FORT WORTH, TEXAS — Flannery Trim, a manufacturer of aluminum and drywall products for residential and commercial buildings, has signed a 39,405-square-foot industrial lease in Fort Worth. The tenant will relocate its corporate headquarters from California to the 87,640-square-foot Building A within Carter Industrial Park. Nick Talley of Bradford Commercial Real Estate Services represented Flannery Trim in its site selection and lease negotiations. Scott Moore, Bob Scully and Brice Wells of CBRE represented the undisclosed landlord.
HOUSTON — NAI Partners has brokered the sale of a 30,000-square-foot industrial building located at 9342 Telge Road in northwest Houston. The building is located within Aberdeen Business Park and is leased to aquatic engineering firm Oceaneering International Inc. Travis Land of NAI Partners represented the buyer, United Equities, in the transaction. Jason English of Colliers International represented the undisclosed seller.
By Sean Sorrell, senior managing director, JLL Last year, San Antonio’s multifamily sector was one of the only markets nationally in which the 2020 absorption exceeded that of previous years. Moreover, the city’s development pipeline was already contracting after 2019, so additional supply reductions in 2020 and 2021 due to COVID-19 should result in rebounding occupancy across the metro. The market is maintaining balance in terms of supply and demand and is poised to elevate its national prominence. The San Antonio multifamily market ‘s overall inventory is approaching 185,000 units, having grown by roughly 8 percent over the last two years. Ongoing supply growth has marginally outpaced demand, but even in the face of COVID-19, the overall market is approximately 92 percent occupied. JLL’s research shows that nationally, more than 6 percent of apartment renters have vacated their units since April 2020, either moving back in within parents or “coupling up” with roommates. San Antonio experienced very little of this effect, with an occupancy loss of less than 1 percent due to this temporary phenomenon. These displaced renters are likely to re-enter the apartment market in the near term, and, with ongoing in-migration, we anticipate the San Antonio market should …
IRVING, TEXAS — New York City-based Ready Capital has closed a $43.2 million loan for the acquisition, renovation and stabilization of a 416-unit multifamily property in Irving. The undisclosed sponsor plans to implement a capital improvement program to upgrade unit interiors and enhance curb appeal. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and a flexible prepayment schedule. The names of the property and seller were not disclosed.
CORSICANA, TEXAS — NAI Robert Lynn has negotiated an 87,235-square-foot retail lease at 3301 Corsicana Crossing Blvd. in Corsicana, about 60 miles south of Dallas. Matt Elliott and Tom Heraty of NAI Robert Lynn represented the undisclosed landlord in the lease negotiations. John Jinks of Formation Real Estate LLC represented the tenant, Fun Town RV.
SAN ANTONIO — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Glennwood Apartments, a 100-unit complex situated on a 6.3-acre site on the north side of San Antonio. According to Apartments.com, the property was built in 1970 and offers one-, two- and three-bedroom units. Chris Siemasko and Bryce Smith of TMG represented the seller and buyer, both of which requested anonymity, in the transaction. The 12-building complex was fully occupied at the time of sale.
HOUSTON — A fund backed by BV Capital and Archway Properties has acquired a 79,684-square-foot showroom and warehouse in Houston that is triple-net leased to home improvement merchandiser Floor & Décor. The property is located within Park Air 59, Archway’s mixed-use development near George Bush Intercontinental Airport that was completed in late 2019. The fund will continue to target single-tenant, triple-net-leased assets in Texas.
HOUSTON — Commando Pressure Control Inc., a provider of pressure solutions for the hydraulic fracturing industry, has signed a 14,100-square-foot industrial lease renewal within Four Seasons Business Park in northwest Houston. Jack Gaffney and John Buckley of Houston-based Finial Group represented the undisclosed landlord in the lease negotiations. The representative of the tenant was not disclosed.
TEXARKANA, TEXAS — TexAmericas Center (TAC) has completed the remediation of 6,800 acres in Texarkana, located near the Texas-Arkansas border, to meet standards for commercial and industrial development. Last week, the Texas Commission on Environmental Quality removed the U.S. Army’s Resource Conservation and Recovery Act (RCRA) permit from the property, thus opening up the acreage for development. The land is a portion of the former Lone Star Army Ammunition plant. Remediation efforts began in 2010, and in recent years, TAC and its partners have invested more than $40 million in remediation activities and improved infrastructure to advance job and capital creation in the region. TAC is an owner-operator of one of the country’s largest industrial parks, with roughly 12,000 development-ready acres and 3.5 million square feet of commercial and industrial product serving four states.
PORTER, TEXAS — Locally based developer The Signorelli Co. is underway on construction of The Gregory Apartments, a 269-unit multifamily community that will be located within the Valley Ranch master-planned community in the northeastern Houston suburb of Porter. The property will feature one- and two-bedroom units averaging 900 square feet. Amenities will include a pool, fitness center, social lounge areas, a business center and direct access to several acres of open green space. The first units are expected to be available for occupancy later this year. Information on starting rents was not disclosed.