MCKINNEY, TEXAS — RPM xConstruction LLC will build a 90,000-square-foot office building at McKinney Corporate Center at Craig Ranch, located north of Dallas, for its new office headquarters. Approximately 750 employees will work at the new building, which offers proximity to the Sam Rayburn Tollway and multiple retail and restaurant establishments. Construction is scheduled to begin early next year and to be complete in early 2022. Pross Design Group is the project architect.
HOUSTON — Five Below has opened a 9,600-square-foot store at Brookhollow Marketplace, a 200,000-square-foot shopping and dining destination that is a redevelopment of the former ExxonMobil campus in Houston. The store will be Five Below’s 1,000th in the country. Fidelis Realty Partners is leading the redevelopment project, which features other retailers such as Ross Dress for Less, Michaels, Ulta Beauty, Burlington and T.J. Maxx
TYLER AND LONGVIEW, TEXAS — Marcus & Millichap has arranged the sale of a portfolio of four self-storage properties totaling 1,835 units across 20.8 acres in East Texas. Two of the properties are located in Tyler, and two are located in Longview, cities that are about 100 and 120 miles east of Dallas, respectively. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a California-based private investor, in the transaction. The buyer was Colorado-based Spartan Investment Group.
DECATUR, TEXAS — Denver-based Argus Self-Storage Advsiors has brokered the sale of a 101,000-square-foot self-storage facility in Decatur, located northwest of Fort Worth. The property was 76 percent occupied at the time of sale and consists of 30,000 square feet of self-storage space and 71,000 square feet of boat and RV storage space. Chad Snyder and Tyler Trahant of Argus represented the undisclosed seller in the transaction. The buyer was also not disclosed
HOUSTON — Dallas-based Provident Realty Advisors has opened the 75-room Extended Stay America-Houston-Kingwood hotel on the city’s north side. Guestrooms feature fully equipped kitchens with refrigerators and stovetops, as well as private workspaces. Amenities include a pool, fitness center and onsite laundry facilities.
SHERMAN, TEXAS — Colliers Mortgage has provided a $6.4 million Fannie Mae acquisition loan for Northridge Villas, a 101-unit multifamily asset located in the North Texas city of Sherman. The property was built in 1969 and renovated in 2019. Amenities include a pool, playground, pet park and onsite laundry facilities. Colliers originated the loan, which carried a 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, 3013 Northridge Villas LLC.
DALLAS — NexBank has signed a 27,733-square-foot office lease extension at Chateau Plaza, an 18-story office building located at 2515 McKinney Ave. in Uptown Dallas. Rhett Miller and Sara Terry of Stream Realty Partners represented the landlord, Chateau Plaza Holdings LP, in the lease negotiations. NexVest Realty Advisors represented the tenant.
PLANO, TEXAS — Brookfield Property Group and Simon Property Group have agreed to acquire the retail and operating assets of J.C. Penney Co. for $1.75 billion at a bankruptcy auction. As part of the sale agreement, the three companies will form a property holding company (PropCos), which will include 161 of the J.C. Penney real estate assets and all of its owned distribution centers. The Plano-based retailer’s Ad Hoc Group of First Lien Lenders will own PropCos. J.C. Penney filed for Chapter 11 bankruptcy in mid-May and restructured 90 percent of its debt with its lenders. Brookfield and Simon enter into the bankruptcy auction as the stalking-horse bidders. The Plano-based retailer expects the auction to close before the 2020 holiday season. “As we continue to move through the sale process, our focus will remain on serving our customers and working seamlessly with our vendor partners,” says Jill Soltau, CEO of J.C. Penney. “We have been a trusted partner to all of our stakeholders since 1902, and we expect to continue that track record for decades to come under the J.C. Penney banner.” The auction is being held through the U.S. Bankruptcy Court for the Southern District of Texas. During its …
By Taylor Williams The sudden merging of a healthy pipeline of multifamily product in Texas with a global pandemic that has caused a drastic increase in working from home is forcing apartment builders and designers to get exceedingly creative with all facets of their projects. Unit interiors and common areas of apartment buildings must now provide makeshift workspaces for adults across a wide range of industries, as well as for the preexisting members of the gig economy and for children who have been forced to engage in virtual learning. Working from home is just one of many lifestyle changes that COVID-19 has brought about in the last six months. Multifamily developers and architects are tasked with trying to judge the staying power of these changes and to find balances between implementing features that promote safety and wellness without busting their budgets. “We know we have to adapt to COVID-19 and be proactive,” says Yewande Fapohunda, senior vice president at High Street Residential, the residential subsidiary of Trammell Crow Co. “Lifestyles and behaviors are rapidly changing, and though we don’t know how long they’ll last, we have to think short- and long-term with our reactions.” It’s a tricky process to say …
AUSTIN, TEXAS — Bellomy & Co. has arranged the sale of three self-storage facilities totaling 1,807 units in Austin. Owner-operator Storage Star acquired the properties, which span 200,639 net rentable square feet and will be rebranded Storage Star-Mopac, Storage Star-Pond Springs and Storage Star-Ben White. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the undisclosed sellers in the transaction. The new ownership will invest in capital improvements to boost curb appeal and repair deferred maintenance items.
