Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Grand on Beach, a 304-unit apartment complex in Haltom City, Texas. Bellrock Real Estate Partners acquired the property from CLX Ventures for an undisclosed sum. “The Haltom City-Meacham submarket continues to be one of the most stable in Dallas-Fort Worth,” said Drew Kile, IPA senior managing director. Kile and IPA’s Will Balthrope, Joey Tumminello and Grant Raymond represented the seller and procured the buyer. “This asset was one of the first new-construction buildings delivered since the interstate expansion was completed,” said Tumminello. “We brought in a first-time local buyer who understands the long-term value of owning in this submarket.” The property has controlled entry access gates, a native-plant landscape design, a hammock garden and a resort-style swimming pool, among other shared amenities. Apartments average 818 square feet in size and have private patios and balconies. Select units have pet yards. “IPA covers all the major metros in Texas with one team that has access to multifamily investors throughout the country, and these factors contributed greatly to the success of this closing,” said Balthrope. Located five miles north of Fort Worth, The Grand on Beach was built in 2019 on 15 acres. The 820 Exchange, a 1-million-square-foot business park, is a half-mile away. Major businesses in the area include BNSF Railway, American Airlines, Bell Helicopter, Acme Brick, Pier 1, TPG Capital, Renfro Foods, Dannon, Rahr & Sons Brewing Co., and Fresnel Technologies. Downtown Fort Worth has over 13 million square feet of office space and is home to more than 30,000 companies.

D.R. Horton has purchased a 170-acre residential development site in North Fort Worth with plans to buildD.R. Horton has purchased a 170-acre residential development site in North Fort Worth with plans to build specialize in land and lot sales to homebuilders and master-planned community developers throughout the metroplex for Land Advisors Organization’s Dallas-Fort Worth office, represented the seller in the transaction. No purchase price was released. The site is located a few miles north of Interstate 820, on the south side of Bailey Boswell Road and offers access to Boat Club Road to the west and Business Highway 287 to the east, providing commuting access for future residents. The property is directly adjacent to Boswell High School and minutes from Wayside Middle School and Bryson Elementary School making it an ideal location for families. Eagle Mountain Lake and the Fort Worth Nature Center and Refuge to the west of the property compliment the sites desirable location by also offering residents quick access to outdoor recreational space, according to Land Advisors Organization. Click to read more at www.fortworthbusiness.com.

TexAmericas Center broke ground on a new speculative building to support future tenants relocating to, or growing in, the Texarkana region. The 150,000-square-foot building on 24 acres will be ready for new tenants in the summer of 2021 and is the first new building in the industrial park in 15 years. The spec building provides potential tenants with a space that has key required features and will be ready for immediate occupancy. In addition to the extended timeline that a build-to-suit option may have, a spec building also can limit upfront investment hurdles for potential tenants. “A spec building allows us to offer potential tenants the type of facility and features in demand without the time and expense of a custom contract,” said Scott Norton, executive director/CEO of TexAmericas Center. “It’s like an ‘If you build it, they will come’ investment in the future of our region.” TexAmericas Center leaders worked with other community economic development professionals to plan the building which includes features that are attractive to potential tenants, flexible across a variety of industries and scalable to meet a host of needs. The building is designed as a multi-tenant, mixed-use facility with 32-foot clear height ceilings, one dock door per 5,000 square feet and two drive-in doors. The building will accommodate uses like large warehousing inventory akin to what you would find in a large metro market with the capability to subdivide down to 13,000-square-foot units as needed. “We hear, time and again, that companies considering relocation or expansion at TexAmericas Center are impressed with the infrastructure updates made to the industrial park and appreciate an impressive transportation corridor that uses multiple state highways, interstates, air freight and rail lines to disperse from a central U.S. location,” said Norton. Additionally, new companies have access to a deep supply of skilled workers from a wide range of schools in the Texarkana area. TexAmericas Center has a 500-mile reach of 53.8 million people, which is 10 million more than the 500-mile reach of Dallas. “The spec building is yet another example of our flexibility and adaptability to meet unique business needs,” said Eric Voyles, executive vice president and chief economic development officer with TexAmericas Center. “When a potential business wants to locate here, we help manage upfront investment and become their partners. They can feel confident in taking that next step because we have skin in the game, too.” The groundbreaking for the spec building is just another in a series of successes for TexAmericas Center. In July, it announced that Lockheed Martin, a global security and aerospace company employing more than 110,000 people worldwide, will expand operations in support of a public/private partnership contract with the Red River Army Depot. TexAmericas Center was named the site of a proposed new $200 million regional water treatment center to support long-term growth projections for the region and added third-party logistics services to its suite of business services.

CBRE announced the sale of Bella Vista Creek, a 272-unit, Class B multifamily community located at 3402 S. Buckner Boulevard in Dallas. Austin-based GVA Management purchased the property from Canada-based AmeriCan Multifamily Alliance Group led by Patrick and Madeleine Gergen. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Investment Properties in Dallas and Jeff Kunitz and Mike Canori with CBRE Affordable Housing in Seattle represented the seller. Terms of the transaction were not disclosed. Before purchasing the property, GVA Management already had a significant presence in the Dallas-Fort Worth market as they currently own and manage over 1,200 units in multiple complexes in the area. They made the decision to purchase the property as they look to expand in the metroplex. Constructed in 1985 and 1987, Bella Vista Creek features a mix of one- and two-bedroom units and community amenities including a business center, clubhouse, swimming pool, and gated access. The buyer has plans for an extensive rehab project, giving them an opportunity for additional rental income after the LIHTC LURA expires in 2021. “Having sold the property to the current owners, I was able to see the full evolution of the property with the sellers,” said Deuillet. “We’re seeing the level of interest in larger sized multifamily properties exceed pre-COVID levels as investors can take advantage of spending the money now to see an exponential amount of reward in the future.” “Our investors were very pleased with the profits received as a result of this sale,” said Patrick Gergen, CEO of AmeriCan Multifamily Alliance Group. The property was 93 percent occupied at the time of sale.

America’s Best Contacts & Eyeglasses leased a 3,499 square feet space at Denton Crossing Shopping Center at 1400-1800 South Loop 288 in Denton. The Retail Connection’s David Levinson and Jack Weir, negotiated the lease with Dawn Greiner and Ryan Johnson with SRS Real Estate Partners-Southwest, LLC.

GRAND PRAIRIE, TX – Major League Cricket (MLC) has received approval from the City of Grand Prairie on a long-term lease agreement to begin an extensive redevelopment of AirHogs Stadium as the organization’s first major cricket stadium in the United States. The parent company of MLC, American Cricket Enterprises (ACE) — in cooperation with USA Cricket, the national governing body for cricket in the United States — has retained the internationally renowned design firm HKS to repurpose and design what will be a world-class stadium for cricket in the United States. One of the best sports performance facilities in minor league baseball during its previous life as the home of the Texas AirHogs, the soon-to-be renamed stadium will now become a dedicated world-class cricketing facility. The redevelopment of the venue is scheduled to take place throughout 2021 before playing host to the Texas MLC franchise that is planned to launch in 2022, as well as a base for the USA Cricket National team and a premier High-Performance Center. “As the first Major League Cricket stadium in the United States, Grand Prairie represents a seminal moment for the sport in America, and we are incredibly excited to partner with the City of Grand Prairie to bring Major League Cricket to Dallas,” said Sameer Mehta and Vijay Srinivasan, co-founders of ACE and MLC. “Grand Prairie’s centralized location in the U.S. and the thriving Texas cricketing community, allied with the quality of the facility, made it the perfect site for us and we are certain that this is the beginning of a fruitful long-term partnership with the City that will bring much success.” Click to read more at www.usacricket.org.