Texas

LOS ANGELES — With roughly 24 million square feet of space under construction at the end of the first quarter of 2020, Dallas-Fort Worth (DFW) leads the nation’s major markets in terms of volume of new industrial development, according to a new report from Los Angeles-based CBRE. About 19 percent of that space has been preleased. The metroplex also led the nation in this category at the end of 2019 with 23 million square feet of space under construction, and with Texas deeming such projects as essential services, that title has remained intact amid the COVID-19 outbreak. Of the top 20 markets listed in the report, only four — Philadelphia, Oakland, Central New Jersey and Pennsylvania’s I-78/81 Corridor — have shut down industrial construction sites. The report projected that completions of speculative projects across the country would have only a “marginal” impact on the overall industrial vacancy rate in 2020, with many of these projects having been put on hold as debt markets have faced tightening capital reserves and uncertainty on how to accurately price risk. CBRE’s report also noted that while prices for construction materials are declining, developers are also encountering delays in getting materials to sites. Lastly, the …

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PLANO, TEXAS — Local developer KDC has topped out Phase II of an office expansion project for JPMorgan Chase at the Legacy West mixed-use development in Plano. The investment banking giant opted to take an additional 540,000 square feet in a build-to-suit project following the completion of its initial 1 million-square-foot campus at Legacy West in 2017. With the inclusion of the new 12-story tower, which is expected to be complete in May 2021, JPMorgan Chase will be able to grow its workforce by an additional 4,000 employees. Campus amenities include training and conference space, a food court, dining area and coffee shop, health and wellness center, childcare center and a bank branch. HKS served as the project architect for Phase II, and Balfour Beatty is the general contractor.

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CONROE, TEXAS — JLL has negotiated the sale of The Loop Apartments, a 188-unit multifamily community in Conroe, about 40 miles north of Houston. Built in 2017, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor entertainment area and a dog park. Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of JLL represented the seller, Apartment Advisors Inc., in the transaction. Tim Leonhard, Mary Davis and Eric Hightower of JLL arranged Fannie Mae acquisition financing for the undisclosed buyer.

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SAN ANTONIO — The BoaVida Group, a California-based owner-operator of mobile home and RV parks, has acquired Lamplighter Mobile Home Park, a 232-site property in San Antonio. The sales price was $11.2 million. The property is located on the city’s northeastern side and features a pool, office and resident clubhouse. The seller was not disclosed.

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AUSTIN, TEXAS — Texas Gov. Greg Abbott released details on Monday of his Phase I plans to reopen the state’s economy, providing specific guidelines and protocols for an array or retail and civic services. Beginning Friday, May 1, all retail stores, restaurants, movie theaters and malls may reopen, but with their capacities limited to 25 percent of their listed maximum occupancies. Texas counties that had five or fewer COVID-19 cases as of Thursday, April 30 may reopen these establishments at 50 percent of their original capacities. Food courts, play areas and interactive displays will remain closed in malls. Museums and libraries may reopen under the same guidelines, but public venues such as pools, bars, gyms, amusement parks, bowling alleys and video arcades will remain closed throughout Phase I. Nursing homes, assisted living facilities and similar senior living establishments must remain closed to visitors. In his announcement, the governor also said that Texas is launching a statewide testing and contact tracing program developed by the Texas Department of State Health Services and put forth new public health protocols for all Texans seeking to venture into these public arenas during Phase I. The initial phase of the reopening plan will expire no …

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ARLINGTON, TEXAS — NorthMarq has arranged the sale of Vineyards at Arlington, a 396-unit apartment community that consists of 31 buildings across 16.4 acres in the middle of the DFW metroplex. The property was built in 1985 and offers amenities such as a pool, racquetball court, theater, resident clubhouse, playground, picnic area and a dog park. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, a partnership between two limited liability companies. The buyer, Pegasus Real Estate LLC, plans to implement a value-add program. Stephen Whitehead, Lauren Bresky and William Hancock of NorthMarq arranged acquisition financing and an equity partner for the buyer.

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FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Regency Oaks, a 100-unit apartment community on the eastern side of Fort Worth. Built in 1967 and renovated in 2001, the property features one- and two-bedroom units and amenities such as a pool and onsite laundry facilities. Al Silva of Marcus & Millichap represented the seller, Canada-based Republic Funds, in the transaction. Silva also procured the buyer, a Texas-based limited liability company.

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AUSTIN, TEXAS — Web hosting platform Wordpress Engine has signed a 22,536-square-foot office lease at Lavaca Plaza, a four-building office complex located at 504 Lavaca St. in Austin’s CBD. The property was built in 1980 and remodeled in 2001. Marc Vanderslice, Nate Stricklen and John Gump of CBRE represented the tenant in the lease negotiations. Matt Levin and Jason Steinberg of Equitable Commercial Realty represented the landlord, Unico Properties.

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HOUSTON — Avison Young has negotiated a 21,091-square-foot office lease at 777 N. Eldridge Parkway in Houston’s Energy Corridor. Anthony Squillante and Josh Morrow of Avison Young represented the tenant, civil engineering firm Van De Wiele & Vogler. Jon Dutton represented the landlord, Granite Properties, on an internal basis. Van De Wiele & Vogler plans to move about 50 employees into its new space in the third quarter.

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