PFLUGERVILLE, TEXAS — FourPoint Investments has brokered the sale of The Emerson Apartments, a 384-unit multifamily community located in the northern Austin metro of Pflugerville. Built in 2017, the property offers a mix of one-, two and three-bedroom units and amenities such as a resort-style pool, fitness center, putting green and coffee bar. Kevin Dufour, Chris Epp and Chris Bancroft of FourPoint represented the buyer and seller, both of whom requested anonymity, in the transaction.
CEDAR PARK AND AUSTIN, TEXAS — JLL has arranged the sale of three retail centers totaling 35,414 square feet in the Austin metropolitan area. The assets include the 19,994-square-foot Cypress Creek Plaza in Cedar Park; the 9,270-square-foot Shops at Silver Creek in the Parmer area of Austin; and the 6,150-square-foot Lamar Point Center on the city’s north side. Tim Allen of JLL represented the sellers in all three transactions. Travis Sawvell and Jon Switzer of JLL also represented the seller of Cypress Creek Plaza. The buyers were not disclosed.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 60,141-square-foot industrial lease at 15000 Grand River Road in Fort Worth, directly south of Dallas-Fort Worth (DFW) International Airport. Tom Walrich and Reed Parker of Lee & Associates represented the landlord, FRAPAG Riverpark DFW LLC, in the lease negotiations. Michael Swaldi and Craig Phelps of JLL represented the tenant, Pratt Corrugated Holdings Inc., an affiliate of packaging manufacturer Pratt Industries.
FORT WORTH, TEXAS — Metroplex Medical Centre will open a primary care medical facility within the Sundance Square retail and dining development in downtown Fort Worth. The healthcare provider will operate out of a 5,300-square-foot space at the corner of First and Commerce streets that will be outfitted over the next few months. The facility will be able to accommodate same-day appointments and walk-in emergencies, as well as conduct blood tests and X-Rays. The opening is slated for mid-year.
FORT WORTH, TEXAS — Hillwood will develop Alliance Northport 3, an industrial facility totaling approximately 1 million square feet that will be situated on a 260-acre site within the AllianceTexas master-planned community in Fort Worth. The property, which offers convenient access to Interstate 35 and State Highway 114, is being built on a speculative basis. The site will be able to accommodate more than 1.2 million square feet of space and provide additional trailer storage when fully expanded. A timeline for construction has not yet been established.
SUGAR LAND, TEXAS — Vista Equities Group has broken ground on Phase II of University Commons in Sugar Land, an expansion project that will deliver 108,000 square feet of new retail space. Sprouts Farmers Market will anchor the second phase with a 30,000-square-foot store. Phase I of University Commons delivered 155,000 square feet of retail space that is 95 percent leased and anchored by a 50,000-square-foot Burlington. Houston-based Arch-Con Construction is serving as general contractor for the expansion project, which was designed by Dallas-based O’Brien Architects. The project is expected to be ready for tenant build-out in December. A third phase of undetermined size is also planned at the property.
SUGAR LAND, TEXAS — Houston-based Dhanani Private Equity Group has acquired Fort Bend Center, a 42,000-square-foot retail center in Sugar Land. Kroger anchors the center, which also houses tenants such as Gyro King and Ritz Nails. Ryan Watson of mortgage banking firm Q10 KDH secured an undisclosed amount of acquisition financing through a CMBS lender for the sale, the seller of which was not disclosed. The non-recourse loan featured a fixed 5.05 percent interest rate, a 30-year amortization schedule and a 75 percent loan-to-cost (LTC) ratio.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 68,645-square-foot industrial lease at 4300 Diplomacy Road in Fort Worth, just south of the Dallas-Fort Worth (DFW) International Airport. Reed Parker of Lee & Associates represented the tenant, environmental consulting firm Green Planet 21. Gil Stroube of Lincoln Property Co. represented the landlord, Denali Texas Diplomacy Industrial.
MINEOLA, TEXAS — Marcus & Millichap has brokered the sale of Shoppes at Mineola, a 14,610-square-foot retail center in Mineola, about 90 miles east of Dallas. The property was 100 percent leased at the time of sale to tenants such as Dollar Tree, Hibbett Sports and Envy Salon. Philip Levy of Marcus & Millichap represented the seller, a limited liability company, and procured the undisclosed buyer.
The story of industrial real estate today, at least in terms of national media coverage, centers around compressing cap rates and the steady stream of capital flowing into the sector. But in Austin — the kid brother of two major industrial markets, Dallas and Houston — the story over the past 12 months has been the large increase in the volume of industrial construction. Austin delivered 3.1 million square feet of industrial product in 2017, a 55 percent increase over the total space delivered during the previous year. Throughout the past year, the metro also trailed the national average in industrial vacancy, net absorption and percent change in rental rates from 2016 to 2017. Many developers that broke ground during one of the healthiest periods in Austin’s industrial history are now delivering space at a time when the Austin economy is starting to cool. Employers have found themselves in a more competitive environment, with annual job growth slowing to sub-3 percent levels and the unemployment rate reaching numbers not seen since the dot-com boom. Market Evolution Austin’s recent industrial performance should not be seen as cause for alarm, but rather as an opportunity to understand the changing mindset of the …
