Texas

NewcrestImage Opens 150-Room Canopy by Hilton Hotel at Frisco Station

by Taylor Williams June 5, 2020

FRISCO, TEXAS — Locally based developer NewcrestImage has opened a 150-room Canopy by Hilton hotel at the 242-acre Frisco Station mixed-use development north of Dallas. Guest rooms feature the distinctive canopy headboard that reaches the ceiling and overhangs the bed. The property is part of a campus of four hotels totaling 600 rooms that is being developed by NewcrestImage. An AC Hotel and a Residence Inn, both totaling 150 rooms, have been operational since August 2019. A 150-room Hyatt Place hotel will follow, though a construction start date has not yet been established.

June 5, 2020

Company News Retail Texas

J.C. Penney Provides Update on Closings, to Shutter 154 Stores

by Taylor Williams June 5, 2020

PLANO, TEXAS — J.C. Penney released an update on its store optimization strategy on Thursday, announcing plans to close 154 stores around the country as part of Phase I of the plan. The closings of those stores are scheduled to begin on Friday, June 12. The Plano-based retailer expects to announce additional closings after Phase I, which will feature store-closing sales at the shuttered locations that are expected to take 10 to 16 weeks to complete. A list of which stores are closing as part of Phase I can be found here.

June 5, 2020

Development Hospitality Texas

City of Keller Debuts 110-Room Hampton by Hilton Hotel

by Taylor Williams June 5, 2020

KELLER, TEXAS — The City of Keller, located north of Fort Worth, conducted a ribbon-cutting ceremony yesterday afternoon for the opening of a new 110-room Hampton by Hilton hotel. The property is located at 200 Town Center Lane and offers a 24-hour business center and 1,200 square feet of meeting and event space. Hotel Equities will manage the property.

June 5, 2020

Leasing Activity Office Texas

Holt Lunsford Negotiates 29,571 SF Office Lease in Fort Worth

by Taylor Williams June 5, 2020

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 29,571-square-foot office lease at Overton Centre in Fort Worth. Matt Carthey and Jake Neal of Holt Lunsford represented the landlord, FLDR/TLC Overton Centre LP, in the lease negotiations. Matt Heidelbaugh and Jim Smith of Cushman & Wakefield represented the tenant. Overton Centre is a two-building, 417,000-square-foot development located near Interstate 20 and Chisholm Trail Parkway.

June 5, 2020

Leasing Activity Office Texas

Heritage Auctions Relocates Dallas Headquarters to New 160,000 SF Campus

by Taylor Williams June 4, 2020

DALLAS — Dallas-based Heritage Auctions, the country’s largest fine art and collectibles auction house, has relocated its headquarters from 3500 Maple Ave. in the Oak Lawn area to a new, 160,000-square-foot campus at 2801 W. Airport Freeway. The new headquarters is roughly twice the size of its old one and allows the company’s three Dallas offices to be consolidated under one roof. About 450 people will work at the new, single-story complex, which spans the length of three football fields and features an 8,000-square-foot gallery showroom. Nora Hogan, Robert Deptula and Jordan Wade of Transwestern represented Heritage Auctions in the site selection and lease negotiations. Mark Hayes of HPI Real Estate Services & Investments represented the landlord, Bandera Ventures.

June 4, 2020

Acquisitions Retail Texas

Elm Creek Acquires 159,703 SF Woodlake Crossing Power Center in San Antonio

by Taylor Williams June 4, 2020

SAN ANTONIO — Dallas-based Elm Creek Real Estate has acquired Woodlake Crossing, a 159,703-square-foot retail power center located at 6212 Woodglen Drive in San Antonio. Tenants include Ross Dress for Less, Petco and Office Max. Kevin Catalani of CBRE represented the seller, Illinois-based InvenTrust Properties, in the transaction. Elm Creek also owns the building that shadow-anchors the center, which was previously occupied by Target.

June 4, 2020

Acquisitions Multifamily Texas

IPA Brokers Sale of 288-Unit Vantage at Waco Apartments

by Taylor Williams June 4, 2020

WACO, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Vantage at Waco, a 288-unit apartment community. The property was built on 20.2 acres in 2017 and is located about four miles from Baylor University. Vantage at Waco offers one-, two- and three-bedroom units averaging 838 square feet and amenities such as a pool, fitness center, dog park, business center and outdoor grilling areas. Will Balthrope, Tommy Lovell III and Richard Robson of IPA represented the seller, Vantage Communities, in the transaction. The buyer was an undisclosed 1031 exchange investor based in another state.

June 4, 2020

Acquisitions Office Texas

Koontz Corp. Sells 58,574 SF Parkview Plaza Office Building Near San Antonio

by Taylor Williams June 4, 2020

NEW BRAUNFELS, TEXAS — Locally based developer Koontz Corp. has sold Parkview Plaza, a 58,574-square-foot office building in the San Antonio suburb of New Braunfels. The property and was fully leased to PNC Bank at the time of sale. The buyer was New York-based Royal Oak Realty Trust. Once a golf course, the site of Parkview Plaza is located within Sundance Business Park, about a mile from Interstate 35.

June 4, 2020

Acquisitions Multifamily Texas

Wellington Arranges Sale of 56-Unit Sam Maverick Apartments in Arlington

by Taylor Williams June 4, 2020

ARLINGTON, TEXAS — Wellington Realty has arranged the sale of Sam Maverick Apartments, a 56-unit multifamily community located at 711 Grand Court in Arlington. The property, built in 1982, consists of 40 one-bedroom units and 16 two-bedroom residences. It was 90 percent occupied at the time of sale. David Shaffer, Caleb Jones, Will Miller and William Hubbard of Wellington brokered the deal. The buyer and seller were both undisclosed.

June 4, 2020

Development Industrial Texas

Hunt Southwest to Develop 370,000 SF Spec Industrial Project in El Paso

by Taylor Williams June 3, 2020

EL PASO, TEXAS — Dallas-based industrial developer Hunt Southwest will enter the El Paso market with Rojas East Distribution Center, a 370,000-square-foot speculative project that will be located about 15 miles southeast of the downtown area. The two-building complex will offer proximity to Interstate 10 and the Zaragoza International Bridge, which connects El Paso to its sister city of Ciudad Juarez, Mexico. Building features will include parking for up to 292 automobiles and 42 trailers, as well as 28- to 32-foot clear heights, ESFR sprinkler systems and build-to-suit office spaces. PSRBB Industrial Group Inc. is handling design services for the development, and Conlan Co. is the general contractor. Sonny Brown & Associates will handle leasing of the project. Construction is underway and expected to be complete in the first quarter of 2021.

June 3, 2020

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