Category: Deals & Announcements

Sale of newly built multi-housing community in Houston MSA closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of and arranged the financing for The Wildwood Apartments, a 300-unit, newly developed, institutional, Class A multi-housing community located in the Houston suburb of Richmond, Texas.

JLL represented the seller, Allen Harrison Company, and Price Realty Corporation acquired the asset. JLL also worked on behalf of the new owner to secure the seven-year loan through New York Life Real Estate Investors.

Built in 2022, The Wildwood features one- and two-bedroom units with wood-style flooring, open-concept floorplans, stainless steel appliances, natural stone countertops, private yard and patios and spacious closets. Community amenities include a conservatory, dog parks with observation pavilion, private attached and detached garages and carports, gated entry, secure package lockers and package room, a club house with library and kitchen, a resort-style swimming pool and a 24-hour fitness center. The Wildwood is located within the highly amenitized Veranda master-planned community, which provides residents access to a yoga lawn, playgrounds and hike and bike trails.

Situated 24500 Wildwood Park Road, The Wildwood provides easy access to both Highway 59 and the Grand Parkway, allowing residents efficient connectivity to the rest of the Houston MSA. This includes many employment hubs, medical resources and entertainment/dining establishments throughout Katy, Sugar Land and Richmond. Richmond’s prime location is just 30 miles from Downtown Houston. OakBend Medical Center and UT Health, as well as Brazos Town Center North and South are located within one mile of the property.

The JLL Capital Markets Investment Sales Advisory team is led by Managing Director Dustin Selzer. Senior Managing Director John Brownlee led the JLL Capital Markets debt advisory team.

Newmark secures joint venture equity placement for 173,680-square-foot industrial project in Irving

Posted on by Mia Goulart

Newmark has secured the joint venture equity placement for the development of TriStar Business Park, a two-building, 173,680-square-foot industrial project located in Irving, Texas. The project is expected to deliver in Q4 2024.

Newmark Capital Markets Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe arranged the joint venture between the investor, MBK Industrial Properties, and the sponsor, Hopewell Development.

Building 1, located at 7815 Jetstar Drive, will comprise 69,160 square feet; Building 2, located at 7810 Jetstar Drive, will total 104,520 square feet, divisible down to 52,000 square feet. The buildings will feature 32-foot clear heights, ESFR sprinkler systems, 100+ parking stalls, eight dock-high doors, grade-level doors with ramps and 130- to 140.5-foot truck courts.

Situated at the corner of HWY 114 and Jetstar Drive, the project is within close proximity of the Dallas/Fort Worth International Airport and the Dallas Central Business District. Neighboring warehouse tenants include Honda, Subaru, Coca-Cola, Samsung, Canon and Boeing, among many others.

CBRE arranges sale of office showroom across from Globe Life Field in Arlington

Posted on by Mia Goulart

CBRE announced the sale of Stadium Drive, a 68,485-square-foot two-building office showroom project located at 801-803 Stadium Drive in Arlington, Texas.

Thurston Witt and Johnny Dunn with CBRE arranged the transaction on behalf of the seller, DSW Stadium Properties, LP, to an undisclosed buyer.

Ideally located across from Globe Life Field in the middle of Arlington, the property is well positioned for a vertical redevelopment with flexible Entertainment District Overlay zoning. The property is in the middle of Arlington’s entertainment corridor with two professional sports teams stadium (AT&T Stadium for the Dallas Cowboys and Globe Life Field for the Texas Rangers), two Six Flags theme parks, Texas Live!, and several restaurants, shopping centers, museums and entertainment venues.

Portside Logistics Center in Houston complete

Posted on by Mia Goulart

Stream Realty Partners has completed Portside Logistics Center, a one-million-square-foot industrial project in the highly sought-after Southeast Houston (Port) industrial submarket.

The national commercial real estate firm offering an integrated platform of services developed the Class AA, two-building industrial project in a joint venture with Principal Asset Management. Immediate occupancy is now available for users from 122,971 square feet to over one million square feet.

Portside Logistics Center is located at 4838 and 4908 Borusan Road in Baytown, Texas. The speculative industrial development offers immediate access to Grand Parkway (State Highway 99), Interstate 10, Highway 225, and Highway 146, allowing expedited access to Port Houston’s two container terminals–Barbour’s Cut and Bayport.

Portside Logistics Center offers multiple configurations with an expandable 760,000 square-foot cross-dock building and a flexible 260,000-square-foot front-load building which will offer a 40-foot clear height and 36-foot clear height, respectively. Both buildings were developed to the highest standards, featuring speculative office space, LED warehouse lights, a white-boxed interior warehouse, and fully fenced and secured truck courts. The project is seeking LEED certification.

The project broke ground in Q3 2022. Corporate neighbors include Ikea, Walmart, The Home Depot, Niagara Bottling, and Floor & Decor. Kyle Fletcher assisted in the development management of Portside. Robinson, Senior Director Tyler Wellborn, and Director Craig McKenna provided oversight on the ground-up development of the facility. Tyler Maner and Jeremy Lumbreras will serve as leasing agents for the project.

Anthem breaks ground on multifamily community in Garland

Posted on by Mia Goulart

Anthem Development, a Beck Ventures Company, broke ground on the first phase of redevelopment for the new Transit-Oriented District surrounding Dallas Area Rapid Transit’s (DART) Lake Ray Hubbard Station in Garland. This first phase includes the development of Lofts iThirty, a 340-unit, $64 million Class-A multifamily project located at 6302 Greenbelt Parkway. The initial opening of Lofts iThirty is scheduled for Q4 of 2024.

Anthem’s rezoning effort, in conjunction with DART, Wal-Mart, Kimley Horn, and the City of Garland, took over 18-months and the first phase of this mixed-use project was permitted last month. The rezoning project was awarded by the American Planners Association for its innovative approach. The final study ultimately calls for the redevelopment of the DART station, as well as two adjacent retail & hospitality pad sites that are currently being marketed.

Lofts iThirty will feature five, four-story buildings with amenities including two resort style pools, pet spa, park, game room, coffee bar, remote-work sky-lounge, outdoor kitchens, elevator access, climate-controlled corridors, and two 24-hour fitness centers totaling over 3,500 square feet. The community is conveniently located adjacent to Interstate 30, less than 15 minutes from Downtown Dallas. Additionally, Lofts iThirty was designed to be pedestrian-friendly and sits across from Duck Creek Trail, as well as a variety of shopping, dining, & entertainment options, and will offer short commutes to major employers.

Anthem exclusively engaged Nova Capital to arrange financing for the development of the project with Bank OZK, and ultimately secured co-investment from an institutional joint venture equity partner with over $6 billion in capital under management.

Entertainment company signs 25,000-square-foot lease at retail center in Fairview

Posted on by Mia Goulart

The Woodmont Company is pleased to announce the lease agreement between Larks Entertainment and Fairview Town Center. This deal, brokered by The Woodmont Company on behalf of Larks Entertainment, brings an exciting 25,000 square-foot entertainment center, cocktail bar, and chef-inspired restaurant to the heart of Fairview.

Larks Entertainment, known for its commitment to delivering unforgettable entertainment experiences, is set to redefine leisure and recreation in Fairview. This entertainment venue will be located at 351 Town Place, Fairview, Texas, and is poised to become a prime destination for individuals and families alike.

With a projected opening date of December 2023, Larks Entertainment aims to bring an unparalleled level of fun, excitement, and nostalgia to the area. Combining the charm of classic games with cutting-edge attractions, Larks Entertainment offers an extraordinary atmosphere where shuffleboard reigns supreme and a wide range of entertainment options cater to all ages.

In addition to the Fairview location, Larks Entertainment has ambitious plans for expansion. The company is proud to announce the opening of new venues in Nashville and Kansas City in 2024, further solidifying its presence in the entertainment industry. Moreover, Larks Entertainment is actively pursuing franchising opportunities, with negotiations underway for locations in Florida, Massachusetts, Georgia, Ohio, Texas, and California.

In the lease negotiations, Joseph Williams represented the tenant, Larks Entertainment, while Walt Davis of Lincoln Property Company represented the landlord.