FORT WORTH, TEXAS — Fort Worth-based Empire Holdings has sold five Texas industrial properties totaling 241,114 square feet. The properties range in size from 16,000 to 149,415 square feet and are located in Fort Worth, Houston, metro Austin and San Antonio. Philadelphia-based Arden Logistics Properties purchased the assets as part of a larger portfolio deal for an undisclosed price. Seth Koschak and Jeff Rein of Stream Realty Partners, along with Zach Harris and Jeff Hughes of Stan Johnson Co., brokered the deal.
SAN ANTONIO — Houston-based investment firm Fuller Realty Interests has purchased Parkway Plaza, a 189,390-square-foot office complex located adjacent to San Antonio International Airport. The complex comprises five single-story buildings that were constructed between 1999 and 2002. Bryan Leonard of Northmarq arranged an undisclosed amount of acquisition financing through a regional bank on behalf of Fuller Realty Interests. The seller was not disclosed.
HOUSTON — Edens has added five new tenants at Uptown Park in Houston. Lombardi Cucina Italiana will open a 9,350-square-foot restaurant; Polestar, a Swedish electric car brand, will occupy 3,420 square feet; and GLOSSLAB, a membership-based nail salon, will occupy 972 square feet. Rocambolesc, an ice cream shop, opened at the retail center earlier this year, and fertility and reproductive health clinic kindbody also recently opened a 5,360-square-foot facility at Uptown Park.
By Cody Roskelley, senior developer at Pennrose Texas has experienced tremendous residential growth over the last few years. Families are leaving high-cost, high-tax areas like New York and California for more affordable alternatives. According to The Tax Foundation, Texas was one of the Top 10 U.S. states for inbound migration in 2021, posting population growth around 1.3 percent on a year-over-year basis. With population increase also comes opportunities for economic growth and regional investment. However, having high-quality, affordable and workforce housing stock is key to the state successfully capitalizing on this moment. Between historically high rates of inflation and single-family home prices, as well as aggressive interest rate hikes, having the affordable housing infrastructure in place to attract new residents is critical. While most people generally agree that there is a need for more affordable housing, there is often local pushback once such communities are proposed in their neighborhoods. Much of the opposition stems from a lack of understanding of what affordable housing is — and isn’t. For example, individuals making anywhere between 30 to 80 percent of the area median income (AMI) can qualify for affordable housing. There are also several different subcategories of affordable housing: Low-Income Public Housing: …
TULSA, OKLA. — Denver-based investment firm VanWest Partners has acquired two self-storage facilities in Tulsa in off-market transactions. Combined, the facilities span more than 140,000 net rentable square feet across some 950 units, including outdoor parking/storage spaces. Both facilities were approximately 95 percent occupied at the time of sale. The seller and sales price were not disclosed. The new ownership is planning a capital improvement program that will include new gate and camera systems, door replacements and roof and asphalt upgrades.
AUSTIN, TEXAS — California-based investment firm ASAP Holdings Inc. has purchased a former Crowne Plaza hotel in Austin with plans to convert the 293-room property into a Delta Marriott hotel. The seller, Lockwood Development Partners, purchased the asset in 2021 as part of a 10-property portfolio sale. The hotel was originally constructed in 1977. Eddy Nevarez of Marcus & Millichap represented both parties in the deal.
SHERMAN, TEXAS — Dallas-based Linesight Development has sold a 19.5-acre multifamily development site that is located within the Hickory Hill master-planned community in the North Texas city of Sherman. Josh Watson of Land Advisors Organization represented Linesight Development in the deal. The name of the buyer and specific plans for the site were not disclosed.
DALLAS — National multifamily advisory firm GREA has arranged the sale of Luna Blanca, a 161-unit apartment complex in the North Oak Cliff neighborhood of Dallas. According to Apartments.com, the property features one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling and dining areas and onsite laundry facilities. Mark Allen of GREA represented the seller and out-of-state buyer, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add program.
ALLEN, TEXAS — Chicken N Pickle, a Kansas City-based concept that combines dining with pickleball and other outdoor games, will open a restaurant and entertainment venue in the northeastern Dallas suburb of Allen. The tenant will launch at The Farm, a 135-acre mixed-use development by JaRyCo, in late 2023. Chicken N Pickle also has locations in the Dallas-Fort Worth metros of Grand Prairie and Grapevine, as well as San Antonio, and has committed to a new space in Webster, a southwestern suburb of Houston.
Can you dig it? Possibly, but site civil engineers can help determine if construction can rock on without running into rocky situations. Thorough site civil due diligence is the foundation for developing a project with minimal delays. Keeping land development projects moving forward — especially during construction — requires highly informed due diligence processes and expertise when it comes to approvals and plans. Site civil engineering design with constructability in mind can support general contractors while streamlining the overall bidding and construction process. But what are best practices when it comes to ensuring a successful project? REBusinessOnline spoke to two experts who specialize in high-quality construction documents: Benjamin Plumb, P.E. project manager, and Keith Simpson, director of engineering, work for Bohler, a land development consulting and technical design company. You Never Know What You’ll Find Before You Dig — However, These Tips Can Help Uncertainty is part of any development project, but Simpson outlines two scenarios that make up the majority of the challenges he sees: 1. Existing underground utilities that are not reflected in plans. 2. Soils that differ from what was expected from the geotechnical report. In some cases, slowdowns are unavoidable and will cause delays, but due diligence can …