ADDISON AND KELLER, TEXAS — Hotworx, a fitness concept that centers on virtual exercise programs in high-temperature settings, will open two new gyms in the Dallas area. The company will open a 2,100-square-foot gym in Addison and a 1,750-square-foot gym in Keller, with both locations targeting August openings. Sean Lockovich of Henry S. Miller Brokerage (HSM) represented Hotworx in both lease negotiations. The gyms will be the third and fourth locations for Hotworx in the Dallas area.
CYPRESS, TEXAS — CBRE has brokered the sale of a 67,334-square-foot retail property in Cypress, a northwestern suburb of Houston. The property is situated on 6.9 acres at 12220 Barker Cypress Road. Matthew Berry of CBRE represented the seller, Randall’s Food & Drugs LP, which operates out of the property. Williamsburg Acquisitions LLC purchased the property for an undisclosed price.
AUSTIN, TEXAS — Trammell Crow Co. (TCC) will develop a 709,000-square-foot office tower at 200 W. Sixth St. in Austin. The 36-story, Class A building will be the tallest office tower in Austin and include 10,600 square feet of retail and restaurant space. TCC is also redeveloping a nearby building that was built in 1914 into a 25,000-square-foot shopping and dining destination with a 20,000-square-foot urban green space. Construction is expected to begin within the next few weeks with a target completion date of 2021. Online job aggregator Indeed has signed a long-term lease to occupy the top 10 floors, which total approximately 307,000 square feet, at the new building. Page Southerland Page is serving as project architect and DPR is serving as general contractor. CBRE will handle marketing and leasing of the asset.
CONROE, TEXAS — CBRE has arranged the $34.5 million refinancing for Woodhaven Village, a 157-unit independent living, assisted living and memory care community in the Houston suburb of Conroe. The borrowers are Padua Realty Co. and Paradigm Senior Living, the joint venture developers of the property. The Freddie Mac loan features a 10-year term, floating interest rate and five years of interest-only payments. Aron Will of CBRE National Senior Housing arranged the financing. Opened in January 2017, Woodhaven Village is located one mile from Conroe’s largest medical center and was more than 90 percent occupied at the time of the refinancing.
HOUSTON — Stages Repertory Theatre, a production and promotions company for the performing arts industry, has broken ground on The Gordy, a $30.5 million theater complex in Houston. The property will feature three performance stages and total approximately 67,000 square feet, according to local magazine Houstonia. The complex will also offer rehearsal studios, production and design workshops, meeting and event space and a full administrative suite. The Gordy is expected to open during the 2019-2020 theater season.
PLANO, TEXAS — Peloton, a fitness company known for its indoor cycling programs and equipment, will establish a regional campus at Legacy Central, an 84-acre office development in Plano. The company has leased 27,518 square feet at the property, which offers amenities such as a 25,000-square-foot wellness center with a pool, basketball court, climbing wall, 15,000-square-foot conference center and food hall. The company plans to move into its new space during the third quarter and hire as many as 400 new employees over the next few years. Noreen Mehdi Weathers and Baron Aldrine of CBRE represented Peloton in the lease negotiations. Nathan Durham of Transwestern represented the landlord, Regent Properties.
DALLAS — Lee & Associates has negotiated the sale of a 36,227-square-foot industrial asset located at 121 La Paz St. on Dallas’ southeast side. Corbin Blount and Nathan Denton of Lee & Associates represented the seller, La Paz Partners Ltd., in the transaction. Caleb Bates of Bates & Myers Co., represented the buyer, Jessup Charitable Remainder Trust.
Commercial real estate sectors in secondary and tertiary markets often suffer from a lack of current, comprehensive data and metrics. Until a few years ago, the multifamily market of the Rio Grande Valley (RGV) was no exception. Much of the region’s multifamily product consists of “clusters” of fourplexes. In many cases, different investors own different units within these properties, which generally do not have management and leasing offices with hard data. Consequently, for years multifamily developers and brokers in Hidalgo and Cameron counties operated without reliable information on their market, generally ceding to the ideas that it was overbuilt. Turns out they were incorrect. Year-over-year rent growth in this market tends to be flat. Fluctuations are short-lived and back-and-forth in nature. But beginning in 2015 and carrying over into 2016, multifamily players in the RGV began to realize that their market was not overbuilt and that in fact, demand for better product was rising. Volatile Vacancy To better grasp the ebbs and flows of this market, we revert to 2008 and pre-recession data. To simplify our analysis, we use the McAllen-Edinburg-Mission MSA as a proxy for the region. In 2008, multifamily vacancy stood at approximately 6 percent. By 2011, when …
ARLINGTON, TEXAS — The City of Arlington has announced that is it “no longer moving forward” with its bid to land Amazon’s new headquarters, a project that is expected to generate $5 billion in local investment and create 50,000 high-paying jobs. The city, which was one of several municipalities in the DFW metro to submit proposals, had offered the Seattle-based e-commerce giant roughly $921 million in incentives, including a 100 percent real and business personal property tax abatement for 10 years. City officials pitched Globe Life Park, the current home of the Texas Rangers, as the site for HQ2, highlighting the property’s size of 200-plus acres, infrastructure that was already in place and proximity to a major international airport. A new ballpark, Globe Life Field, is being developed for the Rangers in Arlington and is scheduled to open for the 2020 season. Arlington Mayor Jeff Williams told CNN that Amazon was “looking for a more advanced urban setting,” which contributed to its decision to pass. Other sites within the metroplex are still in the running for HQ2.
ROUND ROCK, TEXAS — Wisconsin-based Kalahari Resorts & Conventions, a developer of luxury resorts with convention centers and indoor water parks, has begun work on its newest property in the northern Austin metro of Round Rock. According to local news station KVUE, the project is valued at roughly $350 million. The property will be situated on 351 acres along U.S. Highway 79. The hotel will total 975 guestrooms, while the convention center and indoor water park will span a minimum of 150,000 and 200,000 square feet, respectively. The opening is slated for late 2020.
