Category: North Texas

Holt Lunsford Commercial Investments completes new industrial development north of DFW Airport

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Holt Lunsford Commercial Investments (HLCI, formerly Frontier Equity), a commercial real estate investment and development firm headquartered in Dallas, has recently completed Southlake Business Park. The 182,000-square-foot industrial development is located just north of DFW International Airport in the affluent town of Southlake, Texas. The development site was one of the last industrial zoned tracts of land in Southlake and was acquired as part of a larger, four-building portfolio transaction. Southlake Business Park caters to 13,000-100,000 square foot tenants in the North Airport submarket. Holt Lunsford Commercial, Inc. will lease the project. Click to read more at www.rejournals.com.

North Texas’ industrial building market seems immune to the pandemic

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The spread of coronavirus and millions of job losses have put the real estate market on shaky ground. But one property sector shows no sign of a slowdown, even in the face of the pandemic. If anything, the North Texas industrial building market seems to be gaining ground as demand for consumer products and e-commerce soars in the area. “I believe the industrial market is going to be more insulated from the effects of the pandemic than the other property types,” said Jeff Thornton, regional senior vice president of Duke Realty. “There is clearly evidence that the industrial market continues to move forward. “At Duke alone, we have had more than a half-million square feet of leases during the pandemic,” said Thornton, whose firm owns multiple Dallas-Fort Worth area industrial properties. Duke Realty just did a major expansion with tech firm Samsung in one of its Coppell warehouse buildings. Big warehouse and distribution deals have recently been announced all over the area for companies including Ocean Spray, Mars Inc., U.S. Auto Parts Network, ICU Medical, and FedEx. The pandemic has increased demand for distribution space for e-commerce companies that deliver products directly to consumers, said Tom Pearson, executive vice president of Colliers International. “Just a 5% increase in e-commerce sales would equate to millions of square feet of new industrial space requirements around the country,” Pearson said. Click to read more at www.dallasnews.com.

Marcus & Millichap sells landmark CVS in downtown Dallas

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Marcus & Millichap brokered the sale of a 10,430-square-foot CVS in downtown Dallas. Terms of the deal were not disclosed. “This is an irreplaceable location in Downtown Dallas with a long-term credit net lease. A win-win on all fronts,” said Alvin Mansour, executive managing director investments, The Mansour Group of Marcus & Millichap. “The trophy generational asset is set on almost a full acre between the Harwood District and Victory Park, adjacent to the American Airlines Center.” Alvin Mansour and Kevin Mansour represented the seller, Consolidated Tomoka. Ronnie Issenberg and Gabriel Britti, senior managing directors, The Issenberg Britti Group of Marcus & Millichap in Miami procured the buyer, a Florida-based 1031 trade buyer. “Strong credit-backed, single-tenant, net-lease retail assets, especially the highest-quality properties in the best metros, have historically demonstrated their resiliency through economic turbulence and we fully expect that trend to continue,” said Issenberg. Click to read more at www.rejournals.com.

College athletic conference finalizes plans for move to North Texas

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One of the country’s top collegiate athletic organizations is moving its main offices to Texas, and it’s already expanding. The American Athletic conference has leased 18,000 square feet at The Summit at Las Colinas building on State Highway 114 in Irving. The conference, of which Southern Methodist University is a member, will move 30 employees to its new location this summer from Providence, R.I. this summer. The organization had originally planned to lease about 14,000 square feet, but decided on a larger space. Click to read more at www.dallasnews.com.

Texas Central High-Speed Rail Wins Four-Year Court Battle

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Texas Central won a critical legal decision in developing a high-speed rail project between Dallas and Houston. The landowners, Leon County’s Jim and Barbara Miles, plan to appeal the ruling to the Texas Supreme Court, according to published reports. “If ever there was a ruling that created ‘the Wild, Wild, West’ of eminent domain authority, this is it,” Blake Beckham, The landowner’s attorney and special litigation counsel to Texans Against HSR, said in a statement. A Texas appeals court ruled in favor of Texas Central, holding that it was both a railroad company and an interurban electric railway, despite operating no trains yet. The Thirteenth Court of Appeals said Texas Central and its subsidiary Integrated Texas Logistics are legally railroads in the state of Texas, reversing a previous decision by the 87th District Court of Leon County. The decision by Justice Nora Longoria comes after a four-year court battle made by landowners along the proposed route in Leon County. The landowners argued that the project wasn’t a railroad and therefore didn’t have the rights associated with a railroad, including eminent domain and access to the property for surveyors. Click to read more at www.dmagazine.com.

Dallas investor gets online funding to buy North Texas medical buildings

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A Dallas investment firm has purchased 10 North Texas medical buildings. And it made the acquisition with money raised through an online commercial real estate investment marketplace. Ridgeline Capital Partners bought the buildings — all in Tarrant County. The properties are all occupied by U.S. Renal Care, a dialysis center operator, and PPG Health, a multispecialty health-care organization. To help fund the purchase, Ridgeline Capital Partner obtained $5.3 million from 79 investors on the CrowdStreet online fundraising platform. “This was Ridgeline’s third offering on the CrowdStreet marketplace and, as I suspected, the deal was a good fit for CrowdStreet’s investment team and the individual investors who chose to participate,” Jeffrey Axley, founder and managing principal of Ridgeline Capital Partners, said in a statement. “The portfolio is 100% net leased, nicely cash flowing, with tenants that provide medical services that are needed in any economic environment. Click to read more at www.dallasnews.com.