DALLAS — Talley Riggins Construction Group has broken ground on Daniel House, a 53,000-square-foot, on-campus student housing building at Southern Methodist University (SMU) in Dallas. Designed by Merriman Anderson/Architects, the three-story building will feature 72 beds, laundry facilities, common space and study rooms. Completion is slated for July 2020.
GARLAND, TEXAS — Tosca Services LLC, a provider of reusable plastic containers, has signed a 152,000-square-foot industrial lease at Gateway East Business Center in Garland, a northeastern suburb of Dallas. Ryan Wolcott and Matt Dornak of Stream Realty Partners represented the landlord, Barings, in the lease negotiations. Louis Pascuzzi of Newmark Knight Frank represented the tenant.
AUSTIN, TEXAS — Ryman Hospitality Properties Inc. (NYSE: RHP) has reached an agreement with Stratus Properties Inc. (Nasdaq: STRS) to purchase Block 21, a mixed-use and entertainment development occupying a full city block in downtown Austin. Ryman has agreed to purchase the property from Stratus for $275 million, including a debt assumption of $142 million. Block 21 houses Austin City Limits Live at the Moody Theater, a 2,750-seat venue that hosts America’s longest running music series, Austin City Limits. Past artists that have played the annual concert series include Dave Matthews Band, Lauryn Hill, Beck, Elvis Costello, Coldplay, Robert Plant, Cyndi Lauper and B.B. King. The project also features W Austin Hotel & Residences, 3TEN ACL Live club, 40,000 square feet of Class A office space and 18,000 square feet of retail and restaurants, including Starbucks and Urban Outfitters. Built in 2010, Block 21 anchors downtown Austin’s 2nd Street District. “Ryman Hospitality Properties’ expertise in both hospitality and live entertainment, plus their demonstrated stewardship of the iconic Ryman Auditorium and Grand Ole Opry, make them the ideal company to usher Block 21 and ACL Live into their next decade,” says William Armstrong III, president, CEO and chairman of the board …
While rumors of a looming recession dot the mainstream media landscape and pervade conversations at bars and water coolers, Dallas-Fort Worth (DFW) and Austin are humming along with the kind of healthy job growth that reduces that talk to little more than a whisper. Growth in office-using sectors like tech, finance, engineering and business services in both the state’s capital and largest metropolis continues to fuel demand for space, push rents to new levels and drive price appreciation on office assets. According to CoStar Group, the Dallas area has added about 90,000 new jobs over the last 12 months, and currently boasts a 3.4 percent unemployment rate, which is lower than both the state and national averages. And based on the most current data from the Austin Chamber of Commerce, payrolls in the state capital grew by about 23,000 between June 2018 and June 2019, while unemployment currently sits below 3 percent. While strong population growth is enough to jumpstart development and absorption in the multifamily, industrial and retail sectors, it’s pure job growth that drives the office space. So it’s not a bad time to be an owner of core properties in desirable submarkets in both cities. But these …
AUSTIN, TEXAS — Cypress Real Estate Advisors (CREA) has broken ground on Eastlake at Tillery, a 172,000-square-foot office project in East Austin. The development will consist of two three-story buildings and an adjacent parking structure. Amenities will include a fitness center, bike storage and rental space, a prep kitchen and rotating art installations. Delineate Studio is the project architect, and Harvey Cleary is the general contractor. Aquila Commercial will handle leasing of the project. CREA expects to begin tenant improvement work at Eastlake at Tillery in December 2020.
HOUSTON — Shaffer Sports & Events, which provides furniture and tents for sporting events, has signed a 125,000-square-foot industrial lease at 10901 Tanner Road in Houston. The space will serve as the company’s primary warehouse and office headquarters following its relocation from Birmingham, Ala. John Parsley, Gary Mabray and Judd Harrison of Colliers International represented Shaffer Sports in the lease negotiations. David Boyd, Greg Barra and Wes Williams of Boyd Commercial represented the landlord, Exeter 10901 Tanner LP. The sister company of Shaffer Sports, Aztec Events & Tents, also signed a 125,697-square-foot industrial lease renewal in Houston. The Colliers team represented Aztec in its lease negotiations as well.
DALLAS — Waterlogic, a provider of purified bottle-less water dispensers, has inked a deal to occupy 111,012 square feet of light manufacturing and distribution space at Prologis Freeport Corporate Center in Dallas. The company expects to take occupancy in early 2020. Caleb McCoy and Matt Bracco of JLL represented Waterlogic in the lease negotiations. Michael Flowers represented the landlord, Prologis on an internal basis.
AMARILLO, TEXAS — JLL has negotiated a 63,231-square-foot retail property in Amarillo. The property sits on 5.1 acres and formerly housed a grocer. Michael Meaden of JLL represented the sellers, MAL Enterprises Inc. and Super Market Developers Inc., in the transaction. Zach Ballenger of CBRE represented the buyer, STORE Capital.
ALLEN, TEXAS — JRV Heating & Cooling LLC has purchased a 5,077-square-foot office building located at 720 E. Main St. in Allen, a northeastern suburb of Dallas. The sale includes approximately one acre of land. Scott Axelrod of Henry S. Miller Brokerage represented the seller, Tom Brian DDS, a local dentist office, in the transaction.
MCKINNEY, TEXAS — Atlanta-based Core5 Industrial Partners has broken ground on Core5 Logistics Center of McKinney, an industrial project being developed on 65 acres north of Dallas. The initial phase of the project will deliver 431,710 square feet of space across two buildings, with completion scheduled for early summer 2020. Dallas-based Citadel Partners will handle leasing of the buildings.