MCKINNEY, TEXAS — General contractor Brasfield & Gorrie has topped out a 438,000-square-foot industrial building in the northern Dallas suburb of McKinney that is a build-to-suit for defense contractor Raytheon. The seven-story facility will include 259,200 square feet of manufacturing space and 43,200 square feet of office space, as well as lab space. Corgan is the project architect, and KDC is the developer. Construction is scheduled for a first-quarter 2024 completion.
HOUSTON — The NHP Foundation, a nonprofit owner-operator based in New York City, has opened The Citadel at Elgin, a 74-unit affordable housing complex in Houston’s historic Third Ward. Residences come in studio and one-bedroom floor plans and are reserved for renters age 55 and above who earn between 30 and 80 percent of the area median income. Units are furnished with stainless steel appliances, quartz countertops and in-unit washers and dryers. Amenities include a multi-purpose room, courtyard and outdoor grilling and dining stations. Houston-based nonprofit Change Happens CDC manages the property.
RICHARDSON, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million acquisition loan for a roughly 10,000-square-foot office building located at 1140 W. Campbell Road in Richardson, a northeastern suburb of Dallas. The borrower, a partnership between Brytar Cos. and EvCap Investment, plans to convert the building into an early learning and daycare facility that will be operated by The Montessori School. Kevan McCormack of MMCC originated the financing through an undisclosed direct lender.
CARROLLTON, TEXAS — Houston-based Network Cabling Services has signed a 9,573-square-foot industrial lease in the northern Dallas metro of Carrollton. The company will occupy space at Building 2 at Counter Point at Valwood, a two-building, 97,943-square-foot development. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an affiliate of Hay & Jones Inc., in the lease negotiations. Lee Owen of Compass Real Estate represented the tenant. Counter Point at Valwood is now 90 percent leased.
HOUSTON — Locally based private equity firm Three Pillars Capital Group has acquired Chateaux Dijon, a 426-unit apartment community located at 5331 Beverlyhill St. in Houston’s Galleria district. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, outdoor grilling and dining areas, package lockers and a pet park. Austin-based InvestRes, which acquired the asset in 2018, sold the property to Three Pillars Capital for an undisclosed price. Jordon Emmott and Abraham Garza of Global Real Estate Advisors brokered the deal.
WESLACO, TEXAS — ARCO Beverage Group, a division of St. Louis-based general contractor ARCO National Construction, has broken ground on a 253,200-square-foot distribution center for Glazer’s Beer & Beverage in the Rio Grande Valley city of Weslaco. The wholesale alcoholic beverage distributor will be the anchor tenant of Mid Valley International Industrial Park, a 122-acre master-planned development that is owned by Weslaco Economic Development Corp. Building features will include 210,000 square feet of temperature-controlled space, 36-foot clear heights, 27 dock positions and 25,000 square feet of office space. Completion is slated for the first quarter of 2024.
LONGVIEW, TEXAS — Marcus & Millichap has arranged the sale of Wingate by Wyndham Longview North, a 67-room hotel located about 120 miles east of Dallas. The hotel offers an indoor pool, fitness center, business center and meeting rooms. Allan Miller, Chris Gomes and Skyler Cooper of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio, along with Marcus & Millichap’s Hussain Shaik, also procured the buyer. Both parties requested anonymity.
TOMBALL, TEXAS — Charlotte-based energy equipment provider Ameresco Solar has signed a 41,080-square-foot industrial lease renewal at South Live Oak Business Park in Tomball, a northwestern suburb of Houston. The property comprises two buildings on a 6.2-acre site in the downtown area. Tom Condon Jr. and John Grimsley of Colliers represented the landlord, Tomball Economic Development Corp., in the lease negotiations. Ameresco was self-represented.
HOUSTON — Partners Real Estate has negotiated the sale of a 23,100-square-foot industrial facility that sits on a 1.3-acre site within the three-building Intercontinental Crossing Business Park in North Houston. According to LoopNet Inc., the building was completed in 2022 and features 28-foot clear heights. Clay Pritchett and Zane Carman of Partners represented the seller, TNRG Development, in the transaction. The name and representative of the buyer were not disclosed.
By Taylor Williams North Texas is attracting new and existing entertainment concepts at a frenetic pace as operators of these facilities seek to position themselves squarely in pathways of major growth and capitalize on any remaining pent-up demand from the pandemic. According to a 2022 report from the North Central Texas Council of Governments, the region’s population surpassed 8 million last year. In addition, more than 20 cities in North Texas — the area that includes and surrounds the Dallas-Fort Worth (DFW) metroplex — saw their populations swell by 10 percent or more on a year-over-year basis between mid-2021 and mid-2022. This growth inevitably encompasses key demographics that entertainment operators covet, including families with children and young working professionals. High-paying jobs continue to flow into DFW in the form of corporate relocations and consolidations. Developer KDC recently began construction on Wells Fargo’s 850,000-square-foot regional campus in Irving. New pieces of the PGA of America’s headquarters campus in Frisco are coming on line every quarter and sparking feverish development in surrounding neighborhoods. Global engineering consultant AECOM and construction machinery manufacturer Caterpillar are also in the process of relocating their headquarters from Los Angeles to Dallas, among others. Checking the two boxes …