FAIRVIEW, TEXAS — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired Shoppes at Fairview, a 67,500-square-foot retail center in metro Dallas, for $36 million. Anchored by Whole Foods Market, the property also houses tenants such as Capital One and Jos. A Bank. The center was acquired in conjunction with a 346,200-square-foot, Costco-anchored center in South Florida, a property that fetched a sales price of $97 million. Chris Gerard, Barry Brown and Ryan Shore of JLL represented the seller, Lincoln Property Co., in the transaction.
GARLAND, TEXAS — Merritt Industrial Dallas LLC has sold Northgate Business Park IV, a 58,193-square-foot flex property located in the northeastern Dallas suburb of Garland. Built on 2.8 acres in 1986, the property, approximately 60 percent of which is office space, formerly served as the headquarters for National Spirit Group. Brian Pafford of Bradford Commercial Real Estate Services represented the locally based seller in the transaction. Greg Cagle of Coldwell Banker represented the buyer of record, SJ & JL LLC. The new ownership plans to renovate the property
PLANO, TEXAS — Marcus & Millichap has brokered the sale of Independence Park, a 31,950-square-foot retail property located at 3020 Legacy Drive in the northern Dallas suburb of Plano. The property was built in 1994. Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
With higher costs of land and construction, increased demand for walkable environments and more acceptance of structured parking, mixed-use is finally becoming the norm rather than the exception as the backdrop for new retail development in metro Houston. Developers of all types recognize that quality retail enhances the value of all surrounding real estate. Apartment and office developers are utilizing retail areas as additional amenities to differentiate themselves from their competition. Selecting the appropriate retailers for highly visible spaces in these developments is extremely important, as those users become strongly representative of the overall project. Project Examples Regent Square, a 24-acre development from GID, spans four blocks, with Allen Parkway, West Dallas and Dunlavy defining the perimeter of the project. GID is currently building apartments on one of these blocks to include 50,000 square feet of retail on the first floor and three large freestanding restaurant pads. JLL has been hired to handle leasing of the project. MetroNational has gained control of the 200,000-square-foot former Sears building at Memorial City Mall and 13,620-square-foot adjoining garage. Trademark has been hired to assist in the redevelopment of the property. Zadok Jewelers announced a new mixed-use development on 1.6 acres at 1801 Post …
ROUND ROCK, TEXAS — NitNeil Partners, a self-storage investment firm with offices in Atlanta, Austin and Tampa, has purchased a 678-unit self-storage facility in Round Rock, a northern suburb of Austin. The newly built, multi-story property spans approximately 78,000 rentable square feet of climate-controlled space. Life Storage manages the property, which is NitNeil’s second in metro Austin, including one under construction within an East Austin opportunity zone. Bill Bellomy and Michael Johnson of Bellomy & Co. represented both NitNeil Partners and the Austin-based seller in the transaction.
DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae acquisition financing for Northhaven Terrace, a 208-unit multifamily community in Dallas. The property was built in 1968 and consists of 26 two-story buildings and a leasing office. Dougherty arranged the funds through a partnership with Old Capital Lending on behalf of un undisclosed limited liability company.
HUMBLE, TEXAS — Newmark Knight Frank (NKF) has negotiated a 41,675-square-foot industrial lease extension at 14428 Smith Road in Humble, a northern suburb of Houston. Garrett Gibbons, Trace Elrod and John Brewer of NKF represented the tenant, Global Heat Transfer Houston, in the lease negotiations. Capital Real Estate Commercial represented the undisclosed landlord.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Pantego Auto Center, a 36,910-square-foot retail center in Arlington. The center was fully leased at the time of sale to a mix of tenants that serve the automobile industry. Bill Jordan and Steven McClendon of Marcus & Millichap represented the seller, a private investor, in the transaction. Dimitri Jordan, Justin Miller and Davis Hansen, also with Marcus & Millichap, secured the buyer, a 1031 exchange investor.
TEXARKANA, TEXAS — Loc Performance Products, a Michigan-based defense contractor, has signed a 12,000-square-foot industrial lease at TexAmericas Center’s campus in Texarkana. The facility will provide kitting, assembly and machining services to the defense industry. Loc is in the process of hiring new employees to work at the facility.
HOUSTON — General contractor Endurance Builders has completed renovations of One and Three Riverway, two office buildings totaling 880,000 square feet in Houston. Ziegler Cooper Architects handled the design of the renovation program, which delivered new amenities such as a coffee bar, tenant lounge, fitness center and conference centers. Additionally, law firm McKinney Taylor PC has signed a 10,000-square-foot lease at Three Riverway and will move in this summer, and Commonwealth Projects LLC relocated to a 10,616-square-foot space at One Riverway earlier this year. CBRE handles leasing of the buildings, and Unilev Management Corp. manages them.