SAN ANTONIO — JLL has brokered the sale of Nova Apartments, a 412-unit multifamily community in northwest San Antonio. The property was built on 31 acres in 2009 and offers one-, two- and three-bedroom units. Amenities include multiple pools and dog parks, as well as a fitness center, business center, coffee bar, game room and outdoor grilling and dining stations. Robert Arzola, Ryan McBride and Robert Wooten of JLL represented the seller, Metlife Investment Management, in the transaction. The buyer and sales price were not disclosed.
Texas
LOS ANGELES — Los Angeles-based Thorofare Capital has provided a $48.3 million acquisition loan for an 838,214-square-foot manufacturing facility in the Dallas-Fort Worth (DFW) area. The name and address of the property were not disclosed. The facility features 50-foot clear heights, and the undisclosed owner secured a new, 20-year lease at the time of the loan closing. The tenant was also not named. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart of Thorofare originated the floating-rate loan.
MESQUITE, TEXAS — A partnership between local developer Cavalry Real Estate Partners and a fund advised by Crow Holdings Capital has broken ground on a 203,488-square-foot warehouse in the eastern Dallas suburb of Mesquite. Known as Mesquite 80 Logistics Center, the building will feature 32-foot clear heights, 130-foot truck court depths and parking for 173 cars and 86 trailers. Dallas-based MYCON General Contractors is leading construction of the project, which is expected to be complete by December.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 20,000-square-foot industrial lease renewal in Fort Worth. The building at 391-399 N. Beach St. is located northeast of the downtown area. Phillip Rosenfeld of Lee & Associates represented the landlord, Tarrant County Properties, in the lease negotiations. Todd Hubbard of NAI Robert Lynn represented the tenant, National Bolt & Industrial Supply.
By Taylor Williams SAN ANTONIO — Automotive parts manufacturers and data center operators both represent major sources of demand for industrial space in San Antonio, as well as major consumers of electrical resources. Both sets of users are increasingly prioritizing access to cheap, abundant electricity in their site selection and other real estate decisions. But that’s about where their similarities end. For the automotive industry has been a source of job growth and retention in the San Antonio area for decades, whereas data centers are a relatively new phenomenon that offer minimal contributions to local employment. And in between the two on the spectrum of industrial end users are third-party distribution and logistics companies, which really represent the market’s bread-and-butter tenant. But these groups typically don’t have such taxing power demands. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. For data center developers and users, the need and demand for affordable, plentiful power is nothing new. And the fact that Texas has long had its own deregulated power grid has contributed mightily to the state landing many of those …
SpaceX to Invest $280M for Expansion of Starlink Semiconductor R&D Facility in Bastrop, Texas
by John Nelson
BASTROP, TEXAS — Space Exploration Technologies Corp. (SpaceX) plans to invest $280 million for the expansion of its semiconductor research-and-development (R&D) and advanced packaging facility in Bastrop, about 33 miles southeast of Austin. The company received its fifth Texas Semiconductor Innovation Fund grant, totaling $17.3 million, from the State of Texas to help fund the expansion. Over the next three years, SpaceX plans to expand the square footage of its Bastrop facility by 1 million square feet to produce Starlink kits and their adjacent parts, as well as advanced silicon products. The facility expansion will focus on developing printed circuit boards (PCBs), a semiconductor failure analysis lab and advanced packaging for panel level packaging (PLP). Starlink is an international satellite internet provider owned and operated by SpaceX. Upon completion of the project, the Bastrop facility will be the largest PCB and PLP facility in North America. “This grant will help continue to expand Bastrop’s manufacturing for Starlink to help connect even more people across the state and around the world with high-speed, low-latency internet,” says Gwynne Shotwell, president and chief operating officer of SpaceX. Texas’ Semiconductor Innovation Fund was assembled in 2023 through the Texas CHIPS Act, which developed a …
ARLINGTON, TEXAS — The Cordish Cos., a Baltimore-based developer and operator specializing in sports-themed entertainment projects, has completed One Rangers Way, a 300-unit multifamily project in Arlington. The community is located near Globe Life Field, home of the MLB’s Texas Rangers, and within Cordish’s Arlington Entertainment District. Designed by Hord Coplan Macht, One Rangers Way offers studio, one- and two-bedroom units, as well as penthouses, across more than 50 different floor plans. The property also features a 423-space parking garage and 43,000 square feet of indoor and outdoor amenities. Specifically, amenities include a pool, fitness center, coworking spaces, indoor and outdoor lounges and concierge services. Cordish announced the project in May 2022, launched the leasing campaign in July 2023 and topped out construction in June 2024. Rents start at $1,400 per month for a studio apartment.
CEDAR PARK, TEXAS — A partnership between Indiana-based Great Lakes Capital, Nebraska Furniture Mart and the City of Cedar Park, located north of Austin, will develop a 300-room hotel and 30,000-square-foot convention center. The Marriott-branded hotel will anchor the CedarView mixed-use development and will offer a pool, full-service restaurant and a breakfast café. Construction is slated to begin in May, with an anticipated opening date of early 2027.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of The Flats at 183, a 228-unit apartment complex in Irving. The 19-building community was constructed in 1968 and has undergone more than $4 million in capital improvements in recent years. According to Apartments.com, the property exclusively offers one-bedroom units, as well as a pool and onsite laundry facilities. Bard Hoover and Nick Fluellen of Marcus & Millichap represented the seller, AptVest, in the transaction. The buyer and sales price were not disclosed.
TYLER, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of a 26,848-square-foot retail building in Tyler, located about 100 miles east of Dallas, that houses a showroom and dealership for tractor manufacturer John Deere. The building sits on a 9.2-acre site at 4630 State Highway 155. Bryan Meyer and Adam Gottschalk of STRIVE represented the Texas-based seller in the transaction and procured the Tennessee-based buyer. Both parties requested anonymity.