FRISCO, TEXAS — General contractor Adolfson & Peterson Construction (AP Construction) has reached the midpoint of the development of PGA of America’s 106,622-square-foot headquarters building in Frisco. The building will be situated on a 6.2-acre tract within the new 660-acre campus, which will also include two new championship golf courses, a 500-room Omni PGA Frisco Resort and a golf entertainment district. Approximately 150 employees will work in the four-story headquarters building, which is scheduled to be fully complete in the first quarter of 2022. PGA of America originally announced its relocation from South Florida to Frisco in December 2018. At the time, the organization projected an initial investment of $500 million in the local economy, a figure that is anticipated to grow to $2.5 billion over the next 15 to 20 years.
Texas
AMARILLO, TEXAS — Watchman Properties has sold Amarillo Lock Storage, a 238-unit self-storage facility in northwest Texas. The property spans 42,150 net rentable square feet. An undisclosed national REIT purchased the asset for an undisclosed price. Andrew Plunkett, Cameron Vale and Parker Sweet of Berkshire Hathaway Storage Group brokered the deal.
MCKINNEY, TEXAS — Petoskey Plastics, a manufacturer of resins and other plastic products, has purchased a 53,627-square-foot industrial facility at 2050 Couch Drive in the northern Dallas suburb of McKinney. According to LoopNet Inc., the single-tenant property was built on 15 acres in 1985 and renovated in 2001. Evan Hammer of Whitebox Real Estate represented Petoskey Plastics, which will use the building as its new headquarters, in the transaction. The seller was not disclosed. The new ownership will expand the building by 40,00 square feet to accommodate more warehouse and silo space, a move that is expected to add anywhere from 50 to 100 new jobs in the process.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Executive Apartments, a 68-unit complex in northwest San Antonio. The property was built in 1964 and, according to Apartments.com, offers one- and two-bedroom units, as well as a pool and a business center. Bryce Smith and Paul Yazbeck of TMG represented the seller and the buyer, both of which requested anonymity, in the transaction. The new ownership will implement a value-add program to the unit interiors and building exteriors.
PLANO, TEXAS — California-based KBS has completed the renovation of Legacy Town Center, a three-building, 522,043-square-foot office complex in Plano. The property was developed in phases between 2001 and 2006 and offers amenities such as a fitness center, conference center, bike sharing program, car wash and a wellness room. KBS renovated the leasing office, conference center and locker rooms and added two new spec suites as part of the capital improvement program.
HOUSTON — A partnership between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has begun work on Seton Lake Logistics Center, a 255,704-square-foot speculative industrial project in northwest Houston. Designed by Powers Brown Architecture, the cross-dock building will feature 32-foot clear heights, 36 trailer parking stalls and an ESFR sprinkler system. Rosenberger Construction is the general contractor for the 16.8-acre project, which is expected to be complete in October. CBRE has been tapped to lease the building.
HOUSTON — Illinois-based Molto Properties has broken ground on West Gulf Bank Distribution Center, a 115,642-square-foot industrial project located within Brookhollow West Business Park in northwest Houston. Building features include 97 car parking spaces, 24 trailer parking spaces, 28 loading docks and two drive-in doors and ramps. Nick Peterson and John Ferruzzo of Transwestern represented Molto Properties in its site selection and acquisition of the land. The duo also represented the developer in a subsequent sale of the land and building to moving company Armstrong Relocation, which plans to take occupancy of the building upon completion in September.
DALLAS — Marcus & Millichap has brokered the sale of The Richelieu at Bluffview, a 100-unit multifamily complex in Dallas. The property was built in 1963 and consists of 11 buildings situated on 3.3 acres. Al Silva and Ford Braly of Marcus & Millichap represented the seller, family of the original developer, in the transaction. The duo also procured a California-based 1031 investor as the buyer. Both parties requested anonymity.
DENTON, TEXAS — Phillips Edison & Co., a Cincinnati-based retail owner and developer, has acquired Hickory Creek Plaza, a 28,134-square-foot shopping center in the North Texas city of Denton. Shadow-anchored by Kroger, the center is leased to tenants such as Papa Murphy’s Pizza, Great Clips, H&R Block, Mathnasium, ATI Physical Therapy, Envy Nail Spa, Good Morning Donuts and Pizza Hut. The seller was not disclosed.
SPRING, TEXAS — Marcus & Millichap has brokered the sale of A-1 Mini Storage, a 280-unit self-storage facility in the northern Houston suburb of Spring that primarily offers climate-controlled space in. Brandon Karr, Danny Cunningham and Dave Knobler of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Other terms of sale were not disclosed.