DALLAS — Global design firm Arcadis has opened a 19,000-square-foot office at 300 S. Pearl Expressway in downtown Dallas. The space is located on the sixth floor of the mixed-use building and features 120 open-office workstations, two conference areas and a “contemplation room” to support mental health and religious observances. Todd Interests owns the building, which consists of 336 apartments, 200,000 square feet of office space and 25,000 square feet of retail space. Cushman & Wakefield negotiated the lease.
HOUSTON — Midway and TriGate Capital have welcomed four new tenants to CITYCENTRE, a 47-acre mixed-use development in West Houston. Three apparel retailers — American Threads, Rowan and Southern Tide — have signed leases ranging in size from 1,000 to 1,800 square feet with plans to open this summer. Additionally, Star Cinema Grill has officially opened in the former Studio Movie Grill space.
AUSTIN, TEXAS — It’s no secret that today’s commercial real estate market can be challenging, whether you’re looking to break ground on a new project or close a transaction. But there’s plenty to be optimistic about in the student housing sector moving forward, according to Peter Katz, executive managing director of Institutional Property Advisors. Katz moderated this year’s “Power Panel,” which kicked off the first full day of the 16th annual InterFace Student Housing conference, held at the JW Marriott in Austin. The panel brought together a consortium of high-level executives to provide their thoughts on the current dynamics in the sector and their outlook for the year ahead. “I always feel the energy and the excitement in the student housing sector,” began Katz. “And while we feel a sense of tempered exuberance this year, the investment community is still extremely enthusiastic. Consumer strength is coming in hotter than expected and inflationary readings are pushing out the timing of proposed interest rate cuts from The Fed.” Two years into the cycle of tightening from The Fed, investors are recognizing that the price adjustments that have already occurred have now become an acquisition opportunity, Katz continued. “And while there’s still pain …
HOUSTON — Miami-based lender BridgeInvest has provided a $55.5 million acquisition loan for Park on Voss, an 810-unit multifamily property in West Houston that was built in 1971, according to Apartments.com. The property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, coffee bar, dog park, business center, tennis courts, outdoor grilling and dining stations and a game room. The borrower, Tara Capital, will use a portion of the proceeds to fund capital improvements. Renovations will include new unit appliances and HVAC systems, as well as exterior enhancements such as lighting, landscaping and essential repairs to elevators, sidewalks and roofing. CBRE arranged the debt.
DALLAS — JLL has arranged the sale of Muse Shops at Midtown, a 112,162-square-foot shopping center in North Dallas. Built in 1999 and renovated in 2022, the four-building center was 58 percent leased at the time of sale to tenants such as Starbucks, Land Design, United Real Estate and Natuzzi Editions. Adam Howells, Erin Lazarus, Megan Babovec and Keenan Ryan of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
HOUSTON — Gauge Real Estate Partners has completed Gauge Interwood Logistics, a 95,886-square-foot industrial project in Houston. The site spans seven acres within the 440-acre Interwood Business Park on the city’s north side. The standalone, rear-load facility features 32-foot clear heights, 180-foot truck court depths, 19 trailer stalls and an ESFR sprinkler system. Powers Brown Architecture designed the project, and Rosenberger Construction served as the general contractor. CBRE has been tapped as the leasing agent. Construction began last fall.
VON ORMY, TEXAS — Partners Real Estate has negotiated the sale of a 26-acre industrial outdoor storage facility in Von Ormy, located on the southwestern outskirts of San Antonio. The site at 14603 and 14710 Speedway Park also houses a 7,500-square-foot truck terminal building. Stan Nowak of Partners represented the buyer, a private equity firm, in the transaction. Additional terms of sale were not disclosed. Partners has also been retained as the property’s leasing agent.
COPPELL, TEXAS — Centersquare, a provider of colocation, connectivity and cloud infrastructure solutions, has signed a 30,342-square-foot office headquarters sublease at Cypress Waters in Coppell, located in the northern-central part of the metroplex. The space at 3100 Olympus Blvd. can support about 150 employees. Cribb Altman and Curt Holcomb of JLL represented Centersquare in the lease negotiations. Steve Wentz, Travis Boothe and Spencer Oster of Cushman & Wakefield represented the undisclosed sublandlord. Billingsley Co. owns Cypress Waters.
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Lee & Associates Report: Industrial, Office Sectors Face Challenges as Retail, Multifamily Show Positive Trends
Economic headwinds such as elevated interest rates and persistent inflation led to mixed outcomes in the first quarter for industrial, office, retail and multifamily sectors, with market observers anticipating a contracting economy, as outlined by Lee & Associates’ 2024 Q1 North America Market Report. On the industrial front, market pressures — including interest rates and supply chain challenges — led to higher vacancy in the United States in the first quarter of the year. U.S. office space experienced its fifth consecutive year of contraction, as office worker attendance stagnated. Additional challenges, in the form of loans maturing in a high-rate environment, signal further challenges in the near future for the office landscape. Continued merchant demand, reduced closures and bankruptcies and limited supply converged to create a feeding frenzy for retail space, with vacancies at historic lows. And finally, geographically based factors drove multifamily markets, many of which (especially in the Midwest and Northeast) experienced a rebound in apartment demand fueled by rising consumer sentiment and moderating inflation, despite supply outpacing demand. Lee & Associates has made their full, first-quarter report available here (with breakdowns of cap rates by city, vacancy rates, market rents, inventory square footage and more). The summaries from each sector …
FRISCO, TEXAS — Kansas City-based developer VanTrust Real Estate has unveiled plans for the next phase of Frisco Station, a 242-acre mixed-use development located on the northern outskirts of Dallas. Dubbed The Towers at Frisco Station, the next phase will consist of office, hotel, retail and restaurant uses that could total as much as 3 million square feet across five buildings. Entertainment concepts Pickle & Social and Fairway Social have already committed to the latest phase. Frisco Station, which was launched in 2015, currently features 700,000 square feet of Class A office space, 955 mid- and high-rise multifamily units and 450 hotel rooms, as well as a 30-acre park and trail system. Construction timelines for the latest phase are still being finalized.