CARROLLTON, TEXAS — Packing and crating firm DGM Services Inc. has signed a 69,590-square-foot industrial lease at 1545 Crescent Drive in the northern Dallas suburb of Carrollton. According to LoopNet Inc., the property was built in 2021. Andrew Gilbert and Keaton Brice with Holt Lunsford Commercial represented the landlord, Boston-based TA Realty, in the lease negotiations. Steven Berger with CBRE represented the tenant.
ROUND ROCK, TEXAS — Edge Realty Partners has arranged the sale of Round Rock Crossing, a 245,592-square-foot shopping center in the northern Austin suburb of Round Rock. Built in phases on 31.5 acres between 2004 and 2006, the eight-building property was 52 percent leased at the time of sale to 18 tenants. The roster includes Best Buy, Michael’s, Dollar Tree, Vitamin Shoppe, Five Guys and Salons by JC. Mart Martindale and Brandon Beeson of Edge Realty Partners represented the undisclosed seller in the transaction. The buyer, Los Angeles-based BH Properties, intends to execute a value-add program at Round Rock Crossing.
DALLAS — Locally based investment firm M2G Ventures has acquired eight industrial buildings totaling approximately 207,000 square feet in the West Brookhollow submarket of Dallas. The properties, the six-building Commonwealth Industrial Park and two buildings plus an adjacent parcel on Woodall Street, comprise a total of 11.6 acres. M2G Ventures plans to implement a value-add program. The seller and sales price were not disclosed.
ROUND ROCK, TEXAS — Seattle-based developer and operator Sabey Data Centers will develop a facility in the northern Austin suburb of Round Rock that will have the capacity to produce up to 72 megawatts of power. The two-building development will be situated on a 40-acre site and will be primarily marketed to hyperscale cloud users. Preliminary sitework is underway, and Sabey plans to break ground in June and to deliver the facility in the first quarter of 2023.
DALLAS — Next Wave Investors, a private equity firm based in Southern California, has purchased Casa Luna Apartments, a 232-unit multifamily community in East Dallas. The property was built in 1969 and features one-, two- and three-bedroom units and amenities such as a playground, clubhouse, lounge, courtyard and onsite laundry facilities. Next Wave plans to implement a value-add program to enhance unit interiors, building exteriors, utility systems and landscaping. The seller and sales price were not disclosed.
DALLAS — Global investment bank Houlihan Lokey has signed a 74,805-square-foot office lease at The Link at Uptown, a 25-story building in Dallas. Houlihan Lokey will occupy the top three floors of the Class A building beginning in early 2023. Travis Ewert of Colliers and Jihane Boury of CBRE represented the Los Angeles-based tenant in the lease negotiations. JLL’s Blake Shipley and Thirty-Four Commercial’s Sarah Kennington and Bryce Jackson represented the landlord, Kaizen Development Partners. Other tenants at The Link at Uptown include global law firm Shearman & Sterling and digital marketing agency PMG.
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Lee & Associates’ First-Quarter 2022 Economic Rundown by Sector
Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …
KATY, TEXAS — Mirae Asset Global Investments, a global investment firm based in Seoul, South Korea, has purchased the headquarters campus of sporting goods retail giant Academy Sports + Outdoors (Nasdaq: ASO) in the west Houston suburb of Katy. Phoenix-based Tratt Properties sold the 1.5 million-square-foot campus, which is triple-net leased to Academy Sports on a long-term lease, for $190 million. The 93-acre campus includes a little over 1.2 million square feet of warehouse space, 250,000 square feet of flexible office space and mezzanine space totaling approximately 800,000 square feet. Located at 1800 N. Mason Road, the site has immediate access to Interstate 10 and Texas Highway 99, which circles Houston. “From a logistics perspective, this property is exceptionally well-located, with access to highways in all directions,” says Ken Hedrick, executive managing director of Newmark. “The scarcity and increasing value of land in the west Houston area further enhance the property’s value.” Hedrick, along with Newmark colleagues Jerry Hopkins, Andrew Ragsdale, Alex Foshay and Kristian Nielsen, represented Tratt Properties in the sale. Dustin Stolly, Jordan Roeschlaub and Nick Scribani, also with Newmark, arranged acquisition financing on behalf of Mirae Asset Global. Tratt Properties is an active logistics real estate investor …
SAN ANTONIO — Kansas City-based VanTrust Real Estate will develop Cornerstone Commerce Park, a 60-acre speculative industrial project in northeast San Antonio. Phase I of the project, construction of which is slated to begin in July and to last about 12 months, will consist of two buildings totaling 413,173 square feet. VanTrust has also acquired land for the second phase, which could comprise up to four additional buildings totaling over 600,000 square feet. CBRE has been tapped to lease the development.
DALLAS — Comunidad Partners, an investment firm that specializes in affordable and workforce housing, has acquired Villas del Zocalo, a 437-unit affordable housing community in East Dallas. Taylor Snoddy of Northmarq brokered the deal. The seller and sales price were not disclosed. The new ownership plans to invest in capital improvements to preserve the property’s affordability status. Specific information on income restrictions was not disclosed.