DALLAS — New Market Properties LLC, a subsidiary of Atlanta-based Preferred Apartment Communities (PAC) has acquired Midway Market, an 85,599-square-foot shopping center in Dallas. Kroger anchors the center, which is located at the corner of Frankford and Midway roads on the city’s north side. The seller was not disclosed. Approximately 145,000 people with an average household income in excess of $98,000 live within a three-mile radius of the center.
EDINBURG, TEXAS — Integra Realty Resources (IRR), a provider of valuation, counseling and advisory services, has opened a new office in the Rio Grande Valley city of Edinburg that will be the company’s seventh in Texas and 56th overall. The opening comes on the heels of the company debuting a new office in Lubbock. William Robinson, who served as managing director in the company’s San Antonio office, will lead the new office as managing director along with Adam Solis, who joins IRR from Lone Star National Bank and will serve as a senior analyst.
HOUSTON — NAI Partners has arranged a 7,737-square-foot office lease at 7155 Old Katy Road in Houston. The property was built on 1.4 acres in 1979 and totals 91,150 square feet. Zach Leger and Jacob Aldridge of NAI Partners represented the landlord in the lease negotiations. The representative of the tenant, Page Parks School of Modeling & Acting, was not disclosed.
These days, one of the most widely-shared facts about Texas’ economy is the fact that the Dallas-Fort Worth (DFW) metroplex adds about 360 new residents per day. But a lesser-known part of that statistic involves the fact that Fort Worth is experiencing a faster rate of population growth than Dallas. According to U.S. Census data, Fort Worth was the third fastest-growing city in the country from 2012 to 2017. In 2018, Fort Worth gained 20,000 new residents, compared to just 2,000 new Dallasites. According to the latest information from the U.S. Census Bureau, Cowtown is now the 13th-most populous city in the United States, having surpassed San Francisco and Columbus, Ohio, to reach a total of 895,000 residents. On the heels of all that population growth has come a rapidly expanding local economy. Census data shows that Fort Worth saw more than a 21 percent increase in its population of employed residents in the five years leading up to 2017. This growth enabled Fort Worth to become the third-fastest-growing U.S. job market. Part of Fort Worth’s appeal is the fact that it has a diverse employment base, with growth in medicine, manufacturing and warehousing/distribution being especially pronounced during this cycle. …
KATY, TEXAS — Dhanani Private Equity Group has completed Territory at Greenhouse, a 288-unit apartment community located in the western Houston suburb of Katy. The Class A property features one-, two- and three-bedroom floor plans with stainless steel appliances, brushed nickel hardware, granite countertops and private balconies. Amenities include a pool, fitness center, resident clubhouse, business center, outdoor movie amphitheater and dog park. Dhanani developed the project with Allied Orion Group as the general contractor.
LAWTON, OKLA. — Marcus & Millichap has brokered the $3.9 million sale of Fox Valley Apartments, a 120-unit multifamily community in Lawton, located in southwestern Oklahoma. The property was built on six acres in 1980 and offers 108 two-bedroom units and 12 three-bedroom units. Derek Wilson of Marcus & Millichap represented the undisclosed seller and procured a limited liability company as the buyer.
CARROLLTON, TEXAS — Newmark Knight Frank (NKF) has negotiated a 67,600-square-foot industrial lease extension at Frankford Distribution Center in the northern Dallas suburb of Carrollton. Bob Luttrell of NKF represented the tenant, Corradi USA Inc., a provider of shading structures for outdoor living spaces. Duke Realty represented the landlord, Texas Dugan LP.
SAN ANTONIO — Univar Solutions USA Inc., an affiliate of Illinois-based chemical distributor Univar Solutions, has sold a 24,500-square-foot industrial property situated on two acres at 4351 Director Drive in San Antonio. David Ballard of CBRE represented the buyers, private investors Thomas and Barbara Stratil, in the transaction. Rob Burlingame, also with CBRE, represented Univar Solutions USA.
DALLAS — Lee & Associates has arranged the sale of a 16,390-square-foot industrial asset located at 4225 Scottsdale Drive in Dallas. Taylor Stell of Lee & Associates represented the seller, Heller Masonry Construction, in the transaction. The City of Dallas purchased the property for an undisclosed price.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. has sold a 208,000-square-foot healthcare building leased to cancer treatment and research group MD Anderson in The Woodlands, a northern suburb of Houston. The sales price was $115 million. Howard Hughes began development of the build-to-suit property, which is located at 100 Fellowship Drive, in 2017. MD Anderson, which operates seven facilities throughout the Houston area and collaborates with other hospitals and healthcare providers nationwide, will remain in place as building ownership transitions. The buyer was not disclosed.