Category: News & Market Reports

Two Acre Lot Owned by Converse EDC Sells to National Restaurant Chain

Posted on by Sarah

August 11, 2020 (CONVERSE, TX)

The City of Converse Economic Development Corporation (EDC) announces the sale of a portion of five parcels the EDC owns at city center. The sale of the land at the lighted corner of FM 78 and Center Street will bring in the national restaurant chain Burger King with a double drive‐thru and a second building at 5,800 square feet for a convenient/food store and will include an additional restaurant space with a second set of double drive‐thru lanes. Drive-thru restaurants in Converse have stood strong through the current health challenges. The properties have been marketed by Transwestern since January 2019 with half‐acre to three acres sites still available. The five (5) parcels were purchased in 2017 with a plan to create economic growth in one of the many areas the City is also investing resources. The City has and is in the process of expanding S. Seguin, FM 1516, Rocket Lane, Toepperwein, and Loop 1604, many include TxDOT funding. Mayor Al Suarez shared, “As Mayor of Converse for the past 13 years, we are approaching our highest peak of success ever. Thanks to the aggressive proactive efforts of our city staff & Economic Development Corporation.” Adding to the announcement, Rosa Gary, President of the Converse EDC Board of Directors, “We are thrilled that we continue to have commercial growth in our city; they will become part of our story! The EDC team diligently supports our business community and looks forward to continuing a path of success!” The EDC actively promotes the City’s population growth to highlight where businesses should expand next.
Currently, Converse has 3,000 new single‐family homes actively being built with more on the horizon. New single-family homes, multi‐family possibilities and annexation phases planned to IH‐10 through 2034, makes the current and future Converse an untapped market for retail, restaurant, hospitality, and commercial developments. Find out more at www.ChooseConverse.com

Media Contact:
Jimsi Kuborn, Executive Director
City of Converse Economic Development Corporation
Jkuborn@converseedc.com PH # 210.659.9163

CBRE Brokers Sale of 158-Unit Multifamily Property in East Dallas

Posted on by Sarah

CBRE announced the sale of Bella Vista Park, a 158-unit multifamily community located at 2700 N. Buckner Boulevard in Dallas. Justin Li purchased the property from Dallas-based AmeriCan Multifamily Alliance Group. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Investment Properties represented the seller. The new owner has plans for extensive interior and exterior upgrades to the facility, providing them with opportunities for rent growth as the east Dallas area continues to grow. Located at the southeast corner of Ferguson and Buckner in east Dallas, Bella Vista Park has 139,355 square feet net rentable area. The property was 94 percent occupied at the time of sale. The area has seen a resurgence in both rent increases and pride of ownership as investors have put large amounts of capital into the neighborhood’s retail and multifamily developments. “Even during the pandemic, Dallas-Fort Worth and Texas as a whole have seen massive amounts of investment money coming here due to its positive job growth and ease of doing business,” said Deuillet. “Through CBRE’s international network, we were able to help a first-time buyer in Texas with their 1031 exchange, moving his funds from California to the Lone Star State.”

NewQuest Bringing First Mediterranean Restaurant to Stone Hill Town Center’s 1-MSF Mix

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NewQuest Properties has signed The Kebab Shop for the last spot in its newest building in Stone Hill Town Center, adding the first Mediterranean restaurant to a one-million-square-foot mix of leading national, regional and local brands in greater Austin. The California-based chain has leased a 2,613-square-foot end cap at 18616 Limestone Commercial Drive, Pflugerville, Texas. The Kebab Shop, eyeing an early Q1 opening, will co-tenant with Nothing Bundt Cakes, Duck Donuts and James Avery in the 8,000-square-foot, class A retail building. “There aren’t many Mediterranean restaurants in the region. The Kebab Shop is a new dining category for Stone Hill and is needed,” said Josh Friedlander, vice president of Houston-based NewQuest Properties. He and associate Kevin Sims lease the 196-acre destination development, located about 12 miles northeast of the state capital. The Kebab Shop, founded in 2007, has 18 sites in San Diego, Orange County and the Bay Area in California. The privately owned and operated chain expanded to Texas last year. Stone Hill Town Center will be its fourth location. “The success of other restaurants in Stone Hill Town Center is a strong attraction for new-to-market operators like The Kebab Shop,” Friedlander said. Stone Hill Town Center is located at the bull’s eye of development in the Pflugerville-Round Rock region, offering the longest stretch of retail frontage at the TX 45-130 junction. Anchored by a 185,334-square-foot Target, the project neighbors several brand-new hotels, the $21 million Typhoon Texas Waterpark and multiple large-scale residential communities with more on the horizon. The most recent growth catalyst is Amazon’s under-construction 441,000-square-foot delivery station, which is just 10 miles north, and the Fortune 500 company’s promising expansion in the future. With three Austin-area sites in hand, The Kebab Shop’s owners had Pflugerville-Round Rock in their sights as the next location. Their broker, Greg Stanislawski of Retail Strategy, had introduced other tenants to Stone Hill and did so again. The lease was a done deal within a few months of the tour. “It certainly helped that Stone Hill’s restaurants and businesses have been performing well throughout Covid,” Friedlander said. “The Kebab Shop is a popular, up and coming chain that should do well in our development.”

NAI Robert Lynn Medical Real Estate Fund Acquires Indiana Property

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Robert Lynn Investments (RLI), a Dallas-based commercial real estate investment company, announced the purchase of a 23,346-square-foot dialysis center and clinic at 10120 Calumet Ave. in Munster, Indiana, just 30 minutes from Chicago. It’s the first acquisition for Med Strategy Fund l, a $30-million equity fund dedicated to the aggregation of medical properties. RLI, the investment division of NAI Robert Lynn, is the fund sponsor. Med Strategy Fund I is national in scope, with a goal to aggregate more than $90 million of medical properties. The properties are stabilized and strategically located within medical submarkets to produce current yield to be distributed quarterly. American Renal Associates, one of the largest dialysis service providers in the United States, is the primary tenant in the medical fund’s first acquisition. The build-to-suit, Class-A property is new construction in a prime location. Munster is part of the Chicago medical submarket, which is near two major hospitals and serves Chicago and three surrounding Indiana counties. Frank Roti of Marcus & Millichap in Chicago represented the seller and primary tenant in the deal. Med Strategy Fund l represented itself in the transaction.

RESOLUT RE Closes Nine Transactions in Houston, Austin Metros

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RESOLUT RE recently completed nine retail transactions throughout Texas. The deals included sales and leases in the Austin and Houston markets. Dr. Takii Family Dentistry has leased 2,425 square feet at Taylor Plaza (3100 N Main Street, Taylor, Texas). Phil Morris of RESOLUT RE represented the landlord. Mark Storey of Practice Real Estate Group represented the tenant. Dutch Bros. Coffee has leased 0.76 acres at Carmel Creek (US Hwy 79 & Chris Kelley Boulevard, Hutto, Texas). Dave Burggraaf of RESOLUT RE represented the tenant. Scott Senese of CBRE represented the landlord. Revolt Fitness has leased 2,442 square feet at The Shops at Wells Branch (13717 Burnet Road, Austin). Jacob Nagy, Joey Mendez and Michael Noteboom of RESOLUT RE represented the landlord. Swing Lounge has leased 2,193 square feet at 617 W 7th Street in Austin. Michael Noteboom of RESOLUT RE represented the tenant. Ron Meyeres of Capital Leasing, Management and Sales represented the landlord. WoodSpring Suites has purchased 2.76 at 45 Plaza Retail (SEQ of SH 45 and A.W. Grimes Boulevard, Round Rock, Texas). Dave Burggraaf of RESOLUT RE represented the seller. Janice Landers, CCIM of RESOLUT RE represented the buyer. WoodSpring Suites has purchased 2.8 acres at the NEQ Hwy 183A & New Hope Drive in Cedar Park, Texas. Janice Landers, CCIM of RESOLUT RE represented the buyer. Neal Kieschnik of CBRE represented the seller. Lefty’s Famous Cheese Steak Hoagies Grill has leased 946 square feet at Northtown Plaza Shopping Center (5402 North Fwy, Houston). Eric Broussard and Joaquin Orozco of RESOLUT RE represented the tenant. Danny Morales of Brixmor represented the landlord. Power Up Fitness Cafe has leased 1,400 square feet at Dickinson Village (3410 Gulf Fwy, Dickinson, Texas). Conrad Chambers and Lyle Cowand of RESOLUT RE represented the landlord. Myra Vorrice of RESOLUT RE represented the tenant. An undisclosed buyer has purchased the 4,370-square-foot McDonald’s at 6924 Antoine Drive in Houston. Myra Vorrice of RESOLUT RE represented the buyer. Michael Evans of MHW Commercial Real Estate represented the seller.

NAI Robert Lynn Named Owner’s Rep of Fort Worth’s Revamped Sun Valley Industrial Park

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Empire Texas Equities, Ltd., a real estate investment and management firm, has transformed Sun Valley Industrial Park into a first-class business park over the last decade, and its latest transformation is two state-of-the-art, 13,036-square-foot flex spaces located at 4808 and 4809 Vesta Farley in southeast Fort Worth. Todd Hubbard, president of Fort Worth for NAI Robert Lynn, is the owner’s broker, representing lease negotiations. The new buildings are ready for industrial tenants, and six more buildings from the portfolio will be ready in 2021. The buildings range from 12,000 square feet to 30,000 square feet. Each building comes with oversized 14-foot roll-up doors, fully secured HVAC and electric panels, large, fenced and concrete storage yards, a high-end security system and smart phone integration. “Thanks to modern interior and exterior aesthetics, we’re offering regional companies an opportunity to have a functional, first-class headquarters facility while also offering national companies a facility that is equivalent to any high-end industrial facility across the country,” said Sandra McGlothlin, owner of Empire Texas Equities, Empire Roofing and Empire Disposal. “While we own and operate many properties, our passion has always been investing in the area in our backyard, and it is great to elevate this location with the construction of these unique, ground-up construction facilities. We are proud to be a part of the continued transformation of southeast Fort Worth.” Sun Valley Industrial Park is highly desirable to tenants due to its high-end office finishes and easy highway access. Office amenities include solid core doors, brushed stainless steel hardware, modern style floors and separate office and warehouse bathrooms. The property is less than three minutes from Loop 820, Interstate 20 and U.S. Highway 287, and it’s 29 minutes from Dallas-Fort Worth International Airport. “It’s been rewarding to see this area and industrial park transform,” Hubbard said. “It has the functionality of the most sought-after Industrial space with oversized doors and outdoor storage, but it comes with the modern amenities of a Class A office space. That’s almost impossible to find.” Empire Texas Equities owns and manages more than 80 properties across the state of Texas, Florida, Oklahoma and Georgia including industrial, office, flex and retail. Empire Texas Equities is a member of the Empire family of companies, which includes Fort Worth-based Empire Roofing, the largest commercial roofing company in the southern United States with 14 locations and Empire Disposal, which services the DFW metroplex.