HOUSTON — NAI Partners has negotiated a 12,000-square-foot industrial lease at 8020 Leghorn St. in Houston. According to LoopNet Inc., the property was built in 1998, offers 26,000 square feet of rentable space and features 18- to 20-foot clear heights. Andy Parrish and Lesley Rice of NAI Partners represented the landlord in the lease negotiations. The tenant was Texas-based Cooper Flooring.
DALLAS — A new report from CBRE and Real Capital Analytics has found that in 2018, sources of foreign capital invested $849.1 million in industrial real estate throughout the Dallas-Fort Worth (DFW) market. The metroplex’s volume of industrial investment by foreign capital was second only to Los Angeles. Among foreign countries, Chinese capital sources led the way with 41 percent of the DFW industrial investment, followed by those of Singapore and Canada at 34 and 22 percent, respectively. All told, foreign investors made approximately $14.4 billion of industrial acquisitions in 2018, accounting for about 21 percent of the total investment pie for the asset class across the United States. That figure represents an impressive 152 percent year-over-year increase.
HOUSTON — Workforce housing developer Dakota Enterprises will build two apartment communities totaling 416 units in Houston. Construction is underway on a 170-unit property within the Oak Forest area and Dakota will break ground on a 246-unit community in the Spring Branch area this fall. Dakota is also handling construction of each project. Iberia Bank provided financing for the Oak Forest property, which will offer a fitness center and a clubhouse and is expected to be complete during the second half of 2020. The Spring Branch property will feature a pool, fitness center and a clubhouse. Mucasey & Associates designed both projects.
LUFKIN, TEXAS — The ITEX Group, a Houston-based development and investment firm, has acquired land in Lufkin, located about 120 miles northeast of Houston, for the development of a 76-unit seniors housing project. The project, which will be branded Providence at Ted Trout, is valued at $11.8 million and is expected to be complete by year’s end. The property will be comprised of 48 one-bedroom units and 28 two-bedroom residences for seniors aged 55 and older.
KILGORE, TEXAS — Marcus & Millichap has arranged the sale of Sun Acres Mobile Home Park, a 65-acre residential community located in the east Texas city of Kilgore. Robert Denninger of Marcus & Millichap marketed the property on behalf of the Utah-based seller, and procured the locally based buyer in the transaction. Other terms of sale were not disclosed.
HOUSTON — NAI Partners has negotiated a 3,564-square-foot office lease for engineering and design firm Maser Consulting at Republic Square, a 324,000-square-foot property located at 13501 Katy Freeway in Houston. Randy Nerren, Jacob Aldridge and Zach Leger of NAI Partners represented the landlord in the lease negotiations. Jack Warmington of Newmark Knight Frank represented Maser Consulting.
RICHARDSON, TEXAS — Dallas-based Texas Instruments (NASDAQ: TXN) will open a $3.1 billion manufacturing facility in Richardson, a northeastern suburb of Dallas, in a move that is expected to create approximately 500 new jobs. Texas Gov. Greg Abbott made the announcement on Thursday, April 18. The facility, which local news sources report will span approximately 870,000 square feet, will be dedicated to the manufacturing of semiconductors and chips used in a variety of devices, including smartphones and other industrial machinery. A timeline for construction was not released. Texas Instruments (TI) had been engaged in site selection for a new plant for several months and even considered locations outside Texas, according to The Dallas Morning News. The paper reports that TI owns the land on which the new factory will be built, and that the Plano Independent School District, which serves the area in which the new plant will be located, has agreed to reduce TI’s property taxes for 10 years, which will save the company approximately $100 million. Company officials also cited Richardson’s strong workforce and proximity to key pieces of infrastructure as reasons to expand in the area. “We’ve selected Richardson because of its access to talent, an existing …
Even before the city’s population growth began exploding and its reputation as a tech hub became entrenched, Austin was always a true last-mile market for industrial users. Now that e-commerce has morphed into a worldwide phenomenon with real staying power, Austin looks like one of the next ideal locations for institutional industrial developers to make their marks with larger projects. However, the market does present a handful of challenges, including an intricate entitlement process, expensive land and a slightly higher cost of construction as compared to Texas’ other major markets. These barriers to entry have helped characterize the Austin industrial market we see today, with local developers leading the way. The Austin Market Today From both a developer’s and a broker’s perspective, the biggest advantage of being in a high-barrier-to-entry market, aside from less competition, is that the likelihood of becoming overbuilt is minimized. We saw this in 2008 and 2009, when the recession forced industrial users to cut operating costs and landlords to lower rents. Like the rest of the country, Austin took some hits during the Great Recession and saw a handful of properties foreclosed upon. But due to minimal new development, the market was able to maintain …
CORPUS CHRISTI, TEXAS — JLL has negotiated the sale of Parkview Apartments, a 224-unit multifamily community in Corpus Christi. Built in 1969, the property offers one-, two-, three- and four-bedroom units and amenities such as a business center, resident clubhouse and a lounge. Zar Haro, Moses Siller and Robert Arzola of JLL represented the seller, Raybec Management Co. Ltd., in the transaction. The buyer, GVA Real Estate Group, will implement a value-add program at the community.
HOUSTON — GreenSpace Self-Storage LLC has acquired land at 1690 North Loop West in Houston for the development of a 1,050-unit self-storage facility. The Class A, three-story property will feature 24-hour surveillance, electronic access control, climate-controlled units and a customer service office. The facility, which will offer 75,000 square feet of net rentable space, will be situated on two of the parcel’s six acres; plans for the additional acreage have not yet been finalized. Chris Bergmann Jr. of JLL represented GreenSpace in its acquisition of the land. Avison Young represented the seller.