Marcus & Millichap brokered the sale of a net-leased Crash Champions property in San Antonio, Texas. 

Scott Skuteris, Dominic Sulo and Andrew Antoniou, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a Nevada-based investor. Tim Speck is the firm’s broker of record in Texas. 

The property is situated on 1.02 acres at 11814 Perrin Beitel, receiving visibility from more than 19,864 vehicles per day. Crash Champions has just over 13 years remaining on their corporately guaranteed absolute triple-net lease. 

Hoar Construction earlier this month celebrated the groundbreaking of a new building for Oak Springs Elementary School in Austin, Texas.

The project is part of an ongoing bond program for Austin Independent School District (AISD), which was approved in 2022 and includes over $2 billion worth of capital projects for local schools. It is estimated to be completed in Spring 2027.

The new 83,000-square-foot, two-story building will replace the original school building, which was built in 1958. The upgraded school will include a new gym with a basketball court, full cafeteria, a theater, music studio and exterior rain garden. Designed to foster collaboration, the classrooms, referred to as studios, will have walls that open toward the hallways, enabling them to merge with adjacent spaces and encourage interactive learning among students and teachers.

The design of the building will also include high-grade concrete floors and a cool, pastel color pattern that fits with the school’s mascot, the Dolphins. There will also be a new playground on campus, which will be shared with the Austin Parks and Recreation Department, and a community center attached to the facility for public events. For student safety, this space will have a separate entrance from the rest of the school.          

The existing building will continue to be used by the school until completion of the new facility and will then be demolished and converted into a parking lot. Huckabee, a Fort Worth-based education design firm and the founding brand of MOREgroup, is serving as the architect on the project.                  

Hoar is also working on a renovation project at O’Henry Middle School, part of the 2022 bond program. The company is also actively involved across the state of Texas on several higher education initiatives, including a $47.5 million, 44,000-square-foot Centralized Operational Reliability and Efficiency (CORE) facility on the campus of Texas A&M University-Central Texas in Killeen, Texas; an expansion of the University of Texas at Tyler School of Nursing in Tyler, Texas; and a five-story press box for Bowers Stadium at Sam Houston State University in Huntsville, Texas.

DLV TC Village, LP, an entity of De La Vega Capital, acquired Turtle Creek Village, a mixed-use center located in Dallas’ Turtle Creek neighborhood.

The transaction closed May 13.

Turtle Creek Village, located on Oak Lawn Avenue, features an 18-story, 229,868-square-foot office tower and a 95,000-square-foot retail center anchored by Tom Thumb, along with a curated mix of retail and dining destinations.

Recognizing the community-centered location, DLV TC Village, LP purchased Turtle Creek Village from CIM Group for the tremendous opportunity to better serve the surrounding neighborhood. The firm plans to enhance the pedestrian experience by activating the ground level with a refreshed merchandising plan and streetscaping to create a more dynamic and walker-friendly destination.

OpenPath Industrial Partners acquired 2938 Brown Road, a 528,750-square-foot industrial distribution centerin Marshall, Texas, two hours east of Dallas.

The property was acquired at a significant discount to replacement cost, allowing OpenPath the potential for significant value-add.

Located just one mile from Interstate 20, the 39-acre Brown Road property offers immediate access to one of the most vital freight corridors in the southern United States. The East Texas I- 20 corridor is a high-demand logistics and industrial hub, benefiting from growing e-commerce, light manufacturing, and regional distribution activity.

The Brown Road facility features 72 loading docks, up to 35-foot clear heights, backup power generators, and ample secured trailer and car parking. Its 38.5-acre site allows for flexible demising or expansion strategies.

The acquisition was completed in partnership with Binswanger’s Holmes Davis, whose local expertise and market insight were instrumental throughout the transaction.

While cities like Dallas and Austin are settling into a steadier rhythm,
Houston’s industrial real estate sector leads the way with a recalibrated yet
confident market outlook that reflects the region’s diversified economy,
port-driven logistics power and investor interest in strategic flexibility.
Houston moves toward ‘more sustainable pace’
After years of explosive growth driven by e-commerce surges and pandemicera supply chain reshuffling, Houston’s industrial market is entering a new
chapter.
“We’re not in a downturn; we’re in a recalibration,” said Mary Doetterl,
research manager at Lee & Associates. “Houston’s industrial market is
adjusting to a more sustainable pace, but demand fundamentals remain rock solid, especially in port-adjacent and infill locations.”

Doetterl noted that while vacancy has increased slightly, it reflects market normalization rather than distress, especially given the 130 million square feet of inventory added over the past five years. Leasing velocity has slowed from its peak, but absorption remains positive and rent growth continues in strong submarkets like the Northwest and Southeast. 

“I believe the current industrial market is healthy and balanced from a supply and demand standpoint,” echoed Travis Land, partner at Partners. “Unless there is a major reduction in interest rates or a significant negative long-term policy enacted on trade, I think this balance will remain throughout 2025 and 2026.” 

A diverse tenant mix continues to drive absorption across the Houston metro. Key sectors include energy services, construction materials, food logistics and especially third-party logistics operations. For manufacturers, oil and gas remains the dominant force. 

“Oil & Gas is driving most of the demand as always for the manufacturing buildings,” Land said. “This product type has seen tremendous rent growth in the last year.” 

At the same time, tenants seeking distribution space are showing a clear preference for mid-sized footprints. 

“The activity in the last six months has been the slowest on distribution spaces above 500,000 SF,” Land said. “The most active is on spaces 150,000 SF and under.” 

Developers are responding to this demand shift by investing in speculative projects that prioritize flexibility, infill access and quality. With timelines for build-to-suit facilities extending beyond tenant preferences, spec development has become the faster, more attractive option for many. 

“Tenants today are moving fast and making smarter decisions,” said Doetterl. “They want flexibility, efficiency and speed-to-market, and that’s exactly what modern spec buildings in Houston are offering.” 

Land added that spec buildings are increasingly accommodating a wide range of needs. 

“The time frame to complete a build-to-suit has increased, so if a company does not need an overly specialized facility, making retrofits to existing spec facilities is often more economical,” Land said. “The variety of speculative building size options has also expanded so the demand from historical build-to-suit candidates is more easily met with broader size availability.” 

Despite higher vacancy in some segments, Houston’s speculative market remains stable and selectively strong. Infill projects, especially those under 300,000 square feet or located near Beltway 8, are attracting tenants quickly. Meanwhile, big-box facilities in more remote areas are taking longer to lease and offering concessions to stay competitive. 

Port Houston remains one of the region’s most consistent and strategic demand drivers, influencing everything from site selection to lease structure. 

“Our port is a tremendous asset and differentiator for the Houston industrial market now and in the future,” Land said. “The port continuing to implement projects that increase capacity is great for Houston.” 

“Port Houston is one of the strongest industrial demand drivers in the country right now. As the channel expansion progresses, we expect even more activity in the Southeast submarket and beyond,” added Justin Tunnell, principal at Lee & Associates. 

The port’s growth is especially significant as global trade patterns evolve. As shippers diversify away from West Coast congestion and nearshoring to Mexico accelerates, Houston’s proximity to those supply routes and its deepwater port access offer a long-term competitive edge. 

As expansion at the Houston Ship Channel moves forward and highway and rail upgrades take shape, industrial stakeholders expect even greater efficiencies and leasing momentum in 2025 and beyond. 

‘A solid year’ in Dallas 

Dallas-Fort Worth’s industrial market remains one of the most powerful logistics hubs in the country. Even as vacancy rates remain elevated compared to historical norms, experts say this is not a red flag, but a result of timing. 

“While absorption pulled back from its recent highs, 2024 was a solid year, with 2025 getting a fast start as this key demand indicator remains well above its pre-boom 14.4 msf average,” according to Avison Young’s Q1 2025 report. 

The region’s strategic location, affordability and access to multimodal infrastructure continue to attract distribution tenants and investors alike. 

“DFW continues as a premier U.S. logistics hub due to its affordability, central U.S. location and access to roads, rail and air that easily serves a large part of the U.S., as well as its proximity to Mexico for international trade,” Avison Young reported. 

With 22.7 million square feet under construction and pre-leasing in motion for many of those properties, the market is expected to regain balance gradually through 2025 and into 2026. 

Austin boasts ‘healthy occupier demand’ 

Austin’s industrial market remains on firm footing, supported by steady population growth, active housing construction and a vibrant retail base. But unlike prior years, developers are taking a more measured approach to new deliveries. 

“Construction activity has slowed as the market works through existing supply, reducing the risk of oversaturation. Absorption remains positive and continues to outperform pre-pandemic averages, signaling healthy occupier demand,” according to Avison Young’s Q1 2025 market snapshot. 

Leasing volume held steady at 1.5 million square feet in the first quarter, with net absorption of 1.9 million square feet. Most tenant demand is concentrated in the mid-size range, between 20,000 and 49,000 square feet. 

“Leasing activity remained strong throughout Q1, signaling continued tenant engagement,” Avison Young reported. 

With vacancy holding steady, developers are closely monitoring pipeline risk. With 5.2 million square feet under construction, much of it concentrated in Georgetown and the East submarket, developers are watching tenant demand closely before greenlighting further expansion. 

From Houston’s spec-driven shift to Dallas’ lease-up lag and Austin’s balanced recovery, Texas’ industrial sector is proving once again that regional context matters. As 2025 unfolds, flexibility, location and logistics efficiency remain the currency of success. 

Cravey Real Estate Services, Inc.‘s John Foret represented the seller, Ken Garner Manufacturing, in the sale of a major industrial facility at 203 Wayne Watkins Drive in Victoria, Texas.

This high-profile transaction marks a significant milestone for the region’s industrial and economic development landscape.

The 41,829-square-foot facility, located within a 16-acre industrial park, was listed for $7.5 million. Purpose-built for heavy manufacturing, the property’s construction is designed to accommodate demanding industrial operations.

Notable features include a soaring 30 foot clear height, 90 tons of HVAC capacity serving the main warehouse and the engineered 8 inch concrete slab reinforced with double mat rebar. This heavy-duty foundation significantly increases the floor’s load-bearing capacity, making it ideal for supporting the weight and vibration of large industrial machinery and equipment. Additional highlights include five overhead cranes (four 25-ton and one 7.5-ton), dual high-capacity electrical service panels and full access to municipal utilities.

The facility’s resiliently engineered construction and integrated systems make it ideal for high-volume fabrication, assembly or specialized industrial use. Designed to meet stringent manufacturing demands, the property also features windstorm engineering, climate-controlled warehousing and over $2,500,000 in crane and handling infrastructure.

The transaction was managed by Cravey’s John Foret, whose industrial market expertise and diligence throughout the process earned praise from the seller. Ken Garner, Chairman of Ken Garner Manufacturing, remarked, “You were diligent and professional throughout the process and a valuable resource for advice. You showed a deep knowledge of industrial property that I think is uncommon for real estate representatives.” Garner added that the company was confident it “could not have made a better choice” in selecting Foret and Cravey Real Estate Services to lead the transaction.