DALLAS — International transport and logistics firm Geodis has signed a 280,000-square-foot industrial lease at 5450 W. Kiest Blvd. in southwest Dallas. According to LoopNet Inc., the site is located within Southwest Distribution Center, a 500,000-square-foot development that was completed in 1999. Ann Huntington of CBRE represented the tenant in the lease negotiations. Kacy Jones and Trapper Graff of CBRE represented the landlord, Kiest Blvd LLC.
AUSTIN, TEXAS — A joint venture between Dallas-based Trammell Crow Co. and New York-based Clarion Partners has completed construction of an 85,000-square-foot, build-to-suit distribution center for FedEx in Austin. The Class A building is situated on 13 acres at 8233 Industry Way on the city’s southeast side and has been operational since March. The project represents Phase II of Park 183, a Class A industrial development that currently totals 330,000 square feet. A third phase consisting of 300,000 square feet has been announced and is expected to be complete by the third quarter of 2021.
TIKI ISLAND, TEXAS — Austin-based developers Legend Communities and Tiki Time LLC have acquired six acres on Tiki Island, located near Galveston, for the development of a mixed-use community. Tiki Island Residences & Boathouse Resort will feature 75 condominium residences, five penthouses, a waterfront restaurant, retail space and a boathouse structure with the capacity to lodge more than 200 boats. Construction of Phase I, which includes the commercial components, is expected to begin by the fall. The developers expect to break ground on Phase II, which will deliver the residences, in summer 2021. NAN Properties Developer Services has been named as the exclusive listing agent for the residential component.
AUSTIN, TEXAS — Colliers International has arranged the $7.4 million sale of a 12,900-square-foot retail property Austin. The tenant, CVS, has 13 years remaining on its 25-year lease. Jon Busse and Volmey Campbell of Colliers represented the San Diego-based seller in the transaction. Brad Kritzer and David Chasin of Pegasus Investments represented the buyer, a California-based 1031 exchange investor.
AUSTIN, TEXAS — Texas Gov. Greg Abbott on Tuesday provided an update on the state’s unemployment situation, noting that there are nearly 500,000 jobs currently listed on workintexas.com, a job board and resource center that was developed by the Texas Workforce Commission. According to the governor’s presentation, more than 1.5 million Texans have filed for unemployment as a result of COVID-19, and the state has disbursed more than $.14 billion in unemployment benefits. Gov. Abbott also cited specific companies and industries that are hiring on regional bases. He noted that large tech and healthcare providers like Amazon and Baylor Scott & White are hiring in Central Texas, while aerospace and defense firms like Lockheed Martin are hiring in North Texas and manufacturing and biomedical companies, including paper products producer Georgia Pacific, are hiring in East Texas. The governor also pointed to Texas-based grocers H-E-B and Randalls as sources with high numbers of job openings.
IRVING, TEXAS — CBRE has negotiated a 585,910-square-foot industrial lease at 2650 Rental Car Drive in Irving. According to LoopNet Inc., construction of the 710,000-square-foot property was completed this year, and building features include 36-foot clear heights, 126 loading docks, 236 car parking spaces and 68 trailer parking spaces. Steve Trese and Steve Koldyke of CBRE represented the landlord, an affiliate of Trammell Crow Co., in the lease negotiations. The representative of the tenant, Sealy Mattress, was not disclosed.
HOUSTON — Dallas-based Sentinel Peak Capital Partners has acquired Lakebridge Apartments, a 272-unit multifamily community in North Houston. The property was originally built on 13.2 acres in 1984 and was expanded in 2001. Units average 896 square feet, and all ground-floor residences were recently renovated. Amenities include a pool, lake access, clubhouse, fitness center and 538 covered parking spaces. Chip Nash, Bob Heard, Greg Austin, Chris Young, Joey Rippel, Chris Curry and Todd Marix of JLL represented the undisclosed seller in the transaction. Campbell Roche and James Brolan of JLL arranged floating-rate acquisition financing through Voya Investment Management on behalf of Sentinel Peak.
UVALDE, TEXAS — Marcus & Millichap has brokered the sale of a 40,000-square-foot retail property in Uvalde, located about 85 miles west of San Antonio. The property currently houses Tractor Supply Co. and Dollar General. Philip Levy of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a personal trust. Both parties requested anonymity.
SHENANDOAH, TEXAS — The University of St. Thomas, a private Catholic college in Houston, has signed a medical office lease in the northern Houston suburb of Shenandoah. The tenant will occupy 20,000 square feet at 121 Vision Park Boulevard, a 58,000-square-foot medical office building that was completed in mid-2019, to support its nursing program. Beth Young of Colliers International represented the university in the lease negotiations. Lisa Hughes and Pamela Sprouse of The J. Beard Real Estate Co. represented the landlord, a partnership between Everson Developments and VP2 Partners.
WASHINGTON, D.C. — Global declines in demand brought on by the COVID-19 outbreak caused prices for U.S. crude oil to fall into negative territory on Monday for the first time since the commodity’s futures contracts began trading in 1983. The descent into negative prices essentially means that suppliers must pay to have product purchased from them. Despite recent agreements by major oil-producing nations to undertake supply cuts, evaporated demand for travel and transportation services has contributed to a supply glut that has producers scrambling to store excess inventory. The price decline came to a head on Monday as the May contract for oil futures approached its expiration date, prompting a major selloff that sent prices for West Texas Intermediate (WTI) downward by more than 100 percent to negative $37.63 per barrel. However, the June futures contract for WTI, which is considered the benchmark product by which American oil markets are measured, is currently trading above $20 per barrel, reflecting a stronger outlook for that month in terms of demand. Texas has been producing record amounts of oil in recent years, even as prices hovered between $40 and $70 per barrel in the years following the slump that began in late …
