Hanley Investment Group Real Estate Advisors closed the sale of three newly constructed single-tenant drive-thru properties in the Dallas-Fort Worth metro area. All three properties were developed and sold by Tradecor, a private developer with offices in Dallas, Phoenix and Tampa.

Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko, in association with ParaSell Inc., represented the seller in the sale of a Son of a Butcher Drive-Thru and an adjacent Portillo’s Drive-Thru in Grapevine, Texas. Vice President Garrett Wood of Hanley Investment Group represented the buyer in the off-market acquisition of a Son of a Butcher drive-thru in Fort Worth, Texas.

Son of a Butcher Drive-Thru in Grapevine, Texas
Located at 480 W. State Highway 114, the 2,389-square-foot fast-casual restaurant features a new 15-year absolute triple-net ground lease. The property is part of a newly developed retail development that includes Portillo’s Drive-Thru, Firebirds Wood Fired Grill, Rock & Brews and Velvet Taco.

Portillo’s Drive-Thru in Grapevine, Texas
Located directly adjacent at 460 W. State Highway 114, the 6,250-square-foot restaurant features a new 10.5-year absolute triple-net ground lease. Both the Portillo’s and Son of a Butcher properties are positioned within Grapevine’s primary retail corridor, surrounded by high-performing national and regional tenants.

Son of a Butcher Drive-Thru in Fort Worth, Texas
Located at 9649 Sage Meadow Trail, the 2,247-square-foot fast-casual restaurant features a new 15-year absolute triple-net ground lease. The site is a hard-corner outparcel to Alliance Town Center, a 900-acre mixed-use destination anchored by corporate offices, hotels and national and regional retailers Chipotle, Firebirds Wood Fired Grill, First Watch, Original ChopShop, Panera Bread, P.F. Chang’s, and Whiskey Cake Kitchen & Bar.

Colliers earlier this month acquired Greystone Sales Group, LLC (GREA Dallas). Details of the transaction were not disclosed. 

GREA Dallas is a multifamily investment sales firm in Texas. The firm’s 25 professionals serve private and institutional investors nationwide.

“Dallas continues to be one of the most dynamic multifamily markets in the country,” said Gil Borok, President and CEO, U.S. & LATAM at Colliers. “Its strong economic fundamentals, population growth, and investment activity make it a key focus of our national multifamily capital markets strategy. The GREA Dallas team brings deep expertise and a proven track record, and allows us to further elevate our presence nationally and deliver best-in-class service.”

“We are thrilled to become part of a firm that has an exceptional record as one of the world’s most respected real estate service businesses,” said Todd Franks, Chairman and Founding Partner of GREA Dallas. “Joining Colliers enhances our ability to deliver unparalleled service across the multifamily real estate sector in Texas and nationally. We look forward to leveraging Colliers’ established platform and collaborating with their talented specialists to continue driving exceptional outcomes for our clients in sales and financing of this important asset class.”

After announcing a $15 million lobby renovation last year, JLL recently shared a first look at Four Westlake’s completed transformation. One of the most prominent office towers in Houston’s Energy Corridor, the 564,291-square-foot office tower now boasts top-of-the-line finishes that emphasize work-life balance. 

The upgrades, designed by IA Interior Architects and constructed by Gallant Builders, deliver a hospitality-inspired experience that today’s tenants are looking for. Highlights include:

• A modernized lobby with collaborative seating areas
• A fully upgraded fitness center with showers and locker rooms
• A library-style tenant lounge and coffee bar
• A 200-person “town hall” conferencing center
• A new food hall with diverse dining options

JLL leads leasing and property management at Four Westlake, where DBR recently signed a 47,000-square-foot lease, relocating from Westchase. Following the deal, the 20-story building still has 485,000 square feet available for tenants seeking high-quality, amenity-rich space in the Energy Corridor.

Lee & Associates brokered the lease of an 8,400- square-foot industrial building at 828 FM 1960 near Imperial Valley Drive in Houston’s North submarket.

The tenant, Bedliners of Houston LLC, is a Houston-based company specializing in the installation of high-quality spray-on bed liners for trucks and other vehicles. In addition to offering a variety of colors and accessories, the company is recognized for its durable and long-lasting coatings.

Lee & Associates represented the landlord in the transaction. The landlord, Christina Nguyen Trust, was represented by Richard Glass, SIOR, Principal, and Conrad Chambers, Associate of Lee & Associates.

An insatiable appetite for artificial intelligence by consumers across the globe and a limited supply from traditional providers is fueling a surge in demand for neocloud solutions. 

Neoclouds are defined as specialized cloud providers offering flexible and on-demand access to graphics processing units (GPUs) critical for AI, blockchain, gaming and scientific workloads. Neoclouds are also known as GPU-as-a-service (GPUaaS) by merit of their ability to allow customers to select tailored solutions and lower costs than hyperscalers through direct hardware partnerships and focused service offerings.

The rise of neocloud infrastructure, which provides a clear alternative to hyperscalers, will continue, according to JLL, as customers demand flexibility, scalability and cost advantages for specialized AI infrastructure that some traditional data centers cannot adequately support.    

JLL analysis shows that the global neocloud segment will potentially expand by a compound annual growth rate of 82% between 2021-2025, as competition for AI capacity intensifies and access to GPU resources surges.

“Demand for AI infrastructure is growing at an exceptional pace, and the global data center market has become capacity constrained. Neoclouds have developed an advantage over traditional cloud providers by moving faster and pricing lower with flexible terms. As AI shows no signs of slowing, its success will rely on accessibility to GPU infrastructure, which neoclouds specifically cater to,” said Andrew Batson, JLL Head of Data Center Research, AMER.

The appeal for neocloud infrastructure globally is multi-faceted and will remain front-of-mind as AI usage accelerates further. According to JLL, a major advantage for neoclouds is their ability to quickly deploy high-density GPU infrastructure versus multi-year builds common in hyperscale data centers.

However, the rise of neocloud infrastructure is not expected by JLL to be a detriment of hyperscalers. Given the specialization in AI-workloads that characterize neoclouds, hyperscalers will be better equipped to provide the diverse range of computing services preferred by many global enterprises.

From an investment standpoint, the risk profile of neoclouds differs from hyperscalers. Neoclouds are characterised by higher capital requirements and sometimes shorter lease terms, creating more immediate risks. However, risks are balanced with the rental rate premium associated with neoclouds versus traditional data center tenants.

“Funding will be a major factor to translate the potential of neoclouds into a reality capable of handling the AI load. Building GPU infrastructure is capital-heavy, and investors should have a clear vision for delivering a viable business model and support from key clients before undertaking an entry into the neocloud space”, said Muhd Syafiq, Director of Data Center Research, Asia Pacific, JLL.

PACE Equity and Lone Star PACE closed $2.4 million in C-PACE financing for a medical office building north of Dallas.

The 57,000-square-foot Independence Medical Center, located at 5501 Independence Parkway in Plano, Texas, will undergo a series of renovations funded by C-PACE. Planned upgrades include a full HVAC replacement, modernized common areas, and the installation of 56 covered parking spaces topped with solar-paneled rooftops.

C-PACE funded improvements are expected to result in roughly $664,000 in projected utility

savings over the assessment’s 30-year financing term.