RICHARDSON, TEXAS — Locally based developer Jackson-Shaw has signed two new tenants at Parc NorthEast, a 434,640-square-foot industrial development in the northeastern Dallas suburb of Richardson. Mygrant Glass, a family-owned auto glass wholesaler, has leased 93,079 square feet at Building 4, and garage door provider Section Stack has leased 31,458 square feet at Building 2. Josh Barnes of Holt Lunsford Commercial represented Jackson-Shaw in the lease negotiations.
HOUSTON — TGS-NOPEC Geophysical Co., a Norwegian provider of surveying services for the energy industry, has signed a 97,295-square-foot office lease renewal at 10451 Clay Road in Houston. Doug Little and Louann Pereira of Transwestern represented the landlord, Office Properties Income Trust, in the lease negotiations. Jon Silberman of NAI Partners represented the tenant.
Affordable HousingFinance InsightMidwestMultifamilyNortheastSoutheastTexasThought LeadershipVideoWestern
Berkadia: Affordable housing concerns require local solutions
David Leopold, Senior Vice President and Head of Affordable Housing at Berkadia, speaks with reporter Nellie Day about the ever-growing need for affordable housing and the challenges of meeting increasing demand. As Leopold discusses the differences between subsidized affordable housing and “organic,” workforce housing that is not driven by subsidies, he looks at the short- and long-term impacts of each approach. “Like all real estate, affordable housing challenges are very local. And the solutions to affordable housing are also local,” Leopold says. Developers have different tools available to them depending on where they are doing deals. Watch the video to hear more from Leopold about the challenges of affordable housing and how Berkadia is helping to tackle the issue. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.
DALLAS — Locally based firm De La Vega Development has completed demolition of the former Affiliated Computer Services building at 2828 N. Haskell Ave. in Dallas. The property was temporarily known as The Leaning Tower of Dallas following a failed demolition attempt on Feb. 16 that left part of the building standing at a sharp angle. The site is the future home of The Central, a 27-acre mixed-use development that will feature about 5 million square feet of residential, hospitality, retail, restaurant and entertainment space, as well as a 3.5-acre park. Lloyd D. Nabors Demolition LLC is the contractor that handled the demolition work.
AUSTIN, TEXAS — Presidium, an investment and development firm with offices in Dallas and Austin, has completed Edison Apartments, a 354-unit multifamily community located in the East Riverside Corridor near downtown Austin. Units at the property feature hardwood floors, vaulted ceilings and private balconies and patios. Amenities include a pool, fitness center, resident clubhouse, rooftop lounge, outdoor grilling stations and two parking garages totaling 468 spaces. Page Southerland Page served as the project architect, and Cadence McShane was the design-build firm.
EL PASO, TEXAS — CBRE has negotiated the sale of the Hanson portfolio, a collection of three industrial buildings totaling 213,370 square feet in El Paso. The sale included 35 acres of developable land. Arturo De la Mora of CBRE represented the seller, private investor Russell Hanson, in the transaction. The buyer was a partnership between Massachusetts-based Equity Industrial Partners and New York City-based Raith Capital Partners.
ARLINGTON, TEXAS — NorthMarq has arranged the sale of Jordan Creek Apartments, a 240-unit multifamily community in Arlington. Built in 1984, the property offers one- and two-bedroom units and amenities such as a pool, sports court, fitness center and outdoor grilling and picnic area. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, 2505 Burney Oaks Lane LLC, in the transaction. The team also procured the buyer, multifamily investment firm Ashland Greene Capital Partners.
MESQUITE, TEXAS — Sprouts Farmers Market will open a 28,000-square-foot grocery store at 1220 N. Town East Blvd. in Mesquite, an eastern suburb of Dallas, on March 4. Phoenix-based Sprouts is known for its fresh produce, expansive bulk foods section and an extensive vitamin department. The company currently operates more than 300 stores across 20 states.
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What Does Walker & Dunlop’s New Venture Mean for Multifamily Lending?
Walker & Dunlop has entered into a joint venture with commercial real estate data science company GeoPhy to optimize the multifamily valuation process. The new appraisal company is called Apprise, and its goal is a five-day appraisal to accelerate the delivery of capital to real estate operators, Walker & Dunlop’s clients among them. Brad Savage, MAI, CCIM, Chief Product Officer of Apprise, discusses the marriage of data and human expertise in Apprise’s approach to commercial valuation. Apprise’s proprietary platform acts as a co-pilot for its appraisers, making sense of complex datasets and streamlining manual processes. By producing more credible reports in less time, Apprise allows clients to make quicker, more informed investment decisions. Watch the interview to learn how the program works and what it means for the industry.
EL PASO, TEXAS AND SANTA TERESA, NEW MEXICO — CBRE has negotiated the sale of the IDI Logistics portfolio, a collection of 20 buildings totaling approximately 1.7 million square feet in El Paso and Santa Teresa, New Mexico. Seventeen of the buildings are located in El Paso and three are located in Santa Teresa. The portfolio was 96.4 percent occupied at the time of sale. William Caparis, Andres Sandoval and Jonathan Bryan of CBRE represented Atlanta-based IDI Logistics in the transaction. The buyer was a partnership between Massachusetts-based Equity Industrial Partners and New York City-based Raith Capital Partners.