JLL Negotiates Sale of 663,978 SF South Park Mall in San Antonio

South Park Mall in San Antonio totals roughly 664,000 square feet. The property was originally built in 1968.

SAN ANTONIO — JLL has negotiated the sale of South Park Mall, a 663,978-square-foot enclosed regional mall in south San Antonio.

Built on 48.5 acres in 1968, the property has been renovated several times, most recently in 2018. South Park Mall was 95 percent leased at the time of sale to tenants including anchors JC Penney, Dick’s Sporting Goods and Beall’s, as well as Old Navy, Ulta Beauty and The Vitamin Shoppe. <Read the full story.>

De La Vega Development Completes Demolition Work for 27-Acre Mixed-Use Project in Dallas

DALLAS — Locally based firm De La Vega Development has completed demolition of the former Affiliated Computer Services building at 2828 N. Haskell Ave. in Dallas. The property was temporarily known as The Leaning Tower of Dallas following a failed demolition attempt on Feb. 16 that left part of the building standing at a sharp angle.

The site is the future home of The Central, a 27-acre mixed-use development that will feature about 5 million square feet of residential, hospitality, retail, restaurant and entertainment space, as well as a 3.5-acre park. Lloyd D. Nabors Demolition LLC is the contractor that handled the demolition work.

CBRE Negotiates Sale of 1.7 MSF Industrial Portfolio in El Paso, Santa Teresa

This image shows one of the 17 El Paso buildings in the IDI Logistics portfolio. An additional three buildings are located in Santa Teresa, New Mexico, yielding a combined footprint of about 1.7 million square feet.

EL PASO, TEXAS AND SANTA TERESA, NEW MEXICO — CBRE has negotiated the sale of the IDI Logistics portfolio, a collection of 20 buildings totaling approximately 1.7 million square feet in El Paso and Santa Teresa, New Mexico. Seventeen of the buildings are located in El Paso and three are located in Santa Teresa.

The portfolio was 96.4 percent occupied at the time of sale. William Caparis, Andres Sandoval and Jonathan Bryan of CBRE represented Atlanta-based IDI Logistics in the transaction.

The buyer was a partnership between Massachusetts-based Equity Industrial Partners and New York City-based Raith Capital Partners.

Presidium Opens 354-Unit Edison Apartments Near Downtown Austin

Edison Apartments in Austin totals 354 units. 

AUSTIN, TEXAS — Presidium, an investment and development firm with offices in Dallas and Austin, has completed Edison Apartments, a 354-unit multifamily community located in the East Riverside Corridor near downtown Austin.

Units at the property feature hardwood floors, vaulted ceilings and private balconies and patios. Amenities include a pool, fitness center, resident clubhouse, rooftop lounge, outdoor grilling stations and two parking garages totaling 468 spaces.

Page Southerland Page served as the project architect, and Cadence McShane was the design-build firm.

MARKET REPORT

DFW Industrial Market Poised for More Growth in 2020

Demand for new industrial product like Skyline Commerce Park, a 198,000-square-foot project in Mesquite by Conor Commercial, is as strong as ever in the DFW metroplex.

By Allen Gump, SIOR, CCIM, executive vice president, Colliers International; and Allyson Gump Yost, associate vice president, Colliers International.

The Dallas-Fort Worth (DFW) real estate market is remarkable. In a recent meeting with a broker from another market, he made the observation: “You guys in Texas are like a country unto yourself. It’s not that you don’t know there are 49 other states, you just don’t care!”

While that was a bit of an exaggeration, the point was well taken. Certainly DFW is not immune to national affairs and recessions, but the market appears to have enough momentum to carry through 2020, though the uncertainty of the presidential election could cause a few users and buyers to pause before making decisions.

In 2016, as Global President for the Society of Industrial and Office Realtors (SIOR), I travelled throughout North America and Europe. Continually meeting with SIOR brokers in other markets gave me unique perspective on how DFW really does compare to the rest. The leasing and absorption activity far outweigh most other markets, making it an enviable location.<Read the full story.>