SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Legacy Apartments, a 130-unit multifamily community in San Antonio. The property was built in 1974 and features one- and two-bedroom units. Bryce Smith of TMG represented the seller, DJE Texas Management Group, in the transaction, and procured the undisclosed buyer. The sales price was not disclosed.
TULSA, OKLA. — Jared Jones, the Argus Self Storage Advisor for Oklahoma, has brokered the sale of South Park Mini Storage, a self-storage facility in Tulsa that spans 29,857 net rentable square feet across roughly 500 units. The original developer sold the property to a private buyer that will implement a value-add program.
PLANO, TEXAS — Lee & Associates has negotiated a 21,255-square-foot industrial lease at 1701 Summit Ave. in Plano. According to LoopNet Inc., the property was built in 1986 and spans 63,706 square feet. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, Boston-based Cabot Properties, in the lease negotiations. Jimmy Pham of Concept Commercial Realty represented the tenant, AB Moving.
IRVING, TEXAS — Michaels, a chain retailer that sells art supplies, hobby accessories and home décor goods, will relocate its office headquarters to a 123,740-square-foot space at Royal Ridge III in Irving. Michaels, which has operated out of Irving since 2002, will occupy the entirety of the Class A building. John Brownlee and Michael Williams of JLL represented the landlord, Accesso, in the lease negotiations. Jamie Jennings of Stream Realty Partners and Damian Rivera of ESRP represented Michaels. A timeline for the relocation was not disclosed.
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.
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.
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.
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.
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.
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.