Category: Deals & Announcements

Merriman Anderson Architects Introduces Second Phase of Oak Cliff’s Historic Gospel Lighthouse Church Renovations

Posted on by Sarah

Merriman Anderson Architects introduces the second phase of renovations to the two historic Gospel Lighthouse church buildings in the Oak Cliff neighborhood in Dallas. The buildings are being repurposed for ministry and outreach opportunities for Dream Center Dallas, a nonprofit organization that provides resources and services in the areas of education, homelessness, hunger, poverty, addiction, abuse and human trafficking within Dallas, in partnership with Church Eleven32.

The renovations include the conversion of the historic two-story church building to Dream Center Dallas’ meeting hall, offices, and a large commercial kitchen and food service. An existing one-story single family home on the property will be completely renovated, due to damage in the interior by a recent fire, and transformed into a coffee shop. Both buildings are adjacent to the Gospel Lighthouse Church sanctuary building, the original Gospel Lighthouse church, which is currently under construction to be used for Dream Center functions.

The MAA team is providing solutions to water infiltration and adding an elevator for accessibility needs for the historic two-story building. The restrooms are being reconfigured and redesigned, and the kitchen will receive a complete renovation. The whole building will undergo remediation and refinishing.

The Dream Center first began in Los Angeles in 1994, serving as a resource center focused on providing support to those affected by homelessness, hunger, and lack of education through residential and community outreach programs. In 2020, Pastors Dustin and Jamie Bates established Dream Center Dallas, after partnering with LA Dream Center, in order to provide resources and services in the areas of education, homelessness, hunger, poverty, addiction, abuse, and human trafficking within Dallas.

MAA is providing architecture and interior design services for the project and is the Historic Preservation consultant for the project. The buildings are listed on the National Register of Historic Places.

Cushman & Wakefield’s Capital Markets Group Advises Sale of Two Houston Industrial Portfolios Totaling 1.45 Million Square Feet

Posted on by Sarah

Cushman & Wakefield announced the firm represented an undisclosed seller in the disposition of two industrial portfolios totaling 1,450,039 square feet. The two portfolios consisted of the Northwest Houston Portfolio (eight buildings totaling 740,925 square feet) and the 610 Loop Portfolio (five buildings totaling 709,114 square feet).

In aggregate, the portfolio is currently 97.4% leased and is well positioned to capture near-term NOI growth as the in-place rents are currently 15%+ below market with an average remaining lease term of 3.6 years. All of the buildings are situated in coveted infill Houston locations. The Northwest Houston Portfolio is located along the Highway 290 corridor and the 610 Loop Portfolio is situated along the 610 Loop within the Northwest, South and East Houston submarkets.

The portfolios were sold to an undisclosed investment and management company. The Cushman & Wakefield National Industrial Advisory Group team representing the seller included Jim Carpenter, Jud Clements, Robby Rieke and Taylor Starnes, along with Jim Foreman and Brooke Forrest with Cushman & Wakefield’s Houston industrial leasing team.

NAI Robert Lynn Brokers Purchase of Land for McKinney Airport Trade Center

Posted on by Sarah

Greystar Real Estate Partners, LLC recently broke ground on the McKinney Airport Trade Center in McKinney. Located at FM 546/Harry McKillop Boulevard, the industrial campus is Greystar’s first industrial center in the Dallas-Fort Worth metroplex. NAI Robert Lynn Executive Vice President Randy Wood represented Greystar on the purchase of the land, along with Bill and David Cox from Carey Cox Co.

Greystar has acquired 70 acres, with room to build up to five buildings within two phases that will total over 740,000 square feet upon completion. Phase one will consist of three buildings spanning 320,000 square feet. Phase two includes two buildings encompassing 434,000 square feet. NAI Robert Lynn was also awarded the management and leasing for the trade center and will partner with Carey Cox on the leasing assignment.

The average tenant size is expected to cater to small-to-medium user markets in the service industries. The property is unique with access to highways 5, 75, 121 and 380, with proximity to major shopping centers and service industries, offering a rare opportunity for companies looking for industrial space in McKinney.

Construction has started on the trade center, and phase one is expected to complete at the end of 2022.

Lee & Associates of Illinois Closes $27.25 Million Industrial Sale in Houston

Posted on by Sarah

Lee & Associates announced the completed sale of 214,300-square-foot free standing industrial warehouse in Houston, Texas for $27.25 million.

Clay Development, a Houston based development and construction company, sold the building to an international manufacturing company looking to expand its existing footprint in the state of Texas.

Located at 12732 Lake Houston Parkway, Houston, the building was originally completed in 2020. The cross-dock facility is equipped with 32-foot clear height, ESFR sprinkler, 44 dock high doors, 4 GL Doors and ample power.

Michael Androwich of Lee’s Chicago office along with Mason Alsbrooks and Mike Spears of Lee’s Houston office represented the buyer. Will Clay of JLL represented the seller Clay Development.

Marcus & Millichap Directs El Paso Buyer Across Texas to Purchase Beaumont Self-storage Facility

Posted on by Sarah

Marcus & Millichap announced the sale of Storage Depot, a 59,120-square foot self-storage facility located in Beaumont, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.

Dave Knobler, an investment specialist located in the Marcus & Millichap Houston office and member of the LeClaire-Schlosser Group, partnered with the firm’s Fort Worth-based Karr-Cunningham Storage Team to exclusively market the property for sale on behalf of a privately held, Texas-based investment group. The Buyer, El Paso based LLC, Riverbend Development was procured by Mr. Knobler, Mr. Karr, and Mr. Cunningham as well. 

According to Brandon Karr, “Because the property had been operating at a high level for many years, we thought the transaction would prove to be relatively straight-forward. However, before taking the property to market, we discovered that our client would have to absorb a substantial pre-payment penalty if they were to sell the real estate in the traditional fashion. As such, we determined that the only way a sale made sense for our client was if we could get a buyer to assume the existing mortgage. Needless to say, our client was pleasantly surprised to learn that the property remained highly marketable despite the loan assumption requirement. After receiving multiple offers, a buyer was chosen, and we worked hand-in-hand with both parties to see the assumption through – a process which took less than four months start-to-finish.” 

Storage Depot is located at 6320 College St. in Beaumont, Texas 77707.