On behalf of Molto Properties, CBRE announced construction has started on two speculative distribution buildings at GSW Commerce Center at 161, a Class A+ logistics park in DFW’s Great Southwest/Arlington (GSW) industrial submarket. Both rear load buildings are the initial phase of development and will total 464,495 square feet. They are expected to deliver in Summer 2023.

The industrial park is situated south of DFW airport and offers tenants highly desirable visibility on President George Bush Tollway (PGBT) and provides convenient access to robust transportation routes in I-30, SH-183, and I-20 just minutes away. More than half of the DFW metroplex — a total of 3.8 million people — can be reached within a 30-minute drive. The GSW submarket, the second-largest industrial submarket in the metroplex, contains approximately 115.5 million square feet of total inventory and encompasses approximately 13.1% of the overall market supply.

Located between E. Rock Island Rd. and E. Shady Grove Rd. in Grand Prairie, the first phase of construction offers two rear load buildings ranging in size from 211,940 to 252,555 square feet, 36-foot clear heights, 180 feet truck court aprons, ESFR sprinklers, dock high doors, grade level ramps, and a combined 116 trailer parking spaces and 410 standard parking spaces. The design and layout of the property includes three points of ingress and egress along Highway 161 and two points along E. Rock Island Road. It can accommodate a variety of industrial user demands including bulk distribution, shallow-bay or office/showroom. GSW Commerce Center will ultimately consist of multiple phases spanning across 145 acres total. Phase I and subsequent phases, which will be announced in more detail in Q4 2022, will total approximately two million square feet across multiple buildings in a diverse building configuration.

CBRE’s Brian Gilchrist, Steve Koldyke and Kacy Jones oversee the marketing and leasing of the business park on behalf of the developer.

Bizmart dba OfficeMax has signed a long-term, 21,500 square foot lease renewal at 4601 Cooper Street in Arlington. Beginning August 2022, the American office supplies chain store will renew its lease in the Arlington Cooper Street Plaza retail shopping center operated by Hartman Income REIT Management, Inc., a commercial real estate operator of its portfolio and owned by its affiliate, Hartman Short Term Income Properties XX, Inc. headquartered in Houston.

OfficeMax’s 21,500-square-foot warehouse retail store serves as a co-anchor tenant with Home Depot, UPS, and Mattress Firm at the high-trafficked retail plaza. The office supplies store will renew its space in the second largest building of the retail plaza. Additionally, the new lease agreement will feature placement of monument logo signage on the northwest corner of the property facing I-20.

Hartman’s Cooper Street Plaza is a conveniently located retail center just one light south of Ronald Regan Memorial Highway. The property sees an average count of 150,000 vehicles per day while residing within three square miles of a population of 121,939. In the past three months, Cooper Street has welcomed two additional well-known tenants to its mix, Black Rifle Coffee Company and State Farm Insurance.

In the leasing transaction, Claudia Hutchinson with Realty Ventures represented OfficeMax and Richard Maloof represented Hartman, the landlord.

JLL Capital Markets announced today that it has closed the sale of Urban District 183, a three-building, 366,771-square-foot, Class-AA industrial park in Euless, Texas.

JLL marketed the property on behalf of Urban Logistics Realty (ULR).

“We could not be more excited about the successful completion and sale of Urban District 183,” said ULR Director Drew Feagin. “A huge team effort from a lot of folks that we are very grateful for. This project was 100% preleased at the time of delivery, which is a testament to the infill and irreplaceable location that we repeatedly aim to invest in.”

Urban District 183 is located near DFW Airport and one of the last remaining sites in the GSW/DFW Airport submarket. ULR worked closely with the city of Euless to rezone the former Coopers Golf Park. This new facility was built on a speculative basis and now stands as Omni’s new global headquarters for executive offices, warehousing and ecommerce fulfillment.

The property is situated off SH-183 and Industrial Boulevard at 1010 and 1000 S. Industrial Blvd. on 22.02 acres. The industrial park is centrally located between Dallas and Fort Worth and is an eight-minute drive to Dallas-Fort Worth International Airport. Located in the GSW / DFW Airport submarket, the property benefits from the area’s strong demographics with a population of 1.2 million people within a 20-minute drive, up 40% since 2000, and $20 billion of consumer spending power within the same radius. In addition, Urban District 183 benefits from the strong labor pool with 245,000 daytime workers within a five-mile radius.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Dustin Volz and Stephen Bailey, Director Dom Espinosa, Associates Wells Waller and Robby Westerfield, and Analyst Megan Babovec.

Milrose Consultants, the country’s largest provider of building code consulting and municipal compliance services, has acquired Masterplan, a Dallas-based full-service land use and planning consultancy.

Founded in 1981, Masterplan is the largest land use firm in the Texas region specializing in zoning, permitting, and community engagement. The firm has more than 40 employees across offices in Austin, Dallas, Frisco, Houston, and Fort Worth, and has obtained thousands of government approvals for clients in the development industry.

Milrose’s acquisition of Masterplan will expand the consulting firm’s presence into Texas and strengthen its ability to provide full-spectrum services.

“Texas is one of the fastest growing national real estate markets and has some of the more stringent and complex land-use, building code and zoning, and municipal permitting regulations and processes. As more of our clients and companies across the country continue to invest in and grow their presence in Dallas-Fort Worth, Austin, Houston, and the surrounding cities, we are excited to have Masterplan as part of our team and be able to offer our combined suite of specialized services to all existing and new clients across Texas,” said Dominic Maurillo, CEO of Milrose. Click to read more at www.consulting.us/news.

A California real estate company has a new stake in Fort Worth apartment property. Los Angeles-based Cottonwood Group acquired the Woodstone Apartments, 6051 Bridge St., and Bridge Hollow Apartments, 5801 Bridge St. The apartment portfolio in east Fort Worth is made up of 480 multifamily units.

“Given supply and demand dynamics, Cottonwood remains bullish on the multifamily sector overall, especially in markets that offer a combination of job growth, an attractive climate, and relatively low living costs like Fort Worth,” Cottonwood’s chief investment officer Mark Green said. “Cottonwood Group’s multi-strategy approach means the firm will look at any primary or growth market inside and outside of Texas.” Cottonwood acquired the property in partnership with Dallas-based Texsun Holdings. Earlier this year, Cottonwood partnered with the private equity firm for two multifamily assets in San Antonio.

“We are thrilled to complete another transaction with Texsun and to add such a high-quality asset to our Texas portfolio,” Green said in a release. “While other traditional investors may be pulling back due to economic and market uncertainty, we remain bullish on the multifamily sector.” Both firms budgeted $5 million for renovation and repositioning of the Fort Worth properties, which total 342,000 square feet of real estate. The renovation investment will go towards interior and amenity upgrades, according to Cottonwood. Click to read more at www.star-telegram.com.