HOUSTON — Clay Development and Construction has broken ground on Cutten Distribution Center I, a 293,280-square-foot industrial facility located on Cutten Road in northwest Houston. Built entirely on a speculative basis, the property will be the 15th building within the 165-acre Cutten Road Business Park and feature 60-foot bays with 32-foot clear heights, trailer parking and a sprinkler system. Completion of the center is scheduled for January 2018.
DALLAS — Stream Realty Partners has brokered the sale of a portfolio of 18 industrial buildings totaling roughly 509,000 square feet at locations throughout the Dallas area, including Farmers Branch, Irving and Richardson. Jamie Jennings, James Mantzuranis, Jeremy Kelly and Ryan Wolcott of Stream represented the seller, a partnership between Elliott Management and Cienda Partners. Los Angeles-based Entrada Partners purchased the assets for an undisclosed price.
LAKEWAY, TEXAS — Equity LLC will develop a 42,000-square-foot medical office property on 2.8 acres within the Baylor Scott and White-Lakeway Regional Medical Center campus in the Austin metro of Lakeway. Premier Family Physicians will serve as the anchor tenant of the new development. The project will include 190 surface-level parking spaces. Leasing of the property is expected to commence in January 2019.
GAINESVILLE, TEXAS — Villa Grande Mexican Restaurant will open a 3,800-square-foot location at 201 N. Interstate 35 in the North Texas city of Gainesville. Paul Vernon of Henry S. Miller Brokerage LLC represented the tenant in the lease negotiations. Jim Jamerson and Kenley Minchew of The John T. Evans Co. represented the landlord, CR Midway Investment LP. The location, which is the restaurant’s fifth, will open in October.
SAN ANTONIO — Casey Development Ltd. has broken ground on The Keep Storage, a 77,000-square-foot self-storage facility located just south of Thousand Oaks Drive and Henderson Pass in San Antonio. The Class A property will feature 500 climate-controlled units totaling more than 55,000 square feet of net rentable space. Archcon Architecture designed the project. Capco Construction, the project’s general contractor, expects to deliver the property in May 2018.
WACO, TEXAS — CBL & Associates Properties Inc., a publicly traded, Chattanooga, Tenn.-based retail developer, has begun work on a 45,000-square-foot Dick’s Sporting Goods location in Waco. The property will be situated within the Richland Mall, which is located at 6001 W. Waco Drive and totals roughly 700,000 square feet. The store opening is scheduled for spring 2018.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of 4000 Hulen, a 240-unit multifamily community located near downtown Fort Worth. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Hulen Place Multifamily LP, and procured the buyer, San Francisco-based investment firm Hamilton Zanze. Other terms of sale were not disclosed.
BARTLESVILLE, OKLA. — GBT Realty Corp. has completed Silver Lake Village, a $20 million, 85,000-square-foot retail center in Bartlesville, about 45 miles north of Tulsa. The shopping center is currently leased to tenants such as Ulta Beauty, Ross Dress for Less, T.J. Maxx and Rack Room Shoes. Approximately 5,500 square feet of space and three once-acre outparcels of space are currently available for lease.
SAN ANTONIO — JLL has brokered the sale of The Parker Apartment Homes, a 202-unit multifamily property located at 6600 Fairdale Drive in San Antonio. Amenities include a pool, dog park, business center and on-site laundry services. Scott LaMontagne, Moses Siller and Zar Haro of JLL represented the seller, Forge Partners, in the transaction. An Austin-based private investor purchased the asset for an undisclosed price.
South Texas is in the midst of a growth spurt in the commercial real estate industry. Within the area’s retail sector, demand for freestanding emergency rooms and cold storage facilities is growing rapidly. Though atypical, requests for such spaces are becoming increasingly common in the Rio Grande Valley (RGV). An estimated 1.3 million people call the RGV home. Both Hidalgo and Cameron counties are equipped with multiple hospitals to meet the healthcare needs of residents. There are three freestanding emergency rooms in Hidalgo County and two in Cameron County, with several more currently in the pipeline. Three of the larger healthcare providers within the RGV — Doctor’s Hospital at Renaissance in Edinburg (the largest hospital in the area), South Texas Health System, which has five hospitals in cities McAllen and Edinburg and HCA Hospital in McAllen — all have plenty of emergency rooms to cover the cities they serve. Between Harlingen and Brownsville, both the longstanding Valley Baptist Health System and the newer Harlingen Medical Center have plenty of emergency rooms to handle residents’ healthcare needs. Despite having this many established players in the market, new operators of healthcare real estate like Neighbors Health System, which owns and operates Neighbors …
