KATY, TEXAS — EastGroup Properties, a Mississippi-based REIT, has broken ground on Grand West Crossing 1, a 120,600-square-foot industrial project in the western Houston suburb of Katy. The building, which will be situated within a larger Grand West Crossing master-planned development, will feature 28-foot clear heights and proximity to Interstate 10 and State Highway 290. JLL is marketing the building for lease. Construction is scheduled for a second-quarter 2022 completion. The master plan for Grand West Crossing includes five additional buildings or build-to-suit opportunities.
FORT WORTH, TEXAS — General contractor Cadence McShane has completed construction of Broadway Chapter, a 242-unit multifamily project in Fort Worth’s Near Southside District. Developed by CRG Real Estate Solutions and designed by Lamar Johnson Collaborative, the property spans two acres and 320,000 square feet. Units come in studio, one- and two-bedroom formats and include private balconies. The amenity package consists of a pool, dog run, outdoor grilling areas, a fitness center, coffee bar, library, lounge and Zoom rooms. The development team also delivered a 98,000-square-foot parking garage as part of the project.
PASADENA, TEXAS — Locally based development and brokerage firm NewQuest Properties has arranged the sale of Kroger Junction, an 80,748-square-foot shopping center in the eastern Houston suburb of Pasadena that was built in 1987. The center’s namesake tenant operates a store that spans 45,528 square feet and also offers a fueling station. David Luther, Austen Baldridge and Dakota Workman of NewQuest represented the seller, an entity doing business as 2619 Realty Holding LLC, in the transaction. NewQuest also represented the buyer, Houston-based Farah Investments LLC.
AUSTIN, TEXAS — Austin-based developer Lincoln Ventures has unveiled plans to build a 49-story apartment tower in the heart of Austin’s Rainey Street District. Located at 80 Rainey St., the project will include 644 units as well as retail space. Lincoln Ventures expects to break ground on the tower next summer with completion slated for summer 2025. The site includes two bungalows that will be preserved as part of the project. “The old bungalows, locally run bars and pedestrian-friendly streets are what make Rainey Street a special and desirable destination, so it’s our intent to maintain the vibrancy and unique character of this area and build upon it,” says David Kanne, CEO of Lincoln Ventures. “We will also maintain the character of Rainey Street by bringing in local Austin artists to design public art pieces and will place new, oversized trees along the public parkway section along the entire façade of the building.” The tower’s ground and second floors will include several food and beverage concepts, including a dedicated 2,200-square-foot space that will serve coffee during the day and cocktails at night. A special elevator lobby will offer public access to the 11th-floor pool deck and bar, the first of …
MIDLOTHIAN, TEXAS — Chicago-based Logistics Property Co. will develop Southern Star Logistics Park, a 548,340-square-foot industrial project that will be located in the southern Dallas suburb of Midlothian. The company has partnered with the Midlothian Economic Development Council on this project, which will be situated on a 45-acre site adjacent to State Highway 67. CBRE is marketing the project for lease. A construction timeline was not released.
HOUSTON — A subsidiary of Miami-based investment and development firm Lennar Corp. (NYSE: LEN) has begun leasing Bowen River Oaks, a 25-story, 403-unit apartment community in Houston. Units feature one- and two-bedroom floor plans, as well as 10 penthouse homes, and range in size from 561 to 2,259 square feet. Residences are furnished with stainless steel appliances, tile backsplashes and oversized windows. Amenities include a pool with cabanas, kitchen and space for outdoor yoga, as well as a fitness center, business center and conference rooms, dog park and package locker system. The opening is scheduled to occur this fall.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Mark Huebner Oaks, a 361-unit apartment community in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of 885 square feet. Amenities include a pool, rooftop terrace, golf simulator and a pet salon. Will Balthrope and Drew Garza of IPA represented the seller and developer, an affiliate of Bryan, Texas-based Godfrey Residential Group, in the transaction. The duo also procured the buyer, Phoenix-based PEM Real Estate Group.
HOUSTON — Sealy & Co., an owner-operator with corporate offices in Dallas and Shreveport, La., has purchased Beltway 8 Business Center, a 353,559-square-foot industrial development in Houston. The seven-building property is located on the city’s southwest side near the intersection of Beltway 8 and State Highway 59. Trent Agnew of JLL represented the undisclosed seller in the transaction. Jason Gandy and Davis Gibbs represented Sealy & Co. on an internal basis.
PASADENA, TEXAS — Newmark has negotiated a 353,600-square-foot industrial lease at Bay Area Business Park in the eastern Houston suburb of Pasadena. Doug Nicholson of Newmark represented the tenant, Los Angeles-based logistics firm Custom Goods LLC, in the lease negotiations. Stream Realty Partners represented the landlord, Bay Bluff LP.
By Spencer Levy, CBRE In the wake of COVID-19, many sophisticated commercial real estate advisors and investors are rejecting the old industry adage to “never fall in love with your real estate.” That’s because commercial real estate — like so many investment decisions — is influenced by basic human emotions. And unlike stocks or bonds, office buildings, shopping malls and warehouse facilities are not traded like a commodity. Commercial real estate decisions by both investors and occupiers can’t be entirely data driven. Of course, deep financial analysis, sophisticated data and powerful algorithms are important. But data is often significantly impacted by human emotion. That’s why psychology can have as much influence on real estate decision-making as cold, hard math. COVID-19 duress At the height of the COVID-19 pandemic in September 2020, CBRE’s semiannual Office Occupier Sentiment Survey found that 39 percent of large companies planned to significantly reduce their commercial real estate footprint (meaning cuts of roughly a third or more). But in our latest Spring 2021 survey, as the world began to emerge from the pandemic, that number anticipating significant cuts was down to only 9 percent. What accounts for such a stark difference? Emotion. In 2020, there was …