DALLAS —Newmark Knight Frank (NKF) and E. Smith Advisors, a brokerage firm headed by former Cowboys running back Emmitt Smith, has secured a 50,000-square-foot office lease renewal at Campbell Centre in Dallas. John Wolf and Sara Fredericks of NKF represented the tenant, Istation, a provider of electronic education services, in the lease negotiations. The duo credited the Cowboys legend in facilitating their relationship with Istation, which is headquartered at the property. Haberman & Haberman owns Campbell Centre, a development that was built in 1978 and totals 322,382 square feet.
KILLEEN, TEXAS — Arbor Realty Trust Inc. has provided a $1.3 million Fannie Mae loan for the refinancing of Girard Court, an apartment complex located in the Central Texas city of Killeen. The property was built in 2006 and features 24 units with hardwood floors, built-in bookcases, vaulted ceilings and French doors. Geoffrey Platt of Arbor Realty originated the loan as part of a $13.9 million refinancing package for a portfolio of multifamily properties totaling 256 units in seven states. The borrower was not disclosed.
DALLAS — Stream Realty Partners has negotiated a 10,068-square-foot industrial lease renewal at Manana I-35 Business Center in northwest Dallas. The property is located at 10730-10768 N. Stemmons Freeway. Drew Feagin and Todd Poticny of Stream represented the landlord, DRA Advisors, in the lease negotiations. Whitebox Real Estate represented the tenant, Plant Interscapes Inc., a provider of plants and landscaping materials for office buildings.
CYPRESS, TEXAS — A partnership between Texas-based developer Archway Properties and Atlanta-based Ridgeline Property Group has completed Telge 290 Logistics Center, a 207,635-square-foot industrial project in the northwestern Houston suburb of Cypress. The Class A property offers proximity to U.S. Highway 290, Beltway 8 and Grand Parkway. Building features include 32-foot clear heights, 47 dock-high doors, a 180-foot truck court and an ESFR sprinkler system. Colliers International is marketing the property for lease. Telge 290 Logistics Center is the second collaboration in Texas between the two firms.
HOUSTON — CBRE has arranged the sale of Southeast Distribution Center, a 170,476-square-foot, newly built industrial facility located at 730 Genoa Red Bluff Road near Port Houston. Nathan Wynne and Cape Bell of CBRE represented the seller and developer, Houston-based Vigavi, in the transaction. David Buescher and Louis Tomaselli of JLL represented the buyer and new occupant, Hallmark Floors. Burton Construction acted as the general contractor on the development, and Powers Brown served as the architect. Amegy Bank provided construction financing. The sales price was not disclosed.
BRYAN, TEXAS — Miami-based One Real Estate Investment has purchased The Element at University Park, a 312-bed student housing property in Bryan. The community is located about three miles from Texas A&M University and was 97 percent occupied at the time of sale. Built in phases in 2000 and 2008, Element at University Park features one- and two-bedroom units and amenities such as a pool, fitness center, business center, tennis courts and a dog park. Ryan Lang, Brandon Buell, Jack Brett, Brad Shaffer and Brandon Miller of Newmark Knight Frank (NKF) represented the seller, Massachusetts-based Aspen Square Management, and procured One Real Estate as the buyer.
LAREDO, TEXAS — Freight Dispatch Service Agency Ltd. has signed a 131,718-square-foot industrial lease to occupy the entirety of I-35 Logistics Center, a speculative development located in the Rio Grande Valley city of Laredo. Construction of the property, which features 32-foot clear heights, 73 trailer parking spaces and an ESFR sprinkler system, began in August 2019 and was completed in April. Josh Aguilar of CBRE represented the owner and developer, a partnership between Fort Worth-based Tailwind Real Estate Equities and Gulf Corp., in the lease negotiations. Joey Ferguson of NAI Swisher & Martin Realty represented the tenant.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Angel’s Attic, a self-storage facility located at 5601 NW Loop 410 in San Antonio that consists of 326 non-climate-controlled units. The property was built in 1973 and spans 38,685 net rentable square feet. Casey Kral and Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a California-based limited liability company.
Some places in America are painfully accustomed to economic setbacks. Dallas isn’t among them. This growth market prototype has elevated expansion to an art form and won’t suffer recession gladly. But happily or not, Dallas must share with the rest of the nation the unanticipated discomfort of our pandemic disaster. How is it likely to respond, and what are the ramifications for multifamily investors? It is said that everything is bigger in Texas, and Dallas job losses in the first months of the COVID-19 lockdown definitely were “on brand.” Payroll employment declined nearly 300,000 jobs in March and April, and the unemployment rate, which never before surpassed 9 percent, soared to 12.8 percent in April. The night is darkest before the dawn, however, and the latest national job numbers suggest the sun is near the eastern horizon. If recent history is any guide Dallas will be one of the first to recover and among the quickest to return to pre-coronavirus strength. Indeed, the metro labor market recovered about six months before the nation following both the 1992 and 2009 recessions, and job growth returned to pre-recession levels about 12 months later, a process that took the nation nearly two years …
PLANO, TEXAS — Locally based firm Cawley Partners will develop The Parkwood, a 120,000-square-foot office building that will be located just off the Dallas North Tollway in Plano. The property will serve as the new headquarters for Oklahoma-based First United Mortgage Corp, which will occupy approximately half the building. Gensler is designing the project, which will also feature a fully equipped fitness center. Construction of the four-story project is scheduled to begin in September and to be complete in the fourth quarter of 2021.