FORT WORTH, TEXAS — Dallas-based Mohr Capital has sold an 18,561-square-foot industrial property located at 490 Carey St. in Fort Worth. Mohr Capital developed the building in 2018 for HERC Rentals, which had 13 years remaining on its triple-net lease at the time of sale. Zach Harris and Brad Pepin of Stan Johnson Co. represented Mohr Capital in the transaction. A California-based investor purchased the asset via a 1031 exchange for an undisclosed price.
EL PASO, TEXAS — Amazon will open a 625,000-square-foot fulfillment center in El Paso, a move that marks the e-commerce giant’s entrance to that market and that is expected to create about 700 new full-time jobs. Local news station and ABC affiliate KVIA reports that the site will be located along Rojas Drive and Interstate 10 on the city’s east side. Construction is underway, and the facility is expected to open some time in 2021. KVIA also reports that Amazon did not seek any tax breaks or other economic incentives from the City of El Paso.
DALLAS — The Dallas-Fort Worth (DFW) office market recorded approximately 640,000 square feet of negative net absorption during the second quarter, according to a new report from CBRE. This first and second quarters of this year mark the first times the market has recorded such as statistic since the first quarter of 2018. The combination of companies laying off workers, vacating subleased space and delaying move-ins amid COVID-19 brought the market’s vacancy rate to 21.8 percent. The report noted that the metroplex lost about 227,000 jobs during the 12-month period ending May 31, 2020, after previously posting one of the healthiest unemployment rates in the country. In addition, there is nearly 5 million square feet of office product under construction in DFW, suggesting that vacancy may continue to trickle upward during ensuing quarters as the state battles new surges of COVID-19 cases.
MANSFIELD, TEXAS — Locally based firm Realty Capital Management has partnered with South Florida-based PointOne Holdings to develop Phase II of Main Street Lofts, a project in the Fort Worth suburb of Mansfield that will add 266 apartments to the local supply. Phase II will be developed on an eight-acre site and will include amenities such as a pool, fitness center, multiple lounges, resident clubhouse and access to walking and biking trails. JHP Architecture is designing the project, and NRP Construction is the general contractor. First United Bank provided construction financing. Completion is scheduled for the first quarter of 2022.
HUMBLE, TEXAS — Kalera, a Florida-based vertical farming company, has signed an 83,436-square-foot industrial lease to be the first tenant at Parc Air 59, a 279,500-square-foot development in the northern Houston suburb of Humble by Jackson-Shaw. The company will occupy the entirety of Building A, a rear-load property that is nearing completion and that features 28- to 32-foot clear heights, 130-foot truck courts and an ESFR sprinkler system. Mike Spears and Derek Riggleman of Lee & Associates represented Kalera in the lease negotiations. Jason Dillee and Nathan Wynne of Cushman & Wakefield represented Jackson-Shaw.
DALLAS — McCarthy Building Cos. has topped out construction of the Noble Performing Arts Center at Parish Episcopal School’s Midway campus in Dallas. The building, which is part of a 55,000-square-foot expansion project at the private school, will house a 515-seat performance hall, a 120-seat black box theater, rehearsal rooms, a film screening room and a dance studio. McCarthy broke ground on the project in November 2019 and expects to complete the project by spring 2021.
AUSTIN, TEXAS — Electric automaker Tesla (NASDAQ: TSLA) has selected a 2,000-acre site near Austin for the development of its latest $1 billion ‘Gigafactory.’ The vehicle manufacturing plant will build Tesla’s new Cybertruck pick-up truck and will be the second U.S. manufacturing site for the Model 3 and Model Y automobiles, distributing largely to the eastern half of North America. The development site is located in southeast Travis County, five minutes from the Austin International Airport and 15 minutes from Downtown Austin, according to Tesla CEO Elon Musk. The project is set to receive $60 million in tax breaks from the county and a local school district over the next decade, according to reports by the Associated Press. “We’re going to make it a factory that is going to be stunning,” said Musk on the company’s second-quarter earnings call held Wednesday. “It’s right on the Colorado River [with] a boardwalk where there will be a hiking and biking trail. It’s going to be an ecological paradise — birds in the trees, butterflies, fish in the stream — and it will be open to the public as well.” Texas Gov. Greg Abbott echoed Musk’s excitement, noting that Tesla is, “one of …
AUSTIN, TEXAS — Greystar is underway on a project to renovate some 2,000 units at Riata Austin, the state capital’s largest apartment community that was developed in the late 1990s by a group of investors led by Dallas Cowboys owner Jerry Jones. The project began with upgrades to amenity spaces, including the pool, outdoor dining area, bocce ball court and 11,000-square-foot fitness center. The project team is also underway on work to deliver new amenities such as a music lounge, playground, volleyball court, dog park and the surrounding trail system. Charleston, S.C.-based Greystar expects to compete renovations to amenity and public spaces by the end of the year. Upgrades of unit interiors are being conducted in conjunction with resident move-outs.
MCKINNEY, TEXAS — Developer VanTrust Real Estate has broken ground on McKinney Corporate Center II, a 115,000-square-foot speculative office project located north of Dallas. The building will be located within the 2,200-acre Craig Ranch master-planned development, across the street from the campus of Collin College Tech. Amenities will include a tenant lounge, conference center and a tenant patio, as well as grab-and-go food service. Holt Lunsford Commercial is handling leasing of the project, a firm completion date for which has not yet been established. VanTrust completed McKinney Corporate Center I, which is now fully leased, in 2015.
LAREDO, TEXAS — Berkadia has arranged the sale of Lago del Mar, a 260-unit multifamily community located in the South Texas city of Laredo. Built in the early 2000s, the property offers one-, two- and three-bedroom units that average 776 square feet and feature walk-in closets, private patios and balconies and individual washers and dryers. Amenities include a pool, fitness center, dog park and a playground. Ryan Epstein, Mike Miller, Will Caruth and Cody Courtney of Berkadia represented the Chicago-based seller in the transaction. Cutt Ableson of Berkadia originated an undisclosed amount of Fannie Mae acquisition financing for the buyer, Haley Real Estate Group.