RECON for June 4, 2021RECON for June 4, 20212021-06-04T05:00:00Z2021-06-04T05:00:00Z

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Are you thinking of getting a real estate license? Guest blogger Mike McEwen, a broker out of Jacksonville, Texas, shares the realities of the real estate business in our latest Mixed-Use Blog post. (Photo from Center files.)
June 4, 2021

Portland investor snags 370K-sf Farmers Branch office complex 

FARMERS BRANCH (Dallas Business Journal) – Portland-based Menashe Properties has closed on Heritage One and Heritage Two, a two-building, 370,000-sf office​ complex, in an all-cash deal.

Built in 1978 and 1980, the buildings at 4835 and 5001 LBJ Fwy. were last renovated between 2013 and 2019.

As of October, both properties combined were 79 percent leased to more than 40 tenants.

Newmark represented the seller, Brookwood Financial Partners. Forge Commercial Inc. will lease the property on behalf of Menashe.
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Pflugerville apartments trades hands

​​​​​PFLUGERVILLE (REBusiness Online) – Kansas City, Kan.-based KC Venture Group has sold an apartment community to Dallas-based Knightvest Capital.

Villas at Spring Trails offers one-, two-, and three-bedroom floor plans across 270 units. 

Built in 2013, the property has amenities such as a pool, fitness center, sand volleyball court, gaming and media center, and a putting green. 

It was 96 percent occupied at the time of sale.

Newmark represented the seller.
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Read more in our latest Texas Border Economy report.

Single-family rental community planned for Grand Prairie

​​​GRAND PRAIRIE (REBusiness Online) – Taylor Morrison Home Corp. is developing Christopher Todd Communities at Dechman, a 140-unit single-family rental community.

The 15.9-acre project will have one- and two-bedroom residences ranging from 750 to 1,050 sf. 

Amenities will include a pool, fitness center, and dog park.

Christopher Todd Communities is providing design and management services for the project. 

Construction begins in the coming weeks.

According to our latest Texas Quarterly Apartment Report, multifamily construction activity is expected to remain strong. Overall market trends improved in March as more metros started to register higher year-over-year changes in both occupancy and rents.

New Jersey company picks up Amazon warehouse

​​​AUSTIN (Austin Business Journal) – New Jersey-based Four Springs Capital Trust LLC recently purchased MetCenter Building III from Dallas-based Mohr Capital LLC.

Amazon.com Services LLC occupies the entire 160,000-sf warehouse at 7000 Metropolis Dr.

The sale also included a 20-acre parking lot.

Mohr purchased the building in 2019.
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Watermark Retirement Communities, Hines planning project in Houston

​​​HOUSTON (REBusiness Online) – Watermark Retirement Communities and Hines are developing The Watermark at Houston Heights, a 222-unit independent-living, assisted-living, and memory-care community.

The seven-story property will be the tallest building in the neighborhood. Two floors will be fully dedic​ated to amenity space.

Completion is set for January 2022. 

Project partners include Munoz + Albin Architecture & Planning, Looney & Associates, TBG Landscape Architects, and Harvey Builders.
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1M-sf warehouse planned for Hutchins

​​​HUTCHINS (Dallas Business Journal) – California-based Majestic Realty Company is planning a 1.01 million-sf speculative warehouse at 1002 E. Cleveland Rd.

Work will start on the $42 million pro​ject early next year. Delivery is set for late 2022.

Commerce Construction Co. LP, a subsidiary of Majestic, will design and build the warehouse, which will be within the 1.4 million-sf PointSouth Logistics & Commerce Center.
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BH Properties purchases Preston Shepard Place in Plano

​​​​​PLANO (Dallas Business Journal) – BH Properties has acquired the 361,780-sf Preston Shepard Place shopping center.​

The property was built in 1995 on 31 acres at the northwest corner of Preston Rd. and Old Shepard Pl.

It is 55 percent leased and anchored by Marshalls, Burlington, and Tuesday Morning. The Retail Connection handles leasing.

The seller was an entity associated with Houston-based REIT Weingarten Realty.​

Las Vegas data company making Texas data center debut

​​ROUND ROCK (Austin Business Journal) – Las Vegas-based ​Switch Inc. is planning its first Texas data center next to Dell Technologies Inc.'s campus.​

The​ 1.5 million-sf multitenant facility will be called The Rock. According to Switch, the development will be fully powered by renewable energy.

Switch purchased the land from Dell. Site preparation and permitting begins this summer.

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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder. The Texas Real Estate Research Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

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