PLANO, TEXAS — Digital Matrix Systems (DMS), an international provider of risk management solutions, has signed a 22,500-square-foot office lease at Preston Park Towers West in Plano for its new headquarters. The company is relocating from nearby Addison. Mike Cleary, Mike Kay and Campbell Puckett of CBRE represented DMS in its site selection and lease negotiations. Campbell Henry and Chris Axley with Lincoln Property Co. represented the landlord, TerraCap Mangement.
AUSTIN, TEXAS — More than 1 million people in Texas have filed for unemployment over the past four weeks, according to data from the Texas Workforce Commission (TWC). By contrast, during the three-week period ending on Saturday, March 14, the state received just 22,000 unemployment claims. The TWC reports that as of April 4, the industries that have borne the biggest job losses are retail trade, accommodation and food services and healthcare and social assistance. The agency, which has been expanding its call center operations and hiring more staff to field claims, also says that it has paid out some $400 million in unemployment benefits since March 14. About 22 million Americans have filed for unemployment during the past four weeks.
FORT WORTH, TEXAS — Locally based investment and development firm Westmount Realty Capital has purchased River Park, a 280-unit apartment community in southwest Fort Worth. Built on 9.8 acres in 1985, the property offers one- and two-bedroom units with stainless steel appliances, individual washers and dryers and private patios. Amenities include a pool, fitness center, business center, outdoor grilling area, coffee bar, dog park and onsite laundry facilities. Westmount will implement a value-add program to the unit interiors and amenity spaces. The seller was not disclosed.
FORT WORTH, TEXAS — Newmark Knight Frank (NKF) has negotiated a 390,006-square-foot industrial lease at Speedway Logistics Crossing in Fort Worth for AmerCareRoyal LLC, a manufacturer of disposable products for the food service and healthcare industries. Garrett Gibbons Jr. and Lucas Kay of NKF represented the tenant in the lease negotiations. CBRE represented the landlord, SPCH Fort Worth I LLC.
HOUSTON — Miami-based One Real Estate Investment has acquired Sunswept Townhomes, a 211-unit multifamily asset in southwest Houston. Built in 1982, the property features one-, two- and three-bedroom floor plans ranging in size from 745 to 1,257 square feet. Mitch Sinberg and Brad Williamson of Berkadia originated a 10-year, floating-rate acquisition loan through Freddie Mac for One Real Estate Investment. A portion of the proceeds will be used for renovations. The seller and sales price were not disclosed.
EULESS, TEXAS — Marcus & Millichap has brokered the sale of Texas Star Business Center, a 78,418-square-foot industrial building in Euless, located roughly midway between Dallas and Fort Worth. The property was built on 4.7 acres in 1984. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
El Paso’s industrial market is growing and maturing, as evidenced by a surge in investment demand from institutional capital sources over the last 18 to 24 months. Whereas in past cycles, institutional capital found its way to El Paso by developing here, new players have been ready to buy existing portfolios, but we have seen very little new spec development. Stonelake Capital Partners, LINK Industrial Properties and Equity Industrial Partners/Raith Capital Partners are examples of new investors actively buying into the El Paso industrial market. Several factors have contributed to El Paso’s rise on the radars of institutional investors, but the heart of this trend is simple rent growth. The average asking rent for Class A and B industrial properties increased by a stunning 15.8 percent between 2018 and 2019. Rent growth in the East El Paso submarket increased by an even greater margin of 24.3 percent. As those numbers suggest, demand for industrial space in El Paso, which is largely driven by manufacturing activity in the sister city of Ciudad Juarez, Mexico, is quite strong. Demand for space comes from a diverse set of industries, namely automotive, consumer goods and electronics. El Paso has also seen new industrial demand …
HOUSTON — Weatherford International, a Houston-based oilfield services firm, will cut its global workforce by 25 percent as part of a larger move to reduce capital expenditures by 50 percent in 2020 relative to 2019, the company announced on Wednesday. The company also plans to reduce its geographic footprint and reduce the headcount of its operations in North America by 38 percent. As of 2016, Weatherford, which also plans to delist itself from the New York Stock Exchange, had about 30,000 employees worldwide. Despite recent agreements by major-producing nations to undertake supply cuts, the impact of COVID-19 has drastically reduced energy demand. The price of West Texas Intermediate crude opened at $20.39 per barrel on Thursday, down from about $64 per barrel a year ago, an approximately 68 percent decrease.
DALLAS — JLL has negotiated the sale of Toll Hill Office Park, a 248,045-square-foot campus located one block south of the LBJ Freeway in North Dallas. The two-building property was recently renovated and offers a deli, common area conference room, atrium seating areas with Wi-Fi and covered parking. Parker McCormack of JLL represented the locally based seller, Cawley Partners, in the transaction. Jason Piering and Will Mogk of JLL arranged acquisition financing through NXT Capital on behalf of the buyer, Balfour Pacific Capital. The new ownership will use a portion of the proceeds to fund capital expenditures and tenant improvements.
HOUSTON AND PASADENA, TEXAS — Walgreens will open two COVID-19 testing sites in Harris County on Friday, April 17 as part of the Illinois-based pharmacy chain’s effort to ramp up testing in seven states. Texas Gov. Greg Abbott and Harris County Judge Lina Hidalgo made the announcement yesterday. The sites, which will have the capacity to conduct 200 tests per day at each store, will be located at 14531 Westheimer Road in Houston and 101 W. Southmore Ave. in Pasadena.