ROCKWALL, TEXAS — The Boulder Group has brokered the $6.2 million of a 11,421-square-foot single-tenant retail property leased to CVS Pharmacy in Rockwall, a northeastern suburb of Dallas. The seller was a real estate firm based in the Southwest, and the buyer was an investor based on the East Coast that acquired the asset via a 1031 exchange. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction.
SAN ANTONIO — Berkadia has arranged the sale of Legacy Creekside, a 338-unit apartment community in San Antonio. Built in 2018, the property offers one-, two- and three-bedroom floor plans with an average unit size of 828 square feet. Residences feature stainless steel appliances, granite countertops, wood vinyl flooring and private yards and attached garages in select units. Amenities include a pool with cabanas, a fitness center, resident lounge with an arcade and coffee bar, outdoor grilling and dining area, two dog parks and bike storage space. Ryan Epstein, Michael Miller, Will Caruth and Cody Courtney of Berkadia represented the seller, White-Conlee Builders, in the transaction. Lucas Donohue, also with Berkadia, arranged acquisition financing on behalf of the buyer, Univest Inc.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 164,000-square-foot industrial lease at 927 W. Carrier Parkway in the central metroplex city of Grand Prairie. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, LINK Industrial, in the lease negotiations. David Eseke of Cushman & Wakefield represented the tenant, Wizards of the Coast, LLC, a publisher of role-playing games that previously operated retail stores.
DALLAS — Locally based developer Cawley Partners will build a 150,000-square-foot office project on a 5.5-acre site at 2221 W. Mockingbird Lane near Dallas Love Field Airport. Designed by Corgan, the four-story complex will feature a central courtyard with multiple outdoor common areas, as well as onsite food service, a fitness center and a conferencing facility. Cawley Partners, which expects the construction period to last about 18 months, will also market some of the space to medical users.
PLANO, TEXAS — A partnership between Dallas-based LandPlan Development and St. Ives Realty has sold a 39,324-square-foot office building located within Parkwood Village in Plano. The partnership developed the single-tenant building, which is fully leased to a Fortune 500 logistics company, in 2018. Michael Austry and Jared Aubrey of CBRE represented the seller in the transaction. An undisclosed institutional investor acquired the asset for an undisclosed price.
FORT WORTH, TEXAS — Stan Johnson Co. has brokered the $6 million sale of a 16,000-square-foot, freestanding retail building leased to Harbor Freight Tools in Fort Worth. The property was built in 2020 and is located at 3569 Northwest Centre Drive. Mike Sladich, Joey Odom, Maggie Holmes and Mollie Alteri of Stan Johnson Co. represented the seller, a developer based in South Carolina. Jimmy Ullrich, also with Stan Johnson Co., represented the South Florida-based 1031 exchange buyer. The asset traded at a cap rate of 5.9 percent.
By Taylor Williams As commercial property types go, self-storage is considered one of the toughest to sink in times of economic hardship. As Texas and the United States enter the eighth full month of the COVID-19 pandemic, this quality is beginning to show through. Natural disasters like floods and hurricanes tend to be windfalls for the asset class, as displacement from homes and damage to commercial properties raise short-term demand for self-storage. A pandemic does not have quite the same effect on the property type, especially when residential landlords in the United States are legally barred from evicting tenants. But for the major self-storage markets of Texas, COVID-19 has generated some positive results. COVID’s impact on self-storage is somewhat similar to Hurricane Harvey’s impact on the Houston multifamily market in 2017, which was also overbuilt and saw an overnight boost in occupancy as a result of the storm cutting into supply. In essence, COVID-19 has served as a mechanism to bring supply-demand balances closer to equilibrium. Because prior to the pandemic, the development pipelines in the major cities of Texas were peaking, creating oversupplied markets that were defined by sluggish rent growth, concessions and high levels of competitions for new …
DALLAS — The Dallas-Fort Worth (DFW) industrial market posted a vacancy rate of 6.5 percent to close the third quarter while seeing its 11-year streak of positive quarterly absorption remain intact, according to a new report from Newmark Knight Frank (NKF). Though overall vacancy is up 30 basis points from a year ago, the metroplex absorbed approximately 3.6 million square feet of space in the most recent quarter, down just 7 percent from that period in 2019. This activity indicates that industrial users are still attracted to the market’s exceptional job and population growth despite the recession-inducing COVID-19 pandemic. While third-quarter net absorption was also down from the second quarter of this year, industrial users and owners transacted more leases (604) in that period, up from 486 deals during the previous quarter. Among the largest deals inked in the third quarter were Uline’s 1.1 million-square-foot lease in Las Colinas, Amazon’s 1 million-square-foot lease in southeast Dallas and HelloFresh’s 375,000-square-foot lease, also in Las Colinas. Year-to-date, the market has already absorbed more than 17 million square feet of industrial space. The report pegged the amount of industrial product under construction at roughly 28.3 million square feet, but with vacancy up 300 …
SUGAR LAND, TEXAS — A development team led by Houston-based Lionstone Investments will renovate Sugar Land Town Square, a 1.4 million-square-foot mixed-use destination located on the southwestern outskirts of Houston. Lionstone is partnering with Dallas-based creative real estate firm Rebees and Planned Community Developers on the project, which will upgrade landscaping and outdoor common areas to allow for social distancing and more public seating as part of Phase I. In addition, the team will add new signage and tenant storefronts and revamp the tenant roster to include local entrepreneurs with original shopping and dining concepts. Completion of the first phase of the project is scheduled for mid-2021.
AUSTIN, TEXAS — Developer HPI Residential has completed Rhythm Apartments, a 262-unit multifamily community in Austin’s Tech Row area. Designed by Britt Design Group and Charlan Brock Associates, the community features studio, one- and two-bedroom units. Amenities include a club lounge with a kitchenette, coffee bar, TV and socially distant workstations, as well as a separate business center with built-in desks and a conference room. Rhythm also offers a game room, pool, fitness center, pet park and bike storage area. Rents start at $1,000 per month for a studio apartment.