AUSTIN, TEXAS — General contractor McCarthy Building Cos. has topped out the new 365,000-square-foot Texas Children’s Hospital in Austin, construction of which began last summer. The 52-bed facility will provide a range of services for women and children, including neonatal intensive care, pediatric intensive care, postpartum care, diagnostic imaging, acute care and urgent care. The hospital will also have an adjacent, 170,000-square-foot outpatient building that will house specialty care providers and a 1,200-space parking garage. Full completion is slated for 2024.
PLANO, TEXAS — J.C. Penney has signed a 318,067-square-foot office headquarters lease at CalWest, a 1.8 million-square-foot office building located within Legacy West in Plano. The 86-acre campus offers a full-service fitness club, conference center, daycare facility and a food court/dining hall. According to The Dallas Morning News, the campus served as J.C. Penney’s headquarters from 1992 until 2020, at which point the company vacated the premises while dealing with bankruptcy proceedings. The retailer expects to take occupancy of its new space this fall. Michael Brigance and Teddy Childers represented the landlord, Capital Commercial Investments, in the lease negotiations on an internal basis.
TEMPLE, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged $18.4 million in joint venture equity and acquisition financing for a 53-bed healthcare facility located in the Central Texas city of Temple. Kevan McCormack of MMCC arranged the debt portion of the financing through an undisclosed community bank on behalf of the undisclosed borrower, which intends to use a portion of the proceeds to convert the building into a long-term acute care hospital. California-based KPC Health will operate the facility upon completion of this project.
LONGVIEW, TEXAS — Fort Worth-based developer The Woodmont Co. has broken ground on a 1,400-square-foot retail project for Starbucks in Longview, located about 120 miles east of Dallas. The new coffee shop will be situated at the site of a former gas station and will be devoid of any indoor dining space. Shell construction of the building is scheduled to be complete in June.
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Build-to-Rent Planning and Entitlements: How to Avoid Challenges
The build-to-rent (BTR) property type has gained significant traction in the commercial real estate market due to increasing interest from tenants, investors and developers. Developers moving into the BTR market before 2020 originally focused on this sector as an “in between” product for future home buyers who weren’t ready to commit to a single location but wanted additional space and amenities. The pandemic fueled tenants’ desires for more privacy and space without the long-term commitment of homeownership, which ignited growth in the sector. As costs for single-family homes continue to rise, the BTR niche also increasingly attracts would-be homeowners who are priced out of the homebuying market — and the growing demand for BTR properties draws the attention of more and more investors and developers. But not all stakeholders are immediately on board with development of BTR properties. The concept is rather new in some markets and local communities have questions about the zoning and operation of these hybrid communities, which are an intriguing mix of single-family concept and multifamily operations. Developers often need to educate municipalities about the BTR concept — and they need to plan BTR properties that work for the local community. This is where Bohler — a land …
ROWLETT, TEXAS — Locally based developer Zale Properties will build The View at Sapphire Bay, a 394-unit lakefront multifamily project that will be located in Rowlett, a northeastern suburb of Dallas. Units will be available in one-, two- and three-bedroom formats and will have an average size of 941 square feet. Interiors will be furnished with stainless steel appliances, quartz/granite countertops, full-size washers and dryers and private balconies. Amenities will include a pool, coworking space, game rooms, fitness center, pet spa, garden courtyard and kitchen and a landscaped picnic area. Completion is slated for May 2024. John Brownlee and Wilson Bauer of JLL arranged $58.3 million in fixed-rate construction financing through Principal Global Investors on behalf of Zale Properties.
AUSTIN, TEXAS — New York-based investment firm Clarion Partners has acquired a 354-unit apartment community located at the entrance to The Domain in North Austin. Completed earlier this year, Modera Domain offers studio, one- and two-bedroom units with an average size of 846 square feet. Amenities include a pool, fitness center, outdoor grilling and dining areas, dog park and a resident lounge, as well as coworking and private workspaces. Patton Jones and Andrew Dickson of Newmark represented the seller, a joint venture between Mill Creek Residential and PGIM, in the transaction.
FORT WORTH, TEXAS — Car parts manufacturer Westin Automotive Products has signed 128,400-square-foot industrial lease renewal at Railhead Industrial Park, a 633-acre development in Fort Worth. The rail-served park is located on the city’s north side. Reid Bassinger of Lee & Associates represented the tenant in the lease negotiations. Matt Carthey and George Jennings of Holt Lunsford Commercial represented the landlord, James Campbell Co.
WOODWAY, TEXAS — Dallas-based brokerage firm SHOP Cos. has negotiated the sale of Crossroads West Shopping Center, a 36,864-square-foot retail center in Woodway, a suburb of Waco. The property is situated adjacent to an H-E-B grocery store and was approximately 97 percent leased at the time of sale. Tim Axilrod of SHOP Cos. represented the seller, a Texas-based limited liability company, in the transaction. The buyer and sales price were not disclosed.
HOUSTON — NAI Partners has brokered the sale of a 26,125-square-foot warehouse located at 6927 Brittmoore Road in northwest Houston. According to LoopNet Inc., the single-tenant property was built in 2006, renovated in 2015 and features 30-foot clear heights. Zane Carman and Clay Pritchett of NAI Partners represented the seller, an entity doing business as Brittmoore Properties LLC, in the transaction. Jack Gaffney of Finial Group represented the undisclosed buyer.