FORT WORTH, TEXAS — Developer Nichols Trinity LLC has begun leasing Cityscape Arts, a 56-unit apartment community located near downtown Fort Worth’s Arts District and Sundance Square. The property features one- and two-bedroom units ranging in size from 690 to 1,260 square feet and amenities such as fitness center, rooftop lounge, dog park, conference room and private offices.
GARLAND, TEXAS — Marcus & Millichap has brokered the sale of a trio of industrial assets totaling 53,254 square feet in Garland, a northeastern suburb of Dallas. The buildings are situated on a combined 2.7 acres and were built between 1969 and 1991. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 22,265-square-foot industrial lease at 921 Ave. M in Grand Prairie, located midway between Dallas and Fort Worth. Mark Graybill and Colton Rhodes of Lee & Associates represented the tenant, Alltech Engineering, in the lease negotiations. The representative of the landlord, Sealy & Co., was not disclosed.
CORPUS CHRISTI, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $13 million acquisition loan for an undisclosed 180-unit multifamily asset in Corpus Christi. Jamie Safier of LMI Capital placed the nonrecourse loan, which featured full-term, interest-only payments, on behalf of the undisclosed borrower. Proceeds will also cover costs of capital improvements.
HOUSTON — JLL has brokered the sale of The Gardens at Spring Shadows, a 384-unit independent living community that is situated on 11.4 acres at 10100 Kempwood Drive in Houston. Units average 740 square feet and feature open floor plans with upgraded features like plank flooring, new cabinetry, granite-look countertops, kitchen pantries, walk-in closets and in-unit washers and dryers. Amenities include two pools, a salon, library, putting green, a dog park and various social areas. Chris Young, Joey Rippel and Bailey Crowell of JLL represented the seller in the transaction. Mark Brandenburg and Chad Russell of JLL arranged a three-year, floating-rate acquisition loan for the buyer through Ready Capital. Both parties involved in the transaction requested anonymity.
CARROLLTON, TEXAS — United Laboratories Manufacturing LLC, a provider of dietary supplements and sports nutrition products, has signed a 131,840-square-foot industrial lease renewal at 1270 Champion Circle in the northern Dallas suburb of Carrollton. Steve Trese of CBRE and Max Knake of Knake Dodge & Co. represented the tenant in the lease negotiations. The representative of the landlord, ML Realty, was not disclosed.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $17 million acquisition loan for a 255-unit multifamily asset in northeast Houston. The loan was structured with a floating interest rate and three years of interest-only payments. Jamie Mullin of LMI Capital placed the debt on behalf of an undisclosed borrower. The property name was also not disclosed.
SAN ANTONIO — CBRE has negotiated a 14,996-square-foot retail lease at 4949 NW Loop 410 in San Antonio. P.J. Pfeiffer of Birnbaum Property Group represented the tenant, Goodwill Industries, in the lease negotiations. Andrew Polunsky of CBRE represented the landlord, Summit Income Partners LP.
HOUSTON — Locally based brokerage firm Finial Group has secured a 3,561-square-foot office lease at 14425 Torrey Chase Blvd. on the north side of Houston. Jason Gibbons of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, Fresh Start Therapeutic Services, was not released
Dallas-Fort Worth (DFW) has been among the top metros for industrial development and investment alike, with net absorption and leasing rates holding strong for the past several years. With the bulk of industrial development in DFW being big box product over 100,000 square feet, there’s been minimal development of smaller assets. So far in 2020, roughly 4.3 million industrial square feet has gone under construction in the metroplex. Approximately 10 percent (362,000 square feet) of that total centers on industrial projects under 100,000 square feet — the result of higher construction costs for smaller assets that don’t justify market rents. Current market rents do not satisfy yield requirements for developers to construct smaller assets. However, the general investment outlook for existing smaller industrial product is much more secure due to minimal new competing properties. Roughly 15 million square feet, or 40 percent of North Texas’s industrial pipeline, sits within five miles of DFW International Airport or Fort Worth Alliance Airport, according to CoStar. Approximately 3.3 million square feet of new product is expected to come on line by the second quarter in the DFW Airport region. Over half of the 30.9 million square feet of product under construction in DFW …
