MCKINNEY, TEXAS — Metro Dallas-based Bright Realty has brokered the sale of a 2,144-square-foot office condominium located at 501 Medical Center in McKinney, a northern suburb of Dallas. The property offers access to both U.S. Highway 75 and the Sam Rayburn Tollway. Britton Lankford and Nick Miller of Bright Realty represented the seller in the transaction. The buyer and sales price were not disclosed.
CEDAR PARK, TEXAS — iSports Cedar Park Ltd., an entity formed by a coalition of local real estate professionals and led by developer Eric Perardi, has broken ground on a 206,000-square-foot athletic complex in the northern Austin suburb of Cedar Park. Situated on 15.4 acres at the corner of U.S. Highway 183 and Scottsdale Drive, the complex will house tenants dedicated to elevating athletic performance. These include Austin-based Chaparral Ice, which will operate the facility’s two regulation-sized hockey rinks, and Nashville-based D1 Training, which has trained and rehabilitated famous athletes such as Tim Tebow, Von Miller and Peyton Manning. iSports is also seeking tenants that can operate the complex’s private gym, competitive cheerleading and gymnastics programs, sand volleyball courts, rehabilitation facilities and sports retail stores. Construction is expected to last a little more than a year, with the development team hoping to open the complex by next summer.
HOUSTON — The Jenkins Organization, a locally based developer and manager of self-storage properties, has opened EaDo Storage, an 850-unit facility located at 1025 Sampson St. in downtown Houston. The Class A property spans 110,000 square feet and offers climate- and non-climate-controlled space. Additional features will include gated entry, electronic security monitoring throughout and space for a live-in, onsite manager.
DALLAS — A partnership between Houston-based Finial Group and Dallas-based TriGate Capital LLC has acquired Westwood Business Park, a 227,709-square-foot industrial property in Dallas. The development spans 12 buildings and offers proximity to Interstates 35 and 635. Finial Group, which will handle leasing and management of Westwood Business Park, recently acquired another industrial property in the DFW metroplex and is actively seeking additional investment opportunities in the region. The seller and sales price were not disclosed.
KYLE, TEXAS — SPI Oaks 254 LLC has acquired Oaks on Marketplace, a 254-unit multifamily community located in the Central Texas city of Kyle. The property features one-, two- and three-bedroom units with hardwood-style floors, private patios or balconies and individual washer and dryer connections. Amenities include a pool, fitness center, media room and outdoor kitchen. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the deal. That loan carried a 10-year term and a 30-year amortization schedule. The seller and sales price were not disclosed.
DALLAS — Locust Park Capital, a New York City-based investment banking and capital advisory firm, has arranged a $3 million loan for the refinancing of a retail property in Dallas that is net-leased to CVS. Kenneth Lee of Locust Park Capital originated the five-year loan, which carried a fixed 4.95 percent interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower.
If you want to understand the state of Texas’ retail market as of the first quarter of 2019, just look at the numbers. In terms of jobs, Texas is on track to add 191,000 net new jobs this year, according to the Federal Reserve Bank of Dallas. Much of that growth will be in our major metro markets of Austin, Dallas-Fort Worth (DFW), Houston and San Antonio. In Austin, for example, unemployment stood at an extremely low 2.7 percent as of March 2019. DFW’s rate is a healthy 3.3 percent; Houston’s is 3.7 percent and San Antonio’s is 3.1 percent. All of these rates are considered strong. Population growth is a big driver of retail demand and in terms of this metric, all of our major Texas metros are national leaders. The country has only 11 cities with 1 million people or more within city limits. Three of those — Dallas, Houston and San Antonio — are in Texas. And by 2020, Austin is on track to be the fourth. This healthy job and population growth are big drivers for our retail markets. Plus, near-record-low development at a time of steady demand is driving expanding concepts to lease in existing …
AUSTIN, TEXAS — Cushman & Wakefield has acquired the office operations of office brokerage and management firm Peloton Commercial Real Estate. The acquisition does not affect Peloton’s other offices in Dallas, Fort Worth and Houston. Under the terms of the deal, 40 Peloton employees, including partners Kevin Granger, Brian Liverman and Matt Frizzell, will join Cushman & Wakefield in the firm’s Austin office. Andrew McDonald, president of Cushman & Wakefield’s west region, cited Peloton’s intimate knowledge of a fast-growing market as an asset to C&W’s business, which will continue to serve both startup and established corporate office users and investors.
ROCKWALL, TEXAS — SWBC Real Estate, a multifamily developer with offices in Dallas and San Antonio, has begun construction of The Royalton at Rockwall Downes, a 295-unit multifamily community in Rockwall, a northeastern suburb of Dallas. The Class A property will be situated on 21 acres adjacent to Rockwall’s Technology Business Park near Interstate 30. Floor plans will consist of one-, two- and three-bedroom units averaging 1,006 square feet. Units will feature hardwood-style flooring, stainless steel appliances, walk-in showers and granite countertops in kitchens and bathrooms. Residents can enjoy amenities such as a pool and spa, fitness center with a spin studio, jogging trails, a dog park and a clubhouse. Construction is expected to last 20 months, and leasing is scheduled to begin in June 2020. Plano-based Cross Architects is the project architect. G&A Consultants is the civil engineer, and Jordan Foster Construction is the general contractor.
TULSA, OKLA. — National industrial investment firm Reich Bros. has acquired a 228,000-square-foot heavy manufacturing facility in Tulsa. The property, which is situated on 67 acres near Interstates 44 and 244, formerly served as the main manufacturing and warehousing location in the market for SPX Heat. The facility is also located near Tulsa International Airport and Amazon’s 600,000-square-foot distribution center that is currently under construction. The site comprises a 160,000-square-foot warehouse, a 40,000-square-foot fabrication building and a 28,000-square-foot office building. The seller and sales price were not disclosed.