ARLINGTON, TEXAS — Lee & Associates has negotiated a 41,830-square-foot industrial lease at 4100 New York Ave. in Arlington. According to LoopNet Inc., the property was built in 2018 and spans 110,468 square feet. Adam Graham and Mark Graybill of Lee & Associates represented the landlord, Boston-based Cabot Properties, in the lease negotiations. David Eseke and Gary Collett of Cushman & Wakefield represented the tenant, Wastequip Manufacturing Co., a Charlotte-based manufacturer of trash containers, compactors and other waste management equipment.
Interviews conducted by Taylor Williams During the 10-year expansionary cycle, San Antonio posted one of the highest rates of population growth in the country, bringing new development of luxury apartment communities, modernized e-commerce facilities, bustling entertainment destinations and a landmark Class A office building. While some short- and long-term pain from COVID-19 is inevitable, there is also some optimism on the horizon. Industrial broker Cody Woodland of NAI Partners, multifamily developer David Lynd of LYND Co. and retail investment sales specialists Kevin Catalani and Price Onken of CBRE share thoughts on what’s happened and what’s coming in the Alamo City. Texas Real Estate Business: In terms of your sector, what have you seen in the San Antonio market in response to COVID-19? Cody Woodland: Much like other industrial markets, we’ve seen many tenants put their requirements on hold, including some sizable leases near execution. Most of these resulted in short-term extensions that should resurface in 2021. We’ve also seen numerous deals with essential users requiring immediate short-term space for storage purposes due to fluctuations in supply chains, primarily in the grocery and medical product sectors. Even during the pandemic, some long-term leases have still transacted, such as Dollar General’s 285,000-square-foot …
PLANO, TEXAS — J.C. Penney Co. announced on Wednesday that it would reduce its workforce by approximately 1,000 corporate, field management and international positions as part of its store optimization and restructuring plan. The Plano-based retailer, which employs about 90,000 people worldwide, filed for Chapter 11 bankruptcy in May and announced plans to close about 150 stores two weeks later. According to CNBC, J.C. Penney has reached an agreement with its creditors to extend submission of its new business plan and identify potential investors in the business. The network reports that mall developers Simon Property Group and Brookfield Properties are both in talks to buy the 118-year-old retailer, as are Sycamore Partners and Authentic Brands, the respective parent companies of department stores Belk and Barneys.
LIVE OAK, TEXAS — Miami-based Atlantic | Pacific Cos. has acquired Mira Loma Apartments, a 378-unit multifamily community located in Live Oak, a northeastern suburb of San Antonio. Built in 2008, the property features one-, two- and three-bedroom units ranging in size from 628 to 1,364 square feet. Amenities include a pool, outdoor kitchen, 24-hour fitness center and an indoor basketball court. Atlantic Pacific acquired the asset through its Blue Atlantic Partners Fund III, a private equity fund. The seller was not disclosed.
FLOWER MOUND, TEXAS — Engineering and logistics firm Communication Test Design Inc. (CTDI) has signed a 185,344-square-foot industrial lease at Lakeside Ranch 1001 in the northern Fort Worth suburb of Flower Mound. The deal brings the 634,564-square-foot building to full occupancy. Ken Wesson of Lee & Associates and John Morrissey of Jackson Cross represented the tenant in the lease negotiations. Matt Hyman handled negotiations internally for the landlord, Duke Realty, with JLL’s Craig Jones, Tom McCarthy and Fred Ragsdale serving as listing agents for the property.
HOUSTON — Ryan LLC, a Dallas-based provider of tax services and software, has signed a lease to relocate its Houston office to a 66,750-square-foot space at Park Towers in Houston’s Uptown/Galleria neighborhood. The property consists of two 18-story buildings totaling 545,242 square feet. Doug Little, David Baker, Kelli Gault and Jack Scharnberg of Transwestern represented the landlord, Regent Properties, in the lease negotiations. The representative of the tenant was not disclosed.
FORT WORTH, TEXAS — KRS Realty Advisors has completed a redevelopment project at the historic Fort Worth Stockyards that adds 12,000 square feet of office and retail space to the local supply. Austin-based apparel company Tecovas has signed a retail lease for 3,474 square feet at the property. KRS purchased the property in February and began renovating shortly thereafter. Stream Realty Partners is handling leasing.
PFLUGERVILLE, TEXAS — Amazon has announced plans to open an 820,000-square-foot fulfillment center in the northern Austin suburb of Pflugerville, a move that is expected to bring about 1,000 full-time jobs to the area. The facility is expected to open some time in 2021. Pflugerville has long been rumored to be a landing spot for the Seattle-based e-commerce giant. But only recently did the Pflugerville City Council approve an agreement authorizing the city’s economic development department to offer up to $3.8 million in incentives to Amazon. These funds will be earmarked for offsite road infrastructure improvements and for other capital investment and job creation measures.
ALLEN, TEXAS — Locally based developer JaRyCo has partnered with the Johnson family to develop its farmland at the southeast corner of the Sam Rayburn Tollway and Alma Drive in Allen, located northeast of Dallas, into a 135-acre mixed-use destination. Current plans for the development, which will be branded The Farm at Allen, call for 1.6 million square feet of office space, 142,000 square feet of retail space, a 150-room hotel, 60,000 square feet of restaurant space and 2,400 urban residential units, including townhomes. Additional features include a 2.5-acre lake with boardwalk restaurants, two miles of hiking and biking trails, a 16-acre greenbelt along Watters Creek and four additional park areas. Infrastructure work at the site is scheduled to begin in late 2020. Omniplan is the project architect, and TBG is the landscape architect. Dynamic Engineering is the civil engineer.
EL PASO, TEXAS — Developer VanTrust Real Estate has launched a 994,639-square-foot speculative industrial project in El Paso. The site spans 59 acres and is located within five miles of the Zaragoza Bridge, an international port of entry. Phase I of the project will consist of four buildings totaling 514,135 square feet and is expected to be complete in early 2021. Phase II, which will commence upon completion of Phase I, will consist of two buildings totaling 480,504 square feet. The project is one of several major speculative industrial developments to be announced in El Paso in recent weeks, along with Hunt Southwest’s 370,000-square-foot Rojas East Distribution Center and Equity Industrial and Raith Capital’s 123,966-square-foot project at 9541 Joe Rodriguez Drive.