ARLINGTON, TEXAS — Stonelake Capital Partners, a private equity firm with offices in Austin, Houston and Dallas, has purchased a 56,960-square-foot industrial building located at 616 111th St. in Arlington. According to LoopNet Inc., the property was built in 1981 and features 20-foot clear heights. Mark Graybill and Colton Rhodes of Lee & Associates brokered the deal. The seller was not disclosed.
SAN ANTONIO — Marcus & Millichap has arranged the sale of a 64,033-square-foot land tract at 4616 San Pedro Ave. in San Antonio. According to CoStar Group, the new ownership intends to demolish the existing structures by the end of the year and build a self-storage facility. Jon Danklefs of Marcus & Millichap represented the seller in the land deal.
IRVING, TEXAS — Perot Development Co. will build a 2.4 million-square-foot industrial park on a 196-acre tract located at the eastern end of Dallas-Fort Worth International Airport. The site, which is located near the regional hubs of FedEx and UPS, fronts the George Bush Turnpike and connects to a Dallas Area Rapid Transit (DART) station. The project is expected to break ground by March 2019 and will deliver four buildings that are anticipated to be available for lease by 2020. Halff Associates is serving as the project architect and civil engineer, and Peinado Construction will be the general contractor.
DALLAS — Florida-based hospitality REIT Chatham Lodging Trust (NYSE: CLDT) has acquired the 167-room Courtyard by Marriott Downtown Dallas for $49 million. The 12-story hotel, which opened in September, features 3,500 square feet of meeting space and a rooftop restaurant and bar. Island Hospitality Management will manage the property, the seller of which was not disclosed.
SAN ANTONIO — Missouri-based self-storage owner-operator StorageMart has purchased a facility located on Braun Road in northwest San Antonio. The property totals 72,000 square feet of net rentable space across 500 units, 212 of which are climate-controlled. The property also offers 23 parking spaces for rent. The new ownership will upgrade the facility’s security systems and fencing. The seller was not disclosed.
MIDLAND, TEXAS — Minneapolis-based general contractor Adolfson & Peterson Construction (AP) has delivered a new, 70,000-square-foot regional office for oil and gas firm Apache Corp. in the West Texas city of Midland. Designed by Kirksey Architecture, the property offers amenities such as a cafeteria, fitness center, childcare center, meeting space and a health clinic. Construction began in July 2017.
PLANO, TEXAS — Coworking firm Spaces, which was founded in Amsterdam, will open a 31,152-square-foot space at West Plano Village on the northern outskirts of Dallas. The space is scheduled to open in late summer 2019. Fults Commercial and Weitzman, the latter of which manages the retail and office space at West Plano Village, handled lease negotiations for the landlord. CBRE represented Spaces.
FRISCO, TEXAS — The PGA of America will move its headquarters from South Florida’s Palm Beach County to Frisco, where it will anchor a 600-acre, mixed-use development. The organization’s initial investment in the northern Dallas suburb will exceed $500 million, while the overall economic impact of the move will exceed $2.5 billion over the next 20 years. The PGA’s new headquarters will include two championship golf courses, a short course and practice areas totaling 45 holes, as well as a clubhouse, Class A office space, 500-room Omni Hotel, 127,000-square-foot conference center and a retail village. A joint venture between Omni Hotels & Resorts, Stillwater Capital and Woods Capital will purchase the land and construct the hotel, conference center, retail space and golf courses. The golf courses are expected to open in summer 2022. The hotel, convention center and other facilities are expected to open within six months of that date.
WILMER, TEXAS — Chicago-based Logistics Property Co. LLC (LPC) has purchased Southport Logistics Park, a 252-acre industrial park located in the southern Dallas suburb of Wilmer. The site, which is located one mile from Interstate 45 and the Union Pacific Intermodal, currently houses 1.5 million square feet across two buildings. LPC intends to expand the park to ultimately feature more than 8.6 million square feet of Class A space. CBRE will market the project for lease.
LEWISVILLE, TEXAS — Dallas-based Leon Capital Group will develop Lakeyard District, a 364-unit multifamily community that will be located in the northern Dallas metro of Lewisville. Situated on 15.2 acres, the Class A property will offer one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling area, fitness center, dog park and TV lounges. LG Wade is the general contractor for the project and BGO Architects is handling design. Preleasing is expected to begin in August. The first units are slated for a November 2019 delivery.