NORTHLAKE, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 14,023-square-foot office and warehouse property located at 4325 Dale Earnhardt Way in Northlake, a suburb of Fort Worth. The property was built on four acres in 2016. Chad Montgomery and Dan Spika of Henry S. Miller represented the buyer, investor Bruce Long, in the transaction. Chuck Horton of The Michael Group Real Estate represented the seller, 13415 Cleveland Gibbs LLC.
HOUSTON — A joint venture between Patrinely Group, USAA Real Estate and CDC Houston has broken ground on the new, 440,000-square-foot headquarters for Hewlett Packard Enterprise. The property will be located within CityPlace at Springwoods Village and will span two five-story buildings with a bridge connector at each level and structured parking for 2,055 cars. Amenities will include a fitness center, café, kitchen and pharmacy, laboratory and office space and a large central courtyard with a multi-use basketball pavilion, fitness/yoga lawn, water feature, outdoor tables and green space. Completion is scheduled for spring 2022. Pickard Chilton is the design architect; Kirksey is the executive architect; REES is the interior architect; and D.E. Harvey Builders is the general contractor.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Right Move Storage, a 1,070-unit, climate-controlled self-storage facility in Fort Worth. The site previously housed a two-story retail property occupied by Macy’s within Ridgmar Mall and was converted in 2019 into a self-storage facility spanning 126,985 square feet. Dave Knobler, Charles LeClaire, Danny Cunningham and Brandon Karr of Marcus & Millichap represented the undisclosed seller in the transaction. The team also procured the buyer, Colorado-based Spartan Investment Group.
UVALDE, TEXAS — Berkadia has arranged the sale of Brownstone Uvalde, a 152-unit apartment community located in the South Texas city of Uvalde. Built in 2012, the property features one-, two- and three-bedroom units with hardwood floors, walk-in closets, breakfast bars and private patios or balconies. Amenities include a pool, fitness center, business center, media lounge, clubhouse and dog park. Will Caruth and Cody Courtney of Berkadia represented the seller, Colorado-based Interurban Cos., in the transaction. The buyer was 3CM Multifamily.
LUBBOCK, TEXAS — Walker & Dunlop has provided a $13 million HUD loan for the refinancing of Crown Point Health Suites, a skilled nursing facility in Lubbock. The property was built in 2011 and features 96 units. Kevin Giusti of Walker & Dunlop structured the financing through HUD’s LEAN 232/233(f) program, which provides long-term and reduced-rate financing for specialty healthcare facilities. The borrower was not disclosed.
LEANDER, TEXAS — Masonwood Development Corp. has begun construction on South Street Villas, an 86-unit residential project located in the northern Austin suburb of Leander. Units at the for-rent development will feature nine-foot ceilings, stainless steel appliances and granite countertops. Trez Capital provided construction financing for the project, which is scheduled for a fall 2020 completion.
When real estate professionals contemplate the nation’s top industrial markets, Austin is not the first market to come to mind. Bigger and more established markets like Dallas, California’s Inland Empire, Chicago and Houston are often the newsmakers with tens of millions of square feet of industrial product under construction and tenants routinely signing deals for million square foot-plus deals. Austin has been mostly known and admired for its office market and tech-forward economy, gaining notoriety circa 2000 with the tech boom and exploding in growth over the last five years with expansions and commitments from Apple, Google, Facebook, Indeed, Amazon, Oracle, Charles Schwab and Expedia. However, Austin’s emergence as one of the nation’s best cities to live in with ample opportunities for high-paying employment has resulted in astounding population growth — one of the biggest drivers for industrial real estate. As the population expands so does demand for goods and materials that are stored in warehouse buildings, and the Austin industrial market will certainly benefit from this trend for the foreseeable future. Per the Texas Demographic Center, the Austin metro population stood at roughly 1.25 million people in 2000. It is anticipated that the metro area will be home to …
EULESS, TEXAS — JLL has negotiated the sale of the Shops at Vineyard Village, a 219,379-square-foot retail power center in Euless, located just south of Dallas-Fort Worth International Airport. The property was 98.2 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond, Marshalls, Staples, PetSmart, Party City, Dollar Tree and Rally House. Chris Gerard, Barry Brown, Ryan Shore, Aaron Johnson, Austin Ross and Ben Siegel of JLL represented the seller, BIG Shopping Centers USA Inc. in the transaction. The buyer was an undisclosed private investor.
SCHERTZ, TEXAS — Dallas-based Dalfen Industrial has purchased Schertz Distribution Center, a 187,288-square-foot asset located in the Central Texas city of Schertz. The Class A property offers proximity to Interstate 35 and San Antonio International Airport. Schertz Distribution Center was more than 70 percent leased at the time of sale, with TJ Maxx occupying roughly 90,000 square feet and Forward Air occupying approximately 50,000 square feet. The seller was not disclosed.
LEAGUE CITY, TEXAS — Austin-based Alamo Drafthouse Cinema will open a 10-screen movie theater within the Victory Lakes shopping center in League City, a southeastern suburb of Houston, in late 2020. The theater will feature oversized recliners, made-from-scratch food and a standalone lobby with more than 40 local and regional craft beers. The new Alamo Drafthouse will be the company’s first venue in the Houston area since Alamo Drafthouse LaCenterra opened in Katy in 2018.