Texas

Developers Complete 405-Bed Student Housing Project Near University of Houston

by Taylor Williams July 24, 2020

HOUSTON — A development team consisting of WGC Partners, a partnership of Steve Spessard of Gore Creek Partners LLC and Rocky Stevens and Mark Seger of Wellington Development Co., GRC Capital and Principal Real Estate Investors has completed Tower 5040, a student housing project located adjacent to the University of Houston’s main campus. The 147-unit property features one-, two- and four-bedroom units, as well as a game room, business center, fitness center, pool and a pet park. Dallas-based Humphreys & Partners designed the project, and Houston-based Arch-Con Construction was the general contractor.

July 24, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 146-Unit Apartment Community in Metro Dallas

by Taylor Williams July 24, 2020

GARLAND, TEXAS — Marcus & Millichap has arranged the sale of Ray Hubbard Ranch I and II, a 146-unit apartment community that is situated on 6.9 acres in the northeastern Dallas suburb of Garland. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.

July 24, 2020

Acquisitions Healthcare Texas

JLL Negotiates Sale of 20,880 SF Medical Office Building in Lubbock

by Taylor Williams July 24, 2020

LUBBOCK, TEXAS — JLL has negotiated the sale of a 20,880-square-foot medical office building located at 3601 21st St. in Lubbock. The property was built in 1966, renovated in 2003 and is now fully leased to Covenant Health System. Nick Foster, Evan Kovac, Andrew Milne, Matt DiCesare and Michael George of JLL represented the seller, a joint venture between Healthcare Property Advisors and The Innovation Institute, in the transaction. The buyer was Los Angeles-based RealtyMogul.

July 24, 2020

Acquisitions Industrial Texas

Mohr Capital Sells 18,561 SF Industrial Property in Fort Worth

by Taylor Williams July 24, 2020

FORT WORTH, TEXAS — Dallas-based Mohr Capital has sold an 18,561-square-foot industrial property located at 490 Carey St. in Fort Worth. Mohr Capital developed the building in 2018 for HERC Rentals, which had 13 years remaining on its triple-net lease at the time of sale. Zach Harris and Brad Pepin of Stan Johnson Co. represented Mohr Capital in the transaction. A California-based investor purchased the asset via a 1031 exchange for an undisclosed price.

July 24, 2020

Development Industrial Texas

Amazon to Open 625,000 SF Fulfillment Center in El Paso, to Create 700 Jobs

by Taylor Williams July 23, 2020

EL PASO, TEXAS — Amazon will open a 625,000-square-foot fulfillment center in El Paso, a move that marks the e-commerce giant’s entrance to that market and that is expected to create about 700 new full-time jobs. Local news station and ABC affiliate KVIA reports that the site will be located along Rojas Drive and Interstate 10 on the city’s east side. Construction is underway, and the facility is expected to open some time in 2021. KVIA also reports that Amazon did not seek any tax breaks or other economic incentives from the City of El Paso.

July 23, 2020

Office Texas

DFW Office Market Posts 640,000 SF of Negative Net Absorption in Second Quarter, Says CBRE

by Taylor Williams July 23, 2020

DALLAS — The Dallas-Fort Worth (DFW) office market recorded approximately 640,000 square feet of negative net absorption during the second quarter, according to a new report from CBRE. This first and second quarters of this year mark the first times the market has recorded such as statistic since the first quarter of 2018. The combination of companies laying off workers, vacating subleased space and delaying move-ins amid COVID-19 brought the market’s vacancy rate to 21.8 percent. The report noted that the metroplex lost about 227,000 jobs during the 12-month period ending May 31, 2020, after previously posting one of the healthiest unemployment rates in the country. In addition, there is nearly 5 million square feet of office product under construction in DFW, suggesting that vacancy may continue to trickle upward during ensuing quarters as the state battles new surges of COVID-19 cases.

July 23, 2020

Development Multifamily Texas

Realty Capital, PointOne to Develop 266-Unit Apartment Community Near Fort Worth

by Taylor Williams July 23, 2020

MANSFIELD, TEXAS — Locally based firm Realty Capital Management has partnered with South Florida-based PointOne Holdings to develop Phase II of Main Street Lofts, a project in the Fort Worth suburb of Mansfield that will add 266 apartments to the local supply. Phase II will be developed on an eight-acre site and will include amenities such as a pool, fitness center, multiple lounges, resident clubhouse and access to walking and biking trails. JHP Architecture is designing the project, and NRP Construction is the general contractor. First United Bank provided construction financing. Completion is scheduled for the first quarter of 2022.

July 23, 2020

Industrial Leasing Activity Texas

Vertical Farming Company Signs 83,436 SF Industrial Lease at Parc Air 59 in Metro Houston

by Taylor Williams July 23, 2020

HUMBLE, TEXAS — Kalera, a Florida-based vertical farming company, has signed an 83,436-square-foot industrial lease to be the first tenant at Parc Air 59, a 279,500-square-foot development in the northern Houston suburb of Humble by Jackson-Shaw. The company will occupy the entirety of Building A, a rear-load property that is nearing completion and that features 28- to 32-foot clear heights, 130-foot truck courts and an ESFR sprinkler system. Mike Spears and Derek Riggleman of Lee & Associates represented Kalera in the lease negotiations. Jason Dillee and Nathan Wynne of Cushman & Wakefield represented Jackson-Shaw.

July 23, 2020

Civic Development Texas

McCarthy Tops Out 635-Seat Performing Arts Center at Parish Episcopal School in Dallas

by Taylor Williams July 23, 2020

DALLAS — McCarthy Building Cos. has topped out construction of the Noble Performing Arts Center at Parish Episcopal School’s Midway campus in Dallas. The building, which is part of a 55,000-square-foot expansion project at the private school, will house a 515-seat performance hall, a 120-seat black box theater, rehearsal rooms, a film screening room and a dance studio. McCarthy broke ground on the project in November 2019 and expects to complete the project by spring 2021.

July 23, 2020

Development Texas Top Stories

Tesla Selects Development Site Near Austin for $1B Vehicle Manufacturing Plant

by Katie Sloan July 23, 2020

AUSTIN, TEXAS — Electric automaker Tesla (NASDAQ: TSLA) has selected a 2,000-acre site near Austin for the development of its latest $1 billion ‘Gigafactory.’ The vehicle manufacturing plant will build Tesla’s new Cybertruck pick-up truck and will be the second U.S. manufacturing site for the Model 3 and Model Y automobiles, distributing largely to the eastern half of North America. The development site is located in southeast Travis County, five minutes from the Austin International Airport and 15 minutes from Downtown Austin, according to Tesla CEO Elon Musk. The project is set to receive $60 million in tax breaks from the county and a local school district over the next decade, according to reports by the Associated Press. “We’re going to make it a factory that is going to be stunning,” said Musk on the company’s second-quarter earnings call held Wednesday. “It’s right on the Colorado River [with] a boardwalk where there will be a hiking and biking trail. It’s going to be an ecological paradise — birds in the trees, butterflies, fish in the stream — and it will be open to the public as well.” Texas Gov. Greg Abbott echoed Musk’s excitement, noting that Tesla is, “one of …

July 23, 2020

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