HUMBLE, TEXAS — California-based Bolour Associates Inc. has purchased Northeast Pines, a 136-unit multifamily property located in the northern Houston suburb of Humble, for $9.6 million. Built in 1980, the property offers one- and two-bedroom units ranging in size from 420 to 970 square feet and amenities such as a clubhouse and a pool. Bolour Associates plans to implement a value-add program that will upgrade kitchens with new countertops, cabinetry, flooring and appliances. The company will also renovate amenity spaces as part of the 24-month capital improvement project. Robert Su of Su Real Estate Group represented the seller, a private investor, in the transaction.
MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has approved a proposal for the development of a retail project that will be known as Shadow Creek Crossing. Shadow Creek Crossing will be developed on a seven-acre site adjacent to John D. Horn High School that is owned by an entity doing business as LF Gateway LP. At full build-out, Shadow Creek Crossing could span as much as 57,500 leasable square feet across six buildings. A firm construction timeline was not released.
By Chris Doggett, executive vice president, Stream Realty Partners The allure of the Dallas-Forth Worth (DFW) market continues to make it one of the top corporate destinations in the country. This past year, DFW ranked number one in the nation in raw population growth. Specifically, an average of 328 people per day were added to the DFW fold, which equates to approximately 119,748 more residents this past year. This is truly an incredible stat and reflects the fact that the consistent, historically growth of DFW shows no signs of changing course. The cost of living, tax benefits and incredibly convenient location — directly in the middle of the Central Time Zone allowing for a three-hour flight time to anywhere in the continental United States — are second to none. The vast majority of new, Class A office transactions, including relocations from other states, have landed in new office developments in Irving, Uptown Dallas, the greater Legacy/Frisco area, Allen and Cypress Waters along the LBJ Freeway. This begs the question — why is the Fort Worth area not front and center for these deals? While many companies in Fort Worth have already returned to their offices, the thinking and processes behind …
KATY, TEXAS — Arizona-based investment and development firm MC Cos. has acquired Enclave at Cypress Park and Paramount, two adjacent apartment communities in the western Houston suburb of Katy totaling 648 units. Enclave at Cypress Park totals 384 units, and Paramount Apartments totals 264 units. According to Apartments.com, both properties offer one-, two- and three-bedroom units and amenities such as pools, fitness centers, spas and resident clubhouses. Clint Duncan and Matt Phillips of CBRE represented the undisclosed sellers in the transactions. Michael Thompson of CBRE arranged acquisition financing through MF1 Capital on behalf of the new ownership, which plans to combine and rebrand the properties as The Place at Barker Cypress. MC Cos. will also implement a value-add program to unit interiors and amenity spaces.
CORPUS CHRISTI AND EDINBURG, TEXAS — Atlanta-based investment firm MDH Partners has purchased two industrial properties totaling 82,555 square feet in South Texas. The assets include a 40,680-square-foot warehouse in Corpus Christi that sits on 2.2 acres and a 41,875-square-foot building in Edinburg that is situated on 3.6 acres. Goodman Distribution Inc., which manufactures and distributes HVAC parts and systems, occupies both properties on 10-year, triple-net leases. Stream Realty Partners developed the buildings. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented both parties involved in the deal.
SHAWNEE, OKLA. — Marcus & Millichap has brokered the sale of Bryan Street Storage, a 296-unit self-storage facility in Shawnee, an eastern suburb of Oklahoma City. The property, which offers 47,640 net rentable square feet, was built on 3.8 acres in 2009 and subsequently expanded in 2011 and 2020. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction. Mark McCoy of Marcus & Millichap assisted in closing the deal as the broker of record.
IRVING, TEXAS — Colliers International has negotiated the sale of Regent Place, a 41,661-square-foot office complex in the Las Colinas area of Irving. Built on 2.1 acres in 1981 and renovated in 2010, the property offers proximity to Dallas-Fort Worth International Airport and other major state highways. Cody Payne of Colliers represented the buyer and seller, both of which were private investors that requested anonymity, in the transaction.
FRISCO, TEXAS — Common Desk, a Dallas-based provider of flexible workspace solutions, has opened a 25,000-square-foot coworking space at Hall Park, a 162-acre office development in Frisco. Members have access to unlimited conference room use, community events, private chat booths, wellness rooms and beverages from Fiction Coffee. Members can also use the fitness center, onsite dining options, car care center and full-service banks that operate out of Hall Park, as well as the property’s jogging trails, event lawn and sculpture garden.
FORT WORTH, TEXAS — HomeGoods, a division of Massachusetts-based discount retail giant TJX Cos., will open a 1 million-square-foot distribution center within Carter Park East, a 556-acre industrial development in Fort Worth. The 100-acre build-to-suit property will also serve as a regional distribution center for HomeGoods’ sister brand, Homesense. Seth Koschak, Jeff Rein and Forrest Cook of Stream Realty Partners represented the developers of the building, New York-based Clarion Partners and a fund advised by Crow Holdings Capital, in the lease negotiations. Tony Kepano and Nathan Lawrence with CBRE represented the tenant. Rob Riner Cos. is the master developer of Carter Park East, which is located south of Interstate 20 and east of Interstate 35 on the south side of Fort Worth.
FORT WORTH, TEXAS — Dallas-based Stonemont Financial Group has broken ground on three speculative industrial buildings totaling 699,000 square feet in Fort Worth. The developments will consist of a 213,000-square-foot building at FM 156 near Chaplin Drive and two buildings totaling 486,000 square feet at Golden Triangle and Harmon Road. Construction of all three buildings is set to begin in the coming weeks, with completion of the first project slated for March 2022 and delivery of the second and third buildings scheduled for May 2022.