Texas

Michael Takacs Mall Redevelopment

Mall and shopping center owners nationwide are faced with the vacancy of major big box anchors that have closed their doors due to the continued uptick in online retail and changing shopping habits and desires of today’s consumers. Often massive, these two-story, or even three-story spaces seem impossible to fill with the decline of most brick and mortar retail stores. Developers are being challenged to think outside the [big] box to find new tenants and creative uses for the space. Malls were originally thought of as community centers for neighborhoods during the mall boom. That attitude fell by the wayside as malls removed their socially engaging aspects and lost their sense of place  — instead of being a place for the community to gather, the mall became simply a place to shop. Now, largely expedited by the pandemic, there have been seismic shifts in retail and shopper habits/what the consumer wants out of their shopping experience. The key word here is experience. Malls have had to readapt to fill in vacant spaces from large department stores that consumers no longer favor. This has opened up a lot of atypical uses, from distribution centers to residential to entertainment components to medical facilities. …

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DALLAS — Hodges Ward Elliott has arranged the sale of the 811-room Hyatt Regency DFW International Airport, located adjacent to Terminal C at Dallas-Fort Worth International Airport. The recently renovated property offers four food and beverage concepts and 92,000 square feet of meeting and event space. John Bourret, Austin Brooks and David Auer of Atlanta-based Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer was a partnership between global asset management firm Castlelake LP and Dallas-based Woodbine Development Corp.

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Verandas-at-City-View-Benbrook-Texas

DALLAS AND BENBROOK, TEXAS — California-based investment firm Magma Equities has purchased two multifamily assets totaling 562 units in the Dallas-Fort Worth metroplex. Vista Azul is a 248-unit property located about 10 miles north of downtown Dallas that was built in 1974. Verandas at City View is a 314-unit community in the Fort Worth suburb of Benbrook that was constructed in 2002. The new ownership, which acquired both properties in a joint venture with Cincinnati-based private equity firm Viking Partners, plans to implement value-add programs at both communities. Magma Equities is also establishing a regional headquarters office in Dallas.

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Champions-Park-Houston

HOUSTON — A partnership between locally based developer Avera Cos. and AEW Capital Management will build Champions Park, a 242,021-square-foot industrial project that will be located in northwest Houston. The property will be situated on 14 acres and will feature 36-foot clear heights, ample car and trailer storage and build-to-suit office space. Completion is slated for the fourth quarter of next year. Cushman & Wakefield is leasing the development.

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EL PASO, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of a 393-unit apartment portfolio in El Paso. Villa Sierra was built in 1969 and totals 243 units, and Wyndchase Apartments comprises 150 units and was constructed in 1970. According to Apartments.com, both properties offer one-, two- and three-bedroom units and amenities such as pools, fitness centers and clubhouses. Chris Siemasko of TMG represented the seller in the transaction, and Bryce Smith and Jon Krebbs of TMG procured the buyer. Both parties requested anonymity.

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ARLINGTON, TEXAS — Canadian investment firm Western Wealth Capital has acquired Heather Ridge Apartment Homes, a 262-unit multifamily community in Arlington that was built in 1983. According to Apartments.com, the property features one- and two-bedroom units ranging in size from 600 to 1,065 square feet and amenities such as a pool, fitness center, spa and picnic and grilling areas. The seller and sales price were not disclosed. Western Wealth Capital plans to upgrade Heather Ridge’s unit interiors and building exteriors.

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4223-Reseach-Forest-Woodlands

By Jeff Tinsley, senior advisor, SVN | J. Beard Real Estate – Greater Houston As we reach the end of the calendar year, it’s become clear that 2021 has been a year of transition. Many new trends are emerging from the pandemic year of 2020 with regard to retail real estate.   COVID-19-induced trends within shopping, dining and entertainment have given rise to a new generation of retailers to the Houston market. Many quick-service restaurants (QSRs) are looking to reduce store sizes for future locations and focus on streamlining their drive-thru, call in and pick-up order service. Some restaurant concepts are instilling the use of “ghost kitchens” and are aggressively looking to lease second-generation spaces in order to take advantage of the growing takeout and delivery demands.       During the pandemic, one of the hardest-hit sectors was in the restaurant industry. Following months of minimized interaction between customers and proprietors due to dining room closures, we are now seeing a greater increase in pick-up and delivery requirements. Many restaurants are now using new technology and methods in terms of how service is offered, how food is prepared and how kitchen and service areas are designed. Furthermore, many food and …

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Touchmark-at-Emerald-Lake-McKinney

MCKINNEY, TEXAS — Touchmark, an Oregon-based seniors housing owner-operator, will develop an 81-acre project in the northern Dallas suburb of McKinney. Designed by architectural firm three, Touchmark at Emerald Lake will be built in two phases. The first phase will consist of 149 independent living apartment homes, six casitas (duplex residences), 84 assisted living units and 32 memory care residences. Project partners include Andres Construction (general contractor), StudioSix5 (interior design), Kimley-Horn (civil engineer) and Talley Design (landscape architect). Completion of Phase I is scheduled for 2023.

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IRVING, TEXAS — Locally based investment and development firm Dalfen Industrial has acquired Century Center, a 169,700-square-foot property located near Dallas-Fort Worth (DFW) International Airport in Irving. Built in 2014, the property was fully leased to three tenants at the time of sale. The seller and sales price were not disclosed. Following this transaction, Dalfen owns more than 3 million square feet of industrial space in DFW and has more than 2 million square feet of product in its development pipeline.

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Urbanist-Middle-School-Austin

AUSTIN, TEXAS — Joeris General Contractors, in partnership with the Austin Independent School District, will build a new, 130,000-square-foot middle school at the site of the former Mueller Airport in the state capital. Designed by California-based LPA, the school will be situated on 10 acres that previously served as a runway and will include a community room, dining commons, library, gym and a track and field complex. Completion of the school, which will be able to serve 800 students, is slated for fall 2023.

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