Texas Real Estate Business

FEB 2018

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

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A U S T I N & C E N T R A L T E X A S 8 • February 2018 • Texas Real Estate Business www.REBusinessOnline.com D A L L A S & F O R T W O R T H DOLLAR GENERAL TO BUILD 1 MILLION SF DISTRIBUTION CENTER IN LONGVIEW LONGVIEW, TEXAS — Dollar Gen- eral Corp. plans to build a nearly 1 million-square-foot distribution cen- ter in Longview, about two hours east of Dallas. The property will be the company's second distribution center in Texas and its 17th such as- set nationwide. The new property is expected to create 400 full-time jobs and serve roughly 1,000 Dollar Gen- eral stores in Texas and the South- east. Goodlettsville, Tenn.-based Dollar General has selected Clayco as the project's general contractor, Leo A. Daly as the architectural en- gineering firm and Elan Design as the civil engineering firm. The devel- opment team plans to break ground on the new distribution center dur- ing the first quarter. Dollar General currently has more than 1,400 stores and over 12,000 employees in Texas alone. The company has 15 distribu- tion centers that are located in Ala- bama, California, Florida, Georgia, Indiana, Kentucky, Mississippi, Mis- souri, Ohio, Oklahoma, Pennsylva- nia, South Carolina, Texas (San An- tonio), Virginia and Wisconsin. The company's 16th distribution center in Amsterdam, N.Y., is currently under construction. KWA NEARS COMPLETION OF PHASE I OF $350 MILLION MULTIFAMILY PROJECT IN ARLINGTON ARLINGTON, TEXAS — Addison, Texas-based KWA Construction is nearing completion of Phase I of Arlington Commons, a 1,300-unit multifamily redevelopment proj- ect in Arlington valued at approxi- mately $350 million. Developed in four phases by The Nehemiah Co. and designed by JHP Architecture/ Urban Design, the project is remod- eling complexes that were built in the 1970s. The first phase of develop- ment will deliver 353 units. The proj- ect is being financed in part by $10.5 million in economic incentives from the City of Arlington. JPI BREAKS GROUND ON 364-UNIT APARTMENT COMMUNITY IN GARLAND GARLAND, TEXAS — JPI has bro- ken ground on Jefferson Woodlands, a 364-unit apartment community located off President George Bush Turnpike in Garland, about 18 miles northeast of Dallas. Units will range in size from 600 to 1,600 square feet and feature 10-foot ceilings, private patios and balconies, as well as an amenities package that includes fit- ness and yoga facilities. Jefferson Woodlands will be situated adjacent to the 33-acre Spring Creek Forest Preserve and near the CityLine and Telecom Corridor business parks. Also nearby is Firewheel Town Cen- ter, Simon Property Group's 1 mil- lion-square-foot, open-air shopping development. SWBC SELLS TWO-PROPERTY MULTIFAMILY PORTFOLIO FOR $100 MILLION FLOWER MOUND AND GRAND PRAIRIE, TEXAS — Dallas-based SWBC Real Estate LLC has sold two multifamily properties totaling 662 units in the Dallas area for $100 mil- lion. Virginia-based Weinstein Prop- erties purchased the 358-unit River Walk Village in Flower Mound and the 304-unit Timberview Ranch in Grand Prairie from SWBC. Construc- tion of the two Class A properties was completed in 2016 and 2017, respectively. Will Balthrope, Drew Kile and Joey Tumminello of Marcus & Millichap's Institutional Property Advisors (IPA) division brokered the sale. BOB MOORE CONSTRUCTION DELIVERS 350,000 SF DISTRIBUTION CENTER IN WILMER WILMER, TEXAS — Bob Moore Construction has completed In- terpoint Distribution Center, a 350,000-square-foot industrial facil- ity located at 3800 N. Interstate 45 in Wilmer, roughly 15 miles southwest of Dallas. The developer, Houston- based Skyhawk Partners, purchased the site along with J.A. Billip Co. De- signed by Richardson-based archi- tecture firm Alliance Architects, the facility is situated near the Union Pa- cific Intermodal transit center, as well as facilities leased to FedEx, Procter & Gamble, Amazon and Shippers Warehouse. DIRECT DEVELOPMENT MOVES FORWARD ON 35-ACRE MIXED-USE PROJECT IN FLOWER MOUND FLOWER MOUND, TEXAS — Di- rect Development, the Dallas-based company at which former Dallas Cowboys quarterback Troy Aikman is a principal, is moving forward with the development of The Point, a 35-acre mixed-use project in Flower Mound. Located at the intersection of FM 2499 and Silveron Boulevard, the project will deliver approxi- mately 215,000 square feet of Class A office space, as well as 585 multi- family units and a 100-room Tru by Hilton hotel. The project will also allow for an undetermined amount of ground-floor retail and restaurant space to be included within the of- fice and multifamily buildings. Ad- ditional aspects of the development will include 5.5 acres of public space, including pedestrian walkways, a trailhead and green spaces. The de- velopers anticipate that the project will add roughly $150 million to the Flower Mound tax base and bring as many as 1,000 new jobs to the city. The initial groundbreaking is slated for this fall. KWA Construction is nearing completion of the first phase of Arlington Commons, a project that involves redeveloping apartment complexes that were built in the 1970s. The overall project is valued at approximately $350 million.

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