Texas

Lee & Associates Negotiates 442,035 SF Industrial Lease for Best Choice Products in Metro Dallas

by Taylor Williams November 6, 2020

MESQUITE, TEXAS — Lee & Associates has negotiated a 442,035-square-foot industrial lease in the eastern Dallas suburb of Mesquite for Best Choice Products, an e-commerce firm that provides home furniture and other consumer goods. The company’s new fulfillment and distribution center will be located at 5151 Samuell Blvd., which is located near Interstate 30 and includes 7,600 square feet of office space. Reed Parker of Lee & Associates represented Best Choice Products in the lease negotiations. Nick Thomas represented the landlord, Prologis, on an internal basis. Nathan Orbin, Kurt Griffin and Ann Jaggers of Cushman & Wakefield marketed the property on behalf of Prologis. Best Choice Products has already hired 30 employees as part of the effort to make the facility operational in time for the holiday shopping season. The Tustin, Calif.-based firm expects to hire another 50 workers on a temporary, seasonal basis.

November 6, 2020

Acquisitions Multifamily Texas

JLL Brokers Sale of 262-Unit Willow Ridge Apartments in Southwest Houston

by Taylor Williams November 6, 2020

HOUSTON — JLL has brokered the sale of Willow Ridge Apartments, a 262-unit multifamily community located near Texas Medical Center in southwest Houston. Built in 1977, the property features one-, two- and three-bedroom units and amenities such as a pool, business center and a clubhouse. Joey Rippel, Chris Young and Kyle Whitney of JLL represented the seller, Houston-based Sentinel Capital LLC, in the transaction. Laura Sellingsloh of JLL originated a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of the buyer, Alfa TX Investment Group. Willow Ridge has had an average occupancy rate of 93 percent over the past five years.

November 6, 2020

Industrial Leasing Activity Texas

Dot It Restaurant Fulfillment Signs 134,272 SF Industrial Lease in Arlington

by Taylor Williams November 6, 2020

ARLINGTON, TEXAS — Dot It Restaurant Fulfillment has signed a 134,272-square-foot industrial lease at 4200 Empire Road in Arlington. The company is more than doubling its footprint of 60,000 square feet at its previous space at 2001 E. Randol Mill Road. Luke Davis and Matt Dornak of Stream Realty Partners represented the landlord, ML Realty Partners, in the lease negotiations. John Brewer and Riley Maxwell of Transwestern represented Dot It, which provides food safety products and print fulfillment solutions for the food and beverage industry.

November 6, 2020

Loans Multifamily Student Housing Texas

Marcus & Millichap Arranges Acquisition Loan for 475-Bed Student Housing Property in Stillwater, Oklahoma

by Taylor Williams November 6, 2020

STILLWATER, OKLA. — Marcus & Millichap has arranged a bridge loan of an undisclosed amount for the recapitalization and acquisition of a 475-bed student housing property located one block from Oklahoma State University in Stillwater. Todd McNeill and Jacob Rich of Marcus & Millichap arranged the 36-month, nonrecourse loan on behalf of the undisclosed borrower. The name of the property and direct lender were also not disclosed.

November 6, 2020

Development Office Texas

CMS Properties Breaks Ground on 84,000 SF Office Project in Lubbock

by Taylor Williams November 6, 2020

LUBBOCK, TEXAS — Locally based developer CMS Properties Inc. has broken ground on an 84,000-square-foot office project at 5107 82nd St. in Lubbock. The four-story, Class A building will feature 21,000-square-foot floor plates, suites that are divisible to 5,000 square feet and views that overlook Lakeridge Country Club. Coldwell Banker Commercial Capital Advisors is handling leasing for the project, which is expected to be complete in the first quarter of 2021.

November 6, 2020

Development Hospitality Texas

Satya Breaks Ground on Dual Hyatt-Branded Hotel Totaling 298 Rooms in Houston

by Taylor Williams November 5, 2020

HOUSTON — Locally based development and consulting firm Satya has broken ground on a dual Hyatt-branded hotel at 7329 Fannin St. in Houston. The site is located in a Qualified Opportunity Zone within the Texas Medical Center and will house a 159-room Hyatt Place hotel and a 139-room Hyatt House hotel within a 14-story building. Shared amenities will include multiple dining venues, two bars, a lobby workstation, pool and a fitness center. The project team include Dallas-based architecture firm G2 and general contractor E.E. Reed & Associates. IBC Bank provided financing for construction, which is expected to be complete in 2022.

November 5, 2020

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 190,000 SF Industrial Lease in Fort Worth

by Taylor Williams November 5, 2020

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 190,000-square-foot industrial lease at 2601 Sylvania Cross Drive in Fort Worth. According to LoopNet Inc., the property was built in 2003. Thomas Grafton and Matt Carthey of Holt Lunsford Commercial represented the tenant, packaging firm Global Co Pak LLC, in the lease negotiations. Andrew Ward with Mercantile Partners represented the landlord.

November 5, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 176,645 SF Industrial Portfolio in DFW

by Taylor Williams November 5, 2020

IRVING AND ALLEN, TEXAS — Marcus & Millichap has arranged the sale of the Royal Cornerstone Portfolio, which consists of two buildings in the DFW metroplex totaling 176,645 square feet. One of the properties is located in Irving, and the other is located in the northeastern suburb of Allen. The subject properties are situated on a combined 11.3 acres and were built in 1997 and 2000. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

November 5, 2020

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers $8.1M Sale of Fort Worth Industrial Building Leased to FedEx

by Taylor Williams November 5, 2020

FORT WORTH, TEXAS — Lee & Associates has brokered the $8.1 million sale of a 92,450-square-foot industrial building in Fort Worth that is leased to FedEx. The property was constructed on 10.4 acres in 1998 as a build-to-suit, and FedEx has occupied the entirety of the building since that time. Ryan Barr and Ryan Bennett of Lee & Associates represented the locally based seller in the transaction. Cushman & Wakefield represented the buyer, California-based MH Sherman Co., which acquired the asset via a 1031 exchange.

November 5, 2020

Acquisitions Retail Texas

RMM Properties Buys 39,038 SF Retail Center in Southeast Houston

by Taylor Williams November 5, 2020

HOUSTON — Locally based investment firm RMM Properties LLC has purchased Centre South, a 39,038-square-foot retail center located at 11030 Kingspoint Road in southeast Houston. Built in 1970 and renovated in 2018, the property was 79 percent leased at the time of sale to tenants such as Sherwin-Williams, Brown Sugar BBQ and Club Rumba. In addition, new leases have been signed in 2020 with Southside Driving School, Internet Café and event planning firm La Fleur of Houston. Kelley Workman, David Luther and Dakota Workman of NewQuest Properties represented the seller, Community Commercial Properties II LLC, in the transaction. Kelley Workman also sourced and represented the buyer.

November 5, 2020

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