Texas

City Council of Mesquite Approves 280-Acre Industrial Project

by Taylor Williams June 25, 2020

MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has approved a proposal for a 280-acre industrial park, a project that is expected to generate about $200 million in capital investment in land, infrastructure and construction. Dallas-based Wynne/Jackson has been tapped to lead development of the project, preliminary plans for which call for six industrial buildings ranging in size from 120,000 to 1 million square feet. The site is located along the Interstate 20 corridor in an area of town known as Trinity Pointe Mesquite and will ultimately be able to accommodate as much as 3 million square feet of industrial space. The development team expects to break ground by early 2021, but notes that strong demand could necessitate an earlier start date.

June 25, 2020

Development Multifamily Texas

ZOM Living, Civitas Capital to Develop 378-Unit Multifamily Project in North Dallas

by Taylor Williams June 25, 2020

DALLAS — A partnership between Orlando-based ZOM Living and investment management firm Civitas Capital Group will develop Mezzo, a 378-unit multifamily project that will be located along the U.S. Highway 380 corridor in North Dallas. Designed by JHP Architecture, the garden-style property will consist of 13 three-story buildings with surface parking and attached garages, as well as Class A amenities. The first units are expected to be delivered in the third quarter of 2021, with preleasing beginning in summer 2021. Stanford Construction is the general contractor for the project. Synovus Bank provided construction financing.

June 25, 2020

Acquisitions Industrial Self-Storage Texas

Bellomy Brokers Sale of 169-Unit Self-Storage Facility in Rio Grande Valley

by Taylor Williams June 25, 2020

MISSION, TEXAS — Bellomy & Co. has brokered the sale of A+ Storage, a 169-unit self-storage facility located in the Rio Grande Valley city of Mission. The property spans 24,100 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Harlingen, Texas-based seller and procured the Nebraska-based buyer in the transaction.

June 25, 2020

Development Office Texas

CIM Group Completes 44,000 SF Creative Office Building in Austin

by Taylor Williams June 25, 2020

AUSTIN, TEXAS — Los Angeles-based developer CIM Group has completed a 44,000-square-foot creative office building located at 3601 S. Congress Ave. in Austin. The building is situated within Penn Field a 16-acre campus that was originally developed in 1918 as a U.S. Army air base and now houses tenants such as Deep Eddy Vodka, High Brew Coffee and Pandora. The new building can accommodate single or multiple users and features floor-to-ceiling windows and outdoor patios and terraces. AQUILA Commercial is handling leasing of the property.

June 25, 2020

Acquisitions Office Texas

Mansour Group Arranges Sale of 80,038 SF Office Building in Metro Dallas

by Taylor Williams June 25, 2020

LEWISVILLE, TEXAS — The Mansour Group, a division of Marcus & Millichap, has arranged the sale of an 80,038-square-foot office building in the northern Dallas suburb of Lewisville that serves as the headquarters of auto repair firm Caliber Collision. The property was built on 5.8 acres in 2006 and renovated in 2018. Alvin Mansour and Kevin Mansour of The Mansour Group represented the seller and buyer, both of which requested anonymity, in the transaction.

June 25, 2020

Company News Retail Texas

J.C. Penney to Close 13 Additional Stores As Chapter 11 Bankruptcy Continues

by Taylor Williams June 24, 2020

PLANO, TEXAS — J.C. Penney Co. has revealed the locations of 13 additional stores it will permanently close, including seven in Michigan, as part of its Chapter 11 bankruptcy filing. The Plano-based retailer says the other six locations set to close include two in Washington state, two in New York, one in California and one in Maryland. J.C. Penney filed for Chapter 11 protection on May 15 and unveiled a list of 154 stores in late May that were set to close. Multiple news outlets report that going-out-of-business sales at the 13 locations are expected to begin on or around July 3. According to The Wall Street Journal, mall owner Simon Property Group is teaming up with shopping center owner Brookfield Property Partners to explore the possibility of acquiring J.C. Penney Co. According to Business Insider, the 13 stores closing include: 201 S. Washington St, Owosso, Michigan; 125 S. Michigan Ave, Big Rapids, Michigan; Bay City Town Center, 4129 E Wilder Road, Bay City, Michigan; Greenville West Mall, 300 Greenville W. Drive, Greenville, Michigan; Meridian Mall, 1982 W. Grand River Ave., Okemos, Michigan; Mt. Pleasant Shopping Center, 2231 S. Mission Road, Mt Pleasant, Michigan; Northtown Village, 1680 Wright Ave., Alma, Michigan; …

June 24, 2020

Development Multifamily Texas

Paragon Services Completes Renovation of 450-Unit Multifamily Community in The Woodlands

by Taylor Williams June 24, 2020

THE WOODLANDS, TEXAS — General contractor Paragon Services Inc. has completed renovations of Boardwalk at Town Center, a 450-unit multifamily community in The Woodlands, roughly 30 miles north of Houston. The project began in fall 2018. Units at the property now feature wood-style plank flooring, quartz countertops, stainless steel appliances and brushed nickel hardware. The renovations also delivered upgrades to the amenity spaces, which include two pools, a game room, rooftop lounge, business center, fitness studio, coffee bar, pet park and a clubroom with a gourmet kitchen.

June 24, 2020

Loans Multifamily Texas

Grandbridge Provides $10.8M Loan for Refinancing of Apartment Complex in Tyler, Texas

by Taylor Williams June 24, 2020

TYLER, TEXAS — Grandbridge Real Estate Capital has provided a $10.8 million Freddie Mac loan for the refinancing of Chelsea Creek, a 180-unit apartment complex in Tyler, located about 100 miles east of Dallas. Units at the property, which was built in 1978, feature walk-in closets, individual washers and dryers and patios or balconies. Amenities include a pool, fitness center, business center and a resident clubhouse. Paul Harbor of Grandbridge originated the loan, which carries a 10-year term and a 30-year amortization schedule, on behalf of the undisclosed borrower.

June 24, 2020

Industrial Leasing Activity Texas

Stream Realty Negotiates 52,032 SF Industrial Lease in Arlington

by Taylor Williams June 24, 2020

ARLINGTON, TEXAS — Stream Realty Partners has negotiated a 52,032-square-foot industrial lease at 2910-2920 E. Avenue F in Arlington. According to LoopNet Inc., the property was built in 1968 and totals roughly 226,000 square feet. Luke Davis, Sarah Ozanne and James Mantzuranis of Stream Realty represented the landlord, Alpha Trinity LLC, in the lease negotiations. Wells Commercial Real Estate represented the tenant, logistics firm JMV Transport LLC.

June 24, 2020

Development Industrial Texas

Archway Properties Breaks Ground on 28,222 SF Industrial Project in Odessa

by Taylor Williams June 24, 2020

ODESSA, TEXAS — Houston-based developer Archway Properties has broken ground on a 28,222-square-foot industrial project in the West Texas city of Odessa. The project will be a build-to-suit for TEAM Inc., an engineering services firm based in metro Houston, and will feature 21,222 square feet of warehouse and light manufacturing space and 7,000 square feet of office space. Completion is slated for December.

June 24, 2020

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