Wednesday, October 2, 2024
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DevelopmentHospitalityTexas

City of Grand Prairie Completes Two Hilton-Branded Hotels, Convention Center

by Taylor Williams

GRAND PRAIRIE, TEXAS — The City of Grand Prairie, located roughly midway between Dallas and Fort Worth, has completed construction of two connecting Hilton-branded hotels totaling 276 rooms, as well as a new convention center. The 147-room Homewood Suites and 129-room Hilton Garden Inn are located within the 172-acre EpicCentral entertainment district and share a dual arrival lobby, reception area, lounge, bar and elevator lobby. Merriman Anderson Architects designed the properties, and Arch-Con Corp. served as the general contractor. Concord Hospitality will operate the hotels.

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Leasing ActivityRetailTexas

Eco Thrift Signs 29,250 SF Retail Lease at Willowbrook Plaza in Northwest Houston

by Taylor Williams

HOUSTON — Eco Thrift, a merchandiser of secondhand goods, has signed a 29,250-square-foot retail lease at Willowbrook Plaza in northwest Houston. AMC Theatres, Bed Bath & Beyond, buybuyBaby and World Market anchor the 392,542-square-foot power center. Austen Baldridge and Bob Conwell of NewQuest Properties represented the tenant in the lease negotiations. Radkey Jolink, Bruce Wallace and Cole Rainer of Jolink Wallace Commercial represented the landlord.

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AcquisitionsIndustrialTexas

Partners Real Estate Brokers Sale of 13,500 SF Industrial Building in Dallas Design District

by Taylor Williams

DALLAS — Partners Real Estate has brokered the sale of a 13,500-square-foot industrial building in the Dallas Design District. According to LoopNet Inc., the building at 155-165 Cole St. was originally constructed in 1966. Hanes Chatham Jr. and Graham Dressel of Partners represented the buyer, P4 Holdings, in the transaction. The seller and sales price were not disclosed.

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IndustrialLoansSelf-StorageTexas

JLL Arranges $108M Loan for Refinancing of DFW Self-Storage Portfolio

by Taylor Williams

DALLAS AND FORT WORTH, TEXAS — JLL has arranged a $108 million loan for the refinancing of a portfolio of 13 self-storage properties totaling 8,952 units in the Dallas-Fort Worth area. New York Life Real Estate Investors provided the five-year, fixed-rate loan, which was structured with interest-only payments and prepayment flexibility early in the term. John Bauman and Jordan Buck of JLL arranged the loan on behalf of the borrower, a joint venture between Houston-based Hines and Trez Capital.

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CivicDevelopmentTexas

Skanska, B. Bell Break Ground on $54.5M Academic Building at Rice University in Houston

by Taylor Williams

HOUSTON — General contractors Skanska and B. Bell Builders have broken ground on the Jones Graduate School of Business, a $54.5 million academic building on the campus of Rice University in Houston. Designed by Houston-based Kirksey Architecture and Architecture Research Office, the new building will be integrated into McNair Hall, the current home of the business school. In addition to classrooms and office spaces, the new building will feature dining areas and private event rooms. Completion is slated for spring 2026.

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AcquisitionsIndustrialTexas

Urban Logistics Realty Sells 440,663 SF Industrial Property in Denton, Texas

by Taylor Williams

DENTON, TEXAS — Dallas-based Urban Logistics Realty has sold Urban District 35, a four-building, 440,663-square-foot industrial property located in the North Texas city of Denton. The buyer was High Street Logistics Properties. The 31-acre site fronts I-35, and building features include 28- to 32-foot clear heights, 60-foot speed bays and ample car and trailer parking. Construction began in early 2022. Urban District 35 was 67 percent leased at the time of sale.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 224-Unit Self-Storage Facility in Cleburne, Texas

by Taylor Williams

CLEBURNE, TEXAS — Marcus & Millichap has brokered the sale of U-Lock-It Mini Storage, an 224-unit self-storage facility in Cleburne, a southern suburb of Fort Worth. The facility totals 27,120 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller and procured the buyer, both of which were locally based entities that requested anonymity, in the transaction.

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AcquisitionsCivicTexas

Partners Real Estate Arranges Sale of 12,664 SF Daycare Facility in Georgetown, Texas

by Taylor Williams

GEORGETOWN, TEXAS — Partners Real Estate has arranged the sale of a 12,664-square-foot daycare facility in the northern Austin suburb of Georgetown. According to LoopNet Inc., the building was constructed on 3.2 acres in 2022. Landan Dory and Caleb Jackson of Partners represented the seller and former occupant, Wellspring Preparatory Academy, in the all-cash transaction. The buyer and sales price were not disclosed.

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DevelopmentMixed-UseMultifamilyRetailTexasTop Stories

Meristem Communities Breaks Ground on 235-Acre Indigo Mixed-Use Project in Richmond, Texas

by Jeff Shaw

RICHMOND, TEXAS — Meristem Communities has broken ground on The Filling Station, the first building at the Indigo Commons mixed-use development in Richmond, approximately 35 miles southwest of Houston. The 3,000-square-foot Filling Station property will serve as a welcome center and general store, selling fresh produce from Indigo Farm. Indigo Commons is the 12-acre, mixed-use portion of the larger project, Indigo. Upon completion, the 235-acre property will feature approximately 800 residential units, 42 acres devoted to agriculture, and a 12-acre, mixed-use town center. Borrowing inspiration from classic gas stations of the 1930s, Meristem plans for The Filling Station to be a vibrant social hub in Indigo Commons. DAHLIN Architecture | Planning | Interiors designed the building, which is scheduled for completion before the end of the year. “The start of construction at The Filling Station signifies a major milestone in Indigo’s narrative,” says Clayton Garrett, partner at Meristem Communities. “The neighborhood we originally envisioned is taking shape and the small businesses we’re looking to come to Indigo Commons will play a pivotal role in the development of Indigo’s identity, creating new energy and engagement. There is much more to come too, as Indigo is expected to be a home for …

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AcquisitionsOfficeTexas

Reports: Pinnacle Bank Buys Back 40-Story Office Tower in Fort Worth via $12.3M Auction Sale

by Taylor Williams

FORT WORTH, TEXAS — Pinnacle Bank has taken back the keys at Burnett Plaza, a 40-story office tower in Fort Worth, via a $12.3 million auction sale, according to reports from multiple news outlets including the Dallas Business Journal and Fox Business. The former publication reports that the previous owner, an affiliate of New York-based investment firm Opal Holdings, bought the building for $137.5 million in 2021 and recently defaulted on a $13 million loan. Fox Business reports that Burnett Plaza, which spans more than 1 million square feet and was originally built in 1983, had a 22 percent vacancy rate as of the first quarter of this year.

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