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.
Texas
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.
SAN MARCOS, TEXAS — Dallas-based Kalterra Capital Partners has sold McCarty Commons, a 249-unit multifamily property located in the Central Texas city of San Marcos. The 10.4-acre property was completed in 2019 and offers amenities such as a pool, volleyball court and a resident clubhouse. Project partners included Cross Architects, Shreve Land Construction, Sunridge Management, Bellwether Enterprise and Warsaw Realty Group. Will Balthrope, Jordan Featherston and Drew Garza of Institutional Property Advisors, along with Kent Myers of Marcus & Millichap, represented Kalterra in the transaction. A private family office purchased the asset for an undisclosed price.
By Taylor Williams The past 12 months have thrown multifamily developers a full nine innings’ worth of curveballs, and while many owner-operators have successfully adjusted to the various challenges brought on by the pandemic, they are still tasked with figuring out how much staying power these disruptions will ultimately have. To be sure, the major markets of Texas remain well-positioned for multifamily growth. Even amid a global health crisis, the Lone Star State has maintained its status as a national leader in population growth, having added 374,000 residents between July 2019 and 2020, according to the most current data from the U.S. Census Bureau. The reporting of final census numbers for 2020 has been delayed by the pandemic. But the Texas Legislature has already committed to a redistricting plan that is likely to increase the state’s number of congressional representatives in the coming years — a significant and visible response to its exceptionally healthy population growth. In terms of jobs, no city has garnered more attention for major moves in the past 12 months than Austin, first landing the $1 billion Tesla Gigafactory that will come on line later this year, then receiving a commitment from Oracle to relocate its …
HOUSTON — Denver-based REIT Healthpeak Properties Inc. (NYSE: PEAK) will renovate West Medical One, a 168,790-square-foot medical office building located on the HCA Houston Healthcare West campus. The project will add new patient drop-off areas, dining spaces, a tenant lounge and medical spec suites, as well as upgrade the lobby and other common areas. Healthpeak is in the process of securing permits and expects to complete the renovations in the first quarter of 2022. Identity Architects is designing the project, and E.E. Reed Construction is the general contractor.
DALLAS — Locally based developer M2G Ventures has completed Bogart, a 50,000-square-foot office building at 4621 Ross Ave. in East Dallas that is a redevelopment of the former Dallas Can Academy site. The property offers headquarters, studio and spec office spaces and amenities such as a tenant lounge, fitness room and an outdoor gaming area. In addition, food and beverage concept Fiction Coffee has signed a lease to open a store at the property.
HOUSTON — Marcus & Millichap has brokered the sale of OYO Townhouse Houston, a 97-room hotel located at 12701 North Freeway in Houston. The four-story property was built in 1996. Andrew Frosch, Louis Dan, Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. Frosch, Gomes and Miller also secured the buyer, a local individual/personal trust that plans to convert the independent hotel into a national franchise brand.
FORT WORTH, TEXAS — Dallas-based Holt Lunsford Commercial has negotiated a 40,625-square-foot industrial lease within Suffolk Business Park in Fort Worth. George Jennings and Thomas Grafton with Holt Lunsford represented the landlord, DFW SD Industrial. Gibson Duwe of Transwestern represented the tenant, Jess Hall’s Serendipity, a provider of food seasonings and sauces.