MESQUITE, TEXAS — Locally based developer Brosco Group has broken ground on Corner Stone Plaza, a 21,000-square-foot retail project in the eastern Dallas suburb of Mesquite. Weitzman, which is handling leasing of the center, is targeting a mix of restaurant, beauty, fitness and service tenants, as well as healthcare practices. Completion is slated for mid-2020.
When I talk to out-of-staters about Texas, they often think I mean “Dallas” when discussing the Metroplex as a whole. That’s when I explain how important the Fort Worth market is to our thriving and healthy Dallas-Fort Worth (DFW) retail scene. Weitzman, which operates offices in Texas’ major markets, has handled development, leasing and management in the Fort Worth market since our founding 30 years ago. Today, the Fort Worth area is home to some of the state’s most robust residential, commercial and cultural growth. In terms of retail, our most recent market survey shows that as of January 2020, Fort Worth’s retail market is about as healthy as it’s ever been. The Fort Worth-area market, which we’ll call Fort Worth for the sake of simplicity, largely encompasses Tarrant County. Today, Fort Worth reports a total multi-tenant retail inventory of 62.8 million square feet. As a reference, that figure accounts for about a third of the entire DFW retail market inventory, which clocks in at just over 200 million square feet. Fort Worth’s occupancy rate is around 93 percent, a healthy rate on par with the Dallas area’s occupancy. In terms of subcategories of retail product, the numbers of Fort …
CARROLLTON, TEXAS — Locally based developer Namhawk LLC will develop Carrollton Gateway, a $300 million mixed-use project that will be located adjacent to Interstate 35 in the northern Dallas suburb of Carrollton. The first phase of the transit-oriented development calls for a 325-unit multifamily property with a fitness center, pool and coworking and meeting spaces. Phase II will feature a 150,000-square-foot office building. Namhawk is also planning a hotel as part of the project. Namhawk has selected The Ratliff Group to provide construction and program management services for the project. A construction timeline has not yet been released.
AUSTIN, TEXAS — The Michaels Organization, a residential development and management firm, has broken ground on Zoey, a $59 million apartment community located at 5700 E. Riverside Drive in the Pleasant Valley neighborhood of Austin. The property will feature 307 units in studio, one- and two-bedroom formats and amenities such as a pool, dog wash station, fitness center, coworking spaces and resident lounges. Completion of the project, which will be Michaels’ first in Austin, is slated for late summer 2021. Dallas-based MSC Architects LLC is designing the community. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia delivered an unnamed New York City-based REIT as an equity partner for the project.
LEWISVILLE, TEXAS — Kuehne & Nagel, a global transport and logistics firm based in Switzerland, has signed a 267,902-square-foot industrial lease renewal at 1800 Waters Ridge Drive in the northern Dallas metro of Lewisville. Steve Trese and Wilson Brown of CBRE represented the landlord, Teachers Insurance & Annuity of America, in the lease negotiations. Blake Anderson of Savills represented the tenant.
KINGWOOD AND COLLEGE STATION, TEXAS — Breakfast eatery Snooze will open two new restaurants totaling 7,800 square feet, one in the northern Houston suburb of Kingwood and the other in College Station. The first restaurant will be located in the Kingwood Place Shopping Center and will span 3,800 square feet. The second will be located within Chimney Hill Retail Centers in College Station and will total 4,000 square feet. The openings are slated for August 2020 and February 2021, respectively. Houston-based Baker Katz represented Snooze in both lease negotiations. Stephen Tou of The Retail Connection represented the landlord in the Kingwood deal, and Clint Oldham and Brett Boatner of Oldham Goodwin represented the landlord in the College Station deal. Since its founding in 2006, Snooze has opened more than 40 restaurants across six states.
CARROLLTON, TEXAS — Holt Lunsford Commercial has negotiated an 8,817-square-foot industrial lease at 1415-1421 Hutton Drive in the northern Dallas suburb of Carrollton. Josh Barnes and Canon Shoults of Holt Lunsford represented the landlord, Frontier Equity, in the lease negotiations. Michael Haggar of JLL represented the tenant, Aquabella LLC.
IRVING AND CARROLLTON, TEXAS — Locally based investment firm Fort Capital has acquired a trio of industrial/flex assets totaling roughly 350,000 square feet in the Dallas metros of Irving and Carrollton. The portfolio includes Commerce Business Park, a 33-building, 179,049-square-foot property situated on 18.6 acres in Irving; 4040 W. Royal Lane, a seven-building, 92,051-square-foot development in Irving; and Avion Business Center, a three-building, 77,339-square-foot asset in Carrollton. The seller(s) was not disclosed.
HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Trails at Lake Houston, a 304-unit apartment community located near Lake Houston on the city’s northeast side. Built on 13 acres in 2017, the property features one- and two-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, outdoor grilling areas, a game room and walking and biking trails. Will Balthrope, Drew Kile, Jennifer Campbell and William Griffin of IPA represented the seller, Dallas-based investment firm The ValCap Group, in the transaction. The team also procured the buyer, New Jersey-based Raamco International.
DALLAS — Locally based investment firm Mohr Capital has purchased a 200,000-square-foot office building located at 4851 LBJ Freeway in Dallas for $34.5 million The 12-story building was 90 percent leased at the time of sale. Rodrigo Godoi and Kyle Campbell represented Mohr Capital, which will implement $2 million in capital improvements to the property, on an internal basis. Gary Carr, John Alvarado and Robert Hill of Newmark Knight Frank represented the undisclosed seller.
