DAYTON, TEXAS — OmniSource LLC, a subsidiary of Steel Dynamics, has acquired 55 acres within Gulf Inland Logistics Park, a 2,400-acre master-planned development located in the northeastern Houston suburb of Dayton, with plans to construct a new recycling facility. John Littman, Kelley Parker III and Coe Parker of Cushman & Wakefield represented the seller, Liberty Development Partners, in the disposition of the land. Michael Keegan and Andrew Laycock of Partners Real Estate represented OmniSource. A construction timeline was not disclosed.
CYPRESS, TEXAS — Fort Worth-based owner-operator Trademark Property Co. has purchased 37 acres in the northwestern Houston suburb of Cypress for the construction of a mixed-use project. The site is located within the 1,300-acre Dunham Pointe master-planned development, and preliminary plans for the project call for 225,000 square feet of retail, restaurant and entertainment space and 500 apartments. Trademark plans to start construction in the second quarter of 2025 and open the development in late 2026 or early 2027.
HOUSTON — Locally based brokerage firm Fritsche Anderson Realty Partners has negotiated the sale of an 84,000-square-foot office building that sits on a 4.8-acre site at 509 N. Sam Houston Parkway E in North Houston. According to LoopNet, the building rises six stories and was originally constructed in 1984 and renovated in 2021. Brandon Wuntch, Drew Altmann and Jim McGonigle of Fritsche Anderson represented the undisclosed buyer in the transaction. The seller and sales price were also not disclosed.
DALLAS — Two new tenants have joined the roster at Alpha Plaza, a 76,229-square-foot retail center located in Dallas. Sherlock’s Escape Rooms and The Aussie Grind Provisions will occupy 4,800 and 2,177 square feet, respectively, with both operators slated to open before the end of the year. Melanie Hughes and Erik Blais of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Kennington Alpha Plaza LLC, in the lease negotiations. The tenant representatives were not disclosed.
AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has topped out Grand Living at The Grove, a five-story, 213-unit seniors housing project in Central Austin. The 348,353-square-foot building will house 177 independent and assisted living apartments, as well as 36 memory care apartments. Grand Living at The Grove will feature studio, one- and two-bedroom apartments that will range in size from 450 to 1,600 square feet. Ryan Cos. is co-developing the project with Grand Living and Castletop Capital. PACE Loan Group and Bankers Trust provided financing for the project. Construction began about a year ago, and delivery is slated for early 2025.
MANSFIELD, TEXAS — Five restaurants have signed new leases at The Shops at Broad, a retail center located in the southern Fort Worth suburb of Mansfield. Portillo’s, Outback Steakhouse, Carrabba’s Italian Grill, BoomerJack’s Grill & Bar and Chuy’s are all scheduled to open late next year at the property. Sam Kartalis of Younger Partners and John Weber of Weber & Co. arranged the leases on behalf of the landlord, Trez Capital, which acquired the property earlier this year.
MCKINNEY, TEXAS — Lee & Associates has negotiated a 65,811-square-foot industrial lease at 801 Harry McKillop Blvd. in the northern Dallas suburb of McKinney. The building is located within McKinney National Business Park. Brett Lewis of Lee & Associates represented the tenant, Robert Madden Industries, a wholesale distributor of heating and air conditioning products, in the lease negotiations. Randy Touchstone and Kodie Comby of JLL represented the landlord, Transwestern Development Co.
MISSOURI CITY, TEXAS — EoS Fitness has signed a 40,000-square-foot lease at Fort Bend Town Center, a 144-acre retail development by NewQuest Properties in Missouri City, about 20 miles southwest of Houston. Jason Baker of Baker Katz represented EoS Fitness, which is aiming to open late next year, in the lease negotiations. Bob Conwell and Andrew Alvis represented NewQuest on an internal basis. Other tenants at Fort Bend Town Center include Burlington, Ross Dress for Less, Ulta Beauty, Cava, Petco and Five Below.
HOUSTON — Marcus & Millichap has brokered the sale of Bellfort Plaza, a 16,241-square-foot retail property in southwest Houston. According to LoopNet Inc., the property was built in 2004. James Bell, Watt Harrison and Luke Stavinoha of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer and sales price were also not disclosed.
By Taylor Williams The growth story of Central Texas is compelling enough that commercial developers and investors are still aggressively targeting the region, even as costs of doing business hit the roof. In fact, both cities recently cracked the Top 10 on Urban Land Institute’s list of markets to watch in the organization’s Emerging Trends report for 2024. To dispense with the bad and obvious, the region — loosely defined as the swath of land bookended by the Austin and San Antonio metro areas — is not exempt from wide-ranging industry headwinds. Newer trends like working from home, as well as entrenched issues like a shortage of affordable housing and crushing interest rates, impact deals and projects in high-growth markets perhaps even more harshly than their smaller counterparts. This is simply due to the principles of supply and demand. Further, the region faces homegrown challenges stemming from a decade-plus of hyper-accelerated expansion, namely a skyrocketing cost of living and insufficient infrastructure to support demand from tenants and residents. But the fundamentals of job and population growth remain so robust in Central Texas that buyers and builders, particularly within the industrial and multifamily spaces, can still invest and develop in this …