PORTER, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has negotiated the sale of Porterwood Apartments in Porter, located north of Houston. According to Apartments.com, the property was built in 1984, totals 136 units in one- and two-bedroom floor plans and offers amenities such as a pool, playground, picnic areas and onsite laundry facilities. Bryce Smith of TMG represented the buyer and seller, both of which requested anonymity, in the deal.
WILMER, TEXAS — Indianapolis-based Duke Realty has completed a 431,630-square-foot distribution center at Intermodal III Industrial Park in Wilmer, a southern suburb of Dallas. Yokohama Tire Corp. has since signed a full-building lease at the property, which sits on 22 acres and features 281 car parking spaces, 114 trailer parking spaces and 7,000 square feet of office and showroom space. Nathan Lawrence, Kacy Jones and Krista Raymond of CBRE represented the tenant, which plans to take occupancy over the summer, in the lease negotiations. Matt Hyman represented Duke Realty on an internal basis.
LAREDO, TEXAS — Berkshire Hathaway Storage Group has brokered the sale of the Laredo Storage Portfolio, a collection of self-storage facilities in the Rio Grande Valley. The portfolio consists of an undisclosed number of properties that are situated on a combined 6.8 acres and that feature 1,044 units across 138,980 net rentable square feet. A locally based seller sold the portfolio to an institutional private equity firm for an undisclosed price. Josh Cato, Cameron Vale and Parker Sweet of Berkshire Hathaway Storage Group brokered the deal.
BURLESON, TEXAS — New York City-based developer Sovereign Properties has broken ground on Reed Parke Apartments, a 217-unit multifamily community in Burleson, a southern suburb of Fort Worth. The property will feature one-, two- and three-bedroom units. Amenities will include an outdoor gaming lawn, cyber café, dog park, fitness and yoga studio, a pool and outdoor grilling areas. Womack + Hampton Architects is designing the community, and KWA Construction is serving as general contractor. Completion is slated for May 2022.
HOUSTON — Grandbridge Real Estate Capital has arranged a $19.5 million loan for the refinancing of a 230-unit multifamily property in the Houston area. John Hancock Life Insurance Co. provided the nonrecourse loan, which was structured with a fixed interest rate, 10-year term and a 30-year amortization schedule. Rob LaRue of Grandbridge, which is based in Charlotte, N.C., placed the debt on behalf of the undisclosed borrower. The name of the property was also not disclosed.
FORT WORTH, TEXAS — Moving and delivery service provider Gozova has signed a 67,883-square-foot industrial lease at 6633 Oak Grove Road in Fort Worth. According to LoopNet Inc., the property was built in 2017 and totals 270,282 square feet. Tanja McAleavey of Younger Partners represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
ALLEN, TEXAS — Locally based developer JaRyCo has broken ground on The Farm at Allen, a 135-acre mixed-use project located at the southeast corner of the Sam Rayburn Tollway and Alma Drive in the northeastern Dallas suburb of Allen. The site was originally purchased by local resident Bob Johnson Sr. and his wife, Doris, in the 1960s and used for raising cattle and growing corn, wheat and hay. Plans for the project call for 1.6 million square feet of office space, 142,000 square feet of retail space, 60,000 square feet of restaurant space, a 150-room hotel, townhomes and 2,400 urban residential units. The initial phase of development includes construction of FarmWORK One, a 102,000-square-foot office building, and The Hub, a food hall with a stage for live music and other events. Both of those components of the project are expected to be complete in 2022. Roughly a quarter of the total acreage will be devoted to outdoor space, including a 1.5-acre lake, 2.5 miles of hiking and biking trails, a 16-acre greenbelt along Watters Creek and four additional park areas. Leasing is underway for the office and retail components, with Avison Young and Venture Commercial respectively leading those initiatives.
FORT WORTH, TEXAS — Denver-based Black Creek Group has completed Carter Park, a 569,000-square-foot industrial development located near the interchange of Interstates 20 and 35 in south Fort Worth. Designed by Callaway Architecture, Carter Park consists of three buildings spanning 250,000, 231,000 and 88,000 square feet that feature 32-foot clear heights, a total of 100 dock doors and ESFR sprinkler systems. Cadence McShane served as the general contractor for the project.
DENTON TEXAS — Cold Creek Solutions will develop a 374,560-square-foot speculative cold storage facility on a 23-acre site just northwest of Interstate 35 and Barthold Road in the North Texas city of Denton. The facility will feature 45-foot clear heights, more than 60,000 pallet positions, multiple tenant suites with convertible temperature functionality, 65 trailer parking spaces and ample car parking. The developer is seeking a joint venture equity partner and has engaged JLL to market that opportunity.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Watermarke, a 386-unit apartment community in southwest Fort Worth. The property was built on 14 acres in 1986. Units feature private patios or balconies, and communal amenities include three pools, a clubhouse with a business center and gym, onsite laundry facilities and a dog park. Al Silva of Marcus & Millichap represented the seller, a San Antonio-based private investment firm, and procured the buyer, California-based Tides Equities.