BAYTOWN, TEXAS — JLL has negotiated a 67,427-square-foot industrial lease at Cedar Crossing Distribution Center in the eastern Houston metro of Baytown. According to LoopNet Inc., the property was built in 2014, spans 540,000 square feet and features 30-foot clear heights. Richard Quarles and David Holland of JLL represented the landlord, Mountain West, in the lease negotiations. The tenant was locally based firm Merih Cotton Corp.
The unprecedented job and population growth that Dallas-Fort Worth (DFW) has experienced during this cycle has brought a plethora of new buyers to the Class B multifamily space, and the simple economics of high demand and low supply are re-shaping the landscape of the investment market. According to CoStar Group, the average price per unit in the Class B space has increased by 4.3 percent year-to-date, and deal volume on sales of Class B assets is down from 2017. These trends attest to the strong impact price escalation has had on the market. A more crowded buyer pool is also breeding competition and pushing prices upward. The metroplex’s growth cycle dates back to the beginning of the expansion. Data from the U.S. Census Bureau shows that between 2010 and 2018, the metroplex added about 1.1 million people, or 122,000 per year. Earlier this year, Cushman & Wakefield released a report stating that DFW added approximately 754,000 jobs between 2009 and 2018, or 75,000 per year. This convergence has significantly boosted apartment demand in the metroplex, ushering in waves of competition for older multifamily assets, many of which are positioned for value-add investment and subsequent rent bumps. Price escalation caused by …
ARLINGTON, TEXAS — Dallas-based developer StreetLights Residential has broken ground on The Jackson, a 340-unit multifamily community located within the Viridian master-planned development in Arlington. The property will offer studio, one-, two- and three-bedroom units in addition to limited two-story floor plans known as “carriage units.” Residences will range in size from 588 to 1,671 square feet and feature granite countertops, custom cabinetry and spa-inspired bathrooms. Amenities will include coworking spaces, a creative makerspace with a chef’s kitchen, a private lounge with a coffee bar, fitness center with a flex room for yoga and spin, a resort-style pool and outdoor courtyard spaces. WDG Architecture designed the project, and SLR Construction LLC is serving as the general contractor. Residences are expected to be available for occupancy in fall 2020.
HOUSTON — Stonelake Capital Partners, a private equity firm with offices in Dallas, Houston and Austin, has topped out 200 Park Place, a 210,000-square-foot office building located within the Park Place | River Oaks development in Houston. Designed by Beck Architecture and constructed by Harvey Builders, the 15-story building will feature ground-floor restaurants, a conference center and tenant lounge and access to a landscaped terrace and park. The property, which is 30 percent preleased, is expected to be available for occupancy by June 2020.
HOUSTON — JLL has negotiated the sale of The Mix @ Midtown, a 73,000-square-foot retail center that occupies a full city block in Houston’s Midtown neighborhood. The property was fully leased at the time of sale to tenants such as 24 Hour Fitness, Jinya Raman Bar, Artisans Restaurant, Gen Korean BBQ, Piola, Kung Fu Tea and Cloud 10 Creamery. Rusty Tamlyn, John Indelli, Michael Johnson and Bryan Strode of JLL represented the seller, Crosspoint Properties, which developed the center in 2008, in the transaction. A joint venture between Houston-based Fifth Corner and Pointer Real Estate Partners purchased the asset for an undisclosed price.
PINEHURST, TEXAS — Marcus & Millichap has arranged the sale of United Storage, a 94-unit self-storage facility in Pinehurst, located about 50 miles northwest of Houston. The property spans 20,960 square feet. Dave Knobler and Casey Kral of Marcus & Millichap represented the seller, a private investor, in the transaction. An undisclosed buyer, also a private investor, purchased the asset.
IRVING, TEXAS — Connecticut-based IT consulting firm Gartner Inc. has signed a 54,920-square-foot office lease expansion at Las Colinas Connection 1 in Irving. According to LoopNet Inc., the property was built in 1999 and spans 231,681 square feet. Randy Cooper, Matt Heidelbaugh, Amber Roberts, Lou D’Avanzo and Andy May of Cushman & Wakefield represented the tenant in the lease negotiations. Sarah Hinkley of Thirty-Four Commercial and Joel Pustmueller of JLL represented the landlord, Piedmont Office Realty Trust.
MESQUITE, TEXAS — The Mesquite City Council has approved plans for the development of Spradley Farms, a 652-acre mixed-use project that will feature more than 2,500 single-family homes and commercial components. The government body also approved Urban District 30, an 80-acre industrial development. Urban Logistics Realty is developing the $71 million industrial project, which will include five buildings spanning 979,000 square feet and is expected to generate between 500 and 1,000 new jobs. A groundbreaking ceremony for the project was held on Monday, Jan. 13, 2020, and completion of the project is scheduled for the third quarter of 2020. Stream Realty Partners will handle leasing of Urban District 30. Other project partners include MYCON General Contractors and GSR Andrade Architects.
AUSTIN, TEXAS — Scion Student Communities, a joint venture between the Canada Pension Plan Investment Board (CPPIB), GIC and The Scion Group, has acquired MUZE, a 502-bed student housing community located two blocks from the University of Texas at Austin. The newly built property offers one-, two-, three-, four- and five-bedroom units with shared amenities including a rooftop pool, sky lounge and study and recreation spaces. A partnership between Kayne Anderson Real Estate and developer Parallel Co. sold the community for an undisclosed price. Scion Student Communities now owns 75 student housing communities totaling more than 48,000 beds in 52 university markets.
DALLAS — JLL has arranged the sale of the W Dallas Victory Hotel, a 33-story property located adjacent to the American Airlines Center in the Uptown district of Dallas. The 252-room hotel features a restaurant, lobby bar, terrace bar, resort-style infinity pool and pool deck on the 16th floor and 10,800 square feet of meeting and event space. The building also contains non-owned ground-floor retail space and residential condominiums on floors 18 to 32. Michael Kavanau and Parker Sherrill of JLL represented the seller, Estein USA, in the transaction. A partnership between HN Capital Partners and Dunhill Partners Inc. purchased the asset for an undisclosed price. De’On Collins of JLL and Randy Fleisher of Hamilton Realty Finance placed a three-year, floating-rate acquisition loan through Starwood Property Trust for the deal.