PrattCo Creekway Industrial purchased a 42,420-square-foot industrial warehouse located at 8400 Ambassador Row in Dallas, Texas. The property was 100% occupied to two tenants at the time of sale. Stream Realty Partners’ Jamie Jennings, Jason Moser, and Andrew Rabinovich represented the seller, a Dallas based private partnership in the transaction.
FOR IMMEDIATE RELEASE
Gina Relva, Public Relations Director
FORT WORTH, Texas, Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Copper Creek, a 274-unit apartment complex in Fort Worth, Texas. The property attracted seven offers during a four-week marketing period and the sale closed just 60 days after an agreement was reached between buyer and seller.
“Fort Worth continues to be one of the nation’s fastest-growing rental markets,” said Al Silva, senior managing director investments. “The city’s large and well-diversified employment base, strong population growth and a limited stock of workforce housing available for rent should keep apartment market fundamentals strong for years to come.” Silva represented the seller, Florida-based DIJ Properties and procured the buyer, a Texas-based private investment company. “The new owners plan to make improvements to both property management and to the unit interior finish out, which will make Copper Creek more attractive to area renters as a safe and comfortable place to live,” Silva added.
The property is situated at the intersection of Interstate 30 and Loop 820, 10 minutes from downtown Fort Worth and Arlington. Interstate 30 provides residents with easy commutes to virtually anywhere in the Metroplex. The North East Mall, Dallas/Fort Worth International Airport, AT&T Stadium and many other area attractions and employers are within minutes. Constructed in 1986 on 12.4 acres, Copper Creek underwent significant renovations in 2013 and 2017. The 17-building complex has a large, resort-style swimming pool, a stadium-inspired soccer field, and a playground, among many other amenities.
n March 2020, NAR conducted a flash survey of Commercial members on the impact of the coronavirus on their market. The survey was delivered to 77,598 commercial members. The report looks at the effects on leasing, purchasing, and building practices (such as offering more hand-sanitizer or more frequent cleaning required). Click to read more at www.nar.realtor.
When I talk to out-of-staters about Texas, they often think I mean “Dallas” when discussing the Metroplex as a whole. That’s when I explain how important the Fort Worth market is to our thriving and healthy Dallas-Fort Worth (DFW) retail scene. Weitzman, which operates offices in Texas’ major markets, has handled development, leasing and management in the Fort Worth market since our founding 30 years ago. Today, the Fort Worth area is home to some of the state’s most robust residential, commercial and cultural growth. In terms of retail, our most recent market survey shows that as of January 2020, Fort Worth’s retail market is about as healthy as it’s ever been. Marshall Mills, Weitzman: The Fort Worth-area market, which we’ll call Fort Worth for the sake of simplicity, largely encompasses Tarrant County. Today, Fort Worth reports a total multi-tenant retail inventory of 62.8 million square feet. As a reference, that figure accounts for about a third of the entire DFW retail market inventory, which clocks in at just over 200 million square feet. Click to read more at www.shoppingcenterbusiness.com.
The novel coronavirus that causes COVID-19 has upended many systems around the world, from stocks to tourism to the convention industry. With this uncertainty hanging over the market, how will real estate investors respond in the short term? What might occur on the broader horizon? As quickly as the new coronavirus crossed China’s borders, the impact on the financial markets has been almost as swift. Fearing a bear market, investors directed their capital reserves to the relative safety of the bond market, resulting in the largest one-week stock market drop since the 2008 financial crisis. The Dow just had its biggest crash since 1987. A special report from Marcus & Millichap points to recent history as an indicator for how long and how far-reaching this market correction might be—as well as the implications for the CRE sector. SARS, H1N1 and other recent pandemics also generated short-term market volatility. While it’s still too early to compare the full health impacts of COVID-19 with those strains, the markets stabilized in the range of three to six months on average during past events. In isolation from this new health scare, real estate supply and demand are largely in balance. It’s fair to assume that—barring a devolution into a far worse global health emergency—job creation and economic growth will both decelerate but remain positive. This should support real estate fundamentals and lead to a relatively stable outlook for the sector over the remainder of the year. Click to read more at www.rejournals.com.
Each year when Rafael Tapia attends ICSC’s Red River States Conference, he goes in with the goal of having as many face-to-face meetings as he can. As the executive director of the Alamo Economic Development Corporation in Alamo, Texas, he’s working to bring new retailers to his community. “ICSC allows for one-on-one meetings with these contacts, which creates a sort of familiarity,” Tapia says. Just five minutes from McAllen on the Texas border, Alamo is quickly becoming one of the most vibrant cities in South Texas. The area boasts a robust economy, low cost of living, as well as a skilled and bilingual workforce. “Since 2014, the city has seen at least an estimated $21 million of private investment in commercial projects,” Tapia says. The list is impressive for a city its size. A fast-food franchise and Goodwill recently opened locations in Alamo. Also of note: the relocation of a small distribution company into a new 12,000-square-foot facility, the establishment of a 130-bed, 51,000-square-foot skilled nursing facility and the repurposing of a 97,000-square-foot facility for distribution. “Alamo offers plenty of opportunity for growth,” emphasizes Tapia. Click to read more at www.rednews.com.