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RECON for October 1, 2021RECON for October 1, 20212021-10-01T05:00:00Z2021-10-01T05:00:00Z

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October 1, 2021

Move in the ripe direction: avocado hub opens in Laredo

​​​LAREDO (Mission Produce) – Mission Produce has opened a 262,000-sf distribution center at 902 Nicolas D. Hachar Rd. 

Designed and built by A M King, the facility will serve as a major hub for avocados coming from Mexico. 

It includes: 
  • ten ripening rooms with the capacity for 42 pallets each,
  • 81,000 sf of storage space with the potential of 6,000 pallet positions,
  • 36 refrigerated docks and four dry dock positions,
  • 900 staging and inspection positions, and
  • four coolers with 2,590 pallet positions.
Mission has hired 70 employees so far, with over 110 expected at full capacity. The company invested around $42 million in the project.
Texas Employment Report - August 2021
Read the latest Texas Employment Report for more.

Two multifamily assets in Houston's Heights sold

​​​HOUSTON (REBusiness Online) – ​​Florida-based Cardone Capital​ has purchased two multifamily properties totaling 646 units in the Heights neighborhood from Alliance Residential. 

The first property is the 337-unit 15th Street Flats at 1414 N. Shepherd Dr. It was built in 2021 and has one- and two-bedroom units ranging from 638 to 1,273 sf. 

The second community is the 309-unit Heights Waterworks at​ ​515 W. 20th St. Built in 2020, the community has one- and two-bedroom floor plans ranging from 600 to 1,265 sf.

Berkadia represented the seller and arranged acquisition financing on behalf of the borrower. 

Cincinnati-based Eagle Realty Group provided the six-year loan.
Places that rely heavily on tourism, such as South Padre Island, were hit especially hard by the COVID-19 pandemic. As the pandemic (and weather) cools, how is the island recovering? Darla Lapeyre of the South Padre Island EDC shares her insights on this week's podcast. 

First phase of McKinney’s 1,100-acre Painted Tree development kicks off

​​​Mc​​KINNEY (Dallas Morning News) – The first phase of the 1,100-acre Painted Tree development is under construction.

Along with hundreds of for-sale h​​ouses, phase one will include a built-to-rent neighborhood by Curve Development and Oxland Group.

Called Cyrene at Painted Tree, the community will have 304 single-family detached rental homes off Wilmeth Rd. and Lake Forest Dr.

The one- and two-story houses will each have an attached two-car garage and a fully fenced backyard.

Preleasing begins late next year.
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Work starts on Texas Medical Center life sciences campus

​​​​HOUSTON (Connect CRE) – The Texas Medical Center has broken ground on phase one of the 37-acre TMC3.

The campus will include: 
  • 950,000 sf of research space, anchored by a 700,000-sf life sciences facility;
  • the 150,000-sf TMC3 Collaborative Building;
  • 521-room hotel with 65,000 sf of conference space; 
  • 350-unit residential tower; and
  • 18.7 acres of double-helix-shaped public park space.
Phase one opens in fall 2023.

At buildout, TMC3 will total six million sf. 
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Shopping center near Fort Bliss sold

EL PASO (REBusiness Online) – ​Houston-based JMK5 Holdings LLC has purchased Sunrise Village Center, a 186,880-sf shopping center near Fort Bliss.

Built in 1957, the asset was 44 percent leased at the time of sale. Tenants include Dollar General, Sally’s Beauty Supply, and Black Fridays Daily Discount Store.​ 

NewQuest Properties brokered the sale.

The new owner will redevelop the property. 
What were we up to last month? In September 2021, we released a dozen research articles, published two mid-year outlook videos, and continued our 50th anniversary giveaway. Read Total RECall to catch up & subscribe to join our VIP list.

318-acre mixed-use project slated for east Kyle

​​​KYLE (Austin Business Journal) – Rastegar Property Company LLC is planning a 318-acre mixed-use development at 700 and 800 Bunton Ln.

The project​ will include single-family and multifamily housing, park space, trail connections, gathering spaces, and a restaurant. 

Lionheart Places LLC is handling the planning, urban design, and landscape architecture for the project. 

Construction will begin next summer. 

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Good Sportsman Marketing signs Dallas lease

​​​DALLAS (REBusiness Online) – ​Good Sportsman Marketing has signed a 494,238-sf industrial lease at Passport Logistics Center.

Stream Realty Partners represented both the landlord and tenant.

The three-building project spans 1.2 million sf. ​​​
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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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