Jerry Jones’ Blue Star Land is adding almost $19 million in retail space to its massive mixed-use development, the Gates of Prosper.
The firm filed plans with the state to build two buildings totaling almost 152,000 square feet at the 800-acre development for which Blue Star started buying land in the early ’90s.
The buildings are part of the third phase of the development. Construction is expected to start in August and finish up in May 2025.
Blue Star and its development partner Lincoln Property Company have built over 800,000 square feet of retail in the Prosper development, with anchor tenants including Dick’s Sporting Goods, Kohl’s and Hobby Lobby, the Dallas Morning News reported.
The firm of another Dallas billionaire, Ross Perot Jr., recently paid nine figures for an industrial property in Florida. Hillwood bought a 1 million square foot Amazon fulfillment center in Jupiter, Florida, for $106.5 million, The Real Deal reported in South Florida.
Forefront Commercial Real Estate purchased a four-building industrial portfolio in the northern suburbs from AEW Capital Management. Spanning more than 627,000 square feet, the properties are at 1135 and 1215 Crowley Drive in Carrollton, 4415-4585 Simonton in Farmers Branch and 4040-4130 Lindbergh in Addison. They were built in the 1970s and are 100 percent leased, according to a news release. Newmark’s Dustin Volz and Stephen Bailey represented the seller, along with Dom Espinosa, Zach Riebe, Taylor Hare and Chloie Mercer. The price wasn’t disclosed.
A local family sold a Houston industrial property, at 6002 West 34th Street, that it had owned since it was built decades ago. Jason Tangen and Paul Dominique of Colliers represented the seller. The buyer wasn’t identified. The six-building 81,500-square-foot building sits on 3.8 acres. It is 95 percent leased, according to a news release from Colliers. The property is within Houston’s Near Northwest industrial submarket, where occupancy is about 95 percent, and the average asking rent is $7.32 per square foot, according to the release.
Crow Holdings filed plans with the state to build two industrial buildings spanning more than 477,000 square feet in Grand Prairie, near Dallas and Fort Worth. Called Oakdale Industrial III, on Oakdale Road, they are expected to cost a combined $22.6 million, or a little over $47 per square foot, according to the filing. Construction is expected to start in August and take about a year.
KBC Advisors plans to build two warehouses in Baytown, near Houston. Pieces of a project called Baytown 146, the buildings will span a combined 749,500 square feet at 5814 North State Highway 146. The project is expected to cost $37.4 million, according to a filing with the state. That’s almost $50 per square foot. The development is expected to start in August and take about a year.
—Rachel Stone
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