Texas

Design Firm Huitt-Zollars Leases 32,519 SF at Three Lincoln Centre in Dallas

by Taylor Williams November 11, 2020

DALLAS — Locally based architecture and design firm Huitt-Zollars Inc. has leased 32,519 square feet of office space at Three Lincoln Centre, a 1.6 million-square-foot campus located at 5420 LBJ Freeway in the Galleria area of Dallas. Landlord Nuveen Real Estate is currently renovating the property, a project that is expected to be complete in early 2021. Matthew Schendle and Clint Madison of Cushman & Wakefield represented Nuveen in the lease negotiations. J.R. Tomlinson of Newmark represented the tenant.

November 11, 2020

Acquisitions Industrial Texas

Westmount Realty, DRA Advisors Sell 1.1 MSF Cold Storage Facility in Metro Dallas

by Taylor Williams November 10, 2020

GARLAND, TEXAS — A partnership between Dallas-based Westmount Realty Capital LLC and a fund managed by New York-based DRA Advisors has sold Dallas Food Center. The 1.1 million-square-foot cold storage facility is located in the northeastern Dallas metro of Garland. The property was originally built as a distribution center for grocer Safeway and has been renovated a number of times in subsequent decades. Westmount implemented a capital improvement program that raised the ceiling heights by 15 feet and added 90,000 square feet of freezer space. The property was 92 percent leased at the time of sale to a mix of tenants that includes Kraft Heinz. The tenants carry a weighted average of 8.75 years remaining on their leases. Jonathan Bryan and Randy Baird of CBRE represented the undisclosed seller in the transaction.

November 10, 2020

Development Multifamily Texas

Presidium Begins Leasing 408-Unit Apartment Community at Alliance Town Center in Fort Worth

by Taylor Williams November 10, 2020

FORT WORTH, TEXAS — Texas-based multifamily developer Presidium has begun leasing Presidium Revelstoke, a 408-unit apartment community located within Alliance Town Center in Fort Worth. O’Brien Architects designed the property, which is situated on 17.2 acres. Amenities include a pool with cabanas, fitness center with spin and yoga studios, outdoor grilling and game area, a 10,000-square-foot clubhouse with a demonstration kitchen and business center, a community playground and a dog park. Kimley-Horn served as the civil engineer for the project, and Provident General Contractors handled construction. Full completion is scheduled for next year.

November 10, 2020

Development Industrial Texas

Tailwind Real Estate Equities, Gulf Corp. Underway on 300,000 SF Spec Industrial Facility in Laredo

by Taylor Williams November 10, 2020

LAREDO, TEXAS — A partnership between Tailwind Real Estate Equities and Dallas-based Gulf Corp. is underway on construction of Tailwind II Logistics Center, a 300,000-square-foot speculative industrial facility in the South Texas city of Laredo. Tailwind II Logistics Center will feature 36-foot clear heights, 112 dock-high doors, 140 car parking spaces and 199 trailer parking spaces. CBRE is handling leasing of the project, which is expected to be complete in fall 2021.

November 10, 2020

Acquisitions Company News Industrial Office Texas

Tuesday Morning Agrees to Sell Dallas Headquarters, Warehouses for $60M

by Taylor Williams November 10, 2020

DALLAS — Home goods discount retailer Tuesday Morning has entered into an agreement with Miami-based Rialto Capital to sell its Dallas headquarters building, located at 6250 LBJ Freeway, and three warehouses for $60 million. The deal comes several months after the Dallas-based retailer filed for Chapter 11 bankruptcy, citing major financial losses stemming from the COVID-19 pandemic. Tuesday Morning is also closing 230 stores, or roughly a third of its total inventory, across the country. The deal is expected to close by the end of the year.

November 10, 2020

Company News Office Texas

Weitzman Launches Office Leasing Services for Central Texas

by Taylor Williams November 10, 2020

AUSTIN, TEXAS — Weitzman has expanded its corporate services platform by launching a new branch in Austin that will focus on tenant solutions for office users in Austin and the surrounding Central Texas market. The new platform will offer services such as strategic planning and needs assessment, financial, market and labor analyses, lease restructuring, renewals, relocations, expansions, subleasing and disposition of excess space, acquisitions, dispositions and build-to-suits. Matt Epple, executive vice president and director of brokerage for Weitzman, will lead the new office. Weitzman’s office management portfolio in Texas currently spans more than 1 million square feet, including buildings in Austin such as downtown’s Scarbrough and Littlefield Buildings and the office tower at Capital Plaza.

November 10, 2020

Market Reports Office Texas Texas Market Reports

Market Mystery: Why DFW Presents a Strong Case for Quick Recovery

by Taylor Williams November 10, 2020

By Nora Hogan, SIOR, principal at Transwestern The immediate future of the Dallas-Fort Worth (DFW) office leasing market is an enigma. Real estate professionals believe we are near the top of a V-shaped recovery curve. However, many tenants disagree and are being cautious about their office leasing decisions. Due to the pandemic, tenants became innovative in providing ways to service their customers. They have learned they can operate, survive and even excel under the current business environment, and thus are delaying their lease decisions. Tenants are learning which employees can work productively without the boundaries of the office. The million-dollar question is whether or not this partial work-from-home model is sustainable. Some employers think not, while others are betting that it has staying power and have placed either all or a portion of their office space on the sublease market. Today, sublease space in DFW represents 15 percent of the total vacant square footage. This percentage is higher than the volume of sublease space that the market posted during the dot-com recession of 2002. Currently the total sublease square footage is 9.5 million, which is almost identical to the December 2002 sublease inventory peak. The difference is that in 2002, …

November 10, 2020

Acquisitions Multifamily Texas

Cantor Fitzgerald, CAF Management Buy 444-Unit Apartment Community in Irving

by Taylor Williams November 9, 2020

IRVING, TEXAS — A joint venture between affiliates of Cantor Fitzgerald Investors LLC and CAF Management LLC has purchased The Station at MacArthur, a 444-unit apartment community located in the Las Colinas district of Irving. The property features townhouse-style residences in one-, two- and three-bedroom formats with an average unit size of 1,031 square feet. Amenities include four pools, a two-story fitness center, business center and a pet park. The property was approximately 95 percent leased at the time of sale. The seller was not disclosed.

November 9, 2020

Industrial Leasing Activity Texas

TAXA Outdoors Signs 69,356 SF Industrial Lease in Northwest Houston

by Taylor Williams November 9, 2020

HOUSTON — TAXA Outdoors, a provider of mobile camping trailers, has signed a 69,356-square-foot, full-building industrial lease at 7930 Blankenship Drive in northwest Houston. According to LoopNet Inc., the property was built in 1970 and features 22-foot clear heights and more than 10,000 square feet of office space, as well as fenced truck courts and outside storage capacity. Geoff Perrott and Jeff Venghaus of JLL represented the tenant in the lease negotiations. Nick Peterson and John Ferruzzo of Transwestern represented the landlord, Prologis.

November 9, 2020

Loans Multifamily Texas

Colliers Provides Fannie Mae Acquisition Loan for 85-Unit Apartment Complex in Metro Dallas

by Taylor Williams November 9, 2020

DESOTO, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae green acquisition financing for The Corners Apartments, an 85-unit multifamily complex located in the southern Dallas suburb of DeSoto. The property was built in 1984 and renovated in 2019. Colliers provided the 12-year loan through a partnership with Old Capital Lending. The borrower was not disclosed.

November 9, 2020

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