DALLAS — Lee & Associates has closed the sale of a 13,800-square-foot industrial facility located at 2006 Farrington St. in Dallas. Stephen Williamson of Lee & Associates represented the buyer in the transaction. Robert Blankinship of NAI Robert Lynn represented the seller, Century Oak Investments. Other terms of sale were not disclosed.
WYLIE, TEXAS — KWA Construction has broken ground on Club Inspiration, an 11,404-square-foot amenities center in the northeastern Dallas metro of Wylie. The property will be part of Inspiration Texas, a 600-acre master-planned development. Valued at roughly $3.8 million, the project will bring multiple pools and a lazy river to the development, as well as a fitness center, volleyball and tennis courts, a playground and walking trails. Completion is slated for October.
As the number of jobs and people in the Rio Grande Valley (RGV) grows, the region’s retail market holds steady. Historically, vacancy in this market tends to hover between 5 and 7 percent. So the current retail vacancy rate in the McAllen-Edinburg-Mission MSA, which according to CoStar Group is 4.5 percent, represents a couple different trends. First, the vacancy figure illustrates positive absorption of newly constructed retail space. In 2016 and 2017, the market added about 770,000 and 675,000 square feet, respectively, its highest supply additions in nearly a decade. Second, the diminished vacancy rate suggests that new retailers are entering the McAllen MSA, which can be a gauge for the rest of the RGV. In actuality, much of the new space is being leased to retailers that already have a presence in the valley. One might think the RGV is too small a market to support healthy same-store operations, but this is not the case. Best Buy, Walmart and Ulta Beauty can attest to this. A Dominant Sector There is a common thread that unites these newcomers, and it involves single-family development. According to the latest HUD data available, single-family home sales increased 3 percent year-over-year in 2017. More …
GRAPEVINE, TEXAS — Paycom Software Inc., an Oklahoma City-based provider of payroll and human resources software, will relocate its Texas operations center to Grapevine, a northern suburb of the Dallas-Fort Worth (DFW) metroplex. The company will occupy a 14-acre site on which a new office building is being developed, with plans to expand in the coming years. Paycom ultimately expects its physical footprint to be able to accommodate as many as 1,000 employees. Construction of the new center will begin in 2019. Paycom plans to move into the new facility in 2020.
SAN ANTONIO — REATA Real Estate Services LP has brokered the sale of Valley View Shopping Center, an 86,196-square-foot retail center located at 8523 Blanco Road on San Antonio’s north side. Anchored by Marshalls, the property was 89 percent occupied at the time of sale. Kevin Catalani of REATA represented the seller, Weingarten Realty, in the transaction. Dallas-based LRIC Properties purchased the center for an undisclosed price.
EL PASO, TEXAS — CBRE has negotiated a 100,483-square-foot industrial lease at 1270 Don Haskins Drive in El Paso on behalf of Redwood Logistics, a Chicago-based freight company. Arturo De la Mora, Christian Perez Giese and David Saad of CBRE represented Redwood Logistics in the lease negotiations. The name and representative of the landlord were not disclosed.
AUSTIN, TEXAS — Illinois-based design/build firm ARCO/Murray has completed a 10,000-square-foot entertainment facility in Austin for table-tennis club operator SPiN Global. The retail property, which was previously occupied by Antone’s Nightclub, features 11 ping pong tables and can hold more than 500 people. ARCO/Murray has now built facilities for SPiN Global in several major cities, including Chicago, New York, Seattle, Philadelphia and San Francisco.
HOUSTON — HFF has arranged the sale of a 6,880-square-foot retail strip center located at 4902-4930 Washington Ave. in the Washington Memorial Heights area of Houston. Completed in 1999, the property was fully leased at the time of sale to tenants such as FedEx Kinko’s, Subway and Bell Cleaners. Ryan West, John Indelli and Charlie Strauss of HFF represented the seller, Orr Commercial, a development and brokerage firm founded by former NHL player Bobby Orr. A private investor purchased the asset for an undisclosed price.
FLOWER MOUND, TEXAS — Duke Realty Corp. has broken ground on a 635,000-square-foot distribution center in Flower Mound, a northern suburb of Fort Worth. The building, which is slated for a May 2019 delivery, will feature a cross-dock configuration and 36-foot clear heights. Approximately 450,000 square feet, or 71 percent of the space, has been preleased to PPG Industries Inc., a Pittsburgh-based supplier of architectural paints and coatings.
LEWISVILLE, TEXAS — Transcontinental Realty Investors Inc. and its subsidiary, Adobe Properties, have broken ground on Tower Bay Lofts, a 308-unit midrise multifamily community in Lewisville, a northern suburb of Dallas. The four-story property will feature amenities such as multiple pools, a fitness center, bocce court, storage units, bike rental service, coffee bar and a resident lounge with a bar. Units will range in size from 575 square feet to 1,604 square feet. A timeline for completion has not yet been established.