CORSICANA, TEXAS — Milwaukee-based Phoenix Investors has purchased a 1.5 million-square-foot industrial park in Corsicana, a southern suburb of Dallas. The 172-acre property was originally constructed as a build-to-suit distribution center for K-Mart and later utilized by The Home Depot as a regional logistics hub. The property was fully leased at the time of sale and includes 26- to 28-foot clear heights, 109 dock doors and 983 trailer parking spaces. In addition, the facility underwent major renovations in 2018, including a new roof installation. Pauli Kerr of JLL brokered the deal. The seller and sales price were not disclosed.
DALLAS — Locally based investment firm M2G Ventures has begun the redevelopment of the former Inwood Design District, a 14-building, 740,000-square-foot industrial and retail property in Dallas that also includes showroom space. The redevelopment will create the Inwood Design District for showroom and light industrial uses and Ace on Inwood for retail and restaurant uses. Completion is targeted for late 2025. The company purchased the 38-acre site at 1110 Inwood Road earlier this year. At the time of sale, Inwood Design District was 93 percent leased to tenants such as Crate & Barrel, White Glove Storage & Delivery, Community Coffee, Neiman Marcus and Granimport USA.
ROUND ROCK, TEXAS — A partnership between Orlando-based ZOM Living and CP Capital has completed Azola Avery Center, a 359-unit multifamily project in the northern Austin suburb of Round Rock. Located within the 1,200-acre Avery Centre master-planned development, the garden-style property offers one-, two- and three-bedroom units that range in size from 573 to 1,564 square feet. Amenities include a pool, outdoor pavilion with grilling stations and TVs, a dog park, fitness center, private coworking offices and a grab-and-go convenience store. JHP designed Azola Avery Center, and Rampart served as the general contractor. Monthly asking rents start at $1,200 for a one-bedroom apartment.
HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Belmond, a 312-unit apartment community located north of Fort Worth in Haltom City. Built on 17 acres in 2001, the property offers one-, two- and three-bedroom units with an average size of 980 square feet. Amenities include a pool, fitness center, playground, dog park, coffee bar, clubhouse, outdoor grilling and dining stations and package lockers. Joey Tumminello, Taylor Hill, Drew Kile, Michael Ware and William Hubbard of IPA represented the seller, Dallas-based Knightvest Capital, in the transaction and procured the buyer, an entity doing business as TwinkleStar Asset LLC.
DALLAS — Adolfson & Peterson (AP) Construction has broken ground on a 39,000-square-foot civic project in East Dallas. The site spans 3.2 acres at 9731 Lake June Road. The two-story building will be known as the East Dallas Government Center and will house multiple departments of Dallas County, including several related to law enforcement. Completion is scheduled for next summer.
HOUSTON — A joint venture between Trammell Crow Co. (TCC) and CBRE Investment Management has broken ground on Phase I of Gulfbelt Logistics Park, a speculative industrial project in southeast Houston that will add 498,798 square feet of space across three buildings to the local supply. Phase I will consist of one cross-dock, one rear-load and one front-load building with footprints ranging from 88,750 to 278,858 square feet and with 28- to 36-foot clear heights. Project partners include Burton Construction Co., Powers Brown Architecture and LJA Engineering. Veritex Community Bank is providing construction financing, and CBRE will handle the park’s leasing assignment on behalf of ownership. Completion is slated for next spring.
LEWISVILLE, TEXAS — California-based investment firm Bixby Capital Management has purchased a 241,104-square-foot industrial park in the northern Dallas suburb of Lewisville. Red River Business Park consists of three rear-load buildings with 28- to 32-foot clear heights that are situated on a 19.4-acre site at the intersection of I-35 and State Highway 121. Los Angeles-based PCCP financed the acquisition of the property in conjunction with Bixby’s purchase of a 222,382-square-foot warehouse near Nashville.
GRAND PRAIRIE, TEXAS — Global Real Estate Advisors (GREA) has arranged the sale of Cottonwood Park Village, a 175-unit apartment complex located in the central metroplex city of Grand Prairie. Built in the 1980s, the property offers a range of floor plans and amenities such as a pool, fitness center, outdoor grilling and dining stations and onsite laundry facilities. The buyer and seller were not disclosed. Cottonwood Park Village was 92 percent occupied at the time of sale.
LAREDO, TEXAS — Austin-based investment firm Buchanan Capital Partners has acquired an 86,310-square-foot warehouse in the South Texas city of Laredo. According to LoopNet Inc., the building at 172 Interamerica Blvd. was completed earlier this year and offers 29-foot clear heights, 26 dock doors, 52 trailer parking spaces and 3,000 square feet of office space. Buchanan acquired the property in partnership with Frontier Real Estate Partners. The seller and sales price were not disclosed.
HOUSTON — Colliers has negotiated the sale of a 66,500-square-foot industrial outdoor storage facility in northeast Houston. Built in 2008, the facility sits on approximately 15 acres at 9803 Sheldon Road and includes 10 acres of stabilized storage space, four grade-level doors, one dock-high door and 6,000 square feet of office space. Zack Taylor and Todd Moore of Colliers represented the seller in the transaction. Mike Taetz, also with Colliers, represented the buyer. Both parties requested anonymity.