Category: Deals & Announcements

Midway announces new office component of East River mixed-use development

Posted on by Mia Goulart

Houston-based Midway, the privately owned, fully integrated real estate investment, development, and management firm, announced a new for-sale office space component within its 150-acre East River mixed-use development. Anchoring East River’s northern boundary on Clinton Drive, the initial construction of “The Studios at East River” will consist of three 10,000-square-foot independent office structures with additional buildings planned in future expansion phases. Global award-winning landscape architecture firm OJB has pre-purchased the first of the three buildings and will be relocating its Houston practice from Pennzoil Place to East River.  Construction on the Studios is underway and is slated for completion in June 2023.

Geared towards businesses looking to own their own space, the two-story office buildings are fully customizable with minimal interior build-out, with each building including four ADA compliant restrooms, a kitchen, an elevator, and four to five dedicated surface parking spaces, with contract parking available in an adjacent multi-level garage.  

Houston-based OJB Landscape Architecture, the collective professional landscape design and urban planning practice, is leading the site and landscape design of the East River project. An OJB team of landscape architects, architects, horticulturists, scientists, planners, and continuing care experts contributed to the East River project, focusing on the connection to the water, the pedestrian realm, central green spaces, active transportation and upgraded infrastructure. Sustainability is deployed throughout the site design by controlling stormwater, using native plantings, and creating new wildflower meadows. Over 300 trees from redeveloped projects around Houston were saved and replanted as an on-site tree nursery to supply plant material through the multiple phases. Dedicated bike lanes, walkable districts with wide pedestrian streetscape and open space connectivity will link the surrounding neighborhoods to the site and to the bayou trail network.  

In total, East River’s Phase I will offer 300,000 square feet of office space designed to fit a wide variety of business needs alongside The Laura, a five-story, modern-industrial multifamily community of 360 apartment homes; and an additional 100,000 square feet of ground-level retail that will fuse commerce and culture with restaurant, hospitality, soft goods, medical, and entertainment forming spaces. Retail tenants confirmed for Phase I include Lick Honest Ice Creams, El Condor Coffee Roaster, Tomi Jewelry, URBN Dental, and a new special events venue and landmark rooftop bar from the owners of The Astorian. Office tenants include Impact Networking, Method Architecture, Houston Maritime Center, and TEAL. Construction is currently underway and is scheduled for completion in 2023.

CanTex sells shallow bay industrial portfolio in East Dallas

Posted on by Mia Goulart

JLL Capital Markets announced today that it has closed the sale of a five-property Class B shallow bay portfolio totaling 689,497 square feet in East Dallas, Texas.

JLL represented the seller, CanTex Capital, in the sale.

“We are proud to have completed this sale and outperformed investment expectations for our partners. We look forward to continuing to aggressively acquire, redevelop and reposition industrial assets throughout the Dallas/Fort Worth market,” said Romit Cheema, CEO of CanTex Capital.

The portfolio offers a mix of single- and multi-tenant warehouses ranging in suite sizes from 19,000 square feet to 184,000 square feet. Currently, the portfolio is 100% occupied by six tenants across a wide range of industries, including ADCO Industries, Hill & Smith, Inc. and ProLift Rigging Company. The buildings offer varying loading types, 18- 30-foot clear heights, up to 34 dock-high doors and ample parking.

The properties are located at:

  • 11221 Pagemill Road, Dallas
  • 11333 Pagemill Road, Dallas
  • 2917 Oakland St., Garland
  • 1515 Big Town Blvd., Mesquite
  • 3914-3920 U.S. Hwy 80, Mesquite

The properties are positioned on a total of 47.40 acres at infill locations with significant barriers to entry and immediate connectivity to Dallas-Fort Worth’s primary commercial and residential hubs, transportation arteries and major infrastructure. Additionally, shallow bay product consistently outperforms bulk industrial in the Dallas-Fort Worth metroplex, with average occupancy in the mid-to-high 90s and 6.4% average annual rent growth.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Senior Managing Directors Stephen Bailey and Dustin Volz, Directors Dom Espinosa and Zach Riebe and Analyst Pauli Kerr.

McCarthy moves Dallas HQ to new office

Posted on by Mia Goulart

McCarthy Building Companies, Inc. has moved their Dallas office to a new location at 3400 N. Central Expressway in Richardson. The new office, located in the CityLine mixed-use development, will also serve as headquarters for McCarthy’s parent company, Genuine McCarthy Enterprises and its associated subsidiaries.

McCarthy has been building in Dallas for more than 40 years and is expanding their office to accommodate rapid growth in the market. McCarthy plans to hire approximately 150 new employees in the coming year to support recently awarded contracts across Texas. The new office will also hold McCarthy’s newly formed civil business unit focused on civil construction projects supporting the transportation (roads, rail and aviation), solar, water and commercial markets.

McCarthy’s Southern Region maintains offices in Austin, Channelview, Dallas and Houston, Texas, as well as Atlanta, Georgia, serving a variety of markets including aviation, civil, healthcare, marine, mission critical, renewable energy, water, and wastewater. McCarthy’s corporate headquarters are in St. Louis, Missouri.

Lake Washington Partners acquires industrial property in Dallas

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Tradepoint 20/45, a newly-completed 418,000-square-foot industrial building in Dallas.

JLL represented the buyer, Lake Washington Partners, in the sale from Blumenfeld Development Group and Declaration Partners.

Tradepoint 20/45, which was completed in early 2022, offers 36-foot clear heights, 60-foot deep staging bays, 78 dock doors, two ramps, 124 parking spaces and 107 trailed parks.

Located at 4831 Cleveland Road Tradepoint 20/45 is positioned 13 miles from Downtown Dallas, 18 miles from Dallas Love Field Airport and 33 miles from Dallas/Fort Worth International Airport. The property has easy access to the Texas Triangle, the area between Dallas-Fort Worth, Houston and San Antonio/Austin. This allows future tenants to reach 25 million residents within a five-hour drive.

The JLL Capital Markets Investment Sales Advisory team representing the buyer was led by Senior Managing Directors Dustin Volz and Stephen Bailey, Executive Managing Director Adam Citron, and Directors Dom Espinosa and Zach Riebe.

Retail asset on the San Antonio River Walk trades to Fifth Corner

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of South Bank, a 46,704-square-foot, high-performing retail asset located on the world-renowned San Antonio River Walk, the top tourism attraction in Texas.

JLL marketed the property on behalf of the seller, and Fifth Corner acquired the asset. Fifth Corner’s predecessor, AMREIT, formerly owned this property from 2005 to 2015.

This trade is significant as only one River Walk retail asset transaction has occurred over the last five years, and only six individual retail assets have traded since 2005.

Featuring a strong mix of food and beverage and local and national retailers, the property caters to the over 11 million visitors to the River Walk annually.  South Bank generates total commerce of over $22 million, the center is 100% occupied and boasts an average tenant tenure of 20.1 years. Original tenants include Hard Rock Café, The County Line Bar-B-Q, Paesanos, Cowboy’s Alamo City Harley-Davidson, Ben & Jerry’s and Howl at the Moon. Recent additions include Merkaba, a live-music sister concept to Howl at the Moon, and Fat Tuesday, which has returned to its original South Bank location after 17 years.

Situated at 111 W Crockett St., South Bank is set within a highly coveted retail micro-market. The tenants have access to a San Antonio’s population of 2.6 million, as well as the approximately 37 million tourists that visit the city annually. Additionally, the location of the asset benefits from the 16,877 total hotel rooms within a five-mile radius. South Bank is also supported by incredibly strong fundamentals driven by high retailer demand and development restrictions established by the RIO-3 zoning that was implemented in 2002 to protect, preserve and enhance the San Antonio River.

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Chris Gerard, Ryan West and Barry Brown and Associate Erin Lazarus and Megan Babovec.

Houston medical plaza earns ENERGY STAR® building certification

Posted on by Mia Goulart

JLL announced that Memorial Hermann Medical Plaza was awarded the U.S. Environmental Protection Agency’s ENERGY STAR® certification for superior energy performance. Located at 6400 Fannin St., Memorial Hermann Medical Plaza is a 510,000 square-foot, Class AA medical office tower in the heart of the Texas Medical Center in Houston.

ENERGY STAR®-certified buildings are verified to perform in the top 25% of buildings nationwide, based on weather-normalized source energy use that considers occupancy, hours of operation, and other key metrics. ENERGY STAR® is the only energy efficiency certification in the United States that is based on verified energy performance.

2022 marks the first year since 2014 that medical buildings were able to be considered for the ENERGY STAR® certification. Memorial Hermann Medical Plaza earned a score of 97 indicating this building’s superior performance compared to its peers. This award adds to the property’s other accomplishments of LEED GOLD O+M v4.1 Existing Building, and Well HSR (Health and Safety Rating).

Senior General Manager Karen Tucker, LEED AP O+M, and GGP of JLL directs property management for the asset.