DALLAS — AECOM (NYSE: ACM) will relocate its global headquarters from Los Angeles to Dallas, the engineering and infrastructure consulting giant said in a statement earlier this week. Beginning on Oct. 1, select corporate leaders, including CEO Troy Rudd, will join the 1,200-plus employees who currently work at AECOM’s Dallas office at 13355 Noel Road, as well as the firm’s other offices across Texas. About 2,500 employees will continue to work in the California offices, including Los Angeles. The company cited the market’s talent pool for engineering and infrastructure consulting as a key factor in its decision to relocate, while also crediting the “additional benefits as a corporate hub” that Dallas offers. AECOM, a Fortune 500 company, accrued $13.2 billion in revenue in its 2020 fiscal year. The company’s stock price closed at $63.19 per share on Wednesday, Aug. 18, up from $38.19 per share a year ago.
MAGNOLIA, TEXAS — Austin-based Stratus Properties (NASDAQ: STRS) has received construction financing for the initial phase of Magnolia Place, a mixed-use development located northwest of Houston. Veritex Community Bank provided the three-year, $14.8 million construction loan for Phase I. The first phase of development will revolve around the construction of two retail buildings totaling 19,000 square feet, five pad sites and various pieces of infrastructure. In addition, construction is underway on a 95,000-square-foot store for regional grocer H-E-B at the adjoining 18-acre site. At full buildout, Magnolia Place will consist of four retail buildings totaling 35,000 square feet, five retail pad sites, 194 single-family homes and 500 multifamily units.
KELLER, TEXAS — Locally based developer Realty Capital Management and South Carolina-based Greystar are underway on construction of Keller Center Stage, a 38-acre mixed-use project on the northern outskirts of Fort Worth. The initial phase will consist of The Lyric at Keller Center Stage, a multifamily community with Class A amenities that is being developed by Greystar, as well as 24,000 square feet of commercial space and a community event lawn. The latter two elements are expected to be complete by the third quarter of next year, while the apartment community is slated for full completion in the third quarter of 2023. At full buildout, Keller Center Stage will comprise 475 multifamily units, 57 single-family homes and 60,000 square feet of office, retail and restaurant space.
HOUSTON — Colliers International has negotiated a full-building, 134,800-square-foot industrial lease at Langfield Distribution Center in Houston. The newly built property sits on 8.5 acres and includes 32-foot clear heights, 56 employee parking spaces and 33 trailer parking stalls. John Nicholson and Trey Horne of Colliers represented the landlord, Boston-based Cabot Properties, in the lease negotiations. Billy Gold of CBRE represented the tenant, JFC International, a wholesaler and distributor of Asian food products.
GRAND PRAIRIE, TEXAS — Fidelity Paper & Supply, a distributor of packaging supplies and materials, has signed a 107,082-square-foot lease within Heller Industrial Park in the central metroplex city of Grand Prairie. John Brewer and Riley Maxwell of Transwestern represented the landlord in the lease negotiations. Cameron Rogers with Rubicon Representation represented the tenant.
HOUSTON — California-based investment firm Strategic Realty Holdings has purchased a portfolio comprising two multifamily properties totaling 488 units in Houston for $34.3 million. Cypress Ridge Apartments was built in 1980 and totals 252 units in one- and two-bedroom floor plans ranging in size from 599 to 957 square feet. Highland Cross Apartments was also constructed in 1980 and comprises 236 units that also feature one- and two-bedroom formats and range in size from 685 to 1,140 square feet. Both properties have similar amenity packages that include pools, fitness centers, clubhouses and onsite laundry facilities. Electra Capital contributed a $6.2 million preferred equity investment to the transaction, the seller in which was not disclosed.
DALLAS — JLL has negotiated the sale of The Hill, a 240,000-square-foot shopping center located at the corner of Walnut Hill Lane and Central Expressway in north-central Dallas. Built in 1977, The Hill houses tenants such as Houndstooth Coffee, Hiatus Spa + Retreat, Snooze, Taco Deli, Hat Creek Burger Co. and Boardroom Salon for Men. Barry Brown, Ryan Shore, Chris Gerard and Jason Jacobs of JLL represented the seller, EB Arrow, in the transaction. North Carolina-based investment firm Asana Partners purchased the property for an undisclosed price in an off-market deal.
HALTOM CITY, TEXAS — Creation, a Phoenix-based investment and development firm, has broken ground on Northmark Commerce Center, a 234,000-square-foot industrial project in the Fort Worth suburb of Haltom City. Designed by LGE Design Build, the Class A logistics facility is expected to be complete in late 2022. Creation is developing Northmark Commerce Center in partnership with Crow Holdings Capital. Dallas-based Holt Lunsford Commercial has been tapped to lease the development.
HOUSTON — Dallas-based Westmount Realty Capital has acquired West End on Eldridge, a 192-unit apartment community in the Energy Corridor area of West Houston. The property was built in 1999 and features one- and two-bedroom units averaging 911 square feet. Amenities include a pool with a sundeck, outdoor grilling and lounge areas, a fitness center with a yoga room and a dog park. Westmount plans to implement a value-add program to unit interiors that will add stainless steel appliances, quartz countertops and tile backsplashes. In addition, the company will upgrade the amenity spaces and rebrand the community as Westmount at Eldridge. The seller was not disclosed.
FORNEY, TEXAS — Dallas-based Victory Real Estate Group will develop The Victory Shops at Forney, a new retail project that will be located on a 26-acre lot in Forney, an eastern suburb of Dallas. Phase I of the project will consist of 44,000 square feet across four buildings, and the remainder of the development will include 160,000 square feet for Phase II. Tenants will include Kohl’s, Aspen Dental, Jamba Juice, Chiloso Tex-Mex, The Joint Chiropractic, Mod Pizza and My Eye Lab. Construction of Phase I is set to begin in mid-September and to be complete in the first quarter of 2022. DuWest Realty has been appointed as the project’s leasing agent.