LEWISVILLE, TEXAS — WIS International, a provider of global inventory and data collection services, has signed a 70,996-square-foot office lease at Crown Centre, a 140-acre corporate campus located in the northern Dallas suburb of Lewisville. Robbie Baty and Mike Wyatt of Cushman & Wakefield represented the tenant, which plans to move in on Dec. 1, in the lease negotiations. Lauren Halstedt, Ashley Curry and James Esquivel of JLL represented the landlord, Bright Realty.
FORT WORTH, TEXAS — New York-based investment firm Clarion Partners has purchased Intermodal Commerce Park, a 1.4 million-square-foot industrial development located within the 26,000-acre AllianceTexas master-planned community in Fort Worth. Built in 2021, the property consists of three buildings with 36- to 40-foot clear heights, 266 dock-high doors, 10 ramp doors, 325 trailer parking stalls and 641 car parking spaces. Tenants include H-E-B, Volkswagen, Prairie Industries and ANEW Business Solutions. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller and Jack Copher of JLL represented the seller, a partnership between Gruene Real Estate Partners, Weber & Co. and Crow Holdings Development, in the transaction. JLL has also been retained by Clarion to lease the property.
CARROLLTON, TEXAS — Avenida Partners and Artemis Real Estate Partners will develop Avenida Carrollton, an active adult community that will be located on the northern outskirts of Dallas. The 10-acre community will feature 155 market-rate apartments with one- and two-bedroom floor plans, as well as 48 duplex and triplex cottages. The apartments will range in size 686 to 1,285 square feet. The cottages will range in size from 1,360 to 1,490 square feet and will be equipped with attached garages and front and backyards. Residents will have access to more than 35,000 square feet of interior and exterior amenities. Project partners include Meeks + Partners and KWA Construction. A tentative completion date was not disclosed.
HOUSTON — Lee & Associates has negotiated the $27.2 million sale of a 214,300-square-foot warehouse in northeast Houston. Built in 2020, the cross-dock facility features 32-foot clear heights, 44 dock-high doors and an ESFR sprinkler system. The sale included 16.2 acres of land for future development. Michael Androwich, Mason Alsbrooks and Mike Spears of Lee & Associates represented the buyer, an undisclosed international manufacturer, in the transaction. Will Clay of JLL represented the seller, Houston-based Clay Development.
HOUSTON — California-based investment firm The Bascom Group has acquired Windwater at Windmill Lakes, a 150-unit apartment complex in Houston. The property was built in 1999 on the city’s southeast side. John Carr of Cushman & Wakefield represented the undisclosed seller in the transaction. Jason Pumpelly, also with Cushman & Wakefield, arranged acquisition financing through Huntington National Bank on behalf of Bascom Group. The new ownership will implement a value-add program.
ONALASKA, TEXAS — Marcus & Millichap has brokered the sale of On the Lake RV Resort, a 126-site property in Onalaska, about 100 miles north of Houston. Robert Denninger and Bill Warren of Marcus & Millichap represented the seller in the transaction. The duo also secured the buyer, a limited liability company. Both parties requested anonymity.
By Jack Stone, senior director of investments, Greysteel It seems like every month there’s a new sales record being broken in the El Paso multifamily market. But with interest rates officially rising, how long will that streak last? El Paso has been on a tear. Greysteel has sold roughly 4,000 units there in the past 36 months. That’s an impressive number, but it’s not a surprising one. Between 2012 and 2014, roughly 20 properties over 25 units traded in El Paso. That number skyrocketed to 69 properties between 2019 and 2021. But why? We’ve followed the El Paso market closely and have brought numerous first-time, out-of-state buyers to the market. The No. 1 reason they’re interested in El Paso is the competitiveness of other markets like Dallas and Austin, where cap rates have just compressed too much. With lower cap rates and cash-on-cash returns, investors started flocking to secondary markets where they can achieve higher yields. But El Paso, while a secondary market, has several factors that help it stand out from the rest: (1) it’s one of the top 20 largest cities in the country, which comes as a surprise to many; (2) it’s well-diversified, having weathered the recession …
CARROLLTON, TEXAS — Newmark has brokered the sale of Ashford, a 264-unit apartment community located in the northern Dallas suburb of Carrollton. Built in 1995, Ashford features one- and two-bedroom units with an average size of 985 square feet that include private balconies/patios. The amenity package comprises a clubhouse with fireplace, kitchen and outdoor seating, as well as a pool with a lounge area, fitness center and a dog park. Los Angeles-based investment firm Pegasus Real Estate sold the asset to an undisclosed buyer for an undisclosed price. Brian Murphy, Brian O’Boyle, Jr., Richard Furr and Jakob Andersen of Newmark brokered the deal.
HOUSTON — San Antonio-based USAA Real Estate has sold Park Ten Plaza, a 157,759-square-foot office building in Houston. Park Ten Plaza is situated within the 550-acre Park Ten Business Park master-planned development on the city’s west side and offers a fitness center, conference room and newly upgraded utility systems. Rick Goings, Kevin McConn, Marty Hogan and Jack Moody of JLL represented USAA in the transaction. Cameron Cureton and Wally Reid, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of the buyer, a partnership between Fuller Realty Partners and ICP Funds. Park Ten Plaza was 94 percent leased at the time of sale.
FORT WORTH, TEXAS — A partnership between Dallas-based private equity firm Velocis and Prime Healthcare Properties has acquired 8.5 acres in the Willow Park area of Fort Worth for the development of a medical office complex. The $35 million project will consist of two buildings that will be constructed on speculative bases and will total 100,000 square feet. Grace Hebert Curtis Architects is designing the project. Wier & Associates is the civil engineer, Brasfield & Gorrie is the general contractor. JLL will lease the buildings. Construction is slated to begin this year and to be complete in 2023.