PASADENA, TEXAS — NAI Partners has negotiated a 295,134-square-foot industrial lease at Bayport South Business Park, which is located near Port Houston in Pasadena. According to propertyshark.com, the development was built on 41.5 acres in 2020 and totals 642,994 square feet. Chris Haro of NAI Partners represented the tenant, freight transit company Frederick Trucking, in the lease negotiations. Richard Quarles, March Nicholas and Jarret Venghaus of JLL represented the undisclosed landlord.
MCKINNEY, TEXAS — Metro Philadelphia-based investment firm Morgan Properties has purchased parcHaus at Skyline, a 136-unit single-family rental community located on the northern outskirts of Dallas in McKinney. The newly built community features one-, two- and three-bedroom homes with garages and private backyards. The amenity package comprises a pickleball court, pool, dog park and a business center. Dallas-based Provident Realty Advisors sold the property for an undisclosed price. Morgan Properties has rebranded the community as Elevate at Skyline.
MOORE, OKLA. — SRS Real Estate Partners has arranged the $10 million sale of a 53,872-square-foot shopping center in Moore, a southern suburb of Oklahoma City. The property was built on 5.5 acres in 2018 and was 93 percent leased at the time of sale to tenants including Ulta Beauty and Burlington. Chris Tramontano and Aaron Johnson of SRS represented the seller, an entity doing business as BlueCiel Oklahoma LLC. Agree Realty, a publicly traded REIT, purchased the asset.
FORT WORTH, TEXAS — Locally based developer The Woodmont Co. has broken ground on a 41,217-square-foot medical office building in Fort Worth. The Diabetic & Thyroid Center of Fort Worth will occupy 14,000 square feet of the property, which was designed by Bennett Benner Partners and will be built by Dennett Construction. The site includes an additional pad site for development and lease. Construction is slated for a January 2023 completion. Dodson Commercial Real Estate has been tapped to lease the remaining space.
By Andy Moreno, director of operations, MIMCO; and McGee Sauls, senior vice president, MIMCO Historically, the El Paso market has often been overlooked, primarily due to its distance from other major Texas markets. However, that sentiment is shifting rapidly due to strong economic and population growth. While an accurate figure is difficult to pin down, the number of new entries and expanding franchises within the market has exploded in recent years. “As recently as 2015, national and regional operators were only beginning to recognize the sales potential of the El Paso market and just how underserved the growing population had become,” states Scott Walker, president of MIMCO. “Competition was limited, which led to advantages for existing operators. The landscape shifted dramatically due to the pandemic; since the second quarter of 2020, new retail categories have become active,” he continues. “Marketing quality sites generally leads to multiple offers from competing operators including car washes, lube shops, coffee shops and quick-service restaurants. We love to see this variety move into our market and drive competition for the next great location.” Market competition is advantageous and a key driver of innovation. Retailers use competition to discover and adopt the most efficient processes that …
FRISCO, TEXAS — The Teachers Insurance and Annuity Association (TIAA) will open a corporate center in Frisco, a move that is expected to create about 2,000 new jobs and constitute a capital investment of approximately $58 million. The site will be located within The Star, the Dallas Cowboys’ 91-acre headquarters and training campus. Founded in 1918, TIAA provides insurance and financial services to employees in the academic, research, medical and governmental fields. The organization, which did not provide a timeline for the move, cited the workforce demographics of North Texas, as well as the amenities at The Star, as major factors behind its specific site selection.
DALLAS — Global investment firm KKR has acquired TCC Altamoore, an approximately 616,000-square-foot industrial park in Dallas, from Trammell Crow Co. for an undisclosed price. Built in 2021, TCC Altamoore consists of a 298,168-square-foot building and a 206,917-square-foot building that are fully leased to undisclosed, publicly traded companies. The third building spans 110,960 square feet and is currently being marketed for lease. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal on behalf of Trammell Crow Co.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Timberhill Commons, a 340-unit apartment community in northwest San Antonio. Built in 2020 on a 21.5-acre site on the city’s northwest side, the garden-style property offers studio, one-, two- and three-bedroom units with an average size of 820 square feet. Residences include full-size washers and dryers and private patios/balconies. The amenity package comprises a pool, fitness center, dog park, business center, game room, social lounge, coffee bar and outdoor grilling and dining areas. Will Balthrope and Drew Garza of IPA represented the seller, a partnership between San Antonio-based White-Conlee Builders and Palatine Capital Partners, in the transaction. The duo also procured the buyer, Atlanta-based Dreamstone Investments.
SAN ANTONIO — Lument has provided a $16 million bridge loan for the acquisition of Palazzo, a 92-unit apartment complex in San Antonio. The property was built as a 100-unit condo development in 2008, but with only eight units sold upon completion, ownership converted the residences to rentals. Today, Palazzo consists of 10 buildings on a 4.3-acre site that house 20 one-bedroom, 48 two-bedroom and 24 three-bedroom units. Amenities include a fitness center, business center and a dog park. Phil Frasca of Lument originated the financing, which was structured with a floating interest rate, three-year term and two 12-month extension options. The borrower was not disclosed.
LEWISVILLE, TEXAS — U.S. Foam Corp., a provider of foam rubber products, has sold a 43,904-square-foot industrial building located at 720 E. State Highway 121 in Lewisville, a northern suburb of Dallas. The property was built in 1960 and expanded in 1972. Nathan Denton and Jeremy Mojica of Lee & Associates represented U.S. Foam Corp., which has occupied the property since 1991, in the transaction. Rich Young Jr. with Rich Young Co. represented the undisclosed buyer.
