HOUSTON — Fort Worth-based Trademark Property Co. and owner-operator MetroNational have begun the redevelopment of the 1.7 million-square-foot Memorial City Mall in Houston into a mixed-use destination. The project began on Tuesday with the demolition of the building formerly occupied by Sears, which was the mall’s original anchor tenant beginning in 1966. Gensler and Stantec are leading the project’s design efforts. Specific uses for the completed redevelopment have not yet been disclosed.
SAN ANTONIO — Locally based developer Koontz Corp. has sold Foster Ridge Distribution Center, a 327,000-square-foot industrial facility located at the junction of Foster Road and Interstate 10 in San Antonio. Koontz completed the Class A facility in October 2019. The buyer is metro Philadelphia-based industrial owner and developer Exeter Property Group. Building features at Foster Ridge Distribution Center include 32-foot clear heights, 75 dock-high overhead doors, 130-foot truck courts and an ESFR sprinkler system. Trent Agnew of JLL represented Koontz Corp. in the sale, and Exeter Property Group was self-represented.
HOUSTON — Mill Creek Residential has broken ground on Modera Washington, a 341-unit multifamily project that will be located at 2520 Washington Ave. adjacent to Houston’s Old Sixth Ward Historic District. Modera Washington will feature studio, one- and two-bedroom units with 10-foot ceilings, stainless steel appliances and quartz countertops. Amenities will include a rooftop deck, pool, outdoor grilling areas, a game room, fitness center, private office space and a golf simulator. The first units are expected to be available for occupancy in late 2021.
CLEAR LAKE, TEXAS — Vista Cos., a Houston-based development and management firm, has acquired two office and retail properties totaling 30,061 square feet in the Clear Lake area, located on the city’s southeast side. The assets had a combined occupancy rate of 95 percent at the time of sale. James Bell of Marcus & Millichap represented the seller, Visionary Investors Ltd., in the transaction. Frost Bank provided acquisition financing.
By Taylor Williams Decreased acquisition activity across virtually all asset classes is among the most visible impacts that COVID-19 has had on commercial real estate, but capital markets professionals say there’s reason to believe deal volume will rebound sharply toward the end of the year. According to data from Real Capital Analytics (RCA), the total sales volume of commercial properties in the country was approximately $44.7 billion during the second quarter. This figure represents a staggering year-over-year decrease of 68 percent and the lowest quarterly total in more than a decade. In terms of income streams, some asset classes are faring much better than others. Social distancing mandates and stay-at-home orders, while disastrous for retail and hotel properties, have elevated demand for e-commerce, as well as manufacturing of essential goods and services. The latter trend ensures that for many industrial owners, rent collection is not a major concern. But current and future economic uncertainty are causing investors across the board to pause new acquisitions. “We saw a significant decline in demand for acquisition financing when the pandemic began,” says Jeff Erxleben, executive vice president and regional managing director of NorthMarq’s Dallas office. “There were major unknown factors coming in all …
IRVING, TEXAS — Uline, a provider of packaging and shipping materials for warehouse workers, has signed a 1.1 million-square-foot industrial lease at 2600 Rental Car Drive in Irving. The Wisconsin-based company will lease the entirety of Building 1 within Passport Industrial Park, a 2 million-square-foot development by Trammell Crow Co. and its joint venture partner CBRE Global Investors. Uline plans to take occupancy of the cross-dock distribution center in May 2021. Development of the park, which comprises four buildings situated on 130 acres, began in December 2018.
FORT WORTH, TEXAS — Aerospace manufacturer Bell Textron Inc. (NYSE: TXT) has unveiled plans for its new 140,000-square-foot manufacturing technology facility in Fort Worth. According to the Dallas Business Journal, the property will be located at the northeast corner of Interstates 820 and 35, just a few miles from the company’s Fort Worth corporate headquarters. Bell Textron will use the facility to test and refine new technologies and systems for the Future Vertical Lift aircraft that will be used by the U.S. Army. Bell Textron, a division of Rhode Island-based conglomerate Textron Inc., has had a manufacturing presence in North Texas since 1951.
ADDISON, TEXAS — Triten Real Estate Partners has completed the renovation of a 90,000-square-foot office building located at the corner of the Dallas North Tollway and Belt Line Road in the northern Dallas suburb of Addison. The six-story building was previously known as Tollway Place and has been rebranded as The Commons. As part of the $4 million project, the development team upgraded the building’s common areas and office suites and signed restaurant Velvet Taco to lease a street-level retail space with outdoor seating. CBRE is handling leasing of the repositioned property.
KINGSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Oasis Mobile Home & RV Park, a 144-site property in Kingsville, located outside Corpus Christi in South Texas. The community consists of 69 mobile home lot rentals, 31 park-owned home rentals and 44 RV lot rentals. Robert Denninger and Brad Dorsey of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company. Both parties requested anonymity.
HOUSTON — Locally based brokerage firm Finial Group has negotiated a 19,800-square-foot lease at 1646 Rankin Road in Houston. The space is located within Central Green Business Park, a 331,000-square-foot development near George Bush International Airport. Doc Perrier and Jason Gibbons of Finial Group represented the tenant, Rubicon Ventures LLC, in the lease negotiations. Jeremy Lumbreras of Stream Realty Partners represented the landlord.