INDUSTRIAL SUBLEASE IN COPPELL

JLL has negotiated a 134,924-square-foot industrial sublease on behalf of logistics technology company Gulf Relay of Jackson, Mississippi. The new location at 330 S. Royal Lane in Coppell is the company’s second location. The logistics firm is backfilling the space previously vacated by Panasonic after it relocated its divisional operations.

JLL Vice Presidents Chris Stout and Elizabeth Jones represented the tenant in the lease negotiation.

According to JLL Research, the Dallas Fort Worth International Airport industrial submarket is one the largest in North Texas in terms of the number of logistics tenants with 18.5 million square feet of positive net absorption over the past decade.

CRESCENT TAKES WESTIN

ON SAN ANTONIO RIVERWALK

Fort Worth-based Crescent Real Estate LLC used its investment fund, GP Invitation Fund II, to acquire The Westin Riverwalk, a 473-room hotel on the famed Riverwalk in San Antonio.

The AAA Four Diamond hotel is part of the Marriott Rewards system and has 65 suites and more than 26,000 square feet of meeting space, including a 5,900-square-foot ballroom.

Crescent has engaged HEI Hotels & Resorts, a nationally recognized hotel management firm that manages luxury and full-service hotels, including 20 other Westin brand hotels.

“This investment is a rare opportunity to purchase a best-in-market, recently renovated hotel with many remaining growth opportunities,” said Jason Anderson, co-CEO of Crescent.

The hotel underwent a comprehensive renovation completed at the end of the first quarter of 2019 encompassing guest rooms, public areas, meeting space, balconies and restaurant/bar facilities. Since 2017, the hotel has received $15.4 million of capital improvements. Crescent plans to upgrade elevators, corridors and bathrooms.

Send real deals to Robert Francis at rfrancis@bizpress.net.

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