PCCP has provided a $72.4 million loan to an affiliate of WPT Capital Advisors for the acquisition of two Class-A, 100% leased warehouse buildings totaling 1.1 million square feet at Elizabeth Creek Gateway in North Fort Worth, Texas.

Built in 2021, Buildings D & E, located at 16000 and 15716 Wolff Crossing, are fully occupied by three tenants. Both buildings feature 36’ clear height, excess trailer parking, ESFR sprinklers, and multiple points of ingress/egress.

Elizabeth Creek Gateway is 20 miles north of Downtown Fort Worth in AllianceTexas, one of the country’s top multi-modal logistics hubs. AllianceTexas includes a BNSF Railway Intermodal Facility, a cargo airport, FedEx and UPS sort hubs, Amazon air hub, two Class I rail lines (BNSF and Union Pacific), and major thoroughfares connecting to the greater DFW MSA and other major Texas MSAs.

The property is three miles north of Perot Field Fort Worth Alliance Airport, 20 miles west of Dallas Fort Worth International Airport, and 20 miles north of Fort Worth Meacham International Airport, making it ideal for regional and national distribution.

Colliers brokered the sale of more than 12.71 acres of raw land along Highway 6 in Missouri City, Texas.

Chris Hutcheson, James Kadlick and Harrison Kane of Colliers represented the seller in the transaction.

Missouri City continues to experience significant growth, attracting businesses and residents with its strong infrastructure, expanding amenities and strategic location along major thoroughfares.

The Highway 6 corridor has become a hub for retail, office, and residential projects, driving increased demand for well-located land opportunities.

CenterPoint Properties closed on the new Class-A TruePort Distribution Center at 2830 E. Pasadena Blvd. in Deer Park, Texas.

The 254,705-square-foot cross-dock warehouse is fully leased to Ironwear, a manufacturer of personal protection safety products.

CenterPoint’s Central Region senior vice president of investments, Rives Nolen, highlighted the building’s proximity to the Port of Houston’s Barbours Cut and Bayport terminals—6.5 and 10 miles from TruePort, respectively—and easy access to Beltway 8 and state highways 225 and 146 as particularly attractive components of this acquisition. 

Nolen said his regional team had placed its Houston market focus on finding investment opportunities in the “Petrochemical Corridor” west of the port’s primary terminals in recent years, coinciding with the port’s significant growth.

Port officials say the nation’s fifth-largest port and the leader in waterborne tonnage has seen a 27 percent increase in volume since 2020. Late last year, the Port of Houston Authority announced more than $1.7 billion will be spent on landside infrastructure improvements over the next five years, which comes on the heels of more than $1.5 billion invested in land and waterside improvements in recent years. According to officials, a channel expansion project, “Project 11,” is on track for completion in 2027.

“Along with its location, this facility has features that give the tenant a significant advantage,” added Justin Gallagher, CenterPoint’s Central Region investment officer. He underscored TruePort’s 36-foot clear height and parking for 59 trailers – both above market average – as two examples. The asset also has 44 dock-high doors, four drive-in doors, a 14,660-square-foot office, and its nearly 13-acre property can accommodate parking for 153 cars.

The JLL Capital Markets Investment Sales and Advisory team led by Senior Managing Director and Industrial Group Co-Lead Trent Agnew, Managing Director Charlie Strauss, and Director Lance Young facilitated the off-market transaction.

CenterPoint’s Houston portfolio is comprised of 18 properties and 2.6 million square feet of industrial warehouse space.

Rosewood Property Company and equity partner Barings have broken ground on The Gilman, a Class-A multifamily community in the Las Colinas neighborhood of Irving, Texas.

Set on 6.86 acres in the heart of Las Colinas off Highway 114, The Gilman will feature 370 apartment homes with a modern, transitional architectural design with sweeping views of The Nelson Golf & Sports Club. Residences offered will be a mix of studios, one bedroom, two bedrooms and three bedrooms. Apartment homes will range from 615 square feet studios to 1,460 square feet in the three-bedroom apartments. The multifamily community is expected to be completed by early 2027.

The Gilman will feature top-of-market amenities for the residents such as: a clubroom, formal living rooms, co-working offices, a TrackMan golf simulator, a top-level sky lounge overlooking the golf course, three outdoor courtyards, a resort pool, dog park and dog spa and an expansive two-story fitness center.

The Gilman is part of an 18-acre master-planned development by Rosewood, which includes townhomes being built by David Weekley and boutique office spaces by Savannah Developers. The site holds historical significance as the location of Las Colinas’ first office building and is being reimagined as a vibrant, mixed-use community.

It’s no secret that the United States needs more affordable multifamily apartment units. But a new report suggests that relief for tenants seeking lower-cost apartments isn’t coming anytime soon.

Yardi Matrix in its February report on affordable housing, said that construction starts of affordable multifamily properties are slowing. This means that the need for these units will only continue to grow.

There is some good news, though. Yardi Matrix said that completions of affordable multifamily units are set to reach a multi-year high of 78,000 in 2025.

The problem, though, is that as the price of construction rises, the number of construction starts of affordable apartment units has already dropped. This means that the delivery of new affordable units will fall in the coming years all while demand for them is rising.

Yardi Matrix reported that starts of fully affordable apartment units fell by 28.7% in 2024 to 66,000. That is the lowest number since 2020.

What’s interesting is that the starts of market-rate apartments have fallen at an even faster rate, dropping by 47% to 208,000 in 2024. That’s the lowest this number has been since 2013.

What’s behind the drop in both market-rate and affordable multifamily construction starts? Yardi Matrix points to the rising costs of land, labor and materials. Rising insurance premiums, a lack of available labor, delays in entitlements and slower construction times are also playing a role.

These are especially important in the affordable arena. Yardi Matrix says that as construction costs rise, the same amount of government subsidies produce fewer affordable units.

Will Wisconsin get its first Buc-ee’s travel center and gas station in 2027? That looks likely, according to city officials in Oak Creek, Wisconsin, a suburb of Milwaukee.

Earlier this year, Oak Creek city officials said that Buc-ee’s plans to open its first Wisconsin location at the southwest corner of Interstate-94 and Elm Road in Oak Creek.

According to a story from WISN 12 News, Andrew Vickers, city administrator with Oak Creek, said that Buc-ee’s and Oak Creek officials began discussions about a new Buc-ee’s location in the fall of 2024.

Buc-ee’s had already purchased the 29-acre plot of land before reaching out to Oak Creek officials, Vickers told WISN 12.

Buc-ee’s is famous for its large travel stations with dozens of fuel pumps. The chain also has a reputation for providing clean bathrooms.

Travelers can order brisket, sausage, pulled pork and turkey sandwiches; tacos; fudge; and its famed Paddle Tail, a pastry shaped like a beaver’s tail and made with pastry, cinnamon, brown sugar and icing. Chain locations feature large car washes and gift stores selling merchandise with Buc-ee’s beaver mascot on it.

The Buc-ee’s planned for Oak Creek will be another large facility, covering 73,370 square feet. It will feature 120 gas pumps and EV charging stations. WISN reported that the new station will employ about 175 full-time workers.

“Buc-ee’s is excited to have the opportunity of adding Oak Creek to our expansion into Wisconsin,” Buc-ee’s said in a statement released to WISN. “We have plan submittals, commission approvals, and final city council decisions to be made before we can put a shovel in the ground.”

The Oak Creek Plan Commission met Jan. 28 to discuss the project. The Milwaukee Journal Sentinel reported that plan commission members approved a resolution amending the city’s comprehensive plan to change the zoning for the site of the proposed Buc-ee’s from business park to commercial.

The commission also voted to recommend to the Oak Creek Common Council that it rezone several properties making up the site to the B-6 Interchange Regional Retail District, according to the Milwaukee Journal Sentinel.

These are the first two steps in bringing Buc-ee’s to Oak Creek. The Oak Creek Common Council will hold a public hearing on both of these Plan Commission recommendations March 18. Council members can then vote to rezone the land if they support the commission’s recommendations.

At the plan commission meeting, Angela Janik, project coordinator for Buc-ee’s, stressed that the chain does not run truck stops. Instead, it operates travel centers, she said.

Janik referred to Buc-ee’s as the “Disneyland of gas stations” during the meeting.

Janik told the plan commission that from 4,000 to 8,000 cars visit the typical Buc-ee’s location on a daily basis. These cars bring an average of 100,000 visitors to each Buc-ee’s a week, she said.

Buc-ee’s does hold some interesting records. First, its Lulu, Texas, location boasts the world’s largest convenience store, 75,593 square feet.

Buc-ee’s also claims that it operates the world’s largest car wash, a facility in Katy, Texas, that boasts 255 feet of conveyor.

As of February of this year, Buc-ee’s listed 57 locations on its website. In addition to its Oak Creek location, Buc-ee’s plans a second location in the state in DeForest, Wisconsin. Plans for that 74,000-square-foot store are still being worked out.