Greater Waco’s economy is on a roll. Positioned halfway between Dallas and Austin, Waco is a prime destination for companies and individuals wanting access to large metro areas without the hassles of traffic, expensive real estate and labor shortages. With newly completed facilities such as Baylor University’s McLane Stadium and major downtown redevelopment projects, Waco is hitting the radar for new development opportunities. October 2015 marked 43 months of positive economic growth for the area, with 4.8 percent growth in the third quarter of 2015 alone. Major organizations, including Baylor, continue to aid in elevating the status of Waco as a dominant player in the Central Texas region. Just as Texas has seen significant growth since 2008, so too has Waco. One major contributor to Waco’s economic success has been employment growth. Employers are creating new jobs in the area, with 1,600 more positions now in place, 113,700 compared to 112,100 in October 2014. Construction, manufacturing, healthcare, hospitality and logistics remain strong drivers for the economy. The result is a community with a 4.8 percent unemployment rate and residents with more disposable income. In fact, real median household income for the Waco MSA grew 5.8 percent, to $43,184, between the …
CARROLLTON, TEXAS — PM Realty Group (PMRG) has completed First Texas Hospital in Carrollton on behalf of Adeptus Health. Located at 1401 E. Trinity Mills Road, First Texas Hospital totals 76,500 square feet and includes 50 inpatient beds, three operating rooms, an emergency department and an imaging department. Along with PMRG as the developer, the First Texas Hospital team included architect Ascension Group Architects, civil engineer Bury Partners and general contractor Hill & Wilkinson Construction Group.
LEWISVILLE, TEXAS — Bright Realty has held a topping out ceremony for its upcoming multifamily project known as Discovery at The Realm. The first of Discovery at The Realm’s 423 apartment units are on track to deliver in April. The topping out party celebrated the completion of the three apartment buildings’ major structural and environmental construction, which includes a lake with promenade pedestrian access. Members of Bright Realty development, leasing and marketing teams, general contractor Andres Construction, project architects from Charlotte, N.C.’s LandDesign, local officials and Bright Realty’s business partners attended the celebration. Bright Realty begins pre-leasing activities for Discovery at The Realm later this month as interior finish work begins. Located south of Windhaven Parkway at Castle Hills Drive in Lewisville, Discovery at The Realm’s first phase features three podium-style buildings on 20.4 acres. All Phase I units should be delivered by October. Total project costs are $75 million. Discovery at The Realm is the first project in The Realm at Castle Hills, a mixed-use project to be built along State Highway 121 frontage. At completion, Discovery at The Realm will include more than 4,000 apartment units, with another 800 units planned within other parts of The Realm at …
SAN ANTONIO — Draper and Kramer, a Chicago-based real estate property and financial services company, has acquired the Sonterra Blue apartment community in San Antonio. Carleton Residential Properties was the seller. Located at 922 E. Sonterra Blvd. in San Antonio’s Stone Oak submarket, Sonterra Blue includes 342 units offering 17 one-, two-, and three- bedroom floor plans. Built in 2014, the 304,152-square-foot property is situated on a 14-acre site located across from Methodist Stone Oak Hospital. Institutional Property Advisors (IPA) managed the transaction on behalf of the seller.
HOUSTON — Davis Commercial has arranged the sale of a 5,955-square-foot office building on a 15,625-square-foot tract of land at 1214 Elgin St. in Houston. Bassak Investments was the buyer. The property was previously known as “The Lynch Building” where the law offices of Robert A. Lynch Jr. were headquartered. The buyer, Lance Kassab of Bassak Investments, will continue to use the building as law offices for the Kassab Law Firm. Ryan Neyland of Davis Commercial represented the seller, The Estate of Robert Lynch.
GARLAND, TEXAS — Lee & Associates has negotiated a sales transaction for a 16,800-square-foot industrial building located at 520 Shepherd Drive in Garland. Brett Lewis and George Tanghongs of Lee & Associates represented the seller, KeyTech Inc., in the transaction. Michelle Hudson of Hudson Peters represented the buyer, MSMK Partners.
PLANO, TEXAS — Plano Parkway Business Center LLC, a syndication partnership set up by managing partners and promoters Steve Fithian, a Dallas-based commercial broker, and Thomas Wilson, founder of Wilson Investment Properties, has purchased Plano Parkway Business Center, a 113,299-square-foot office complex located at 2701 W. Plano Parkway in Plano. Steve Simon and Steve Rowland of Transwestern represented the seller, Plano Plaza LLC, in the transaction. Fithian represented the buyer. The office building was built in 1998. SVN | Trinity Advisors will manage the property, which is located on 8.8 acres just north of the George Bush Turnpike Corridor between the Dallas North Tollway (SH-190) and Central Expressway (US-75). Tenants include Republic Title of Texas, Wizetrade, Patient-Physician Network and Teradyne.
GRAPEVINE, TEXAS —ML Realty Partners has acquired a 58,775-square-foot industrial building in Grapevine. The single-tenant warehouse facility is 100 percent leased and located at 600 Westport Parkway. The property’s location offers access to both Dallas and Fort Worth, with the eastern property line bordering Dallas-Fort Worth International Airport. The building’s design includes 3.5 acres of secure, paved outside storage. Tyson Erwin of NAI Robert Lynn represented the seller in the transaction.
RICHARDSON, TEXAS — Lee & Associates has completed a lease renewal transaction for 25,600 square feet of flex/office space located at 1350 N. Glenville Drive in Richardson. Brett Lewis and George Tanghongs of Lee & Associates’ Dallas/Fort Worth office represented the landlord, TPG. Mike Kay of CBRE represented the tenant, Extend Health Inc.
SPRING, TEXAS — HFF has arranged joint venture equity for the development of a Class A, 851-unit self-storage facility in The Vintage master-planned community in Spring. HFF worked on behalf of the development manager, Vintage Hannah One, to arrange a joint venture equity partnership with an unnamed partner. Scheduled for completion in late 2016, the project will consist of four buildings totaling 82,675 square feet situated on 5.8 acres. Barbara Guffey led the HFF self-storage team representing the development manager.