DALLAS — Chicago-based Convexity Properties has broken ground on The Crossing, an eight-acre mixed-use project that will be located near Southern Methodist University in Dallas. The development will include 500,000 square feet of residential space, which translates to 330 apartments according to The Dallas Business Journal, as well as 90,000 square feet of street-level retail and restaurant space. The site also houses a 225,000-square-foot office building.
HOUSTON — The Kroger Co. (NYSE: KR) will launch its autonomous grocery delivery service at two of its Houston stores, serving customers in four local ZIP codes. One store is located at 10306 S. Post Oak Road on the city’s southwest side, and the other is located at 5150 Buffalo Speedway in the Greenway area. Kroger has partnered with California-based robotics company Nuro to unroll the new service, which first debuted in Scottsdale, Ariz., in August 2018.
HOUSTON — EDGE Realty Capital Markets has brokered the sale of Citywest Retail Center, an 11,911-square-foot shopping center located at 2550 Citywest Blvd. and 10550 Westheimer Road in Houston. The property houses several national and regional tenants, including FedEx, MOD Pizza, Panera Bread and Tropical Smoothie Café. Micha van Marcke and Chace Henke of EDGE Realty represented the seller in the transaction. The buyer and sales price were not disclosed.
DENTON AND ADDISON, TEXAS — Venture Commercial has executed two restaurant leases totaling 11,225 square feet in North Texas. The Lion & Crown, an English-style pub, will occupy 9,700 square feet at 101 W. Hickory St. in Denton, and 3 Natives Juice Bar has signed a 1,525-square-foot lease at 5100 Belt Line Road in Addison. In the first transaction, Greg Blandford of Venture Commercial represented the tenant, and Alex Payne of Axis Realty Group of Denton Inc. represented the landlord. In the second deal, Tim Henson of Venture Commercial represented the tenant and Amanda Throckmorton and Easley Waggoner, also with Venture Commercial, represented the landlord.
2018 was a year of redevelopment, adjustment and correction for the Fort Worth retail market. Some real estate professionals believe this activity was the result of the collective, pent-up demand among quality retailers for a store presence in Fort Worth. Some believed they that could duplicate the atmosphere created by The Domain, a 1.2 million-square-foot mixed-use destination in Austin that has achieved tremendous success. The previous three years saw more than 2.5 million square feet of new retail space delivered in Fort Worth, a figure that exceeds the combined total for the previous 10 years. For example, in September 2017 Simon Property Group, in partnership with Cassco Development Co., opened The Shops at Clearfork, a 500,000-square-foot, open-air luxury shopping, dining, entertainment and mixed-use destination situated in the heart of Fort Worth. The Shops at Clearfork also includes office space. Other retail projects that contributed to new supply included WestBend, Waterside, Left Bank and Presidio. This new development caused a spike in vacancy to 8.7 percent by the end of the year as landlords were all looking to stabilize their assets from the same tenant pool. At the same time, retailers, restaurants, service firms and experiential companies were cautious and calculated …
HOUSTON — Miami-based investment firm Eagle Property Capital (EPC) has acquired three multifamily assets totaling 750 units in Houston’s outer loop. The properties include the 312-unit Landmark at Barker Cypress, the 246-unit Champions Park Apartments and the 192-unit Champions Centre Apartments. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged acquisition financing for EPC through Freddie Mac’s Green Advantage program. All three loans carried fixed interest rates, 10-year terms and five-year interest-only periods.
PLANO, TEXAS — The Praedium Group, a New York City-based investment firm, has sold Legends at Chase Oaks, a 346-unit multifamily community in the northeastern Dallas suburb of Plano. After acquiring the asset in 2014, Praedium Group executed a value-add program to the property’s unit interiors and amenity spaces, the latter of which includes a pool, business center, fitness center, resident clubhouse and a playground. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. The buyer was California-based StarPoint Properties.
FRISCO, TEXAS — The North Texas PGA has selected The Ratliff Group of Coppell, Texas, as construction and program manager for its new headquarters in Frisco. The project represents part of the PGA of America’s larger relocation from South Florida to North Texas. Preliminary work on the site is underway. Ratliff Group expects to commence design work during the second quarter, and the grand opening is slated for early 2022.
BROWNSVILLE AND MCALLEN, TEXAS — Texas Realty Capital (TRC) has arranged an undisclosed amount of acquisition financing for a 746,136-square-foot industrial portfolio in South Texas. The buildings are located in Brownsville and McAllen. The non-recourse loan featured a loan-to-cost (LTC) structure of 71 percent. The borrower was not disclosed.
HUMBLE, TEXAS — Marcus & Millichap has brokered the sale of a 10,714-square-foot retail property that is net-leased to Mattress One in Humble, a northern suburb of Houston. Nate Newman of Marcus & Millichap represented the seller, a Florida-based family trust, in the transaction. Newman also procured the buyer, a limited liability company. Both parties requested anonymity.
