COPPELL, TEXAS — Centersquare, a provider of colocation, connectivity and cloud infrastructure solutions, has signed a 30,342-square-foot office headquarters sublease at Cypress Waters in Coppell, located in the northern-central part of the metroplex. The space at 3100 Olympus Blvd. can support about 150 employees. Cribb Altman and Curt Holcomb of JLL represented Centersquare in the lease negotiations. Steve Wentz, Travis Boothe and Spencer Oster of Cushman & Wakefield represented the undisclosed sublandlord. Billingsley Co. owns Cypress Waters.
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Lee & Associates Report: Industrial, Office Sectors Face Challenges as Retail, Multifamily Show Positive Trends
Economic headwinds such as elevated interest rates and persistent inflation led to mixed outcomes in the first quarter for industrial, office, retail and multifamily sectors, with market observers anticipating a contracting economy, as outlined by Lee & Associates’ 2024 Q1 North America Market Report. On the industrial front, market pressures — including interest rates and supply chain challenges — led to higher vacancy in the United States in the first quarter of the year. U.S. office space experienced its fifth consecutive year of contraction, as office worker attendance stagnated. Additional challenges, in the form of loans maturing in a high-rate environment, signal further challenges in the near future for the office landscape. Continued merchant demand, reduced closures and bankruptcies and limited supply converged to create a feeding frenzy for retail space, with vacancies at historic lows. And finally, geographically based factors drove multifamily markets, many of which (especially in the Midwest and Northeast) experienced a rebound in apartment demand fueled by rising consumer sentiment and moderating inflation, despite supply outpacing demand. Lee & Associates has made their full, first-quarter report available here (with breakdowns of cap rates by city, vacancy rates, market rents, inventory square footage and more). The summaries from each sector …
FRISCO, TEXAS — Kansas City-based developer VanTrust Real Estate has unveiled plans for the next phase of Frisco Station, a 242-acre mixed-use development located on the northern outskirts of Dallas. Dubbed The Towers at Frisco Station, the next phase will consist of office, hotel, retail and restaurant uses that could total as much as 3 million square feet across five buildings. Entertainment concepts Pickle & Social and Fairway Social have already committed to the latest phase. Frisco Station, which was launched in 2015, currently features 700,000 square feet of Class A office space, 955 mid- and high-rise multifamily units and 450 hotel rooms, as well as a 30-acre park and trail system. Construction timelines for the latest phase are still being finalized.
SAN ANTONIO — Dallas-based Rosewood Property Co. has broken ground on Phase III of Tobin Estates, a 359-unit multifamily project located in the Alamo Heights area of San Antonio. In addition to the 265 apartments that will be housed in a four-story wraparound buildings, Phase III will feature 94 units with private garages within two four-story buildings. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool, indoor and outdoor fitness centers, resident lounge and a rooftop deck. Project partners included Provident General Contractors, WDG Architecture, civil engineer Westwood and construction lender InterBank. Construction is expected to last about two years. Phase II of Tobin Estates totaled 311 units, and Phase I totaled 286 units.
DENTON, TEXAS — Austin-based developer Urban Moment is nearing completion of YardHomes Parkside, a 230-unit apartment complex located in the North Texas city of Denton. YardHomes Parkside will offer one-, two- and three-bedroom floor plans that will range in size from 635 to 1,375 square feet. Residences will be furnished with stainless steel appliances, granite countertops and smart-home technology products. Amenities will include a pool, fitness center and outdoor grilling and dining stations. Full completion is slated for later his month.
HOUSTON — McCarthy Building Cos. has signed a 38,230-square-foot office lease at 2200 Post Oak in Houston’s Galleria District. The St. Louis-based general contractor plans to move into the 22-story, 326,200-square-foot building, which is currently being renovated, next year. Brad Fricks and Adam Ross of Stream Realty Partners represented the landlord, Masaveu Real Estate, in the lease negotiations. Scott Wetzel and Beau Bellow of JLL represented the tenant.
PLANO, TEXAS — St. John Properties has opened a new office at 7250 Dallas Parkway in Plano. The office is the second in Texas for the Baltimore-based developer following its launch of an Austin office in spring 2022. Raphael Alterman will lead the new office under the title of regional partner. St. John, which primarily focuses on industrial and has a portfolio of commercial assets valued at roughly $5 billion, now operates 15 offices across 11 states.
IRVING, TEXAS — Hillwood has acquired Freeport Business Center, a three-building, 383,000-square-foot office park located near Dallas-Fort Worth International Airport in Irving. The property spans 34 acres, and the buildings were 70 percent leased at the time of sale to tenants such as Northrop Grumman Corp., Yardi Systems, SiriusXM and Boeing. The undisclosed seller also recently invested $6.5 million in capital improvements to Freeport Business Center, including lobby renovations, window upgrades, fresh landscaping and updated building operation systems.
HALTOM CITY, TEXAS — Locally based investment firm Rise48 Equity has purchased Mosaic Apartments, a 288-unit apartment community located north of Fort Worth in Haltom City. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center and outside grilling and dining stations. The new ownership plans to invest about $7 million in capital improvements and rebrand the property as Rise Fossil Creek. The seller and sales price were not disclosed.
SAN ANTONIO — Byline Bank has provided a $14 million construction loan for a 257,000-square-foot industrial project in San Antonio. The 16-acre site is located near the intersection of Rittiman Road and Woodlake Center Drive on the city’s northeast side. The rear-load building will feature 32-foot clear heights and dedicated trailer parking. The borrower is a joint venture between TradeLane Properties and Phelan Development Co. A tentative completion date was not disclosed.