Author: Mia Goulart

Mohr Capital closes on Tesla industrial facility in San Antonio

Posted on by Mia Goulart

Mohr Capital, a privately held real estate investment firm, has added the 439,809-square-foot Foster Ridge II industrial property to its portfolio. The deal closed in March 2023. 

Foster Ridge II is located at 7015 Lancer Blvd., San Antonio, Texas 78219 and was built in 2022. The building is fully leased to Tesla. 

The property is a 36-foot clear cross-dock warehouse in one of the best industrial submarkets of San Antonio, where rents have continued to grow past $6 per square foot. 

Mohr Capital purchased the property from Becknell Industrial. JLL’s Dustin Volz, Dom Espinosa and Trent Agnew represented the seller. Rodrigo Godoi negotiated the transaction on behalf of Mohr Capital. 

DFW Metro ranks 2nd Top Metro in U.S. for Corporate Relocation and Site Selection

Posted on by Mia Goulart

For the 10th consecutive year, Site Selection Magazine has named Chicagoland the Top Metro in the U.S. for Corporate Relocation and Site Selection, as announced earlier this month.

According to Choose DuPage, Site Selection Magazine reported that the Chicago-Naperville-Elgin market saw a record number of new and expanding projects (448) which is more than any other region in the U.S.

“If winning multiple championships establishes dynasties, what do you call it when you win ten years in a row?” asked Site Selection Managing Editor Adam Bruns. “In Chicagoland, they hand the ball back to the ref and act like they’ve been there before. Because they have. Our project data tell us the metro area continues to attract companies and the talent those companies covet. Led by World Business Chicago, the newly formed Greater Chicagoland Economic Partnership and most of all by talented professionals, workers and business leaders, the region continues to meet its challenges with creative solutions, bold programs and the sort of candor and openness that’s almost a Chicago brand.”

Big players like Mars Wrigley, Kellogg’s, Google, BMO, EeroQ, Bartesian, New Cold and Lion Electric are among companies that expanded or relocated to Chicago in 2022.

Interesting news, considering the challenges faced by Chicago after COVID-19, but Bruns reported that a recent statistic from Kastle Systems found that among 10 major cities analyzed by how many office workers had returned to the office during a week in February, Austin, Chicago and Houston were the only cities with returned-worker percentages higher than 50%.

But Illinois was not the only state to make the list in a big way.

In Texas, Dallas-Fort Worth-Arlington and Houston-The Woodlands-Sugar Land also repeated their rankings from last year, with 426 projects and 255 projects, respectively.

In the per capita category, Austin-Round Rock ranked No. 1 and DFW No. 2, followed by Cincinnati at No. 3, Chicagoland at No. 4 and Louisville/Jefferson County at No. 5. 

TEDC recognizes 2022 Economic Excellence Recognition recipients at 2023 Legislative Conference

Posted on by Mia Goulart

The Texas Economic Development Council (TEDC) announced the recipients of its annual Economic
Excellence Recognition program for 2022. The awards were presented on Friday, February 24th, during the TEDC’s 2023 Legislative Conference in Austin, Texas.

The Economic Excellence Recognition program provides recognition to economic development organizations that meet a desired threshold of professionalism. Recipients qualify for recognition based
on training taken by their governing board/council as well as the economic development director and
professional staff. Certifications, professional memberships and activities, and organizational effectiveness of the economic development staff also contribute to the standards for qualification.

These fifty-four (54) economic development organizations received the TEDC’s 2022 Economic Excellence Recognition:
Allen Economic Development Corporation
Amarillo Economic Development Corporation
Bastrop Economic Development Corporation
Bonham Economic Development Corporation
Bowie Economic Development Corporation
Brenham Washington County EDO
Brookshire Economic Development Corporation
Cedar Hill Economic Development Corporation
Cedar Park Economic Development Corporation
City of Azle Economic Development
City of Granbury Economic Development
City of Justin
City of Keller Economic Development
City of League City
City of Mesquite
City of Sachse/Sachse Economic Development
Corporation
City of Saginaw, Texas
City of San Angelo Development Corporation
City of Southlake
City of Waxahachie
Conroe Economic Development Council
Copperas Cove Economic Development Corporation
Cuero Development Corporation
De Kalb Economic Development Corporation
Decatur Economic Development Corporation
Development Corporation of Abilene
East Aldine Management District
Frisco Economic Development Corporation
Galveston County
Harlingen Economic Development Corporation
Ingleside Development Corporation
Kaufman Economic Development Corporation
Kilgore Economic Development Corporation
La Marque Economic Development Corporation
La Vernia Municipal Development District
Lavon Economic Development Corporation
Levelland Economic Development Corporation
Lindale Economic Development Corporation
Little Elm Economic Development
Lockhart Economic Development Corporation
Lubbock Economic Development Alliance, Inc.
Marble Falls Economic Development Corporation
New Braunfels Economic Development Corporation
Rockdale Municipal Development District
Rowlett Economic Development
Sanger Economic Development Corporation
Seguin Economic Development Corporation
Sherman Economic Development Corporation
Spring Branch Management District
Sugar Land 4B Corporation (Type B)
Sugar Land Development Corporation (Type A)
Sulphur Springs Economic Development Corporation
The Colony Economic Development Corporation
Wylie Economic Development Corporation

The Texas Economic Development Council, established in 1961, is an Austin-based, statewide, non-profit
professional association, dedicated to the development of economic and employment opportunities in Texas.

The TEDC provides information, educational and legislative services to more than 950 members. The
organization’s objective is to support the economic growth of Texas and develop strategies that promote a positive business climate in the state.

Midway Announces New Property Management Assignment for Avenue Grove Luxury Mid-rise in Houston

Posted on by Mia Goulart

Midway, the privately owned, fully integrated real estate investment and development firm, will handle property management services for Avenue Grove, a luxury midrise residential tower in Houston’s Upper Kirby District. As property manager, Midway will provide residential leasing and marketing, routine and preventative maintenance, emergency preparedness and response, risk mitigation and asset preservation.

Avenue Grove sets the standard for contemporary urban living. The 270-unit midrise opened in 2015 and offers studio, one- and two-bedroom lofts and townhomes with floor-to-ceiling windows, solar shades, hardwood floors, sophisticated marble and granite countertops, large custom closets, and patios/balconies in select units. Thoughtfully considered community amenities include a 10,000-square-foot rooftop terrace with a sundeck and pool, a fitness center, a business center, gated garage parking, concierge services and a dedicated onsite team.

Midway developed and previously managed Kirby Grove—the mixed-use district in which Avenue Grove lies—in collaboration with Upper Kirby Management District. In addition to the 330,000-square-foot multifamily community, the 11-acre development is comprised of Kirby Grove Office Tower, a 225,000-square-foot office building with 25,000 square feet of ground floor retail, and Levy Park, a vibrant six-acre park. As part of the overall Kirby Grove project, Levy Park underwent a two-year, $15 million sweeping transformation and now serves as a community focal point and a venue to host events and district-centered programming. A private lease agreement with adjacent properties provides a sustainable funding source that helps pay for the park’s operation. Kirby Grove was completed in 2017.

Avenue Grove residents benefit from Kirby Grove’s premier dining, entertainment, boutique offices and activated green spaces just steps from their front door, as well as easy access to Levy Park’s activity and event lawns, performance pavilion, dog park, promenade with seating, community garden and 7,500-square-foot rain garden, which harvests and reuses stormwater.

Partners Real Estate shares two promotions

Posted on by Mia Goulart

Partners Real Estate has promoted top-performing industrial brokers Zane Carman and A.J. Williams to partner.

Mr. Carman joined Partners in 2018 and recorded his best year ever—closing over one million square feet of leasing transactions, and half a million square feet of sales in 2022. He has consistently been among Partners’ strongest performers, and cracked the company’s Top 10 Producers for 2022 in arguably the most competitive year the firm has ever had.

Mr. Williams also joined Partners in 2018 and quickly amassed an abundance of strong client relationships including a wide range of industrial development, manufacturing, and distribution companies. He closed out 2022 with more than one million square feet of sales and 800,000 square feet of lease transactions. Mr. Williams also ranked among Partners’ Top 10 Producers of 2022.

In addition to being one of the finalists for NAIOP’s 2022 Industrial Rising Star awards, Mr. Carman’s notable recent transactions include the sale of 63,000-square-foot building at 20807 Clay Center Drive, the sale of 47.20 acres of land located at 11022 Telephone Road and the lease of Cedar Crossing Building B, a 99,000-square-foot industrial property.

Mr. Williams’ notable recent transactions include the sale of 8700 Fairbanks North Houston, a 237,404-square-foot industrial warehouse on 88 acres of land, the lease of 7300 Thompson Road, a 277,377-square-foot distribution center and the sale of 4000-4001 Homestead Road, a 76,595-square-foot industrial facility on 10 acres of land.

Revantage, a Blackstone portfolio company, to lease space at Stream Realty Partners’ The QUAD in Uptown Dallas

Posted on by Mia Goulart

Revantage, a Blackstone Real Estate portfolio company, will soon call Stream Realty Partners’ The QUAD home as it expands its employee base in Dallas.

Revantage, which provides corporate services to Blackstone’s real estate portfolio, expects to occupy approximately 32,000 square feet on the third floor of the 12-story, Class AA office tower at 2699 Howell St. The space will accommodate the company’s current Dallas employee base with additional capacity to hire local talent in support of its strategic growth plan. Revantage will maintain its current headquarters and presence in Chicago’s Willis Tower and maintains other office locations around the world including in Europe and Asia.

Stream Senior Vice President Ryan Evanich and Vice President Marissa Parkin represented Stream, the owner of The QUAD, in the transaction. Jon McNeil, Torrey Littlejohn, and Christy Rhea of JLL represented the tenant.

Stream, a national commercial real estate firm offering an integrated platform of services, is developing the 345,425-square-foot office building and surrounding 18,500-square-foot retail area heralded as the dawning of “A Different Dallas.” The QUAD is expected to deliver in March 2024. Revantage anticipates moving employees in during the first half of 2024.

The QUAD will set a new standard in Dallas with an integrated “smart” building end-user interface. Pathogen-reducing technologies such as hospital-grade air filtration and outside air circulation on office floors are 50% higher than industry standards. Tenants such as Revantage will appreciate the tower’s full-service fitness studio, top-floor outdoor terrace with expansive views, a club lounge and conference center, an acre of outdoor space, a bike valet, and dedicated underground parking. The building is also steps away from popular Uptown restaurants, hotels, entertainment venues, and multifamily complexes.

Revantage is the third tenant, and largest thus far, to sign on at The QUAD. Stream previously announced that Two Hands, a community-focused eatery based in Australian café culture, will occupy one of the five free-standing retail spaces surrounding the office tower. Chicago Title, the largest title insurer and provider of real estate-related products and services in the world, was the first office tenant to sign on at The QUAD and will occupy 20,000 square feet.