Category: Deals & Announcements

CBRE arranges sale of Expo Center, a 28,119-square-foot shopping center in Rowlett

Posted on by Mia Goulart

CBRE announced the sale of Expo Center, a 28,119-square-foot shopping center in Rowlett, Texas. The property is located at 3801 Lakeview Parkway and sits on 3.35 acres. A local Dallas private investment group purchased the property from Standridge Companies.

Jared Aubrey and Michael Austry represented the seller in the marketing and sale of the property.

Located along Lakeview Parkway just one mile east of Lake Ray Hubbard, the center is 100% leased to nine retail tenants, including Fresenius Medical Care, Golden Pot Chinese and Opa! Greek Taverna. The property gardened significant investor interest due to its replaceable in-place rents and limited competition as this is one of the few properties in the surrounding area that has full-service restaurant options.

Newmark completes sale of three-building, newly constructed industrial park in Mansfield

Posted on by Mia Goulart

Newmark has completed the sale of Mansfield Urban Industrial Park, a three-building industrial property totaling 267,622 square feet in Mansfield, Texas.

Newmark Capital Markets Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe represented the seller, Longbow Interests, a Dallas-based commercial real estate firm that specializes in developing shallow bay industrial buildings. The buyer was High Street Logistics Properties.

Located at 1960-1962 Heritage Road, Mansfield Urban was 89% leased at the time of sale with a 4.6-year weighted average lease term (WALT). Delivered in summer 2022, the property features Class A amenities, including front/rear-load design, 18- to 28-foot clear heights, modern truck courts, ESFR sprinkler systems, speculative office space and steel deck roofing.

Mansfield Urban is centrally located within the DFW Metroplex and offers convenient access to I-20, US-287 and TX-360. The property benefits from DFW’s ongoing population growth and robust employment growth, particularly among industrial-using jobs.

According to Newmark Research, the Dallas industrial market realized 5.4 million square feet of positive absorption in the second quarter of 2023, bringing year-to-date totals to 15.1 million square feet. Following a yearly supply outpacing demand for the second consecutive quarter, as of the end of the second quarter of 2023, vacancy increased by 160 basis points year over year to 7.3%.

M Financial Group signs lease at The QUAD development in Uptown Dallas

Posted on by Mia Goulart

A major financial services firm headquartered in Portland, Oregon, has agreed to open its first Dallas office in Stream Realty Partners’ The QUAD, located at 2699 Howell Street.

M Financial Group, a financial services distribution company that services a network of 130-plus independent Member Firms located across the nation, recently signed a lease for approximately 52,000 square feet in the 12-story office building under construction in the heart of Uptown Dallas.

M Financial has been headquartered in Portland since its incorporation in 1978. The expansion to Dallas represents the company’s first foothold outside of the Portland area.

Stream Senior Vice President Ryan Evanich and Vice President Marissa Parkin represented Stream, the owner of The QUAD, in the transaction. Cushman & Wakefield’s Dean Collins, Mark Collins and Doug Deurwaarder represented M Financial.

Stream, a national commercial real estate firm offering an integrated platform of services, is developing the 345,425-square-foot office building and surrounding 18,500-square-foot retail area heralded as the dawning of “A Different Dallas.” The QUAD is expected to open in March 2024.

Executive Managing Director & Partner of Development Ramsey March, Director of Development Brad Dornak, Senior Director of Design & Construction Jerry Mays and Director of Design & Construction Blake Bell led Stream’s development efforts for The QUAD project.

M Financial is the third office tenant to sign a lease in The QUAD. Earlier this year, Revantage, a Blackstone Real Estate portfolio company, agreed to take 32,000 square feet. Chicago Title, the largest title insurer and provider of real-estate related products, was the first office tenant to commit to the project, agreeing to occupy 21,000 square feet. Additionally, Two Hands, a community-focused eatery based in Australian café culture, was the first retail tenant to come on board. The eatery is scheduled to open in the Q1 2024. Stream will announce the remainder of the restaurant lineup later this fall.

The QUAD will set a new standard in Dallas with an integrated “smart” building end-user interface. Pathogen-reducing technologies such as hospital-grade air filtration and outside air circulation on office floors are 50% higher than industry standards. Tenants such as M Financial will appreciate the tower’s full-service fitness studio, top-floor outdoor terrace with expansive views, a club lounge and conference center, an acre of outdoor space, a bike valet, and dedicated underground parking. The building is also steps away from popular Uptown restaurants, hotels, entertainment venues, and multifamily complexes.

Financing secured for Four Oaks Industrial Park in Texas

Posted on by Mia Goulart

JLL Capital Markets has arranged the financing for Four Oaks Industrial Park totaling 170,000 square feet in Schertz, Texas.

JLL worked on behalf of the borrower, Rosewood Property Company, to secure the loan from Lincoln Financial Group.

The single-building, two-tenant industrial park was delivered in 2022 and is fully occupied. The building sits on a 9.59-acre parcel and features 32 dock-high doors, two drive-in doors and 30-foot clear heights.

Located at 17670 Four Oaks Lane, Four Oaks Industrial Park is strategically situated approximately 1,300 feet from I-35 and is less than a 60-minute drive to both the San Antonio and Austin metros. The region also boasts a highly accessible location that is proximate to many of Texas’ major thoroughfares. This accessibility to dense population centers has led to steady demand along the I-35 Corridor. This demand has also allowed the surrounding Guadalupe/Comal County submarket to become one of the best performing industrial submarkets in Central Texas.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director John Brownlee and Director John Bauman.

Merriman Anderson Architects designs affordable rental community in Round Rock

Posted on by Mia Goulart

Merriman Anderson Architects (MAA) announces construction has commenced on their Preserve at Mustang Creek project, an $88 million rental community located in Round Rock north of Austin, Texas. MAA provided architecture and interior design services for the three-story family friendly, garden-style project which includes 252 units, clubroom, indoor play space, outdoor playground, resort-style pool with grill stations, garages and covered parking. A large solar carport will offset 90% to 100% of common electricity use.  

LS Black Development of St. Paul, Minnesota, is developing the 11.3-acre site at 1401 County Road 118 in Round Rock which will provide stylish modern apartments and amenities priced for affordability to households earning 30% to 60% of the area’s median income. MAA designed one- to four-bedroom configurations as well as Type A Accessible Units, and units equipped with accessibility equipment for residents with hearing and visual impairments. 

Public financing assistance was provided by the Texas Department of Housing and Community Affairs, along with private financial partners on the project. In addition to MAA, professional consultants include Westwood Professional Services (civil engineering); BHB (mechanical, electrical, plumbing); Salas O’Brien (structural, facilities planning); and Cadence McShane Construction (general contractor). 

Construction commences this month and is scheduled for completion in September 2025. 

Connection Park Logistics Center trades in San Antonio

Posted on by Mia Goulart

JLL Capital Markets arranged the sale, joint-venture equity, and financing for Connection Park Logistics Center, a newly developed, Class A distribution center totaling 490,083 square feet in San Antonio, Texas.

JLL marketed the property on behalf of the seller, Triten Real Estate Partners, and procured the buyer, CAPSTAR Real Estate. Additionally, JLL arranged an equity partnership between CAPSTAR Real Estate and an undisclosed investor, and secured a floating-rate, interest-only loan from Prime Finance for the acquisition of the property.

Connection Park Logistics Center is situated on 42.23 acres and includes 36-foot clear heights, six ramped doors and 348 trailer and car parking spaces. The cross-dock configured warehouse was completed in early 2023.

Located at 6851 Cal Turner Drive, the distribution center sits within an established industrial park, offering proximity to major national and global distribution centers. Connection Park’s location offers immediate access to three major regional highways allowing for tenants to easily access the entire metropolitan area in addition to Houston (via IH-10) and Austin (via IH-35). Given its exceptional distribution reach, this industrial pocket is one of the most infill logistics locations in San Antonio.

The JLL Capital Markets Debt and Equity Placement team representing CAPSTAR Real Estate was led by Director Jarrod McCabe and Analyst Blake Jones.

The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Managing Director Trent Agnew and Director Josh Villarreal.