ADDISON, TEXAS — CarOffer, an online automotive trade platform, has signed a 60,000-square-foot office sublease at 15601 Dallas Parkway in the northern suburb of Addison. CarOffer, which is subleasing the space from date center services provider Cyxtera Technologies, is relocating and expanding from a 27,000-square-foot space in Plano. Clay Vaughn and Preston Lynn of CBRE represented CarOffer in the lease negotiations. Brian Brooks and Brian Brtalik of Foundry Commercial represented Cyxtera. Chris Taylor with Cushman & Wakefield and Trey Smith with CBRE represented the undisclosed owner of the building.
HOUSTON — Locally based developer Gulf Coast Commercial Group has unveiled plans for The Common, a project that will redevelop a retail strip center in one of Houston’s Opportunity Zones into a 38,000-square-foot lifestyle hub. Houston-based Schooley Design is the architect of the project, which will feature multiple retail and restaurant concepts, as well as a central common area for events. Construction is scheduled to begin in March and to be complete in the fall.
LAREDO, TEXAS — The JAMCO Group, a locally based provider of customs and logistics services, has signed a 500,000-square-foot industrial lease in the South Texas city of Laredo. Beginning on June 1, The JAMCO Group will occupy the entirety of a building owned by California-based Majestic Real Estate that was originally developed as a build-to-suit for Mattel. Carlo Molano of Forum CRE represented the tenant in the negotiations for the lease, which is the largest industrial deal of its kind in Laredo in 20 years.
BARTLESVILLE, MCALESTER AND LAWTON, OKLA. — Extended Stay America (NASDAQ: STAY) has opened three hotels totaling 291 rooms in Oklahoma. Dallas-based Provident Realty Advisors owns the properties, and Plano-based Aimbridge Hospitality manages them. The properties are located in the northern city of Bartlesville, the central city of McAlester and the southwestern city of Lawton. All hotels feature fitness centers and onsite laundry facilities.
HOUSTON — Colliers International has negotiated a sale-leaseback at Dynamic Glass Industrial Park in Houston. The 160,778-square-foot, four-building development is situated on nine acres on the city’s northwestern side. David Carter and John Nicholson of Colliers represented the seller and tenant, locally based custom fabricator Dynamic Glass, in the transaction. California-based TCI Properties represented the buyer, Gordon Creekside, which negotiated a 15-year lease with Dynamic Glass at closing.
MISSOURI CITY, TEXAS — Arizona Partsmaster, a provider of property maintenance and repair supplies, has signed a 68,342-square-foot industrial lease at Waypoint Business Park in Missouri City, a southwestern suburb of Houston. Payson MacWilliam, Jon Lindenberger and Paul Dominique of Colliers International represented the tenant in the lease negotiations. Justin Robinson, Matteson Hamilton and Woody Hillyer of Stream Realty Partners represented the landlord, a partnership between 4M Investments and Clarion Partners. Waypoint Business Park encompasses 708,944 square feet of industrial space across four buildings.
EL PASO, TEXAS —The Silver Group, a single-tenant brokerage firm based on the West Coast, has arranged the sale of a 45,000-square-foot retail building in El Paso that is net leased to Best Buy. The property was originally built on 4.6 acres in 2002 and is located within Sunland Plaza, a retail power center that also houses tenants such as Target, Dick’s Sporting Goods, Marshall’s, Office Depot and Ulta Beauty. The buyer and seller were not disclosed.
By Gregg Gerken, Head of Commercial Real Estate for TD Bank Even prior to the COVID-19 pandemic, it was a struggle to build or find affordable housing. But since the pandemic broke out, finding affordable housing may be even harder for those who now need it most. A Problem Made Worse by a Global Pandemic The lack of affordable housing was an urban, suburban and rural problem even before COVID-19. Rent-burdened families and seniors living on a budget reside in almost every small and large city in America. While the $600 per month unemployment payments, stimulus checks and extension of eviction moratoriums have helped, the bottom line is that those most affected by COVID-19 financially still have the longest road to recovery and need more assistance – especially affordable housing – to get back on their feet. The Tenant Versus Landlord Narrative Multifamily housing renters are trying hard to make rent, but some just can’t, and that hardship then tilts onto landlords who are trying to cover payroll, taxes, utilities, upkeep and mortgages. The looming crisis now is that millions of renters are behind on their rent with approximately $70 billion due in back payments that could create a wave …
LONGVIEW, TEXAS — Gap Inc. (NYSE: GPS) will open a $140 million distribution center in Longview, located about 120 miles east of Dallas, to meet rising demand for its online shopping business. The new facility will span approximately 850,000 square feet. Construction is set to begin in April with plans for the center to be fully operational by August 2022. The San Francisco-based apparel retailer expects that the move will add about 500 new jobs to the local economy, a figure that could grow to more than 1,000 full-time jobs over the next five years. Additionally, Gap expects to create more than 1,000 part-time and seasonal jobs by 2026. According to local news station KLTV, this will be the first ground-up distribution center that Gap has built in 20 years.
ALLEN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., has broken ground on The Montgomery, a 370-unit apartment community in the northeastern Dallas suburb of Allen. Units will be available in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, dog park, business center, micro-market and a resident clubroom, as well as outdoor space for exercise and other activities. High Street is developing the project, completion of which is slated for the fourth quarter of 2022, in a joint venture with Principal Real Estate Investors. JHP Architecture is designing the development. Andres Construction will serve as general contractor.