Texas

Marcus & Millichap Brokers Sale of 176-Unit Casa Bella Apartments in Dallas

by Taylor Williams March 13, 2020

DALLAS — Marcus & Millichap has brokered the sale of Casa Bella, a 176-unit apartment community in Dallas. According to apartments.com, the property was built in 1974, features one-, two-, three- and four-bedroom units and offers amenities such as a pool, playground and outdoor grilling area. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.

March 13, 2020

Acquisitions Industrial Texas

CanTex Capital Acquires 92,000 SF Industrial Property in Dallas

by Taylor Williams March 13, 2020

DALLAS — Dallas-based investment firm CanTex Capital has acquired a 92,000-square-foot industrial complex in Dallas. The property is situated on two contiguous lots and is located within two miles of Dallas Love Field Airport. CanTex will implement a capital improvement program at both buildings on the property, which will be rebranded as Stemmons Design Center. Stream Realty Partners will handle leasing of the upgraded space.

March 13, 2020

Development Retail Texas

Brosco Group Breaks Ground on 21,000 SF Retail Project in Mesquite, Texas

by Taylor Williams March 13, 2020

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.

March 13, 2020

Market Reports Retail Texas Texas Market Reports

Fort Worth Retail Market Displays Benefits of Natural Growth

by Taylor Williams March 13, 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 …

March 13, 2020

Development Mixed-Use Texas

Namhawk to Develop $300M Carrollton Gateway Mixed-Use Project in Metro Dallas

by Taylor Williams March 12, 2020

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.

March 12, 2020

Development Multifamily Texas

Michaels Organization Breaks Ground on $59M Zoey Apartment Community in Austin

by Taylor Williams March 12, 2020

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.

March 12, 2020

Industrial Leasing Activity Texas

Logistics Firm Signs 267,902 SF Industrial Lease Renewal in Metro Dallas

by Taylor Williams March 12, 2020

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.

March 12, 2020

Leasing Activity Restaurant Retail Texas

Breakfast Eatery Snooze to Open Restaurants in Kingwood, College Station, Texas

by Taylor Williams March 12, 2020

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.

March 12, 2020

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 8,817 SF Industrial Lease in Metro Dallas

by Taylor Williams March 12, 2020

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.

March 12, 2020

Acquisitions Industrial Texas

Fort Capital Acquires Three Industrial/Flex Assets Near Dallas Totaling 350,000 SF

by Taylor Williams March 11, 2020

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.

March 11, 2020

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