Category: Uncategorized

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

Posted on by Sarah

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

Posted on by Sarah

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.

Lancaster Remains Top Choice for New Manufacturing Space in Dallas County

Posted on by Sarah

Lancaster continues to be the premier choice for new manufacturing and fulfillment space in Dallas County. The community has more than doubled its stock of industrial and distribution space between 2016 and 2021, adding 6.9 million square feet of new space. A total of approximately 7.8 million square feet of additional space is under construction or far along in the planning process, most of which is expected to be online by 2025.

The growth in Lancaster’s industrial real estate market is the result of both a strong leasing environment and build-to-suit construction for national and international companies like Walmart, DSV Logistics, Niagara Bottling and McKinley Packaging. Construction of spec buildings is continuing with Oakmont’s recent completion of a 600,000-square-foot facility, and new construction is starting for a few projects by White Tract that are expected to add more than 1.5 million square feet of industrial space. The vacancy rate for industrial property dropped from close to 25% in 2017 to close to 5% today.

Lancaster is also well positioned to attract additional manufacturing companies. Approximately 3,000 acres of prime industrial land is available and fully served by utilities and proximate to the Union Pacific Dallas Intermodal Facility, I-45, I-20 and I-35E. High-capacity electric lines are adjacent to many of these sites, and Atmos has completed a superior gas service for the area. Besides this, Lancaster has enough water and wastewater capacity available to attract manufacturing companies that utilize water in their manufacturing processes. Click to read more at www.rednews.com.

Record-setting Sale of Austin Walgreens Building Closes

Posted on by Sarah

JLL Capital Markets announced today it has closed the record-setting sale of a 13,833-square-foot single-tenant retail store triple net leased to a high-performing Walgreens in Austin, Texas.

JLL marketed the property on behalf of the seller, Swanson Development Company. Sikka Investments acquired the asset in a sale with a 3.69% capitalization rate, a record for Walgreens stores in the country.

A global leader in the pharmacy, health and beauty sector, Walgreens is a subsidiary of Walgreens Boots Alliance, Inc., which has a BBB (S&P) credit rating. The tenant is a top performer by annual sales and, after operating at the property for more than two decades, recently demonstrated its commitment to the location with a new, 15-year lease.

The building is positioned on 1.86 acres at 6200 W. William Cannon Dr. The property is in a highly visible location along West William Cannon Drive just off U.S. 290 and is seen by 90,000 vehicles per day. This high-growth location has already seen its population within three miles balloon by 18.43%, and, due to Austin attracting corporate relocations, is expected to add even more residents.

The JLL Net Lease Capital Markets team representing the seller was led by Senior Managing Director Alex Sharrin and Director Alex Geanakos, along with Director John Indelli.

Council Starts Process to Charge Park Fees for Office Buildings

Posted on by Sarah

City Council unanimously approved a resolution Thursday directing city staff to bring back amendments to the city’s parkland dedication ordinance that would require new office, commercial and industrial developments to provide parkland or pay into the city’s parkland dedication fund. Currently, only new residential developments are required to pay such fees.

Mayor Pro Tem Alison Alter sponsored the resolution, which gathered six co-sponsors. Mayor Steve Adler, one of the original co-sponsors, added language stressing the need for staff to “establish the legally required nexus” between the need for parkland and establishment of fees for individual properties.

Randy Scott, park development coordinator for the Parks and Recreation Department, told the Austin Monitor that staff members would provide information to show that there was an appropriate connection between the proposed fees for commercial property development and the need for new parkland.

Alter pointed out that workers taking their lunch breaks often use parks and trails close to their offices and other workplaces. She said growth in the commercial and industrial segments of the community has fueled the need for additional parkland. Click to read more at www.austinmonitor.com.