Category: Deals & Announcements

Mixed-use Center Trades in Dallas-Fort Worth Community

Posted on by Sarah

JLL Capital Markets announced today it has closed the sale of Bowery Park, a 65,477-square-foot premium suburban shopping center and office property in the high-growth Dallas community of Highland Village.

JLL marketed the property on behalf of the seller, Boulder Peak Capital, LLC. Kobalt Investment Company acquired the asset.

Completed in 2018, Bowery Park is 93.5% leased to a diverse roster of strong-performing retail and office tenants, including Massage Life Center, Baskin Robbins, Sip Stir Coffee House, Good Morning Donuts, Platinum Dermatology, Providence Title, Rhi and Co., Awesome Times, Preferred Pediatrics, CryoNation, Be Legend Gaming and Liquor Land.

Bowery Park spans 6.17 acres at 2570 Justin Road in Highland Village and is positioned within one of Dallas-Fort Worth’s most affluent suburban pockets that reports an average annual household income of $150,581 within a five-mile radius. This position is also within DFW’s path of growth; 531,765 residents live within a 10-mile radius, and that number has grown 32% since 2010. Additionally, the mixed-use center is within one mile of two elementary schools, Briarhill Middle School, and Flower Mound Marcus High School.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Adam Howells and Ryan Shore and Analyst Matthew Barge.

CBRE National Partners Announces Sale of Brand New, 1,000,000-square-foot Logistics Facility in Dallas

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CBRE National Partners announced the sale of DalParc Logistics Center, a brand new, 1,008,140-square-foot industrial distribution center located at 3199 Telephone Road in Dallas. Property Reserve, Inc. purchased the facility from VanTrust Real Estate for an undisclosed price.

Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.

Delivered in 2021, the property is located conveniently at the corner of North Dallas Avenue and Telephone Road in the highly coveted South Dallas submarket. There are eight entrance and exit points from the building, giving it excellent access to several major transportation arteries that connect the Dallas-Fort Worth metroplex. The property is 100% located to a single tenant, providing a stable cash flow over a long-term lease.

The spike in demand for distribution and logistics space that accelerated during the pandemic has shown no signs of slowing down. According to CBRE’s Q2 2022 Dallas Fort-Worth Industrial MarketView, the North Texas industrial market has an overall vacancy rate of 5.1%. In South Dallas, there is a 7.4% vacancy rate as developers have delivered 7.8 million square feet of industrial product in 2022 with over 17 million square feet of product under construction.

McAlpine Interests Brokers Six-Property Fuel Depot Portfolio Purchase

Posted on by Sarah

OHK Global purchased a portfolio of six Fuel Depot locations in Port Arthur and Beaumont from Beyond Development Inc DBA Fuel Depot/Eclipse Development. Included in the transaction were 4200 Gulfway Drive, Port Arthur, TX 77642, 6107 West Port Arthur Road, Port Arthur, TX 77640, 700 West Gulfway Drive, Port Arthur, TX 77640, 6800 9th Avenue, Port Arthur, TX 77642, 7621 N Twin City Highway, Port Arthur, Texas 77642 and 2580 S 4th Street, Beaumont, TX 77701. Atif Ilyas of McAlpine Interests represented the buyer. OHK Global intends to renovate and rebrand the properties.

For more information on McAlpine Interests’ current sales listings, lease listings or prior transactions, please visit //www.mcalpineinterests.com.

Stream Realty Partners’ RiverSouth Achieves First SmartScore Platinum Certification In Texas

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401 S. 1st St. Marks The Third Platinum SmartScore Building In The United States

AUSTIN, TEXAS — RiverSouth, Austin’s newest office development owned by Stream Realty Partners, has been honored with SmartScore’s highest achievement, making it the smartest building in Texas.

The 15-story, 372,00-square-foot high-rise at 401 S. 1st St. received a SmartScore Platinum rating for its cutting-edge user functionality and technological foundation. Stream, a national real estate services, development, and investment firm, also leases and manages the property. The building’s smart elements from KODE Labs include:

● The ability to monitor, report, and optimize energy usage for sustainability purposes.

● A cleaning protocol based on occupancy that senses when shared areas need to be cleansed.

● Easy entrance to the building and garage via a mobile device. ● Luxer One package delivery service, enabling secure spaces for tenants to receive packages.

● A sensor that collects thorough data on light, noise, temperature, and air quality.

● A tenant app providing local weather, building services, and the ability to submit feedback.

● Access to diverse routes for telecommunications with three providers.

“RiverSouth provided us the ultimate opportunity to solidify our commitment to sustainability in a city that has set national standards for a sustainable built environment,” said Eric Herron, Managing Director of Development and Construction for Stream Austin. “The building’s operating system from KODE Labs will undoubtedly allow our tenants to achieve higher efficiencies that will affect their bottom line—energy costs. We are proud to have developed a building with technology that is unmatched in the commercial real estate world, and achieving the highest SmartScore rating available validates our commitment.

RiverSouth is the first building in Texas to achieve the SmartScore Platinum certification. WiredScore is currently working with over 20 buildings in North America for its SmartScore certification.

WiredScore’s SmartScore certification identifies best-in-class smart buildings that deliver an exceptional user experience, drive cost efficiency, deliver high standards of sustainability, promote healthy environments, and are considered future proof. At the platinum level, an asset must offer cutting-edge innovation and showcase processes and automation that deliver world-class outcomes for occupants and guests.

“Securing SmartScore Platinum is a landmark achievement for Stream, marking one of the most intelligent built-environments in the world,” said Katie Klein, North American Country Director at WiredScore. “The building’s current leasing velocity echoes the undeniable power of smart tech that occupiers no longer just crave but demand.”

In addition to its smart features, RiverSouth offers amenities including bike valet and storage, underground parking, a fitness studio with spa-inspired locker rooms and showers, ground-level restaurants and shopping, a seventh-floor green roof and amenity deck, and a rooftop lounge with an exclusive full-service bar.

RiverSouth recently opened with Baker Botts, Under Armour, AlertMedia, Goldman Sachs, and others calling the building home. For leasing information, contact Stream Austin at 512.481.3000.