ODESSA, TEXAS — Locally based firm Cross B Development has provided updated plans for the next phase of Parks Bell Ranch North, a 1,700-acre master-planned community in Odessa. The latest phase of development centers on the connection of Yukon Road to State Highway 191, which completes the main thoroughfare and provides residents and commuters with access to other areas within the development. These uses include Northwind Crossing, a 500,000-square-foot shopping center that has available retail space and planned construction of a medical and professional hub. Weidner Apartment Homes has opened the Latitude 31 apartment complex across from the Northwind Crossing and has another complex planned just north of that site.
CYPRESS, TEXAS — Locally based healthcare provider Houston Methodist will open a 400-bed hospital in Cypress, located on the city’s northwestern outskirts. Houston Methodist acquired the 106-acre site last May and plans to break ground on the project, which will be its ninth hospital in the Houston area, in a few months. Page is the project architect, and McCarthy Building Cos. is the general contractor. More than 500 people are expected to work at the facility, which could open by 2024.
PLANO, TEXAS — Los Angeles-based investment firm Jacobson Co. has acquired Morada Plano Apartments, a 183-unit multifamily property located on the northern outskirts of Dallas. The property was completed in 2020. According to Apartments.com, the community features studio, one- and two-bedroom units ranging in size from 602 to 1,207 square feet. Amenities include a pool, fitness center, business center, rooftop terrace, game room and a pet play area. Los Angeles-based CIT, a division of First Citizens Bank, provided an undisclosed amount of acquisition financing for the deal. The seller was not disclosed.
MCALLEN, TEXAS — Faris Lee Investments has arranged the $7 million sale of a 65,000-square-foot retail property in McAllen that is triple-net leased to Floor & Décor for a term of 55 years. The store, which will be the Atlanta-based home improvement retailer’s first in the Rio Grande Valley, is under construction and slated to open on March 3. Jeff Conover and Scott DeYoung of Faris Lee represented the Texas-based developer and seller in the transaction. The buyer was a Texas-based 1031 exchange investor. Both parties requested anonymity.
SAN ANTONIO — Austin-based Oracle has signed a 35,000-square-foot office lease at The Spectrum Building, a 10-stoy property in San Antonio. About 260 employees will work in the space, which features glass-walled conference and breakout rooms and multiple kitchens and coffee bars. Kacie Skeen of Hartman Income REIT Management represented the landlord in the lease negotiations on an internal basis. Oracle was also self-represented.
By Taylor Williams In late October, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, gave a virtual speech in which he carried a glass jar with the word “transitory” labeled on it. Inside the jar were wadded-up dollar bills, deposited by Bostic’s staff members each time they used the word “transitory” to describe the surge in prices of consumer goods and services. The exercise was meant to dispel the notion that the current inflationary environment would be fleeting or short-lived. Based on the results of Texas Real Estate Business’ annual reader forecast survey, commercial brokers and developers/managers in the Lone Star State aren’t likely to be contributing to that fund any time soon. When asked to identify the macroeconomic force that was most likely to impact the commercial real estate industry in 2022, both of these groups selected inflationary pressures over supply chain constraints, pandemic restrictions, the $1 trillion infrastructure bill and employment/gross domestic product (GDP) growth. It’s worth noting that the survey officially closed on Monday, Dec. 13, about a week before the nation began to see a major surge in COVID-19 cases, most of which were classified as the Omicron variant. In the subsequent three-week period, …
AUSTIN, TEXAS — JLL has arranged an undisclosed amount of construction financing for The Travis, a 50-story multifamily tower located at 80 River St. in downtown Austin’s Rainey Street District. The 423-unit project is currently slated for a fall 2024 completion. Campbell Roche and Robert Wooten of JLL arranged the debt through JP Morgan Chase on behalf of the borrower, a partnership between metro Dallas-based Genesis Real Estate Group and PGIM Real Estate.
FRISCO, TEXAS — General contractor Brasfield & Gorrie has topped out the Omni PGA Frisco Resort, a 510-room hospitality project in metro Dallas. Omni Resorts is developing the property in partnership with the City of Frisco and the PGA of America, which is in the midst of relocating its headquarters from South Florida to the northern Dallas suburb. The relocation represents a total investment of $520 million for Frisco. Guests of the hotel will have access to two 18-hole courses, a 10-hole short course and a two-acre putting green, as well as 12 food and beverage options, three pools, a spa and 127,000 square feet of meeting and event space. SB Architects designed the project. Completion is slated for spring 2023.
TERRELL, TEXAS — Lee & Associates has negotiated the sale of a 765,798-square-foot, rail-served industrial building in Terrell, about 30 miles east of Dallas, that was formerly occupied by Goodyear Tire. Building features include a cross-dock configuration, 185-foot truck court depths and an ESFR sprinkler system. Ken Wesson of Lee & Associates represented the buyer, an entity doing business as BFI Newco Holdings, in the transaction. Steve Berger and Corbin Crews of CBRE represented the seller, an entity doing business as 301 Apache Trail LLC.
PLANO, TEXAS — Seattle-based Avatar Financial Group has provided a $30 million loan for the refinancing of City View Corporate Center, a 293,821-square-foot office building in Plano. The property was originally built in the 1980s and most recently renovated between 2019 and 2021. At the time of the loan closing, City View Corporate Center was 58 percent leased to a roster of more than 50 tenants. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.