FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of A Plus Boat Club, a 209-unit self-storage facility in Fort Worth. Built in 1990, the property spans 60,856 net rentable square feet and features non-climate-controlled units ranging in size from 200 to 352 square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The duo also procured the buyer, Spartan Investment Group, a self-storage owner-operator based in Denver.
NEW CANEY, TEXAS — The East Montgomery County Improvement District (EMCID) will develop a 30,000-square-foot office building in New Caney, a northeastern suburb of Houston. The property will be located within a 500-acre industrial park that EMCID owns. The development team, which received a $1.5 million grant for the project from the U.S. Department of Commerce, hopes to break ground by October and finish construction within six months. A general contractor has not yet been appointed.
DALLAS — Common Desk, a locally based coworking concept, has moved its headquarters to Factory Six03, a 215,000-square-foot office building located in the West End area of Dallas. Common Desk opened an 18,000-square-foot coworking space at the property earlier this year. Granite Properties, a privately owned development and investment firm with five offices across the country, owns the building, which was formerly used as a warehouse. Common Desk now operates six coworking spaces in Dallas-Fort Worth, with a seventh coming soon to Trammell Crow Center.
DALLAS — Over the last decade, the Dallas-Fort Worth (DFW) industrial market has transitioned from the middle of the pack of major U.S. industrial markets to Tier-1 status in terms of leasing and development, and the drivers extend beyond job and population growth. So went the opening conversation of the development panel of the InterFace DFW Industrial conference, held Sept. 4 at the Westin Galleria hotel and attended by more than 200 industry professionals in its first year of existence. Moderated by Keith Holley, partner at Method Architecture, the panel wasted no time in providing quantitative evidence of DFW’s emergence as a leading industrial market. Panelist Tony Creme, senior vice president at Hillwood, backed this assertion by pointing out that since the recession, the market has averaged about 25 million square feet of new deliveries per year. That rate of development puts DFW on pace to exceed 1 billion square feet by 2021, joining Chicago, Philadelphia and Los Angeles as the only U.S. markets with that much inventory. “We’ve got about 36 million square feet of product under construction, which is about 40 percent preleased,” said Creme, citing numbers from CoStar Group. “That’s helping to temper development a little bit. …
HOUSTON — The Houston Waterworks Team is underway on the expansion of the Northeast Water Purification Plant, a project valued at approximately $1.7 billion. The project aims to shift a growing population’s reliance on groundwater to surface water and represents the largest design-build project for a water treatment plant that is underway in the country. The team has tapped McCarthy Building Cos. for several aspects of the larger project, which is expected to be fully operational by early 2025. McCarthy will construct a 30,000-square-foot raw water intake pump station building as well as a central plant as part of its involvement.
DALLAS — A partnership between The Kroger Co. and online grocery retailer Ocado Solutions will open a 350,000-square-foot fulfillment center off Interstate 20 in Dallas, a project that is expected to create about 400 new jobs. Construction is slated to begin in early 2020, and the facility is expected to be operational within 24 months of the groundbreaking. JLL’s Terry Darrow, Elizabeth Jones, Forshey Hoobler and Brian Leonard represented Kroger in the land acquisition. CBRE’s Nathan Lawrence and Krista Raymond represented the seller, Ridgeline. Kroger and Ocado have two similar facilities in development in Monroe, Ohio, and Groveland, Fla. Additional facilities are planned for metro Atlanta and the Mid-Atlantic region.
KATY, TEXAS — LMC, a multifamily developer and operator that is a subsidiary of Miami-based Lennar Corp., has opened The Maddox, a 326-unit apartment community located adjacent to Memorial Hermann Katy Hospital on the western outskirts of Houston. Floor plans consist of one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, ceramic tile backsplashes, walk-in closets and smart thermostats. Amenities include a pool, fitness center, an outdoor grilling and gaming area, a community lounge with a bar and workspaces, beer garden and a dog park.
TULSA, OKLA. — CBRE has negotiated a 60,000-square-foot industrial lease at 5402 S. 129th East Avenue in Tulsa for an undisclosed warehouse and distribution tenant. David Glasgow, Matt Klimisch and Alex Powell of CBRE represented the landlord, Boardwalk 55 LLC, in the lease negotiations. The property, which is now fully leased, spans 200,000 square feet and features 28-foot ceiling heights, 20 dock-high doors and two drive-in doors.
HOUSTON — Marcus & Millichap has arranged the $10.4 million sale of Royal Coach Village Mobile Home Park, a 24.4-acre manufactured housing community in Houston. Jeff Taylor, Douglas Danny and Braeden Jehle of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also an undisclosed limited liability company. The asset generated nine offers in less than 30 days on the market and sold at more than 100 percent above the listing price.
FORT WORTH, TEXAS — Amazon will open a regional air hub at Fort Worth Alliance Airport in October, a move that is expected to bring 300 new full-time jobs to the region. The build-to-suit project is the first of its kind in the Amazon Air network and will support the Seattle-based e-commerce company’s larger-scale regional needs, including sortation capability and infrastructure to handle multiple flights daily.