in Tyler, about 100 miles east of Dallas. The facility comprises 49,225 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the East Texas-based seller and procured the California-based buyer in the transaction. Both parties were private investors that requested anonymity.
MISSOURI CITY, TEXAS — Thompson Thrift Residential, a subsidiary of Indianapolis-based investment firm Thompson Thrift, has sold The Ranch at Sienna, a 312-unit apartment community in the southwestern Houston suburb of Missouri City. Built in 2016, the property offers one-, two- and three-bedroom units averaging 1,105 square feet. Residences are furnished with private balconies and full-sized washer and dryers. Communal amenities include a pool with cabanas, a fitness center, clubhouse, coffee bar, outdoor kitchen, game room and a dog park. Houston-based Laye Capital Investments purchased the community for an undisclosed amount.