Texas

VEREIT, Ocean West Purchase Distribution Center in Dallas for $246.7M

by John Nelson August 11, 2020

DALLAS — VEREIT Inc. and Ocean West Capital Partners LLC have teamed up to acquire a 2.3 million-square-foot industrial facility in Dallas. The newly built property is located at 9314 W. Jefferson Blvd. and is fully leased to The Home Depot. NorthPoint Development sold the build-to-suit property to the buyers for $246.7 million. The Missouri-based developer is staying on as a joint venture partner. There are 20 years remaining on the lease with The Home Depot. “The property’s logistically desirable location along with the tenant’s creditworthiness and the established long-term lease make this a strong investment for the growing partnership,” says Thomas Roberts, VEREIT’s executive vice president and chief investment officer. The property, known as Dallas Global Industrial Center, offers access to Interstate 30, Texas Highway 161, Loop 12, Interstate 20 and Interstate 35E. The park also has a direct spur from the main Union Pacific Rail Service line. The acquisition is the latest in VEREIT’s (NYSE: VER) partnership with Korea Investment & Securities Co. Ltd., a global financial services firm based in Korea that Ocean West advises, as well as Tiger Alternative Investors Ltd. To date, the VEREIT-led partnership has bought seven Class A, single-tenant industrial properties totaling $653.7 …

August 11, 2020

Development Healthcare Texas

E.E. Reed Breaks Ground on 122,000 SF Healthcare Project in Houston

by Taylor Williams August 10, 2020

HOUSTON — Locally based general contractor E.E. Reed Construction has broken ground on the Woman’s Hospital medical office building, a 122,000-square-foot healthcare property located within Houston’s Medical Center. Earl Swensson Associates designed the five-story project, which is expected to be complete in late 2021. Healthpeak Properties, a healthcare and seniors housing REIT based in Irvine, Calif., is the developer.

August 10, 2020

Acquisitions Industrial Texas

Welcome Group Acquires 23 Acres in Houston for Industrial Development

by Taylor Williams August 10, 2020

HOUSTON — Investment and development firm Welcome Group LLC has acquired 23 acres in Cedar Port Industrial Park in Houston for future projects. Cedar Port is a 15,000-acre, rail-served industrial development on the southeast side of the city that offers access to the Grand Parkway, Interstate 10 and Port Houston. Specific plans for future development of the site were not released. Ryan Wassaff Sr. internally represented Welcome Group in the land sale.

August 10, 2020

Industrial Leasing Activity Texas

Continental Office Group Signs 22,374 SF Industrial Lease Renewal in Metro Dallas

by Taylor Williams August 10, 2020

GARLAND, TEXAS — Continental Office Group, a wholesaler of new and used office furniture, has signed a 22,374-square-foot industrial lease renewal at Gateway East Business Center in the northeastern Dallas suburb of Garland. Matt Dornak and Ryan Wolcott of Stream Realty Partners represented the landlord, Barings, in the lease negotiations. JLL represented the tenant.

August 10, 2020

Industrial Leasing Activity NAI Texas

NAI Partners Negotiates 11,900 SF Industrial Lease in South Houston

by Taylor Williams August 10, 2020

HOUSTON — NAI Partners has negotiated an 11,900-square-foot industrial lease at 10425 Moers Road in south Houston. According to LoopNet Inc., the property was built in 1961 and consists of four buildings. Zane Carman and Clay Pritchett of NAI Partners represented the landlord in the lease negotiations. Barrett Gibson of Colliers International represented the tenant, Supreme Plant Services LLC, a provider of tank cleaning services.

August 10, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 56-Unit Apartment Complex in San Angelo, Texas

by Taylor Williams August 10, 2020

SAN ANGELO, TEXAS — Marcus & Millichap has arranged the sale of Koberlin Apartments, a 56-unit multifamily complex in San Angelo, located roughly midway between Austin and Lubbock. William Stover of Marcus & Millichap represented the seller of the two-building, 41,868-square-foot property and procured the buyer, both of which were private investors that requested anonymity.

August 10, 2020

Acquisitions Industrial Texas

Lonejack II Purchases 460,000 SF Distribution Center Formerly Occupied by Pier 1 Imports Near Fort Worth

by Taylor Williams August 7, 2020

MANSFIELD, TEXAS — Locally based investment firm Lonejack II LLC has purchased Heritage Park, a 460,000-square-foot distribution center in the Fort Worth suburb of Mansfield that was previously occupied by Pier 1 Imports. The property is located near U.S. Highway 287, is adjacent to the Union Pacific Railroad and features 10,200 square feet of office space. Pier 1 Imports, which was founded in Fort Worth in 1962, announced in May that it would be closing all its retail stores and liquidating other assets. LanCarte Commercial is marketing the property for lease.

August 7, 2020

Development Multifamily Texas

Gardner Capital Completes 96-Unit Provision at North Valentine Apartments Near Fort Worth

by Taylor Williams August 7, 2020

HURST, TEXAS — Gardner Capital, a family-owned private equity firm focused on the multifamily sector, has completed Provision at North Valentine, a 96-unit apartment community located in the northeastern Fort Worth suburb of Hurst. The property features one- and two-bedroom floor plans with granite countertops, breakfast bars and individual washers and dryers. Amenities include a pool, fitness center, onsite laundry facilities, outdoor grilling areas and a playground. Rents for one-bedroom units range from $361 to $789 per month, while rents for two-bedroom units range from $429 to $942 per month.

August 7, 2020

Acquisitions Industrial NAI Texas

NAI Partners Sells 66,530 SF Industrial Property in Houston

by Taylor Williams August 7, 2020

HOUSTON — NAI Partners has sold Leghorn Service Center, a 66,530-square-foot industrial property in Houston. NAI Partners acquired the three-building complex in 2019 through one of its investment funds. Charlie Strauss, Trent Agnew and Katherine Miller of JLL served as the listing brokers in the transaction and procured the buyer, a locally based private investment firm. Leghorn Service Center was fully leased at the time of sale.

August 7, 2020

Development Healthcare Texas

MedCore Partners Breaks Ground on 25,200 SF Bedford Medical Plaza Near Fort Worth

by Taylor Williams August 7, 2020

BEDFORD, TEXAS — Healthcare developer MedCore Partners has broken ground on the 25,200-square-foot Bedford Medical Plaza, located at the northwest corner of Hospital Parkway and Parkview Lane near Fort Worth. The building will be situated on 3.1 acres near Texas Health Harris Methodist Hurst-Euless-Bedford Hospital and is 100 percent preleased to multiple local practices. An expected completion date was not released.

August 7, 2020

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