Plastic Surgeon in Haltom City, TX

HALTOM CITY, TEXAS — Creation, a developer with offices in Dallas and Phoenix, has broken ground on Triad 820, a three-building, 137,000-square-foot industrial project in Haltom City, a northern suburb of Fort Worth The 9-acre site is located along Anderson Road, and the buildings will feature 28-foot clear heights, 125-foot truck court depths, electrical vehicle charging stations and a secured yard. LGE Design Build is handling the architectural and general contracting aspects of the project, with construction scheduled for a fourth-quarter completion. NAI Robert Lynn has been tapped as the leasing agent.

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Monterra Village, a 550-unit apartment community in North Fort Worth. The property was built in phases between 2008 and 2013 on a 35-acre site within the 900-acre Alliance Town Center master-planned development. Units come in one-, two- and three-bedroom formats and have an average size of 985 square feet. Amenities include a pool, outdoor grilling and dining stations, business center and a pet park. Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware, Cameron Purse and William Hubbard of IPA represented the seller, Hillwood Multifamily, in the transaction and procured the buyer, Weidner Apartment Homes.

NEW YORK CITY — Benefit Street Partners (BSP) has provided $135 million in financing for the 427-room Empire Hotel in Manhattan. The financing consists of a $120 million senior loan and a $15 million mezzanine loan. Specific loan terms were not disclosed.

The name of the borrower and hotel owner was also not released, but multiple media outlets report that the Chetrit Group owns the hotel. BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust Inc.

Completed in 1901 and renovated in 2013, the hotel is located at 44 W. 63rd St., about two miles from the Empire State Building and at the nexus of the borough’s Midtown and Upper West Side districts.

The pet-friendly hotel offers a mix of traditional accommodations, including two- and three-bedroom suites, that are furnished with flatscreen TVs and mini refrigerators. Amenities include a rooftop pool and bar/lounge, as well as a fitness center.

“The Empire Hotel represents a strategic addition to our commercial real estate portfolio, showcasing the flexibility and value that our platform delivers to borrowers,” says Brian Buffone, head of real estate operations at BSP.

BSP, a wholly owned subsidiary of Franklin Templeton, is a global alternative credit asset manager based in New York City. The firm had $77 billion of assets under management as of third-quarter 2024.

— Taylor Williams

— By Amy Ogden, Partner, Industrial, LOGIC Commercial Real Estate —

With the presidential election barely in our rearview mirror, many are taking a moment to assess how the outcome might impact (positively or negatively) their operations. On the one hand, this has been a resilient year for Las Vegas’ industrial market, which tracked close to 4.5 million square feet of net absorption. On the other hand, we are beginning to see a slowdown in momentum.

The uncertainty of potential changes has left decision-makers hesitant, preferring to avoid any premature moves until after the holiday season. Nevertheless, the market is far from idle. The recent rate cut of 50 basis points, along with expectations of an additional reduction at the upcoming November meeting , has set a quiet hum of activity in motion. Investors and key players are discreetly exploring opportunities, positioning themselves strategically for when the time is right to act.

Local industrial vacancy rates have also jump to about 7 percent as an influx of new deliveries come online. Vacancy rates are projected to hit double digits, considering an additional 4 million square feet is expected to deliver by year’s end. This is something we haven’t seen within the past 10 years.

Las Vegas has additionally shifted into a tenant-friendly market. Developers and landlords have become increasingly competitive and creative as they attempt to secure the deals that are out there. There are currently around 55 existing or nearly completed facilities that feature more than 100,000 square feet. Nearly half of this supply is marketed as divisible. This is in stark contrast to previous years when landlords were unwilling to break up their big boxes to accommodate tenants of less than 100,000 square feet.

As we head into the final stretch of 2024, the market remains in a state of cautious anticipation. Insightful investors and tenants are readying themselves for a market positioned for change with increased flexibility from landlords and potential rate cuts on the horizon. The coming months will be pivotal. Those ready to act when the time is right will find themselves well ahead in an evolving landscape.

This article was originally published in the November 2024 issue of Western Real Estate Business.

Editor’s note: During the holiday season, the Fort Worth Report is looking back at the stories you told us you appreciated the most in 2024.

It’s been several months since we last checked in on plans for a 50-acre, mixed-use development anchored by an H Mart supermarket at the southeast corner of Loop 820 and North Beach Street in Haltom City.

Here’s the update: The foundation for the center, including the H Mart, has been poured, Rex Phelps, city manager, said. “They say it will be completed in July,” Phelps said. “I’m not sure if they’ll be open in July.”

The development’s 16-acre shopping center is 80% leased, “and they haven’t even gone vertical,” Phelps said. H Mart representatives did not respond to the Report’s requests for an interview.

Foodies on the west side of the metroplex have been eagerly awaiting the H Mart since the project was announced in August 2023. The grocery chain store, known for its selection of Asian products, has seven stores in Texas, including locations in Carrollton and Plano.

“The produce, meat and seafood sections are second to none,” Phelps said.

The development is spurring interest in sites nearby, Phelps added.

“Since the H Mart was announced, we’ve had more calls for development in that corridor than we’ve ever had before,” he said.

He attributed H Mart’s impending arrival to a luxury apartment development underway at Haltom Road and Loop 820, and construction of three hotels set to break ground next spring.

“Most of the time, whenever an H Mart comes in, the land around it develops into some of the highest and best use you could want in a city,” Phelps said. “We’ve had reports people drive all the way from Amarillo to get to the H Mart in Carrollton.”

Besides its mix of neighborhood grocery and multicultural food products, the H Mart also will have a food court, bakery, home goods, beer and wine, kitchenware and beauty products.

The mixed-use development — a partnership of Mercantile Partners LP; KBC Advisors; Velocis; and Haltom City Forest Properties LLC — is expected to have 50-60 commercial outlets that will include restaurants, retail stores, and distribution and logistics centers.

H Mart, the largest Asian-owned grocery retailer in the nation, opened in 1982 and operates 125 locations.

Scott Nishimura is a senior editor for the Documenters program at the Fort Worth Report. Reach him at [email protected].

At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.