Bizmart dba OfficeMax has signed a long-term, 21,500 square foot lease renewal at 4601 Cooper Street in Arlington. Beginning August 2022, the American office supplies chain store will renew its lease in the Arlington Cooper Street Plaza retail shopping center operated by Hartman Income REIT Management, Inc., a commercial real estate operator of its portfolio and owned by its affiliate, Hartman Short Term Income Properties XX, Inc. headquartered in Houston.

OfficeMax’s 21,500-square-foot warehouse retail store serves as a co-anchor tenant with Home Depot, UPS, and Mattress Firm at the high-trafficked retail plaza. The office supplies store will renew its space in the second largest building of the retail plaza. Additionally, the new lease agreement will feature placement of monument logo signage on the northwest corner of the property facing I-20.

Hartman’s Cooper Street Plaza is a conveniently located retail center just one light south of Ronald Regan Memorial Highway. The property sees an average count of 150,000 vehicles per day while residing within three square miles of a population of 121,939. In the past three months, Cooper Street has welcomed two additional well-known tenants to its mix, Black Rifle Coffee Company and State Farm Insurance.

In the leasing transaction, Claudia Hutchinson with Realty Ventures represented OfficeMax and Richard Maloof represented Hartman, the landlord.

JLL Capital Markets announced today that it has closed the sale of Urban District 183, a three-building, 366,771-square-foot, Class-AA industrial park in Euless, Texas.

JLL marketed the property on behalf of Urban Logistics Realty (ULR).

“We could not be more excited about the successful completion and sale of Urban District 183,” said ULR Director Drew Feagin. “A huge team effort from a lot of folks that we are very grateful for. This project was 100% preleased at the time of delivery, which is a testament to the infill and irreplaceable location that we repeatedly aim to invest in.”

Urban District 183 is located near DFW Airport and one of the last remaining sites in the GSW/DFW Airport submarket. ULR worked closely with the city of Euless to rezone the former Coopers Golf Park. This new facility was built on a speculative basis and now stands as Omni’s new global headquarters for executive offices, warehousing and ecommerce fulfillment.

The property is situated off SH-183 and Industrial Boulevard at 1010 and 1000 S. Industrial Blvd. on 22.02 acres. The industrial park is centrally located between Dallas and Fort Worth and is an eight-minute drive to Dallas-Fort Worth International Airport. Located in the GSW / DFW Airport submarket, the property benefits from the area’s strong demographics with a population of 1.2 million people within a 20-minute drive, up 40% since 2000, and $20 billion of consumer spending power within the same radius. In addition, Urban District 183 benefits from the strong labor pool with 245,000 daytime workers within a five-mile radius.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Dustin Volz and Stephen Bailey, Director Dom Espinosa, Associates Wells Waller and Robby Westerfield, and Analyst Megan Babovec.

Milrose Consultants, the country’s largest provider of building code consulting and municipal compliance services, has acquired Masterplan, a Dallas-based full-service land use and planning consultancy.

Founded in 1981, Masterplan is the largest land use firm in the Texas region specializing in zoning, permitting, and community engagement. The firm has more than 40 employees across offices in Austin, Dallas, Frisco, Houston, and Fort Worth, and has obtained thousands of government approvals for clients in the development industry.

Milrose’s acquisition of Masterplan will expand the consulting firm’s presence into Texas and strengthen its ability to provide full-spectrum services.

“Texas is one of the fastest growing national real estate markets and has some of the more stringent and complex land-use, building code and zoning, and municipal permitting regulations and processes. As more of our clients and companies across the country continue to invest in and grow their presence in Dallas-Fort Worth, Austin, Houston, and the surrounding cities, we are excited to have Masterplan as part of our team and be able to offer our combined suite of specialized services to all existing and new clients across Texas,” said Dominic Maurillo, CEO of Milrose. Click to read more at www.consulting.us/news.

A California real estate company has a new stake in Fort Worth apartment property. Los Angeles-based Cottonwood Group acquired the Woodstone Apartments, 6051 Bridge St., and Bridge Hollow Apartments, 5801 Bridge St. The apartment portfolio in east Fort Worth is made up of 480 multifamily units.

“Given supply and demand dynamics, Cottonwood remains bullish on the multifamily sector overall, especially in markets that offer a combination of job growth, an attractive climate, and relatively low living costs like Fort Worth,” Cottonwood’s chief investment officer Mark Green said. “Cottonwood Group’s multi-strategy approach means the firm will look at any primary or growth market inside and outside of Texas.” Cottonwood acquired the property in partnership with Dallas-based Texsun Holdings. Earlier this year, Cottonwood partnered with the private equity firm for two multifamily assets in San Antonio.

“We are thrilled to complete another transaction with Texsun and to add such a high-quality asset to our Texas portfolio,” Green said in a release. “While other traditional investors may be pulling back due to economic and market uncertainty, we remain bullish on the multifamily sector.” Both firms budgeted $5 million for renovation and repositioning of the Fort Worth properties, which total 342,000 square feet of real estate. The renovation investment will go towards interior and amenity upgrades, according to Cottonwood. Click to read more at www.star-telegram.com.

Dallas-Fort Worth is proving itself to be one of the hottest markets in all areas of CRE. And right now, the numbers are pointing toward a third consecutive quarter of positive net absorption for the first time since 2018.

That’s according to CBRE’s DFW Q2 Office Market Report. In fact, Dallas’ numbers are trending up in nearly every regard.

The Bureau of Labor Statistics, as of May 2022, reported the national unemployment rate as 3.6%, maintaining the same level in April 2022. DFW’s unemployment rate during the same period was 3.3%, and Dallas has increased its number of non-farm jobs by 7.7% — nearly 300,000 — year-over-year.

Vacancy continued to drop and stood at 24.4%, down by 70 basis points from Q1 2022, marking yet another decline in vacancy and the longest streak since 2019, Deliveries were up 76.1% from 327,400 square feet to 576,550 square feet in Q2 2022 due to the recent completion of The Epic — Phase II and the PGA of America HQ.

Office in and around DFW continues to show signs of recovery, comparable to that of Boston, Manhattan and Houston due to ever-growing tenant requirements and competitive leasing activity, based on the report. The submarket has seen many new projects this year and quite a few are expected to break ground in the coming months.

One of the largest projects to break ground in Q2 was 2323Springs in Uptown for 622,452 square feet. Quoted face rates increased from $30.93 gross per square foot to $31.23 gross per square foot with Far North Dallas and Richardson/Plano leading the charge. Sublease availability rose to 9.4 million square feet, representing over 4% of total inventory and 14.7% of total availability with Class-A properties, making up roughly 72% of all sublease listings.

Simply, DFW’s office rebound is one of the best in the U.S. This much is clear. Still, CBRE Econometric Advisors have expressed concern about the current effects of inflation on the real estate market and advise businesses to tread, still, with caution.

“Our baseline view expects the Fed will be able to restrain inflation to roughly seven percent by year-end,” CBRE stated. “The labor market will also soften, with the unemployment rate increasing to the mid-four-percent range. Once inflation is tamed, both capital and real estate markets should become more predictable again.”

There will continue to be a flight to quality where newer, highly amenitized renovated buildings will have the most activity. Other projects will continue experiencing lower rent growth and shorter lease terms for new and renewing tenants. That said, CBRE said DFW should be able to sustain healthy fundamentals due to its stable local economy and unwavering demand.

JS International Grill, LLC a limited liability company leased 3200 square feet at 100 South Central Expwy in Richardson, Texas. Keith Otto with Otto International Realty LTD. Company represented the tenant and Wil Logan represented the landlord, Hartman Income REIT.