Category: North Texas

Anderson Towne Crossing in Mount Pleasant, TX Repurposes Former City Water Supply & Lake for Mixed-Use Development

Posted on by Sarah

MPEDC is excited to finally go public the following video & images of Anderson Towne Crossing. The 117-acre mixed-use development will redevelop/re-purpose an underutilized City-owned lake (former City water supply) & leverage a high-traffic location along Interstate 30 & Highway 271 to bring new commercial & housing opportunities to Mount Pleasant, TX. A 64,000 SF Atwoods kicked off the project (target opening date of November 2020) and development is expected to begin in mid-2021 on Anderson Towne Center. Developer: Emersons Commercial Real Estate (Craig Wagner, VP Investment, Sales, & Leasing.) Click to read more at www.mpedc.org.

CBRE Brokers Sale of Single-Tenant Office Building in Plano

Posted on by Sarah

CBRE facilitated the sale of a single-tenant, 39,324 square foot office building located at Parkwood Village in Plano, Texas. The building was developed by Dallas-based LandPlan Development and St. Ives Realty. The partnership sold the property located at 8454 Parkwood Boulevard to an international investor for an undisclosed sum. Located in the middle of the Legacy submarket’s dense business and retail corridor, the building is in close proximity to the Legacy West and Granite Park business parks. Tenants are right across the Tollway from two premier shopping centers, The Stonebriar Centre and the Shops at Legacy, giving them easy access to a variety of dining and retail options including Nordstrom, Shake Shack, Mesero, Sephora and Tesla. The building is fully occupied by a Fortune 500 logistics company. The tenant moved into the newly constructed space in 2018 and expanded into the entire building in 2020 after signing a new 10-year lease, offering the buyer stable rent income over the next decade. “This asset had tremendous interest pre-COVID from both local and international investors,” said Michael Austry, first vice president with CBRE. “CBRE’s Deal Flow platform allowed us to have a competitive bidding process, which ultimately found a very motivated buyer who performed. We were excited to close in the middle of a global pandemic with no price concessions. That just shows the strength of this building, tenant and the Plano market.” Austry and Jared Aubrey with CBRE Capital Markets represented the seller in the transaction.

RESOLUT RE Inks Eight Deals in Four Texas Markets

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RESOLUT RE recently completed eight retail transactions throughout Texas. The deals included sales and leases in the Austin, Dallas, Houston, and San Antonio markets. Le Posh Nails & Spa has leased 2,400 square feet at Sunset Valley Marketfair (5400 Brodie Lane, Austin). Joey Mendez of RESOLUT RE represented the tenant. Hutch Hutchings and Cole Brodhead of Edge Realty Partners represented the landlord. Security State Bank has leased 3,000 square feet at Panther Plaza Liberty Hill (15100 Texas 29, Liberty Hill, Texas). Phil Morris, Jacob Nagy, and Emilie Niekdam of RESOLUT RE represented the landlord. Cole Valley Partners has acquired a 0.67-acre pad site at West Killeen Market located at 1101 West Stan Schlueter Loop in Killeen, Texas. Dave Burggraaf of RESOLUT RE represented the buyer. Bryan Dabbs of Stratus Properties represented the seller. At Ease Essentials has leased 1,300 square feet at The Kate (726 Scott Avenue, Wichita Falls, Texas). Chris Flesner and Brian Sladek of RESOLUT RE represented the landlord. Herbalife has leased 1,000 square feet at Denison Retail (2731 W Morton Street, Denison, Texas). Colin Cannon and Brian Sladek of RESOLUT RE represented the landlord. HardCore Tattoo has leased 1,187 square feet at West Oaks Plaza (2703 South Texas 6, Houston). Myra Vorrice of RESOLUT RE represented the tenant. Abdul Sabha of Hunington Properties represented the landlord. KM Home Furniture & Mattress has leased 6,504 square feet at Katy Freeway Plaza (22121 Katy Fwy, Katy, Texas). Eric Broussard and Joaquin Orozco of RESOLUT RE represented the landlord. A nail salon has leased 1,711 square feet at Rante Office Park (20711 Wilderness Oak, San Antonio). Emilie Niekdam of RESOLUT RE represented the tenant.

NAI Investment Fund Rebrands as Partners Capital

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The investment arm of NAI Partners announced its new name: Partners Capital. The business entity was previously known as the NAI Investment Fund. Partners Capital remains a wholly-owned subsidiary of NAI Partners. “Today is an incredibly exciting day for us,” said Andrew Pappas, head of Partners Capital and shareholder at NAI Partners. “Partners Capital represents the evolution of our investment platform and our team’s steadfast commitment to a shared vision. After closing more than $125 million in transactions since 2017, we are well on our way to our stated goal of a portfolio of $1 billion—and we are just getting started.” “Partners Capital has fully deployed three investment funds in three years, continually delivering strong in-place cash flow combined with tremendous upside to its investors through vacancy lease-up, mark-to-market rates and meticulous asset management of its property portfolio,” said Jon Silberman, managing partner of NAI Partners. “Refining the investment fund platform’s identity as Partners Capital will augment its reputation and brand recognition as it goes to market and wins deals, and create increased value for its investors.” Pappas has led Partners Capital for nearly five years. During that time he has spearheaded the acquisition of more than 1 million square feet of office, industrial and retail properties in Houston, Austin, San Antonio and Dallas, and overseen more than $165 million in transaction volume. Kelli Walter is Partners Capital’s senior vice president of asset management, responsible for executing NAI’s business plan for every owned asset and playing a major role in the ongoing growth of Partners Capital’s portfolios and the execution of its investment strategy. Adam Hawkins is a vice president for Partners Capital, whose primary focus is procuring acquisition opportunities. He is also actively involved in property divestitures, executing asset management strategies, and supporting the ongoing portfolio management process. Donna Lanier is Controller of Partners Capital; and Sloan Crady is the platform’s financial analyst. Partners Capital has acquired more than a dozen properties through its three investment funds. The current portfolio consists of office buildings, industrial properties, and retail centers, and totals more than 1 million square feet and over 325 tenants.

It’s The Perfect Time to Experiment in the Real Estate Industry

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This simplistic sound bite is directionally correct, but as Bill Gates’ quote illuminates, it may be a little, or lot, off on the timing. As they say, “in the end we all die”…. but there is a lot of time between now and then, hopefully! I think the important part of Gates’ quote is, “Don’t let yourself be lulled into inaction.” Another way is to take the opportunity when disruptions occur to adapt and innovate to meet changing needs. I have been lucky to be in the real estate game for a long time, and it has been fun to see the many leaps forward in the industry. The capital formation became further institutionalized with the advent of securitization, public REIT’s, Private REIT’s, and other financial vehicles. Development always advances with the creation of new materials and construction techniques–a six-story tilt wall, give me a break! One million square feet of warehouse under one roof–come on. Timber construction for office buildings–oh my! Click to read more at www.dmagazine.com.

Industrial & Innovation; Dallas-Based 42Real Estate Digs into New Projects

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As an interviewer, it’s tough to talk to 42 Real Estate founder Scott Rohrman and not ask about Deep Ellum, what is now the arts and entertainment neighborhood in east Dallas, but he graciously talked about Deep Ellum, so long as we could discuss his other love: industrial real estate. “Deep Ellum was just a complete departure from what we’d done before,” said Rohrman, adding, “Although urban revitalization is now also part of our DNA.” Though his company’s name is inextricably linked to the reinvigoration of what had been a largely industrial and neglected area into a successful restaurant, bar and venue scene, 42 Real Estate’s foundation is industrial built-to-suit projects. “In the past 20 years, we’ve built about $1 billion worth of industrial,” Rohrman said, “And we’ve developed projects in 26 states, plus Canada.” Before forming 42 Real Estate, Rohrman served as a partner in two separate commercial real estate development companies. He also logged time at brokerage firms The Stratford Group and Fischer & Company after working as a broker at Grubb & Ellis / Henry S. Miller Company, where he started his career. You’re no doubt wondering about the company name. Why 42? Rohrman likes to play coy with the answer. 42RealEstate.com has an entire page dedicated to the explanation of the name, or possible lack thereof. The verdict, really, is yours. Another unique feature of the firm is its approach. Its team is divided into development management, construction management and property management because, you see, the firm does it all. Rohrman says that over the years, people have suggested hiring a construction manager and/or a property manager for his projects as that may be more efficient. Maybe so, he acknowledges, but it would also be less personal. Click to read more at www.rednews.com.