Larkspur Capital LP has hired a general contractor and is starting vertical construction on a multifamily mid-rise that will also bring needed retail, multi-level units, and flats to the growing east end of Deep Ellum known as Exposition Park in Dallas.

Dallas-based Larkspur has tapped Austin-based OHT Partners to build its 219-unit, seven-story development on a 1.4-acre site located at 4003 Commerce St. This community is the latest Larkspur concept to move forward in the Exposition Park micromarket. The company previously built The Willow, another seven-story apartment community, just northwest of The Juniper. Nearby, it is also planning 2^nd @ Ash, a 280-unit apartment community at 705 1^st Ave., where approximately half of the complex’s 280 units will be designated for workforce housing.  

The striking architectural design, by Dallas-based Corgan, represents a modern expression of the historic Art Deco influences in the surrounding neighborhood. The brick and stone façade is paired with floor-to-ceiling windows in some areas and inset nooks in others, creating defined ways for the public to interact with different aspects of the building’s ground level.

The Juniper will offer a wide range of units, from studios to two-bedrooms, as well as penthouse suites, flat-style homes, and luxury townhome units along a newly created, private park.

Apartment units will range in size from 567 to 1,992 square feet. Similarly, 18 flat-style homes will range in size from 556 – 1,992 square feet. The penthouses offer an impressive range of 1,108 – 1,632 square feet, while six, two-story townhome units range in size from 1,814 to 1,939 square feet. Rental rate ranges will be determined closer to The Juniper’s opening.

Upon entering, residents and guests will be greeted by a grand entry curved staircase with a double-height lobby. Other shared amenities include co-working spaces with views overlooking downtown, an indoor/outdoor clubhouse and a large, ground-level private park with a dedicated dog park. The third floor features a pool deck offering breathtaking views of downtown Dallas as well as gathering areas featuring fire pits, club kitchens, and outdoor grill stations.

Inside, residents will find contemporary interior designs, with upscale features such as mud rooms, dry bars with open shelving, quartz countertops, stainless steel appliances, and Bluetooth locks.

Construction for The Juniper is scheduled to begin in early April and wrap up in mid-2026.

One of the most indispensable, yet often overlooked elements of commercial real estate construction is the building envelope. Building envelopes stand as silent guardians, protecting investments, ensuring occupant comfort and enhancing energy efficiency. By recognizing their significance and investing in their optimization, developers and builders can create properties that not only withstand the test of time, but also contribute to a more sustainable and resilient built environment.

Comprising walls, windows, roofs and foundations, the building envelope is more than just a physical barrier. It serves as the primary defense against external elements, a regulator of indoor environments and a determinant of energy efficiency. Understanding the significance of building envelopes is crucial for developers and builders aiming to create sustainable, comfortable, and structurally sound commercial properties.

At its core, the building envelope acts as a shield, protecting occupants from the vagaries of weather. Rain, snow, wind and temperature fluctuations are kept at bay, ensuring a comfortable indoor environment regardless of external conditions. But its significance extends beyond mere protection; it’s also a cornerstone of energy efficiency. With envelope technologies accounting for approximately 30 percent of the primary energy consumed in residential and commercial buildings, optimizing these structures becomes paramount in reducing energy consumption and operational costs.

One of the primary functions of the building envelope is to maintain structural integrity. Walls, roofs and foundations form a cohesive system that not only shelters occupants but also supports the entire structure. By withstanding external forces and distributing loads effectively, the envelope ensures stability and longevity, safeguarding investments for years to come.

Moisture intrusion poses a significant threat to buildings, causing deterioration, mold growth and compromising indoor air quality. The building envelope serves as a fortress against moisture, employing various strategies such as barrier systems, drainage mechanisms and diversion systems to keep water out and maintain a dry interior environment.

Controlling air infiltration is essential for both energy efficiency and indoor comfort. The building envelope regulates the movement of air, minimizing drafts, reducing heat loss or gain and preventing moisture buildup. Through proper specification and installation of air barriers, insulations and sealants, builders can create airtight envelopes that enhance energy performance and occupant well-being.

Few regions present as unique challenges and opportunities as the state of Texas. From the blistering heat of its summers to the occasional icy chill of its winters, the Texas climate is characterized by extremes that demand careful consideration when designing and constructing building envelopes.

Texas summers are notorious for their scorching temperatures, often surpassing 100 degrees Fahrenheit. In such conditions, the importance of an effective building envelope cannot be overstated. Proper insulation, air sealing and solar control measures are essential to keeping indoor spaces cool and comfortable while minimizing reliance on mechanical cooling systems. Additionally, selecting materials with high thermal resistance helps prevent heat transfer, reducing energy consumption and utility costs.

Conversely, Texas winters, although generally milder compared to northern states, can still bring periods of cold and inclement weather. A well-designed building envelope acts as a barrier against chilly drafts and moisture infiltration, maintaining interior warmth and protecting against structural damage caused by freezing temperatures. By incorporating robust thermal barriers and moisture control measures, builders can ensure year-round comfort and resilience in the face of fluctuating weather patterns.

In commercial real estate, where every detail counts, understanding the components of a building envelope is crucial. Cladding, control layers, insulation and structural framing work together to create a robust barrier that shields against external elements and maintains optimal indoor conditions. By carefully selecting materials, considering climate factors and adhering to best practices in design and construction, developers can create buildings that are not only aesthetically pleasing but also efficient, durable and resilient.

VERSAL closed the sale of Spartan Storage in Montgomery, Texas.

Montgomery is 43 miles northwest of downtown Houston. The property has 64 units. The facility’s total square footage is 19,998 squre feet.

The VERSAL team represented the buyer in thesale, Lakewood Realty Investments, LLC. Ryan Dooley of CRD Realty represented Spartan Storage, LLC, the Texas-based seller.

JLL announced today that Chint Power Systems, a leading solar inverter manufacturer and distributor, has leased 76,433 square feet at Wylie Business Center in Wylie, Texas.

With this lease signed, the Class-A, new-construction industrial facility now has 197,983 square feet available of prime industrial space for lease.

JLL’s Kurt Griffin, Nathan Orbin, and Dalton Knipe represented the owners, Lovett Industrial and Cresset Real Estate Partners, while Mercer Company’s Christian Moore represented the tenant, Chint Power Systems.

Located at 2801 N. State Highway 78 in Wylie, the recently delivered building provides tenants with direct access to SH 78, proximity to a robust labor base, multiple access points, the ability to secure a truck court, close proximity to KCS Intermodal, a substantial 342,000 lift capacity, and access to heavy power. In addition, the state-of-the-art rear-load facility features a 36’ clear height, a 7” reinforced concrete slab, 55 dock-high doors, 185’ truck courts, 80 trailer stalls, and 154 car parks.

Cresset Real Estate Partners, a Chicago-based real estate investment firm with $4 billion of gross assets under management across industrial, multifamily, and office investments, partnered with Lovett Industrial on the development of the Wylie Business Center. 

Chint Power Systems is anticipated to occupy the building in Summer 2024.

Dallas-based Apricus Realty Capital expanded its industrial outdoor storage portfolio with the acquisition of 9987 Wallisville Road in Houston.

The 8-acre parcel provides fully secured truck parking for a freight logistics operator alongside a truck-servicing facility and office building.

Acquired in a programmatic joint venture with ABR Capital, Apricus was self-represented by Managing Principal Matt Haley, Vice President Garrett Marler and Associate Cort Martin.

This IOS acquisition follows Apricus’ most recent purchase of 12400 and 12402 Taylor Road in Houston.

A slow recovery in the office sector? It’s better than no recovery at all. That’s the takeaway from VTS’ fifth annual Global Landlord Report released in early April.

And here’s the best news from the report: VTS says that more than 80% of office landlords surveyed said that they have seen an increase in lease renewals.

According to the latest VTS Office Demand Index, the national demand for office space marked its sixth consecutive month of annual growth in March. And VTS’ 2024 Global Workplace Report showed that 62% of companies are following a hybrid work strategy in which their employes work part time in the office and part time remotely.

This indicate a slow but steady recovery for the office market, according to VTS officials.

“We are witnessing a conviction for a strong return-to-office in 2024 in contrast to years prior, and while positive for the market, it is becoming increasingly crucial for landlords to remain competitive to meet the evolving demands of tenants for enriched, interconnected workspaces,” said Nick Romito, chief executive officer of VTS, in a statement.

Romito said that by putting the needs of their tenants first, office landlords are seeing more stickiness in leases, with fewer tenants leaving for better opportunities.

The VTS report highlights the top priorities and concerns of office landlords across the globe. According to VTS, office landlords this year are more concerned with boosting lease renewals by improving their tenants’ experiences than they are with leasing vacant space.

A total of 57% of respondents in VTS’ report said that they are focusing on retaining current tenants. How are they doing this? A total of 56% of landlords surveyed said that they are boosting their property management services and taking steps to enhance the experience of their tenants.

According to the report, landlords are twice as focused on property improvements this year as they are on portfolio diversification. The evidence for this comes in how office landlords are spending their dollars.

VTS found that landlords are increasingly investing in tenant experience technologies (cited by 33% of respondents), outdoor communal areas (31%), property operations (30%), food and beverage concepts (27%) and fitness centers (27%).

These efforts seem to be paying off. VTS reported that 82% of landlord respondents said that they are already seeing the length of office lease renewals either increasing or holding steady.

Another key finding from VTS’ report? Most landlords — 84% — said that they expect to invest more in technology in 2024 when compared to 2023. Only 4% told VTS that they expect their investment in technology to decline.

Property management software ranks as the top tech investment for landlords, with 44% of survey respondents citing it as their most important piece of technology. Next came leasing and asset management platforms, cited as a top investment choice by 33% of respondents, and digital marketing software, listed as a top choice of 26% of respondents.

In 2022, VTS found that only 4% of landlords were utilizing digital marketing software. That number spiked to 26% in 2024.

Social media ranks as the most powerful channel that office landlords use to find new commercial real estate tenants, with 33% of respondents saying that they have success with this method. On the other end of the spectrum? Landlords said that digital ads are the least effective method of finding new tenants.

VTS reported, too, that 34% of landlords spend more than $50,000 annually to create, maintain and update their digital web properties across their portfolio.

As in most industries, AI is expected to play an increased role in helping landlords manage their office properties. VTS reported that 45% of surveyed landlords said that they expect AI to help them make portfolio decisions, assist them in saving money on the operations of their properties and boost their marketing efforts.