CARROLLTON, TEXAS — Locally based retail brokerage firm STRIVE has arranged the sale of Hebron Heights, a 9,807-square-foot retail strip center in the northern Dallas suburb of Carrollton. Hudson Lambert of STRIVE represented the California-based seller and the Texas-based buyer in the transaction. The property was fully leased to six tenants at the time of sale.
By Daniel Galvan, SIOR, principal, Coldwell Banker Commercial RGV The Rio Grande Valley (RGV) industrial market continues to be very active despite a small, temporary slowdown due to the COVID-19 pandemic. With single-digit vacancy rates in both Hidalgo and Cameron counties, absorption is holding at a steady pace as available space has declined. To that point, the market saw approximately 250,000 square feet of net absorption in 2020. Rents have also continued to increase modestly with elevated demand, rising approximately 5 percent in the first quarter of 2021 relative to that period in 2020. However, that rate of growth should slow a bit in the coming months given that the market is still fraught with uncertainty due to COVID-19. Despite this uncertainty, we typically see upcoming vacancies continue to be filled prior to actually becoming vacant. While the agriculture industry continues to be a very large driver of absorption in the RGV’s industrial sector, there are more deals than ever for users that focus on consumer goods and fulfillment. There has also been a large amount of growth in demand from third-party logistics (3PL) companies and manufacturers. These users ultimately accounted for about 200,000 square feet of positive absorption in …
DALLAS — Locally based firm Larkspur Capital LLC will develop The Willow, a 190-unit apartment complex that will be located at 3900 Commerce St. in the Deep Ellum area of Dallas. Omniplan is designing the eight-story, 171,575-square-foot building, which will offer amenities such as a pool, fitness center, rooftop sky lounge, indoor and outdoor coworking spaces, bike workshop and a coffee bar. Construction is underway and expected to last 18 to 24 months.
GEORGETOWN, TEXAS — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) have broken ground on Amberlin Georgetown, a 188-unit active adult community in Georgetown, a northern suburb of Austin. The property will feature one- and two-bedroom units ranging in size from 615 to 1,285 square feet and equipped with private terraces or fenced-in backyards. Amenities will include bocce and pickleball courts, a resort-style pool and sundeck, a fenced-in dog park, fitness center, game lounge, media lounge, community garden, library and a coffee bar. Each unit will rent for approximately $1,500 to $2,500 per month. The first move-ins are scheduled to begin next summer.
AUSTIN, TEXAS — NorthMarq has arranged an $11 million loan for the refinancing of The Collective, an 83,000-square-foot property located at 7601 S. Congress Ave. in Austin. The property features flexible space for warehouse, office and retail uses. John Morran and Gerald Logan of NorthMarq placed the nonrecourse, fixed-rate loan through a correspondent life company on behalf of the undisclosed borrower.
HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Diamond Loch, a 138-unit apartment complex situated on 6.6 acres in the Fort Worth suburb of Haltom City. Nick Fluellen, Bard Hoover and David Fersing of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
FARMERS BRANCH, TEXAS — Colliers International has negotiated the sale of a 24,924-square-foot warehouse located at 13840 Denton Drive in the northern Dallas suburb of Farmers Branch. Jason Tangen and Barrett Gibson of Colliers represented the seller, H&B Development & Construction, in the transaction. Jake Dreyer of KW Commercial represented the buyer, Woodhill Investment Co.
AUSTIN, TEXAS — California-based KBS has sold Southpark Commerce Center, a 372,763-square-foot industrial park in Austin, to institutional investment firm BentallGreenOak for an undisclosed price. Built in 1998, the four-building property was fully leased at the time of sale and features 24-foot clear heights and a 36 percent office finish. Trent Agnew, Dustin Volz, Dom Espinoza, Josh Villareal and Wesley Gilmer of JLL represented KBS in the transaction.
SAN ANTONIO — Cold Creek Solutions, a cold storage developer based in the Dallas-Fort Worth area, will build a 305,000-square-foot facility at the intersection of Interstate 10 and Loop 410 in San Antonio. ARCO National Construction is designing the project, which will feature space for approximately 45,000 pallets of frozen or refrigerated product. Construction is set to begin this fall, and the facility is expected to be operational by late 2022.
IRVING, TEXAS — A partnership between Washington, D.C.-based investment firm FCP and Dallas-based S2 Capital has acquired Oxford Park Apartments, a 308-unit multifamily community in Irving’s Las Colinas district. Built in 1995, the property offers one-, two- and three-bedroom units and amenities such as a fitness center, business center and a resident clubhouse, according to Apartments.com. JLL represented the undisclosed seller in the transaction. The new ownership plans to implement a value-add program, including a rebranding of the property.