AUSTIN, TEXAS — Texas Gov. Greg Abbott on Tuesday provided an update on the state’s unemployment situation, noting that there are nearly 500,000 jobs currently listed on workintexas.com, a job board and resource center that was developed by the Texas Workforce Commission. According to the governor’s presentation, more than 1.5 million Texans have filed for unemployment as a result of COVID-19, and the state has disbursed more than $.14 billion in unemployment benefits. Gov. Abbott also cited specific companies and industries that are hiring on regional bases. He noted that large tech and healthcare providers like Amazon and Baylor Scott & White are hiring in Central Texas, while aerospace and defense firms like Lockheed Martin are hiring in North Texas and manufacturing and biomedical companies, including paper products producer Georgia Pacific, are hiring in East Texas. The governor also pointed to Texas-based grocers H-E-B and Randalls as sources with high numbers of job openings.
IRVING, TEXAS — CBRE has negotiated a 585,910-square-foot industrial lease at 2650 Rental Car Drive in Irving. According to LoopNet Inc., construction of the 710,000-square-foot property was completed this year, and building features include 36-foot clear heights, 126 loading docks, 236 car parking spaces and 68 trailer parking spaces. Steve Trese and Steve Koldyke of CBRE represented the landlord, an affiliate of Trammell Crow Co., in the lease negotiations. The representative of the tenant, Sealy Mattress, was not disclosed.
HOUSTON — Dallas-based Sentinel Peak Capital Partners has acquired Lakebridge Apartments, a 272-unit multifamily community in North Houston. The property was originally built on 13.2 acres in 1984 and was expanded in 2001. Units average 896 square feet, and all ground-floor residences were recently renovated. Amenities include a pool, lake access, clubhouse, fitness center and 538 covered parking spaces. Chip Nash, Bob Heard, Greg Austin, Chris Young, Joey Rippel, Chris Curry and Todd Marix of JLL represented the undisclosed seller in the transaction. Campbell Roche and James Brolan of JLL arranged floating-rate acquisition financing through Voya Investment Management on behalf of Sentinel Peak.
UVALDE, TEXAS — Marcus & Millichap has brokered the sale of a 40,000-square-foot retail property in Uvalde, located about 85 miles west of San Antonio. The property currently houses Tractor Supply Co. and Dollar General. Philip Levy of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a personal trust. Both parties requested anonymity.
SHENANDOAH, TEXAS — The University of St. Thomas, a private Catholic college in Houston, has signed a medical office lease in the northern Houston suburb of Shenandoah. The tenant will occupy 20,000 square feet at 121 Vision Park Boulevard, a 58,000-square-foot medical office building that was completed in mid-2019, to support its nursing program. Beth Young of Colliers International represented the university in the lease negotiations. Lisa Hughes and Pamela Sprouse of The J. Beard Real Estate Co. represented the landlord, a partnership between Everson Developments and VP2 Partners.
WASHINGTON, D.C. — Global declines in demand brought on by the COVID-19 outbreak caused prices for U.S. crude oil to fall into negative territory on Monday for the first time since the commodity’s futures contracts began trading in 1983. The descent into negative prices essentially means that suppliers must pay to have product purchased from them. Despite recent agreements by major oil-producing nations to undertake supply cuts, evaporated demand for travel and transportation services has contributed to a supply glut that has producers scrambling to store excess inventory. The price decline came to a head on Monday as the May contract for oil futures approached its expiration date, prompting a major selloff that sent prices for West Texas Intermediate (WTI) downward by more than 100 percent to negative $37.63 per barrel. However, the June futures contract for WTI, which is considered the benchmark product by which American oil markets are measured, is currently trading above $20 per barrel, reflecting a stronger outlook for that month in terms of demand. Texas has been producing record amounts of oil in recent years, even as prices hovered between $40 and $70 per barrel in the years following the slump that began in late …
DALLAS — Conor Commercial Real Estate has broken ground on Skyline Commerce Center, a 198,000-square-foot industrial project located about seven miles from downtown Dallas. The property will feature frontage along Interstate 30 and will consist of a 135,000-square-foot building and a 62,000-square-foot building. Completion is scheduled for the fourth quarter. Stream Realty Partners is handling leasing of the project. Conor Commercial is the development and investment arm of The McShane Cos., headquarters in suburban Chicago.
DENTON, TEXAS — McCarthy Building Cos. has completed the renovation and expansion of the Student Union at Hubbard Hall at Texas Woman’s University (TWU) in Denton. The project featured renovations of 100,754 square feet of meeting, event and dining space, as well as 23,920 square feet of structural additions to the building. Landscaping, irrigation and site utilities systems were also upgraded. McCarthy began the project in March 2018. The company previously completed construction of TWU’s Oakland Complex, a parking garage and an adjoining office building that houses campus police headquarters, human resources administrative spaces, a testing center, retail food service vendor and outdoor patio space. Texas Woman’s University is a public co-educational institution with about 13,000 students at its Denton campus.
PORTER, TEXAS — EDGE Realty Partners has negotiated the sale of Shops at Porter, a 30,338-square-foot retail center located at 23611 Highway 59 N. in Porter, a northeastern suburb of Houston. Micha van Marcke and Chace Henke of EDGE represented the seller, SDI 59 Porter LLC, in the transaction. The buyer and sales price were not disclosed.
PLANO, TEXAS — Locally based design-build firm ARCO/Murray has delivered a 31,000-square-foot project at West Plano Village for Spaces, a Dutch provider of coworking facilities. The space includes more than 80 individual offices, common rooms, executive suites, phone booths and a café with an attached patio. The facility had just opened prior to shelter-in-place orders taking effect as a result of the COVID-19 outbreak. Regus, a multinational provider of serviced offices, coworking spaces and virtual offices, acquired Spaces in 2015.