KATY, TEXAS — Freight and logistics firm Mars Shipping Service has signed a 43,475-square-foot office lease in the western Houston suburb of Katy. The property at 21331 Clay Road is located within Bridgewater Commerce Center. Garret Geaccone, Boone Smith and Abraham Richardson of Stream Realty Partners represented the landlord, Harbor Capital, in the lease negotiations. Rodney Henson of TopSky Realty Texas represented the tenant.
SAN ANTONIO — JLL has arranged the sale of Eisenhauer North Business Park,a 458,439-square-foot industrial park in northeast San Antonio. Completed in mid-2023, the development comprises three buildings that range in size from 119,200 to 186,324 square feet. Building features include 32-foot clear heights, 109 total dock-high doors, six drive-in doors and aggregate parking for 163 trailers and 330 cars. NIT Industrial sold the property to Goldman Sachs for an undisclosed price. Trent Agnew, Kyle Mueller, Witt Westbrook and Charles Strauss of JLL brokered the deal.
UNIVERSAL CITY, TEXAS — Newmark has brokered the sale of Arya Grove, a 308-unit multifamily property in Universal City, a northeastern suburb of San Antonio. Built in 2006, the property features one-, two- and three-bedroom units with an average unit size of 800 square feet. Amenities include a pool, fitness center, dog park, playground and outdoor grilling and dining stations. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the seller, Austin-based Internacional Realty, in the transaction. Knightvest Residential purchased Arya Grove for an undisclosed price.
FORT WORTH, TEXAS — Texas-based investment firm SPI Advisory has sold Northpoint Villas, a 276-unit apartment complex in Fort Worth. Built in 2009, Northpoint Villas offers one-, two- and three-bedroom units and amenities such as a pool, playground, fitness center, coffee bar, dog park, game room, clubhouse and outdoor grilling and dining stations. SPI acquired Northpoint Villas in 2019 as part of a two-property portfolio deal and implemented a value-add program. The company also sold the other property, the 254-unit Oaks on Marketplace in metro Austin, in May. The buyer was not disclosed.
DALLAS — Bradford Commercial Real Estate Services has negotiated a 38,194-square-foot office lease renewal and expansion in North Dallas. The tenant, Austin-based law firm Walters, Balido & Crain, will now occupy the top two floors at Meadow Park Towers, a 262,776-square-foot property located along the North Central Expressway. Richmond Collinsworth and Jared Laake of Bradford internally represented the landlord in the lease negotiations. Scott Hage and Taylor Messina of JLL represented the tenant.
COPPELL, TEXAS — Greystar has signed a 32,000-square-foot office lease in Coppell, located in the northern-central part of the metroplex. The space is located within the 1,000-acre Cypress Waters mixed-use development. Scot Ison of Axis Tenant Advisors represented the South Carolina-based apartment developer and manager, which plans to take occupancy early next year, in the lease negotiations. Billingsley Co. owns Cypress Waters.
By Ben Reinberg, CEO, Alliance Consolidated Group of Cos. In late September, Texas-based software company Dell became one of the latest major companies to announce a full return-to-office (RTO) mandate. In a leaked memo to employees, Bill Scannell, the company president, wrote, “As we enter a new AI world, in-person human interaction will be more important than ever.” Just a few weeks later, Amazon announced a full RTO policy. And over the summer, Meta, the parent company of Facebook, informed employees that remote team members would not be eligible for promotions. These RTO announcements from major organizations have dotted the web for years following the pandemic, leading many investors to hope for a slow-but-steady march back to busy office buildings and revitalized downtowns throughout the Lone Star State. The actual data, however, tells a much different story. Reports on Texas’ commercial real estate markets indicate that nearly a quarter of all office space is vacant nearly four years after the pandemic. According to CommercialEdge, Dallas’ office vacancy rate is 22.9 percent, and Austin’s is 27.8 percent. Workforce trends reflect a similar situation. Austin was named the No. 1 metro for remote workers in 2023 by Coworking Mag, with nearly a …
FORT WORTH, TEXAS — Adolfson & Peterson (AP) Construction has completed Mid Cities Logistics, a 908,300-square-foot industrial project in southeast Fort Worth. Designed by metro Dallas-based Alliance Architects, Mid Cities Logistics comprises five buildings on a 65-acre site at the intersection of Buttercup Lane and Boswell Drive. All five buildings can support storage, distribution and light manufacturing uses. Construction began in early 2023. An entity doing business as Mid Cities Logistics LLC owns the property.
SAN ANTONIO — Dallas-based Rosewood Property Co. has refinanced Ventura Ridge, a 482-unit apartment community in San Antonio. The loan amount was not disclosed. Built in 2015 on the city’s northwest side, the property offers studio, one- and two-bedroom units with an average size of 844 square feet. Amenities include a pool, dog park, fitness center and a clubhouse. John Brownlee, John Bauman, Chad Lisbeth and Scott Cole of JLL arranged the loan through New York Life Co. on behalf of Rosewood.
MESQUITE, TEXAS — Texas-based H-E-B has acquired land in Mesquite, an eastern suburb of Dallas, for the development of a new grocery store. The multi-parcel assemblage is located at the intersection of I-20 and FM 741. Ryan Turner, David Davidson Jr. and Edward Bogel of Davidson Bogel Real Estate represented the undisclosed seller in the land deal. Ben Hines and Tim Henson of Venture Commercial represented H-E-B. Details on the size and construction timeline of the new store were not disclosed.