BEDFORD, TEXAS — Healthcare developer MedCore Partners has broken ground on the 25,200-square-foot Bedford Medical Plaza, located at the northwest corner of Hospital Parkway and Parkview Lane near Fort Worth. The building will be situated on 3.1 acres near Texas Health Harris Methodist Hurst-Euless-Bedford Hospital and is 100 percent preleased to multiple local practices. An expected completion date was not released.
HOUSTON — Cypressbrook Co. has negotiated a 25,368-square-foot industrial lease at 1819 Turning Basin Drive in east Houston. According to LoopNet Inc., the property was built in 1980 and totals 65,494 square feet. John Hornbuckle of Cypressbrook represented the tenant, EN Group Corp., in the lease negotiations. David Munson of Boyd Commercial represented the landlord, First Industrial Texas LP.
MCALLEN, TEXAS — The administration of Texas Gov. Greg Abbott has converted the McAllen Convention Center, located in the Rio Grande Valley near Mexico, into a temporary healthcare facility for COVID-19 patients. Texas, one of the first states to reopen, has seen a sharp rise in COVID-19 cases in recent weeks, recording as many as 8,000 new cases per day during some stretches. The 174,000-square-foot facility has the capacity to house as many as 250 patients, but it opened on Tuesday with the stated goal of taking up to 50 patients to start and increasing intake and capacity as needed. The property sits on 18.5 acres and features a 60,000-square-foot free exhibit hall, a grand ballroom, two boardrooms and 16 breakout rooms for meetings and smaller events. According to the Texas Department of Health and Human Services, the state has recorded about 460,000 positive cases and 7,500 deaths since the pandemic began.
HOUSTON — MetroNational has topped out The McKinley Memorial City, a 278-unit luxury apartment tower located at 9757 Katy Freeway in West Houston. The 25-story building, which is scheduled to be complete in the fourth quarter of 2021, will be part of a larger, four-acre mixed-use development. McKinley Memorial City will feature studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, movie theater, chef’s kitchen, wine bar, dog park and a golf simulator. Ziegler Cooper Architects designed the 332,231-square-foot project, and Anslow Bryant is serving as the general contractor.
LEWISVILLE, TEXAS —Bright Realty has completed Crown Centre at Castle Hills, a 109,000-square-foot office building in the northern Dallas suburb of Lewisville that represents Phase I of the locally based developer’s Crown Centre mixed-use project. The four-story, Class A property is the first of more that 35 buildings that will ultimately comprise Crown Centre. Upon completion, the development will consist of 35 buildings featuring 3 million square feet of office space, 2,000 apartments, 140,000 square feet of dining and retail space, and 500 hotel rooms interconnected by extensive walking trails lined. Hill & Wilkinson served as the general contractor for the office building.
KATY, TEXAS — Colliers International has brokered the sale of the Mason Creek medical office building, a 30,000-square-foot facility in the western Houston suburb of Katy. The property was fully leased to Village Family Practice LLP and Memorial MRI & Diagnostics LLC at the time of sale. Beth Young and Bob Parsley of Colliers represented the seller, Read King, in the transaction. The buyer was Montecito Medical Real Estate. Arch-Con Construction served as general contractor of the newly built facility. Several healthcare systems have recently opened hospital campuses within a four-mile radius of Mason Creek, including Houston Methodist Hospital, Memorial Hermann Hospital, Texas Children’s Hospital and MD Anderson Cancer Center.
MANSFIELD, TEXAS — Marcus & Millichap has arranged the sale of Mansfield Highlands, an 18,138-square-foot retail center located southeast of Fort Worth. Tenants at the center include Mama’s Pizza, Beer & Wine World, Vintage Barber Shop, Debbie Donuts, Unique Threading Salon and Grade Power Learning Center. Philip Levy and Chris Gainey of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
By Nazir Khalfe, Principal, Powers Brown Architecture Having designed multiple millions of square feet of speculative and build-to-suit industrial buildings in my career, I’ve witnessed some striking trends over the past two decades, especially with the advancements made in tilt-wall construction. The ability to go higher and store and ship more product with today’s technology is creating an ever-changing landscape for industrial product. We have witnessed the boom of e-commerce, advancements in logistics and automation, and all the while tried to keep up with the dynamic market forces that produce a successful industrial park. Since the Great Recession, demand for industrial space has been at a premium, not only in Texas but also in most markets throughout the United States. Out of necessity for how our lives are changing, the industrial market has become the darling of the real estate industry. In 2020, thanks to the exponential growth of e-commerce activity and manufacturing jobs, we are breaking new ground on how a standard industrial park looks, feels and operates. While COVID-19 has not changed the expansive, open-space feel of warehouses where social distancing is inherently built-in, the pandemic has started to impact the industrial world on the development side. Developers …
FORT WORTH, TEXAS — JLL has arranged construction financing for South Fort Worth Logistics, a 956,020-square-foot speculative industrial project that will be situated on 47.6 acres near Interstates 20 and 35. Halff Associates is designing the project, which will consist of two cross-dock buildings with 36- to 40-foot clear heights, ample trailer parking and storage, 231 loading doors and ESFR sprinkler systems. A JLL Capital Markets team of Dustin Volz, Stephen Bailey, Taylor Coy and Zach Riebe arranged a three-year, floating-rate construction loan through Veritex Bank on behalf of the borrower, a partnership between Invesco Real Estate and Bandera Ventures. The development team expects to complete the project in 2021.
FORT WORTH, TEXAS — A partnership between Chicago-based investment firm Pearlmark and Buffalo-based Sinatra & Co. Real Estate has acquired La Jolla Terrace, a 340-unit apartment community in Fort Worth. Built in 1984, the property was 97 percent occupied at the time of sale and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a playground. The new ownership will implement a value-add program that will upgrade unit interiors and exterior amenity spaces. The seller and sales price were not disclosed.