ADDISON, TEXAS — EoS Fitness has preleased a 37,292-square-foot anchor retail space at Addison Town Center, a retail power center located on the northern outskirts of Dallas. Ben Terry, Matt Luedke and Bernard Shaw of Weitzman represented the undisclosed landlord in the lease negotiations. Jack Breard with Segovia Partners represented EōS Fitness, which plans to open in 2025. Other tenants at Addison Town Center include Target, Kroger, Ross Dress for Less and PetSmart.
HOUSTON — Partners Real Estate has negotiated a 16,764-square-foot industrial lease in West Houston. According to LoopNet Inc., the building at 3630-3668 Westchase Drive was constructed in 1981 and totals 48,148 square feet. Jon Silberman and Pierce Beyer of Partners represented the tenant, scientific equipment supplier Tecmag, in the lease negotiations. Boone Smith of Stream Realty Partners represented the landlord, Link Logistics Real Estate.
DALLAS —Secondhand Auto Parts has signed a 5,721-square-foot industrial lease in northwest Dallas. The site is located within Bickham Industrial Park, a five-building, 90,016-square-foot development. Jason Finch and Michael Spain of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Bickham EPA LLC, in the lease negotiations. The tenant representative was not disclosed.
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How to Clear Affordable Housing’s Construction Financing Hurdle
Developers are finding it tougher than ever to finance affordable housing. And often, the biggest hurdle for the sector’s borrowers involves construction — either obtaining that initial loan at a manageable cost or qualifying for take-out financing after a protracted construction period — which has strained resources and delivery schedules for a number of developments. Limitations on rent increases make the industry especially vulnerable to rising costs, and expenses today have risen precipitously across the board. Rents have also grown, but not on pace with construction and operating costs driven up by inflation, wage pressures, soaring insurance premiums and a series of interest rate hikes, observes Tracy Peters, a senior managing director on Lument’s affordable housing production team. “Borrowers are squeezed by a number of things in this marketplace,” Peters says. “The fed funds rate climbing 5 percent over the last two years means the interest rates on construction loans have basically come up 5 percent or more over that time. Now folks who had budgeted for a much lower interest rate — if they are still in construction mode — are trying to figure out how to deal with these higher interest rates.” At the same time, the …
SAN ANTONIO — Denver-based owner-operator H5 Data Centers will undertake an expansion project at its San Antonio campus, which is located at 100 Taylor St. in the downtown area. The expansion will add turnkey colocation space that can support an additional 340 cabinets and up to 1.5 megawatts of additional power capacity. A construction timeline was not disclosed. The campus currently consists of two buildings totaling 85,000 square feet.
DALLAS — Partners Real Estate has negotiated a 13,410-square-foot industrial lease in the Dallas Design District. According to LoopNet Inc., the single-tenant property at 2050-2062 Irving Blvd. was built in 1952 and renovated earlier this year. Building features include 14-foot clear heights and two drive-in bays. Hanes Chatham Jr. of Partners represented the landlord, an entity doing business as 2050 Irving Blvd., in the lease negotiations. DeAnna Green of Nydan Group represented the tenant, The Blueprint University.
MISSOURI CITY, TEXAS — CoCo Bella Beauty Supply will open a 12,530-square-foot store at Fort Bend Town Center, a 144-acre retail development by NewQuest Properties in Missouri City, roughly 20 miles southwest of Houston. Bob Conwell and Andrew Alvis represented NewQuest on an internal basis in the lease negotiations. Joanna Temple Johnston of Temple Commercial Realty represented Coco Bella. The opening is slated for February.
PLANO, TEXAS — Cybersecurity firm Intrusion has signed a 10,705-square-foot office lease at Plano Tower, a 225,445-square-foot building located on the northern outskirts of Dallas. The building houses amenities such as a recently upgraded lobby and conference center, as well as a fitness center and a deli. Chris Mathis of Newmark represented the tenant in the lease negotiations. Boxer Property Group owns the building.
FARMERS BRANCH, TEXAS — Toshiba America Business Solutions Inc. has renewed its lease for 9,569 square feet of industrial flex space at 4350 Spring Valley Road in the northern Dallas metro of Farmers Branch. Jason Finch of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as SB Tech Center LLC, in the lease negotiations. Brooke Benedict of Colliers represented the tenant.
SOUTHLAKE, TEXAS — A partnership between Constellation Real Estate Partners and Northwestern Mutual has acquired 33.7 acres in Southlake, located just outside the Dallas-Fort Worth International Airport campus, for the development of a 546,330-square-foot industrial project. Designed by Dallas-based Meinhardt & Associates, Constellation Mustang Crossing will comprise four buildings that will range in size from 102,957 to 188,132 square feet. Building features will include 28- to 32-foot clear heights, ESFR sprinkler systems and LED lighting. Joey Tyner and Tom Dosch of Dosch Marshall Real Estate represented Constellation in its purchase of the land. JLL will market the project for lease. Construction is scheduled to begin in the first quarter of next year and to last about 12 months.