Texas

InterFace Panel: Deal Size, Institutional Capital, Infrastructure Have Fueled DFW Industrial Growth

by Taylor Williams September 19, 2019

DALLAS — Over the last decade, the Dallas-Fort Worth (DFW) industrial market has transitioned from the middle of the pack of major U.S. industrial markets to Tier-1 status in terms of leasing and development, and the drivers extend beyond job and population growth. So went the opening conversation of the development panel of the InterFace DFW Industrial conference, held Sept. 4 at the Westin Galleria hotel and attended by more than 200 industry professionals in its first year of existence. Moderated by Keith Holley, partner at Method Architecture, the panel wasted no time in providing quantitative evidence of DFW’s emergence as a leading industrial market. Panelist Tony Creme, senior vice president at Hillwood, backed this assertion by pointing out that since the recession, the market has averaged about 25 million square feet of new deliveries per year. That rate of development puts DFW on pace to exceed 1 billion square feet by 2021, joining Chicago, Philadelphia and Los Angeles as the only U.S. markets with that much inventory. “We’ve got about 36 million square feet of product under construction, which is about 40 percent preleased,” said Creme, citing numbers from CoStar Group. “That’s helping to temper development a little bit. …

September 19, 2019

Civic Development Industrial Texas

Houston Waterworks Underway on $1.7B Water Treatment Plant Expansion

by Taylor Williams September 18, 2019

HOUSTON — The Houston Waterworks Team is underway on the expansion of the Northeast Water Purification Plant, a project valued at approximately $1.7 billion. The project aims to shift a growing population’s reliance on groundwater to surface water and represents the largest design-build project for a water treatment plant that is underway in the country. The team has tapped McCarthy Building Cos. for several aspects of the larger project, which is expected to be fully operational by early 2025. McCarthy will construct a 30,000-square-foot raw water intake pump station building as well as a central plant as part of its involvement.

September 18, 2019

Development Industrial Texas

Kroger, Ocado to Open 350,000 SF Fulfillment Center in Dallas, Create 400 Jobs

by Taylor Williams September 18, 2019

DALLAS — A partnership between The Kroger Co. and online grocery retailer Ocado Solutions will open a 350,000-square-foot fulfillment center off Interstate 20 in Dallas, a project that is expected to create about 400 new jobs. Construction is slated to begin in early 2020, and the facility is expected to be operational within 24 months of the groundbreaking. JLL’s Terry Darrow, Elizabeth Jones, Forshey Hoobler and Brian Leonard represented Kroger in the land acquisition. CBRE’s Nathan Lawrence and Krista Raymond represented the seller, Ridgeline. Kroger and Ocado have two similar facilities in development in Monroe, Ohio, and Groveland, Fla. Additional facilities are planned for metro Atlanta and the Mid-Atlantic region.

September 18, 2019

Development Multifamily Texas

LMC Opens 326-Unit Apartment Community in Metro Houston

by Taylor Williams September 18, 2019

KATY, TEXAS — LMC, a multifamily developer and operator that is a subsidiary of Miami-based Lennar Corp., has opened The Maddox, a 326-unit apartment community located adjacent to Memorial Hermann Katy Hospital on the western outskirts of Houston. Floor plans consist of one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, ceramic tile backsplashes, walk-in closets and smart thermostats. Amenities include a pool, fitness center, an outdoor grilling and gaming area, a community lounge with a bar and workspaces, beer garden and a dog park.

September 18, 2019

Industrial Leasing Activity Texas

CBRE Negotiates 60,000 SF Industrial Lease in Tulsa

by Taylor Williams September 18, 2019

TULSA, OKLA. — CBRE has negotiated a 60,000-square-foot industrial lease at 5402 S. 129th East Avenue in Tulsa for an undisclosed warehouse and distribution tenant. David Glasgow, Matt Klimisch and Alex Powell of CBRE represented the landlord, Boardwalk 55 LLC, in the lease negotiations. The property, which is now fully leased, spans 200,000 square feet and features 28-foot ceiling heights, 20 dock-high doors and two drive-in doors.

September 18, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Arranges $10.4M Sale of Houston Manufactured Housing Community

by Taylor Williams September 18, 2019

HOUSTON — Marcus & Millichap has arranged the $10.4 million sale of Royal Coach Village Mobile Home Park, a 24.4-acre manufactured housing community in Houston. Jeff Taylor, Douglas Danny and Braeden Jehle of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also an undisclosed limited liability company. The asset generated nine offers in less than 30 days on the market and sold at more than 100 percent above the listing price.

September 18, 2019

Development Industrial Texas

Amazon to Open Regional Air Hub at AllianceTexas in October, Create 300 Jobs

by Taylor Williams September 17, 2019

FORT WORTH, TEXAS — Amazon will open a regional air hub at Fort Worth Alliance Airport in October, a move that is expected to bring 300 new full-time jobs to the region. The build-to-suit project is the first of its kind in the Amazon Air network and will support the Seattle-based e-commerce company’s larger-scale regional needs, including sortation capability and infrastructure to handle multiple flights daily.

September 17, 2019

Development Multifamily Texas

Leon Capital Begins Leasing 415-Unit Apartment Community in Richardson

by Taylor Williams September 17, 2019

RICHARDSON, TEXAS — Locally based developer Leon Capital Group has begun leasing Society 190, a 415-unit multifamily community located off President George Bush Turnpike in Richardson, a northeastern suburb of Dallas. The property, construction of which is nearing completion, will feature one-, two- and three-bedroom units ranging in size from 680 to 1,450 square feet. Rents start at $1,275 per month. Amenities include a pool, fitness center, game room, outdoor kitchen and coworking office space.

September 17, 2019

Development Multifamily Texas

Presidium Breaks Ground on 408-Unit Multifamily Project in Fort Worth

by Taylor Williams September 17, 2019

FORT WORTH, TEXAS — Multifamily developer Presidium has broken ground on Presidium at Revelstoke, a 408-unit project located within Alliance Town Center in north Fort Worth. The property will be situated on 17.2 acres and will offer amenities such as a pool, outdoor grilling and gaming area, fitness center, dog park, playground and electric car charging stations. O’Brien Architects is designing the project, and Kimley-Horn is the civil engineer. Provident General Contractors is handling construction, which is expected to be complete in the second half of 2020.

September 17, 2019

Development Industrial Texas

KDC to Develop 200,000 SF Manufacturing Facility for Raytheon in McKinney, Texas

by Taylor Williams September 17, 2019

MCKINNEY, TEXAS — KDC will develop a 200,000-square-foot manufacturing facility for Raytheon at the defense contractor’s Space & Airborne Systems headquarters in the northern Dallas suburb of McKinney. The project, construction of which is slated for a late 2020 completion, is expected to bring 500 new jobs to McKinney. In 2014, KDC delivered a 489,000-square-foot office complex for Raytheon at CityLine in Richardson.

September 17, 2019

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