ODESSA, TEXAS — SRS Real Estate Partners has negotiated the $2.7 million sale of a 4,998-square-foot retail property leased to Chick-fil-A in the West Texas city of Odessa. The Atlanta-based restaurant chain has signed a 20-year corporate-guaranteed lease at the property and opened its doors in April. Matthew Mousavi, Patrick Luther and Dale Robbins of SRS represented the seller, Lisciotti Development Corp., in the transaction. The buyer was an undisclosed, Texas-based investor.
IRVING, TEXAS — Multifamily developer JPI has sold Jefferson Riverside, a 371-unit multifamily community located in the Las Colinas district in Irving. Built in 2017, the property is situated within walking distance of a DART rail station, as well as the Toyota Music Factory. Amenities at the property include a pool, fitness center, game lounge, package locker and an Uber pickup lounge. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the sale. The buyer was not disclosed.
FORT WORTH, TEXAS — JLL has negotiated the sale of 714 Main, a 185,000-square-foot office building in downtown Fort Worth. Built in 1921 and renovated in 2010, the 24-story property is located near Sundance Square and the Fort Worth Convention Center. Ryan Matthews of JLL represented the seller, XTO Energy Inc., in the transaction. The buyer was Tennessee-based Development Service Group Inc. The deal marks the sixth disposition by JLL of XTO’s downtown Fort Worth office assets.
HOUSTON — Full-service real estate firm Finial Group will develop Independence Business Park, a 145,185-square-foot industrial project in southwest Houston. The property will be situated on roughly 19 acres near Beltway 8 and State Highway 288 and will comprise seven buildings ranging in size from 17,025 to 27,030 square feet. Buildings will feature 10 percent office buildouts and grade-level doors. Completion of Phase I of the project is slated for the third quarter of 2019.
AUSTIN, TEXAS — MYCON General Contractors has begun construction of The Magdalena Hotel & Condominiums, a project in Austin that will deliver a 95-room hotel and seven condominium units. Located just off South Congress Avenue, the five-story property will also include event and restaurant space. Lake Flato Architects designed the project, which is slated for a fall 2019 completion. Woodbine Development Corp. is leading development of the project.
GARLAND, TEXAS — Multipackaging Solutions Dallas, a provider of packaging services for the healthcare, cosmetics and electronics industries, has signed a 69,000-square-foot industrial lease at 2755-2975 Miller Park N. in the northeastern Dallas suburb of Garland. The property was built in 19887 and is zoned for warehouse uses, according to LoopNet Inc. Josh Barnes and Ben Wallace of Holt Lunsford Commercial represented the landlord, TA Realty. Nathan Lawrence of CBRE represented the tenant.
Mixed-use development is not new. It has been around since the shop owner lived in the apartment above the store. Today, however, the term is used to describe an urban environment that allows people to walk easily among a variety of integrated functions. At first glance, one might think mixed-use development in the Plano-Frisco-McKinney area, known as the Far North submarket, is strictly for big-name developers. Familiar destinations such as Legacy West in Plano and The Star in Frisco underscore this notion, offering retail, restaurants, office, hotels and apartments. Take a closer look, however, and you’ll see that the region is also starting to add smaller mixed-use projects that provide convenience, amenities and experience for occupants and visitors. Numbers Matter Will the many kinds of mixed-use development happening now in Far North Dallas be sustainable? If the current market reports are any indication, then the answer is yes. The saying goes that if the vacancy rate in Dallas-Fort Worth (DFW) is less than 20 percent, then the construction cranes come out. CoStar’s Mid-Year 2018 report shows that the DFW office market ended the second quarter with a 15 percent vacancy rate. Specifically in the Far North Dallas, which also comprises …
BROWNSVILLE, TEXAS — San Diego-based investment firm PacVentures has acquired a portfolio of 10 industrial properties totaling 811,092 square feet in the South Texas city of Brownsville. The portfolio was 96 percent leased at the time of sale to multiple tenants, including windshield wiper provider Trico and its affiliate, Carter Fuel Systems. Steve Rowland of Transwestern and Joe Simmons of AQUILA Commercial represented PacVentures in the transaction. The seller was regional investment firm Sealy & Co.
HOUSTON — JLL has arranged a $60 million loan for the refinancing of Hyatt Regency Houston Galleria, a 325-room hotel in Houston. The property features more than 19,000 square feet of meeting and event space, two food and beverage outlets, an outdoor pool and a fitness center. Jeffrey Davis, Mike Melody, Kevin Davis, Paul House, Matt Nowaczyk and John Ream of JLL arranged the loan through MetLife on behalf of the undisclosed borrower.
CARROLLTON, TEXAS — Holt Lunsford Commercial has negotiated a 298,653-square-foot industrial lease renewal at 2115 E. Belt Line Road in the northern Dallas suburb of Carrollton. Jim Brice and Andrew Gilbert of Holt Lunsford represented the landlord, Lexington Realty Trust. Jeff Mercer of The Mercer Co. represented the tenant, Teasdale Foods Inc., a producer of canned and packaged foods including beans, hominy and sauces.