$58.3 Million Financing Secured for Texas Multi-Housing Development

JLL Capital Markets announced today that it has closed the $58.3 million construction financing for The View at Sapphire Bay, a Class-A, 394-unit, mid-rise multi-housing community located on the shore of Lake Ray Hubbard in Rowlett, Texas.

JLL represented the borrower, Zale Properties, to secure the eight-year, fixed-rate construction loan through Principal Global Investors.

Upon completion in May 2024, the five-story View at Sapphire Bay will consist of one-, two- and three-bedroom floorplans with an average unit size of 941 square feet. The units will feature open island kitchens, white custom cabinetry, full-size washers and dryers, pendant lighting, walk-in closets, quartz and granite countertops, ten- to fourteen-foot ceilings, hardwood style flooring, stainless steel appliances and private balconies. Community amenities will include co-working office space, game rooms, resort-style pool, a cabana and grill house with outdoor fireplace, a fitness center, a pet spa, a garden courtyard and kitchen and a landscaped picnic area.

The site is advantageously located within the master-planned, 116-acre, mixed use Sapphire Bay development, which will be anchored by a man-made lagoon and serve as a luxury resort destination within Texas.

Situated at 30 Dalrock Road, the property will offer residents immediate access to Interstate-30, one of the primary thoroughfares in the region that runs straight into downtown Dallas. It is proximate to a diverse corporate environment with City Line Development and Telecom Corridor just 20 minutes away. Additionally, downtown Rockwall is across the lake from the project and offers over three million square feet of retail, including The Harbor Rockwall, Steger Town Crossing, Rockwall Crossing and Plaza Rockwall.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director John Brownlee along with Director Wilson Bauer.

USAA, Seefried Raise The Bar For Building Sustainable Warehouses

USAA Real Estate and Seefried Industrial Properties are nearing completion of a 161,000 square foot industrial building in the 157-acre Southfield Park 35 in Dallas that will be one of the first industrial warehouses built with sustainable building materials to reduce its carbon impact by more than 45%.

Scheduled for delivery in June, the building is constructed with cross-laminated timber, a precision-engineered wood product that replaces the sloped-wall concrete panels of a typical industrial warehouse. Conventional construction methods use concrete, which annually produces 8% of global carbon emissions. By using CLT instead of steel and concrete, the carbon-intensive construction process is cut almost in half. The developers said the 60ft CLT panels were sourced from a forest in British Columbia, Canada, which is tightly regulated by federal authorities who allow only 1% of available wood to be grown and require two trees to be planted for each that is harvested.

The cost of CLT is slightly higher than concrete. But according to Lange Allen, managing director of USAA Real Estate, the use of CLT in the warehouse project is in line with the company’s ambition to be more imaginative in limiting the environmental impact of its developments and take advantage of sustainably harvested renewable resources. Click to read more at www.gownleyappraisal.com.

Two-building Industrial Park in Austin MSA Sells

JLL Capital Markets has closed the sale of Innovation Business Park I & II, a two-building, Class-A industrial park consisting of 361,467 square feet of logistics space in Hutto, Texas, near Austin.

JLL marketed the property on behalf of the sellers, Ledo Capital Group and St. Clair Commercial Real Estate. CenterPoint Properties acquired the asset. Additionally, JLL will continue to lead leasing efforts for the project on behalf of the buyer.

Built in 2019 and 2020, the property is currently leased to Western Industries, Three Way Logistics and Barnsco. The buildings feature clear heights ranging from 30 to 32 feet, 96 dock-high doors, a shared 200-foot-deep truck court, 536 parking spaces, an ESFR sprinkler systems and concrete tilt-wall construction.

Located at 1050 and 1070 New Technology Boulevard, the park is situated at the northeast corner of the US Highway 130 and State Highway 79 intersection and is proximate to State Highway 45 and Interstate 35, providing tenants convenient north-south and east-west connectivity. The location offers access to Austin’s fast-growing population hubs, including Hutto, Pflugerville, Round Rock, Cedar Park and Georgetown. Additionally, the park is just eight miles from the recently announced Samsung North American Chip Plant in Taylor, Texas.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Matthew Barge.

The JLL Leasing team responsible for leasing the project consisted of Ace Schlameus and Kyle McCulloch.

Merriman Anderson Architects Introduces Second Phase of Oak Cliff’s Historic Gospel Lighthouse Church Renovations

Merriman Anderson Architects introduces the second phase of renovations to the two historic Gospel Lighthouse church buildings in the Oak Cliff neighborhood in Dallas. The buildings are being repurposed for ministry and outreach opportunities for Dream Center Dallas, a nonprofit organization that provides resources and services in the areas of education, homelessness, hunger, poverty, addiction, abuse and human trafficking within Dallas, in partnership with Church Eleven32.

The renovations include the conversion of the historic two-story church building to Dream Center Dallas’ meeting hall, offices, and a large commercial kitchen and food service. An existing one-story single family home on the property will be completely renovated, due to damage in the interior by a recent fire, and transformed into a coffee shop. Both buildings are adjacent to the Gospel Lighthouse Church sanctuary building, the original Gospel Lighthouse church, which is currently under construction to be used for Dream Center functions.

The MAA team is providing solutions to water infiltration and adding an elevator for accessibility needs for the historic two-story building. The restrooms are being reconfigured and redesigned, and the kitchen will receive a complete renovation. The whole building will undergo remediation and refinishing.

The Dream Center first began in Los Angeles in 1994, serving as a resource center focused on providing support to those affected by homelessness, hunger, and lack of education through residential and community outreach programs. In 2020, Pastors Dustin and Jamie Bates established Dream Center Dallas, after partnering with LA Dream Center, in order to provide resources and services in the areas of education, homelessness, hunger, poverty, addiction, abuse, and human trafficking within Dallas.

MAA is providing architecture and interior design services for the project and is the Historic Preservation consultant for the project. The buildings are listed on the National Register of Historic Places.

Lee & Associates of Illinois Closes $27.25 Million Industrial Sale in Houston

Lee & Associates announced the completed sale of 214,300-square-foot free standing industrial warehouse in Houston, Texas for $27.25 million.

Clay Development, a Houston based development and construction company, sold the building to an international manufacturing company looking to expand its existing footprint in the state of Texas.

Located at 12732 Lake Houston Parkway, Houston, the building was originally completed in 2020. The cross-dock facility is equipped with 32-foot clear height, ESFR sprinkler, 44 dock high doors, 4 GL Doors and ample power.

Michael Androwich of Lee’s Chicago office along with Mason Alsbrooks and Mike Spears of Lee’s Houston office represented the buyer. Will Clay of JLL represented the seller Clay Development.

Keeping up with Collin County: NTX Communities Experience Population Explosion, Development Boom

It’s one of those statistics that makes a reader sit up and read it again: between 2010 and 2020, Collin County grew by more than 37 percent, which means a whopping 300,000 more people decided to call the suburban Dallas-area county home. “People are moving to Collin County from across the region and from across the country,” says Joey Grisham, Economic Development Director for the City of Anna.

Anna is one of so many cities helping to fuel that growth. Its population doubled in the past decade from 8,200 in 2010 to almost 17,000 in 2020.

“It’s all about affordability and quality of life,” Grisham says. “We have a great school district. We have excellent access to infrastructure. Plus, I think people are wanting to move farther out to escape some of the congestion of the city.”

Other Collin County communities grew as fast or faster. Celina now boasts a population of nearly 17,000 compared to roughly 6,000 in 2010. In Frisco, which was already one of the county’s larger cities, the population nearly doubled from 117,000 in 2010 to 200,000 in 2010. Allen’s growth was more contained, but it still added more than 20,000 new residents in the space of ten years.

“As Texas grows, Collin County is really at the epicenter of that growth,” says Daniel Bowman, Executive Director and CEO of the Allen Economic Development Corporation. Click to read more at www.rednews.com.