ALVARADO, TEXAS — Dallas-based Holt Lunsford Commercial has negotiated a 69,828-square-foot industrial lease in Alvarado, located about 35 miles south of Fort Worth. George Jennings and Thomas Grafton with Holt Lunsford Commercial represented the landlord, Hearthstone Properties, in the lease negotiations. The representative of the tenant, waste management firm Clean Earth, was not disclosed.
MCKINNEY, TEXAS — Dallas-based brokerage firm STRIVE has arranged the sale of Virginia Commons, a 13,878-square-foot retail strip center in the northern Dallas suburb of McKinney. The property was built in 2007. Hudson Lambert of STRIVE represented the seller, a locally based investor, in the transaction. The name and representative of the buyer were not disclosed.
By Travis Secor, senior associate, JLL Nationally, e-commerce and warehouse supply have been the center of the industrial real estate conversation. It’s easy to get lost in the latest data related to the impact of COVID-19 and speculation on where a major online retailer’s newest distribution centers will land. Houston has received its share of the industrial real estate spotlight over the years. The narrative over the past decade will tell a story about the wild vacancy swings experienced through each development cycle, always in perfect harmony with the boom-and-bust oil reputation the city has crafted over the years. Current headlines highlight the possibility of another major glut in warehouse supply resulting from our latest development binge. While the case for an overbuilt market has major validity, you cannot broadly paint Houston’s industrial sector like that. To understand the complexities and nuances of Houston’s industrial market, it’s important to know the unique personalities of each geographic submarket and the events that shaped it. Northeast Houston When oil prices fell to around $10 per barrel in the late 1980s, commercial real estate professionals might not have been bullish on the absorption prospects for the industrial development spree that had taken place …
Many in commercial real estate expected a tsunami of COVID-related distressed properties in 2020 and 2021. So far, the wave hasn’t materialized, says Jay Olshonsky, president and CEO of NAI Global. Businesses have been sustained by exogenous factors that may or may not keep them from foreclosure or receivership in the long term. In many cases, lender forbearances or flexible plans have simply extended the window in which distressed properties may eventually revert to receivership. Olshonsky spoke to REBusinessOnline about receivership activity and what the industry expects over the next 12 months. Delays: Lessons from the Global Financial Crisis, Plus Current Factors As court-appointed receivers, NAI’s representatives act as the owner and operator of properties in foreclosure on behalf of the court. A receivership needs to have the capability to lease the property, pay taxes and handle accounting — basically, taking over all aspects of managing a property and keeping it functioning, Olshonsky says. Much of how NAI Global has chosen to approach the current receivership landscape originated in the lessons of the 2007-2008 financial crisis. During the early stages of the pandemic, NAI knew there would be fallout that would force some businesses into foreclosure, servicing, note sales or similar …
GEORGETOWN, TEXAS — Walker Real Estate and Chalk Hill Ventures have completed construction of an active adult community in Georgetown, a northern suburb of Austin. Located on a 12-acre site near Rabbit Hill, NorthStar Georgetown includes 298,800 square feet of active adult living comprising 210 apartments. Roscoe Property Management is the operator. Other project partners include Pi Architects, Square One Consultants, Pat Berry Design and Skybeck Construction.
SOUTHLAKE, TEXAS — Chicago-based American Bear Logistics Corp. has signed a 19,451-square-foot industrial lease at 419 Bank St. in Southlake. The global logistics firm will occupy space within Southlake Business Park, a three-building, 12.6-acre development located less than five miles from Dallas-Fort Worth International Airport. Noah Dodge and Joe Santaularia of Bradford Commercial Real Estate Services, along with Nick Krejci of Darwin Realty, represented the tenant in the lease negotiations. Hogan Harrison, Matt Carthey and George Jennings of Holt Lunsford Commercial represented the landlord, an entity doing business as Southlake Industrial LP.
AUSTIN, TEXAS — NorthMarq has provided a $2.7 million Freddie Mac acquisition loan for Village Flats, a 48-unit apartment complex located at 8930 Galewood Drive in North Austin. According to Apartments.com, the property was built in 1980 and offers one-bedroom units. Chase Johnson of NorthMarq originated the financing through Freddie Mac’s Small Balance Loan program on behalf of the undisclosed borrower.
HOUSTON — Healthcare provider Kelsey-Seybold will open a 7,500-square-foot clinic at Shops at Stone Park, a 149,029-square-foot shopping center located at 5820 E. Sam Houston Parkway in Houston’s North Channel submarket. The tenant will occupy a junior anchor space formerly leased to Dressbarn. A tentative opening date was not released. Ashley Strickland, Nick Ramsey and Kevin Sims internally negotiated the lease on behalf of the owner, Houston-based NewQuest Properties.
KERRVILLE, TEXAS — Gulf Avionics, an aerospace maintenance and repair firm, has relocated its headquarters and operations to a 7,000-square-foot space in the Central Texas city of Kerrville. The new facility will service aviation clients from the greater San Antonio area. Gulf Avionics, a division of E.H. Caddis & Co., which also owns Dallas-based RBR Aviation, plans to add 50 avionics and aerospace jobs to the local economy over the next five years.
DALLAS — Fort Worth-based based investment and development firm Crescent Real Estate LLC has re-acquired The Crescent, a 1.3 million-square-foot mixed-use property in Uptown Dallas. The property was originally built in 1986 and consists of a luxury hotel, three office towers and retail/restaurant space. According to The Dallas Morning News, the sales price was upwards of $700 million. The 11-acre property was part of Crescent Real Estate’s initial public offering in 1994. After a later sale, Crescent Real Estate re-acquired the asset in 2009 in partnership with Barclays. This latest acquisition of the property marks its third stint under Crescent Real Estate’s ownership; however, the firm has continued to lease and manage The Crescent since 1994. The previous owner completed $33 million in renovations in 2016. “I chose the Crescent name for our company because I loved the asset — its quality, timeless architecture and iconic nature,” said John Goff, chairman of Crescent Real Estate. “To acquire it, now for the third time, is exciting for me personally and the entire Crescent team.”