HOUSTON — O’Reilly Auto Parts has signed a 36,823-square-foot retail lease at Mercado 6 Marketplace, a shopping center located at 7355 Highway 6 S. in Houston. Taki Dallis and Joaquin Orozco of RESOLUT Real Estate represented the undisclosed landlord in the lease negotiations. Ford Jones of Independence Commercial Real Estate represented the tenant.
AUSTIN, TEXAS — On Monday, a group of about 25 bar owners filed a lawsuit in Travis County District Court challenging Texas Gov. Greg Abbott’s executive order to shut down bars across the state following a recent surge in COVID-19 cases. The Austin-American Statesman first reported the news and notes that the lawsuit is predicated on the notion that Abbott’s order suspends state laws, a power that is reserved strictly for the Texas Legislature. Multiple outlets including The Texas Tribune have since confirmed the report. In the order issued on Friday, June 26, Abbott demanded that all bars and establishments that earn more than 51 percent of their gross revenue from sales of alcoholic beverages close their doors, effective as of noon that Friday. The order permitted restaurants to remain open for dine-in services but at 50 percent or less of their stated indoor capacities, effective Monday, June 29. As part of the order, rafting and tubing businesses were also ordered to close, and local governments must now approve outdoor gatherings of 100 or more people. According to the Texas Restaurant Association, about 800,000 industry workers have lost their jobs since the pandemic began. Over the weekend, Abbott noted that …
AUSTIN, TEXAS — Whole Foods Market has opened its 35,000-square-foot store at Saltillo, a mixed-use development in East Austin by Endeavor Real Estate Group. The store has served as a fulfillment center for other regional stores during most of the COVID-19 pandemic. The store now offers fresh produce from 75 different growers, full-service meat and seafood departments, a bakery, coffee kiosk and more than 1,000 different wines and 280 different beers, including 150 selections from local alcoholic beverage suppliers.
RICHARDSON, TEXAS — DebtBlue, a national debt service settlement firm, has signed a 30,291-square-foot office lease for its new headquarters at 1125 E. Campbell Road in the northeastern Dallas suburb of Richardson. The company is expanding and relocating from a 6,000-square-foot space in nearby Addison. Ryan Hoopes of Cushman & Wakefield represented the tenant in the lease negotiations. Clint Madison and John Fancher, also with Cushman & Wakefield, represented the landlord, Los Angeles-based Stanton Road Capital.
HOUSTON — Cushman & Wakefield has brokered the sale of the Republic Building, a 19,850-square-foot office property located at 1018 Preston St. in downtown Houston. The building was originally constructed in 1907, housed the U.S. District Court in 1910 and was admitted to the National Register of Historic Places in 1979. Scott Miller, David Cook and Jeff Peden of Cushman & Wakefield represented the seller, Republic Building TX LP, in the transaction. Fred Ghabriel of Bejjani & Associates Inc. represented the buyer, a subsidiary of government contractor MVL Group.
HOUSTON — NAI Partners has arranged the sale of a 17,400-square-foot industrial building located at 1702 Nance St. in Houston. According to LoopNet Inc., the property was built in 1978. Chris Caudill and Jake Wilkinson of NAI Partners represented the seller, 125 West Crosstimbers Ltd., in the transaction. Clark Dalton of Dosch Marshall represented the buyer, Urban Genesis LLC.
By Edward Henigin, Chief Technical Officer, Data Foundry The COVID-19 pandemic has been a highly disruptive force in the global market, changing the way businesses, communities and economies operate today — and perhaps into the future. While uncertainty has defined this challenging time, trends have been developing in the wake of the virus’ worldwide impact. One of the most prominent trends has been the shift to remote and digital means of working, communicating and learning. Across nearly every device category, in-home data usage has seen an increase in the first three months of 2020 compared to the same period in 2019. This year, the two-week period between March 1 and March 17 alone exhibited a 34 percent increase in smartphone data usage compared to the previous year’s usage during the same period. As a result of social distancing and quarantine protocols, many businesses have reduced onsite work or even shut down their locations in favor of work-from-home options that incorporate video conferencing platforms or other virtual applications. Today’s increased online dependence creates a focus on digital infrastructure, and data centers are only growing in importance (and in demand) as they become more widely recognized as crucial components of a resilient …
DALLAS — Granite Properties will redevelop Cedar Maple Plaza, an office complex located at the corner of Cedar Springs Road and Maple Avenue in Uptown Dallas. Granite will rebrand the new 623,624-square-foot mixed-use office property as 23Springs. The locally based developer will demolish three existing buildings on the 2.5-acre site and build a 26-story office tower, two detached buildings that will house 16,000 square feet of restaurant space and a small park. Amenities at 23Springs will include a coffee and wine bar, fitness studio, conference facilities and a tenant lounge with a golf simulator. GFF is the project architect, and DPR is the general contractor. Granite has received all necessary permits and entitlements and expects to begin construction in the first quarter of 2021.
CONROE, TEXAS — A joint venture between Atlanta-based Songy Highroads and Louisiana-based Wampold Cos. has completed Margaritaville Lake Resort, a 335-room hotel located on Lake Conroe, about 40 miles north of Houston. The property is situated on 186 acres and is the first Texas resort of the Margaritaville brand, which features activities and amenities with themes from the music of Jimmy Buffett. The resort offers an 18-hole golf course, waterpark with outdoor pools, tennis courts, fitness center, full-service spa and 72,000 square feet of indoor and outdoor meeting space, as well as multiple Buffett-themed bars and restaurants. Guests may also enjoy swimming, boating, fishing and waterskiing lessons.
SAN MARCOS, TEXAS — KeyBank Real Estate Capital has provided $43.8 million in Freddie Mac financing for Reserves at San Marcos, a 376-unit multifamily project in San Marcos, roughly midway between Austin and San Antonio. Approximately 80 percent of the units are reserved for renters earning up to 60 percent or less of the area median income. Units will feature one-, two- and three-bedroom floor plans ranging in size from 650 to 1,350 square feet. Robbie Lynn and Hector Zuniga of KeyBank originated the financing, which carries a fixed interest rate and a 36-month term. Construction is expected to be complete by 2022.