HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 190,714-square-foot industrial park in North Houston. The master-planned development comprises nine buildings on a 15.1-acre site at 1531-15342 Vantage Parkway E. A family office sold the park to a private equity group for an undisclosed price, with both parties requesting anonymity. Keith Bilski, Dylan Schopper, Jack Gaffney, Chase Tucker and John Buckley of Finial Group brokered the deal.
FORT WORTH, TEXAS — Lockheed Martin has signed a 136,165-square-foot industrial lease in Fort Worth. The aerospace and defense contractor will take space at Fort West Commerce Center, a three-building, 531,601-square-foot development that sits on a 30-acre site on the city’s north side. Todd Burnette and John Davidson of JLL represented Lockheed Martin in the lease negotiations. Matt Carthey and George Jennings of Holt Lunsford Commercial represented the landlord, Phoenix-based Creation Equity.
FLOWER MOUND, TEXAS — Houston-based brokerage firm Oxford Partners has negotiated a 48,500-square-foot industrial lease in Flower Mound, located in the northern-central part of the metroplex. Andrew Gilbert and Keaton Brice of Holt Lunsford Commercial represented the landlord, Prologis, in the lease negotiations. Chase McAteer of Oxford Partners represented the tenant, Amber Green Realty, which plans to use the facility for the preparation of catered meals.
With high operating costs eroding profitability at many urban stores, major retailers are concentrating development and store renovations in suburban locations with layouts geared to the latest consumer preferences. As more retailers follow suit, early adopters provide object lessons in best practices to better serve an evolving customer base and reveal pitfalls to avoid along the way. “Retailers are more sensitive to the pressures of high costs and loss prevention in urban markets, and as a result, they are backing off in those areas,” says Cornelius Brown, a principal and regional manager in the Philadelphia office of Bohler. “Retailers looking to grow, in our experience, are shifting to the suburbs and using retail program methods to cut costs.” Bohler is a land development design and consulting firm that helps developers move their projects forward quickly. Recently, those clients have been keen to avoid risk in both site selection and design features, Brown says. Streamlining Retail Development Retail programs allow developers to use pre-existing retail layout prototypes to determine optimal site arrangements. This approach uses checklists to assign one of several pre-made layouts to a development based on factors such as road location, grading and elevation, parking needs, drive-through layout, loading …
DENISON, TEXAS — Craig International, a locally based developer that is perhaps best known for the $5 billion Craig Ranch project in McKinney, has closed on 3,114 acres in Denison for the development of Preston Harbor, a $6 billion master-planned community. The site on Lake Texoma is located about 75 miles north of Dallas. Preliminary plans for Preston Harbor call for approximately 7,500 residential units, a resort hotel, retail, restaurants and a marina. The residential component will include single-family, active adult and multifamily uses. Plano-based Aimbridge Hospitality will develop the $100 million hotel, which will be operated under the Margaritaville brand. Steve Cook of Steve Cook & Co. and Jim Meara of Jim Meara Co. represented the sellers, entities doing business as Preston Harbor LP and Preston Harbor Homeplace LP, in the disposition of the land. Both entities are part of the estate of George Schulte, the developer who originally amassed and assembled the site. John Auletta and Kaitlyn Sogga of JTA CR Group represented Craig International. Other project partners include The Choctaw Nation of Oklahoma, Horizon Capital Partners and N9 Capital Partners. The development team is currently finalizing plans and engineering work and expects to break ground before the end …
PLANO, TEXAS — Newmark has arranged the sale of Parkway Centre IV, a 153,238-square-foot office building in the northern Dallas suburb of Plano. The six-story building, which was constructed in 2006 and underwent a $2 million renovation in 2021, sits on a 6.6-acre site at 2701 Dallas Parkway. Chris Murphy, Robert Hill and Gary Carr of Newmark represented the seller, an affiliate of Goldman Sachs, in the disposition of the property to a California-based BH Properties. Both parties requested anonymity. Parkway Centre IV was 82 percent leased at the time of sale.
DALLAS — Accounting giant Deloitte has signed an office lease at 23Springs, a 626,215-square-foot building in Uptown Dallas. The square footage was not disclosed, but the space encompasses four full floors. The deal, along with a 110,029-square-foot lease signed by Bank OZK, which also financed the building’s construction, in spring 2022 brings 23Springs to 34 percent occupancy. Robert Jimenez, Burson Holman and Elizabeth Fortado represented the landlord, Granite Properties, in the lease negotiations on an internal basis. Deloitte plans to relocate from Dallas Arts Tower to its new offices in spring 2026.
SAN ANTONIO — Partners Real Estate has negotiated a 44,258-square-foot office lease at City View, a 221,373-square-foot building in northwest San Antonio. The 10-story building was constructed in 1986 at the corner of Interstate 10 and Huebner Road. Lindsey Tucker of Partners represented the landlord, California-based investment firm KBS, in the lease negotiations. Steve Garza, also with Partners, along with Mark McGranahan of Avison Young, represented the tenant, Wells Fargo.
EL PASO, TEXAS — Marcus & Millichap has brokered the sale of a 5,798-square-foot retail building located at 12312 Eastlake Blvd. in El Paso that is leased to Firestone on a triple-net basis. The building was constructed on 1.3 acres in 2023. Don McMinn of Marcus & Millichap’s Taylor-McMinn Retail Group in Atlanta represented the seller in the all-cash transaction. The buyer was a California-based 1031 exchange investor. Both parties requested anonymity. McMinn commented, “This is our 13th Firestone closing and we just brought out two more in Orlando, Fla. and Lincoln, Neb. Despite the ample net lease inventory on the market and limited buyer pool, quality net lease inventory remains in short supply and high demand.”
AUSTIN, TEXAS — California-based investment and management firm Pacific Hospitality Group will renovate the 194-room Hotel Granduca in northwest Austin. The project includes the addition of a new spa, an overhaul of the restaurant and bar and renovations to the pool deck and lobby. The design and construction team consists of interior design firm Hotel Studio, McCabe Architecture, Digney York Associates and PHG. The hotel will remain open during renovations, which will begin in June and are expected to be complete in the fall.