Texas

Wintergreen-Exchange-Lancaster-Texas

LANCASTER, TEXAS — Jones Development Co. (JDC) will build a 615,000-square-foot, build-to-suit distribution center in the southern Dallas metro of Lancaster for discount retailer Ollie’s Bargain Outlet, which will ultimately purchase the property. The Class A facility will be located within Wintergreen Exchange, a 71-acre industrial park, and is expected to be complete by the fourth quarter of 2019. Building features will include 36-foot clear heights, 75-foot speed bays, 100 dock doors, 14,500 square feet of office space and an ESFR sprinkler system. Gary Collett and David Eseke of Cushman & Wakefield marketed the property on behalf of JDC. John Van Buskirk of Lee & Associates, along with Sharon Morrison and Brad Struck of ESRP, represented Ollie’s Bargain Outlet in the deal. The project team is comprised of general contractor Bob Moore Construction, civil engineer Pacheco Koch and designer Alliance Architects.    

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9581-Joe-Rodriguez-Drive-El-Paso

EL PASO, TEXAS — Hanson Asset Management LP has broken ground on Hanson Spec Building B, a 125,646-square-foot industrial project located at 9581 Joe Rodriguez Drive in El Paso. The Class A property will be situated one block from the Zaragoza International Bridge and will be available for lease beginning in July 2019. CBRE is marketing the property on behalf of Hanson. Two additional buildings are planned next door for any future expansion requirements.  

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IRVING, TEXAS — Fortune 500 pharmaceutical company McKesson Corp. (NYSE: MCK) will relocate its corporate headquarters from San Francisco to Irving’s Las Colinas district, where it already has a regional office. The company’s new campus will obtain LEED Gold certification and feature an array of amenities and enhanced technology capabilities, according to a statement from the company. The relocation will begin in April of next year. The number of jobs that will be relocated was not provided.

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SAN ANTONIO — Regal Self Storage Development has acquired land at 12615 Judson Road near Interstate 35 in northeastern San Antonio for the construction of a new, Class A facility. Though subject to change, Phase I of the site plan proposed by the seller would deliver 704 units totaling 82,100 net rentable square feet. Phase II would expand the site by 10,800 gross square feet. Jon Danklefs and Michael Mele of Marcus & Millichap represented the seller, a limited liability company, in the land sale. A timeline for construction has not yet been established.

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HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has closed four loans totaling $15 million for a quartet of multifamily properties totaling 335 units throughout the greater Houston area. The properties are located in the Galveston, Spring Branch and north Houston submarkets. Jamie Safier of LMI Capital placed the loans for the Galveston and north Houston communities, as well as for one of the Spring Branch assets. Jamie Mullin of LMI Capital placed the loan for the other Spring Branch property. The borrowers, lenders and property names were not disclosed.  

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Senior Care of Jacksonville in Jacksonville, Texas

DALLAS — Senior Care Centers, a Dallas-based operator of more than 100 seniors housing communities in Texas and Louisiana, has filed for Chapter 11 bankruptcy protection in U.S. bankruptcy court for the Northern District of Texas. The company is the largest skilled nursing provider in Texas, but has struggled to pay its rent. Sabra Health Care REIT (NASDAQ: SBRA) and LTC Properties (NYSE: LTC) — two publicly traded real estate investment trusts that combined own 49 Senior Care Centers locations — both reported that they have not been paid in months. Senior Care Centers also received a slew of bad press last year after not evacuating residents in advance of Hurricane Harvey, which resulted in state citations and dozens of care violations. (The Category 4 hurricane made landfall along the Texas coast in August 2017.) The company reported “burdensome debt levels and expensive leases” as reasons for its bankruptcy filing. All facilities will remain open during the restructuring, and the company claims it will continue to pay all vendors and its 11,000 employees during the process. “As the entire industry has seen, the leases associated with the communities have become cost-prohibitive,” says Michael Beal, chief operating officer. “This kind of action …

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TULSA, OKLA. — The Pizzuti Cos., a Columbus, Ohio-based development firm, has broken ground on a $55 million, 800,000-square-foot warehouse and distribution center in Tulsa for Whirlpool Corp., a Michigan-based manufacturer of home appliances. ARCO Construction Co. Inc. is handling the design/build of the facility, which will be situated next to a manufacturing plant that produces 2.1 million cooking products per year. Construction of the facility began in late November and completion is slated for December 2019.    

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Broadstone-Sierra-Pines-The-Woodlands-Texas

THE WOODLANDS, TEXAS — Berkadia has arranged the sale of Broadstone Sierra Pines, a 341-unit multifamily community in The Woodlands, about 30 miles north of Houston. Built in 2014, the Class A property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a social clubroom. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Alliance Residential Co., in the transaction. Tucker Knight and Nicholas Murphy of Berkadia arranged an undisclosed amount of Fannie Mae acquisition financing on behalf of the buyer, Fort Worth-based Olympus Property.  

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FORT WORTH, TEXAS — Smart Warehousing, an operator and provider of logistics solutions, has entered North Texas via a 269,494-square-foot space within Hillwood’s 26,000-acre AllianceTexas development in Fort Worth. Smart Warehousing was established in 2001 and provides fulfillment, inventory management and value-add software and services to supply chain operators. Reid Bassinger, John Sharpe and Trey Fricke of Lee & Associates represented Smart Warehousing in the site selection and negotiations.

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CATOOSA, OKLA. — EDGE Realty Capital Markets has negotiated the sale of Catoosa Shopping Center, a 73,213-square-foot retail property located on the eastern outskirts of Tulsa. Regional grocer Reasor’s anchors the center, which also includes 15,000 square feet of space leased to local, service-oriented retailers. Micha van Marcke and Chace Henke of EDGE Realty represented the seller in the transaction. Other terms of sale were not disclosed.

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