Texas

Texas Military Department, USACE to Convert Dallas Convention Center into COVID-19 Healthcare Facility

by Taylor Williams March 30, 2020

DALLAS — The State of Texas, the Texas Military Department (TMD) and the U.S. Army Corps of Engineers (USACE) have identified the Kay Bailey Hutchison Convention Center in Dallas as a makeshift healthcare facility to treat patients suffering from COVID-19, Texas Gov. Greg Abbott announced on Sunday. The convention center, located downtown, will be the first site to be equipped with additional healthcare equipment and facilities. Local ABC affiliate WFAA reports that 250 beds will be set up with the capacity to expand to 1,400 beds if needed. In his statement, Abbott also stated that the number of hospital beds for COVID-19 patients in Texas has doubled over the past week, and announced a mandatory 14-day quarantine for anyone traveling into Texas from any part of Louisiana. According to its website, the Kay Bailey Hutchison Convention Center features 1 million square feet of exhibit space, three ballrooms, 88 meeting rooms, a 1,750-seat theater and a 9,816-seat arena.

March 30, 2020

Acquisitions Multifamily Texas

Strategic Realty Acquires 240-Unit Stonebridge at City Park Apartments in Houston

by Taylor Williams March 30, 2020

HOUSTON — Strategic Realty Holdings LLC has acquired Stonebridge at City Park, a 240-unit apartment community in southwest Houston. The property offers one- and two-bedroom units ranging in size from 680 to 1,107 square feet and amenities such as a pool, fitness center, business center and onsite laundry facilities. Florida-based alternative lender Electra Capital contributed a $5.5 million preferred equity investment for the acquisition. The seller was not disclosed.

March 30, 2020

Acquisitions Industrial Texas

Titan Development Real Estate Fund 1 Sells 187,674 SF Spec Industrial Building in Schertz, Texas

by Taylor Williams March 30, 2020

SCHERTZ, TEXAS — Titan Development Real Estate Fund 1 has sold Building 1 at Titan Industrial Park in the Central Texas city of Schertz. The property was built on a speculative basis, fronts Interstate 35 and has been marketed to users seeking spaces between 20,000 and 100,000 square feet. The buyer was not disclosed.

March 30, 2020

Industrial Leasing Activity Texas

Finial Group Arranges 42,979 SF Industrial Lease Renewal in Houston

by Taylor Williams March 30, 2020

HOUSTON — Locally based brokerage firm Finial Group has arranged a 42,979-square-foot industrial lease renewal at 15882 Diplomatic Plaza Drive in Houston for Elbi of America LP, a manufacturer of water storage, heating and treatment systems. Doc Perrier and Jack Parsons of Finial Group represented the tenant in the lease negotiations. Dayne Wunderlich of InSite Realty Partners LP represented the undisclosed landlord.

March 30, 2020

Acquisitions Retail Texas

Marcus & Millichap Brokers Sale of 13,753 SF Strawberry Plaza Retail Center in Metro Houston

by Taylor Williams March 30, 2020

PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Strawberry Plaza, a 13,753-square-foot retail center located in the eastern Houston suburb of Pasadena. The asset was listed for $1.7 million. Riley Sharman of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company.

March 30, 2020

Company News Texas Top Stories

GameStop to Close More Than 300 North American Stores in 2020

by Taylor Williams March 30, 2020

GRAPEVINE, TEXAS — Video game retailer GameStop Corp. (NYSE: GME) plans to close more than 300 North American stores in 2020, the Grapevine, Texas-based company recently announced during its fourth-quarter earnings call. GameStop did not specify which stores and markets would be affected by the closures, but said that it anticipates the total number of shuttered stores to be equal to or greater than the 320 stores that it closed in 2019. GameStop saw its total comparable stores sales across the globe decrease 26.1 percent in the fourth quarter of 2019 relative to that period a year earlier. Although the company reported a 2 percent increase in global comparable sales in March 2020 relative to March 2019, GameStop executives said that the market disruption caused by the outbreak of COVID-19 has prompted it to move forward with its “global de-densification” plan. In fielding questions from analysts on the call, GameStop CEO George Sherman noted that although “every day brings a new challenge and new information as we navigate this very dynamic environment brought on by COVID-19,” the de-densification plan had been in effect prior to the healthcare crisis. In particular, he said, the plan centered on the transference of revenue …

March 30, 2020

Acquisitions Multifamily Texas

NKF Negotiates Sale of 284-Unit Hawthorne at the District Apartments in Austin

by Taylor Williams March 27, 2020

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has negotiated the sale of Hawthorne at the District, a 284-unit multifamily community located in the East Riverside area of Austin. Built in 1987, the property features one- and two-bedroom units and amenities such as a pool, fitness center, clubhouse with a lounge and coffee bar, outdoor grilling areas, a dog park and Amazon package lockers. Patton Jones of NKF represented the sellers, North Carolina-based Hawthorne Residential Partners and New York-based Midway, in the transaction. Austin-based Wildhorn Capital purchased the asset for an undisclosed price. Patrick Short of NKF arranged acquisition financing on behalf of the new ownership, which will implement a value-add program at the property. Hawthorne at the District was 97.5 percent occupied at the time of sale.

March 27, 2020

Development Healthcare Texas

Hoar Construction Begins Work on $90M Healthcare Project in Uvalde, Texas

by Taylor Williams March 27, 2020

UVALDE, TEXAS — Alabama-based general contractor Hoar Construction has begun work on a $90 million healthcare project in Uvalde, about 85 miles west of San Antonio. The new facility will be part of Uvalde Memorial Hospital and will include 32,870 square feet of institutional space, 31,872 square feet of administrative space and an 11,500 square-foot central utility plant. In addition, the facility will house an emergency department, physical and occupational therapy department, radiology department, urgent care department, an intensive care unit, a 25-bed medical surgical inpatient unit and 16 outpatient beds. The building is expected to be available for occupancy in September 2021.

March 27, 2020

Healthcare Leasing Activity Texas

NAI Partners Arranges 48,400 SF Healthcare Build-to-Suit Lease in Metro Houston

by Taylor Williams March 27, 2020

PEARLAND, TEXAS — NAI Partners has arranged a 48,400-square-foot build-to-suit lease at 11200 Broadway St. in Pearland for HCA Houston Healthcare, which plans to open a Healthcare Center for Clinical Advancement at the site by early 2021. The healthcare provider has signed a long-term lease at the property, which will feature high-fidelity hospital simulation labs, connected classrooms and debriefing rooms where the health system’s nearly 7,000 nurses will receive ongoing clinical education and training. Griff Bandy and Joe Bright of NAI Partners represented HCA in the lease negotiations. A second HCA Healthcare Center for Clinical Advancement is planned for a location north of Houston.

March 27, 2020

Development Industrial Texas

ARCO/Murray Completes 47,000 SF High Hazard Facility in Rhome, Texas

by Taylor Williams March 27, 2020

RHOME, TEXAS — Dallas-based design-build firm Arco/Murray has completed a 47,000-square-foot high hazard facility for aeronautics firm Socomore in Rhome, located north of Fort Worth. The facility includes H-2 hazardous material production space and 10,000 square feet of H-3 hazardous material production space. Explosion proof electrical fixtures and a foam fire protection system with in-rack sprinklers were used throughout.

March 27, 2020

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