GRAND PRAIRIE, TEXAS — The City of Grand Prairie, located roughly midway between Dallas and Fort Worth, has purchased a 12.3-acre site along South State Highway 161 for the development of an industrial service center. Todd Noonan of Stream Realty Partners represented the undisclosed seller in the transaction. Pat Watson-Capps of Texas Lone Star Realtors represented the buyer. Additional project details were not disclosed.
SHERMAN, TEXAS — CBRE has negotiated the sale of a 61,000-square-foot, three-building industrial property located at 2709, 2713 and 2717 Fallon Drive in the North Texas city of Sherman. Jared Aubrey, Michael Austry and Johnny Dunn of CBRE represented the buyer, Fallon Industrial LLC, in the transaction. The seller was Datavault Joint Venture.
FRISCO, TEXAS — Marcus & Millichap has brokered the sale of a 9,941-square-foot freestanding commercial property net-leased to Kiddie Academy in Frisco, located north of Dallas. Ron Hebert, Ryan Wolf and Vincent Knipp of Marcus & Millichap represented the seller in the transaction. Wolf and Knipp also procured the buyer, another private investor. Kiddie Academy is based in Abingdon, Maryland, and has more than 250 franchised locations across 30 states and Washington, D.C.
WACO, TEXAS — JLL has arranged construction financing for The Riverfront Lofts, a 266-unit multifamily project in Waco that represents Phase I of The Riverfront mixed-use development. The community will feature a fitness center, coffee lounge, entertainment and gaming area, a community kitchen and a business center. First United Bank provided the floating-rate loan to the developer, Dallas-based Catalyst Urban Development. Jeremy Sain of JLL placed the debt. An expected completion date was not released.
GARLAND, TEXAS — Synnex Corp., a California-based software and IT firm, has signed a 117,206-square-foot industrial lease at 1601 S. Shiloh Road in the northeastern Dallas suburb of Garland. According to LoopNet Inc., the property was built in 2019. Trevor Atkins of CBRE represented the tenant in the lease negotiations. The name and representative of the landlord were not disclosed.
AUSTIN, TEXAS — Newmark Knight Frank (NKF) has negotiated a 34,995-square-foot industrial lease at 7000 William Cannon Drive in Austin. Mike Hopper, Steve Biegel, Mark Russell, Jeremy Hakala, Scott Lewis and Gregory Katz of NKF represented the tenant, Advanced Micro Devices Inc., a California-based provider of semiconductors, in the lease negotiations. The landlord was ATX Office Owner 4 LP, an affiliate of Endeavor Real Estate Group.
PASADENA, TEXAS — Johnson Controls, a supplier of fire, HVAC and security equipment for buildings, has signed a 29,954-square-foot industrial lease in metro Houston. The company is taking space at a newly built facility located at 4111 Greenshadow Drive in the eastern suburb of Pasadena. Carlton Anderson of CBRE represented the tenant in the lease negotiations. Reed Vestal and Taylor Schmidt of Lee & Associates represented the owner and developer, VIGAVI Realty LLC.
FARMERS BRANCH, TEXAS — Marcus & Millichap has brokered the sale of the Baylor Scott & White Institute For Rehabilitation, a 5,000-square-foot medical clinic located in the northern Dallas suburb of Farmers Branch. The property was built in 2018 and was fully leased at the time of sale. Philip Levy and Vincent Knipp of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
In response to the outbreak of COVID-19, the disease caused by the novel coronavirus, industrial landlords in Dallas-Fort Worth (DFW) are demonstrating greater flexibility on short-term lease structures in order to keep deals moving forward. With most of the nation sheltering in place to stem the spread of the virus, e-commerce activity is accelerating, leading to greater demand for distribution and logistics services. In addition, supply chain operators that service essential industries — such as grocery, healthcare, construction and infrastructure — are working overtime to store and ship the necessary product to end users. In addition, many of these suppliers are also carrying more inventory. This is because are at interest rates are at historic lows, making it cheaper to stockpile goods and equipment, and because the global healthcare crisis has caused demand for certain foods, household products and consumer goods to skyrocket. All of this activity translates to short-term disruption in industrial real estate. Some deals are on hold, and the market is now seeing more unforeseen requirements from firms that need additional space for inventory storage, as well as from distribution and logistics users that are hiring more workers and shipping more product. “Several larger distribution companies are still …
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Walker & Dunlop: Rent, Lenders, Tech in the Midst of Coronavirus
In recent weeks, the ability of commercial real estate owners to access debt and equity has come into question as the novel coronavirus wreaks havoc on the economy. While some deals in the pipeline are still getting done, the debt markets took a pause as the pandemic took hold. Debt markets were waiting for clarity on how various sectors would react, according to Mark Strauss, managing director of capital markets, and Rob Quarton, director of capital markets, with Walker & Dunlop’s Irvine, Calif., office. The two recently spoke with REBusinessOnline via Zoom about the robustness of certain asset types, market stability, debt pricing and adoption of tech-heavy creativity in the wake of COVID-19 and its effects on commercial real estate nationwide. Commercial Real Estate Debt & Coronavirus Strauss and Quarton primarily work with institutional capital sources that provide capitalization for commercial real estate developers and owners. As such, they have a broad view of all debt markets and their willingness to fund. Debt funds are one of the most affected areas of the financial markets. “The way that debt funds finance their position behind the scenes — either using collateralized loan obligations (CLOs), bank warehouse lines or repo facilities — …