SOUTH PADRE ISLAND, TEXAS — HREC Investment Advisors has negotiated the sale of the 63-room Best Western Beachside Inn in the coastal resort community of South Padre Island. Ketan Patel and Mark Rome of HREC represented the seller, a Florida-based limited liability company, in the transaction. An out-of-state investor purchased the hotel for an undisclosed price and will retain the Best Western flag.
By Jason Baxter, president and CEO, Fort Capital While some might think that industrial warehouses are overflowing with e-commerce tenants, in Fort Worth, we have seen another tenant mix grow at an even more rapid pace: service providers. These are the plumbers, landscapers and electricians that work behind the scenes to keep cities running. With population growth skyrocketing in Fort Worth, the industrial space needed by these service providers is also growing at a rapid rate. According to the U.S. Census Bureau’s latest population estimates, Fort Worth’s population increase was the third-largest in the country between 2019 and 2020, a period during which the city added more than 19,000 new residents. This increase allowed Fort Worth to jump from No. 13 to No. 12 in terms of the largest U.S. cities based on population. We often forget that population growth at this scale impacts all facets of real estate — housing, office, entertainment, industrial. Each of these uses requires various types of service providers to maintain. Fort Worth and similar fast-growing markets do not have enough space to support this growing segment of the tenant base in addition to the e-commerce and logistics users that have become the face of …
AUSTIN, TEXAS — Architecture and design firm Gensler has completed the repositioning of Fifth + Tillery, a 188,000-square-foot office building in East Austin that is a redevelopment of an industrial facility. The owner, CIM Group, acquired the property in October 2019 shortly after construction began, and the initial construction was completed in August 2020. Spaces at Fifth + Tillery are marketed to creative office users featuring outdoor balconies with heightened levels of natural light. The building also offers a landscaped courtyard with various outdoor amenities.
SAN ANTONIO — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Limestone Oaks and Townhomes at Limestone Oaks, two adjacent multifamily properties totaling 400 units in northwest San Antonio. The communities were respectively built in 1981 and 1984. Bryce Smith of TMG represented the seller, Harvest Equities, in the transaction, and procured the undisclosed buyer. The sale was conducted off-market and included a 6.5-acres tract of developable land that connects the properties.
AUSTIN, TEXAS — A partnership between Maryland-based investment firm FCP and VaultCap Partners has acquired Huntington Meadows Apartments, a 200-unit multifamily complex in northeast Austin. The property features one-, two-, three- and four-bedroom units and amenities such as a pool, fitness center, playground, basketball court and onsite laundry facilities. Wes Racht, Bard Hoover and Nick Fluellen of Marcus & Millichap represented the undisclosed seller in the transaction.
GARLAND, TEXAS — Verdi Commerce, a marketing and consulting platform for e-commerce users, has signed a 94,249-square-foot industrial lease at 3901 W. Miller Road in Garland, a northeastern suburb of Dallas. According to LoopNet Inc., the property was built in 2008 and totals 435,179 square feet. Merideth Murphey, Evan Hammer, Lauren Pesqueda and Brendan Zrowka of Whitebox Real Estate represented the tenant in the lease negotiations. Robert Allen internally represented the landlord, First Industrial Texas.
SAN ANTONIO — NAI Partners has arranged the sale of a 38,283-square-foot bowling alley located at 3239 Harry Wurzbach Road in San Antonio. Astro SuperBowl operates the facility. Joshua Murphy and Ross Anderson of NAI Partners represented the seller, an entity doing business as A & E Sports LLC, in the transaction. Jorstep Inc. represented the undisclosed buyer.
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JLL Brokers $278M Sale of Eight-Property Grocery-Anchored Retail Portfolio
OAK BROOK, ILL. — JLL’s Capital Markets group has arranged the $278 million sale of an eight-property, grocery-anchored retail portfolio. The buyer was Inland Real Estate Income Trust Inc. The properties were 88.5 percent leased at the time of sale to tenants including Ralphs, Target, Whole Foods Market, Giant, Trader Joe’s, Sprouts Farmers Market, Nordstrom Rack, Starbucks Coffee, Rite Aid and Sierra Trading Post. The properties span 687,000 square feet and include: Olde Ivy Village, located outside of Atlanta at 4330 East-West Connector in Smyrna, Ga.; Denton Village, located at 4930 Teasley Lane in the Dallas suburb of Denton, Texas; Northpark Square Village, located at 27706-27776 McBean Parkway in the metro Los Angeles community of Valencia, Calif.; Northville Park Place, located at 18771-39869 Traditions Drive in Northville, Mich., outside of Detroit; City Place, located eight miles east of Saint Paul at 205 Radio Drive in Woodbury, Minn.; Rusty Leaf Plaza, located at 2512-2560 E. Chapman Ave. in Orange, Calif.; Lower Makefield Shopping Center, located at 700 Stony Hill Road in Yardley, Pa., outside Philadelphia; and New Town Village, located at 9700 Groffs Mill Drive in the metro Washington, D.C., community of Owings Mills, Md. Bill Moylan, Chris Angelone, Barry Brown, …
MESQUITE, TEXAS — Stream Realty Partners has broken ground on 20 East, a 3.4 million-square-foot industrial project in the eastern Dallas suburb of Mesquite. The initial phase of the development will consist of three buildings totaling 1.8 million square feet that will be constructed on 192 acres. One of those warehouses will feature a rear-load configuration and 36-foot clear heights, while the other two will be cross-dock facilities with 40-foot clear heights. Phase II will also comprise three buildings that will total 1.6 million square feet across 92 acres and will be marketed as both speculative and build-to-suit spaces. Stream is also leasing and managing the development. Completion of Phase I is scheduled for the third quarter of 2023.
IRVING, TEXAS — Caterpillar Inc. (NYSE: CAT) will relocate its global headquarters from Deerfield, Ill., to Irving. Beginning later this year, the construction and mining equipment manufacturer will begin moving its employees from the metro Chicago area to its existing office within the Dallas-Forth metroplex. According to Fox Business, Caterpillar employs about 107,000 people globally, and about 230 people from the existing headquarters office will transition to Texas. The move comes roughly six weeks after global aerospace and defense contractor Boeing announced a relocation of its global headquarters from Chicago to Northern Virginia.