AUSTIN, TEXAS — A partnership between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has broken ground on the final phase of Park 183, a 950,000-square-foot industrial development in southeast Austin. The fourth and final phase of the project will add two buildings totaling 308,484 square feet to the local supply. The buildings will span 160,327 and 148,157 square feet and will feature 32-foot clear heights. STG Design is the architect for Phase IV, and Tribble & Stephens is the general contractor. Comerica Bank provided construction financing. CBRE has been tapped as the leasing agent and recently secured a 154,786-square-foot expansion for American Canning at Park 183. Completion of Phase IV is slated for the fourth quarter.
MCKINNEY, TEXAS — Tower Capital, a Phoenix-based finance and advisory firm, has arranged a $27.8 million construction loan for a 128-unit build-to-rent community in the northern Dallas suburb of McKinney. The development will span 13.2 acres and offer one-, two- and three-bedroom residences. The amenity package will consist of a pool, spa, fitness center, dog park and outdoor grilling and dining stations. The borrower and direct lender were not disclosed.
CEDAR PARK, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the sale of a 21,061-square-foot retail strip center located at 1201 N. Lakeline Blvd. in the northern Austin suburb of Cedar Park. DeWitt Goss and Jeff Miller of Matthews represented the seller, Saadeh Properties, in the transaction. The buyer was Legacy Properties. The center was 94 percent leased at the time of sale.
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Single-Family/Build-to-Rent: Changing Renter Demographics Fuel Growth
Demand for all forms of housing has been on the rise in recent years, a trend that is expected to continue in 2022. One segment of the market that is attracting significant attention is single-family/build-to-rent (SFR/BTR), as a series of economic and demographic shifts increase the attractiveness of an alternative to traditional apartments. Developers are ramping up activity on thousands of new units, particularly in the high-growth southern U.S. markets. Dozens of projects totaling more than $1.5 billion sold in 2021. Meanwhile, billions of dollars of debt and equity capital continue to move into this increasingly attractive investment class. Northmarq’s National Multifamily 2022 Outlook covers the record-setting momentum that multifamily properties across the United States saw last year and projects what the market may see in 2022. Northmarq’s full report is available here (with further rundowns on factors like the overall economy, rent trends, the investment market and financing climate). Their analysis on the SFR/BTR market below breaks down the trends and opportunities for growth in this burgeoning sector. Reasons for Growth Several factors are prompting the development of SFR/BTR. A primary influence is the changing mix of renters; today’s renters are generally older and more affluent than in the past. These …
DALLAS — Atlanta-based developer Robinson Weeks Partners has begun construction on I-20 Dallas Crossing, a 410,102-square-foot speculative industrial project in South Dallas. The cross-dock facility will be situated on a 30-acre site and will feature 36-foot clear heights, 78 dock doors, 224 parking spaces, 80 trailer storage spaces and office space. Completion is slated for the fourth quarter. Robinson Weeks has tapped JLL to market the property for lease.
SAN MARCOS, TEXAS — A joint venture between Thompson Realty Capital LLC and Trez Capital will develop La Cima, a $50 million multifamily project that will be located in the Central Texas city of San Marcos. The 304-unit project will feature two- and three-story buildings, an amenity center and a pool. An affiliate of Thompson Realty will manage the property upon completion, which is slated for December 2023. The announcement follows the joint venture’s start of development of Larkspur Liberty Hill, a 504-unit community in Austin.
HOUSTON — Locally based developer Scarlet, in partnership with full-service real estate firm Urban Meridian Group, has broken ground on a $32 million multifamily project in Houston’s City Park neighborhood. Designed by E Studio Group, the six-building, 216-unit property will be branded Frame Almeda Genoa and will offer one- and two-bedroom units ranging in size from 570 to 1,007 square feet. The project is expected to be complete within the next 12 months.
OKLAHOMA CITY — Kroger (NYSE: KR) will open a 50,000-square-foot distribution center at 8801 N. Interstate 35 Service Road in Oklahoma City. The cross-dock facility, which is expected to come on line later this year and to employ up to 191 full-time associates, will serve as a last-mile, or “spoke,” distribution point for customers within a 200-mile radius. This territory includes Dallas, where Kroger and its partner in rolling out spoke facilities, United Kingdom-based logistics firm Ocado Group, have also launched a 350,000-square-foot fulfillment center.
HOUSTON — NAI Partners has negotiated a 9,000-square-foot retail lease at Greenwood Place, an 18,000-square-foot, newly constructed commercial building located near the intersection of State Highway 105 and FM 3083 in Houston. Jason Gaines of NAI Partners represented the landlord, an entity doing business as Greenwood Place LLC, in the lease negotiations. Elena Bakina of Colliers represented the tenant, Action Behavior Center LLC, a provider of mental health services.
SAN ANTONIO — Triten Real Estate Partners, a developer with offices in Houston and Dallas, will build Connection Park Logistics Center, a 490,083-square-foot industrial project that will be located on the east side of San Antonio. The site, which spans 32 acres at 6851 Cal Turner Drive, will offer proximity to Interstate 10 and Loop 410, as well as the industrial facilities of major users like Amazon, Dollar General and H-E-B. Construction of the Class A, cross-dock building is scheduled to begin by the end of the first quarter and to be complete by the end of the year.