Property Type

Cushman & Wakefield Brokers $30M Sale of Office Portfolio in Triangle

by Camren Skelton January 2, 2018

RALEIGH, N.C. — Cushman & Wakefield has arranged the $30 million sale of The Arbors, a three-building, 211,504-square-foot office portfolio in Raleigh. The buildings are located at 3120, 3128 and 3200 Highwoods Blvd., within Highwoods Office Center. Cushman & Wakefield arranged the transaction on behalf of the seller, a partnership between The Simpson Organization and Harbert Management Corp. A joint venture between B&G Real Estate Investment Management and Priam Capital acquired The Arbors, which was 99 percent leased at the time of sale. Dennis Hurley, Hillman Duncan and Patti Autry of Cushman & Wakefield will handle the portfolio’s leasing assignment on behalf of the new owners.

January 2, 2018

Florida Loans Multifamily Southeast

Berkadia Closes $23.7M Green Freddie Mac Loan for Refinancing of Apartment Asset in Tampa Bay Area

by Camren Skelton January 2, 2018

ST. PETERSBURG, FLA. — Berkadia has closed a $23.7 million loan for the refinancing of Isles of Gateway, a 212-unit multifamily community in St. Petersburg. Mitch Stinberg, Brad Williamson and Matthew Robbins of Berkadia originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Freddie Mac’s Green Advantage program on behalf of the borrower, a joint venture between Rosehill Group and GPC Truss. The Green Up program allowed the borrower to reduce the interest rate by 25 basis points. Constructed in 1987, Isles of Gateway offers one- to three-bedroom units and features a fitness center, resort-style pool and Jacuzzi, two pet parks and lighted tennis and basketball courts.

January 2, 2018

Hospitality Louisiana Southeast

Marcus & Millichap Arranges $4.6M Sale of Hotel Near Baton Rouge

by Camren Skelton January 2, 2018

WALKER, LA. — Marcus & Millichap has arranged the $4.6 million sale of Best Western Plus Regency Park, a 63-room hotel located at 13600 Hartman Lane in Walker, roughly 20 miles east of Baton Rouge. Manish Sthanki, Allan Miller and Chris Gomes of Marcus & Millichap arranged the transaction on behalf of the seller, a private investor, and secured the buyer, an undisclosed limited liability company. The three-story hotel features complimentary breakfast, an outdoor pool, fitness center, laundry facilities and a business center.

January 2, 2018

Retail Texas

Mattress Firm to Close 200 Stores Over Next 18 Months

by John Nelson January 2, 2018

HOUSTON — Mattress Firm has announced plans to close 200 underperforming stores over the next 18 months. The retailer currently operates approximately 3,400 stores across the United States. Steinhoff International Holdings N.V., the parent company of the Houston-based retailer, made the announcement at a Dec. 19 lenders’ meeting. The locations to be shuttered have not yet been made public. The company said it will invest $200 million this year to continue restructuring, which includes reorganizing sales operations, upgrading internal leadership positions and removing leftover products from Tempur-Sealy International Inc., which cancelled its contracts with Mattress Firm in 2017. In addition to eliminating stores, the company announced it will increase its private labels, boost online presence and improve customer service, in an effort to reach its revenue goals. Mattress Firm currently generates $3.3 billion in revenue annually, and is aiming to reach more than $4 billion over the next five years. Additionally, Mattress Firm recently entered into a revolving credit facility for up to $225 million with Barclays for working capital needs and other general corporate purposes.

January 2, 2018

Retail Texas

LaSalle Acquires Costco-Anchored Retail Center in Houston for $84M

by John Nelson January 2, 2018

HOUSTON — LaSalle Investment Management has acquired Greenway Commons, a Costco-anchored shopping center in Houston, for $84 million. LaSalle acquired the property on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund. A joint venture between DDR and Blackstone sold the asset. Greenway Commons was fully leased at the time of sale to tenants including LA Fitness, Iberia Bank, Buffalo Wild Wings and Panda Express.

January 2, 2018

Industrial Texas

Dollar General to Build 1 MSF Distribution Center in Longview

by John Nelson January 2, 2018

LONGVIEW, TEXAS — Dollar General Corp. plans to build a nearly 1 million-square-foot distribution center in Longview, its second in Texas and 17th nationwide. The new property is expected to create 400 full-time jobs and serve roughly 1,000 Dollar General stores in Texas and the Southeast. Goodlettsville, Tenn.-based Dollar General has selected Clayco as the project’s general contractor, Leo A. Daly as the architectural engineering firm and Elan Design as the civil engineering firm. The development team plans to break ground on the new distribution center in the first quarter. Dollar General currently has more than 1,400 stores and over 12,000 employees in Texas alone. The company has 15 distribution centers that are located in Alabama, California, Florida, Georgia, Indiana, Kentucky, Mississippi, Missouri, Ohio, Oklahoma, Pennsylvania, South Carolina, Texas (San Antonio), Virginia and Wisconsin. The company’s 16th distribution center in Amsterdam, N.Y., is currently under construction.

January 2, 2018

Hospitality Oklahoma Texas

NewcrestImage Opens 142-Room AC Hotel in Oklahoma City’s Bricktown District

by John Nelson January 2, 2018

OKLAHOMA CITY — NewcrestImage has opened a five-story, 142-room AC Hotel in Oklahoma City’s historic Bricktown neighborhood. NewcrestImage used modular construction to build the new AC Hotel, a first for both the Dallas-based company and Oklahoma City’s hotel market. Modular construction is a building technique where a project is constructed in sections off-site and assembled together on-site. The new hotel features 800 square feet of meeting space, a fitness center, business center, fine dining restaurant and a European-style bar and lounge. The hotel is located adjacent to the 13,000-seat Chickasaw Bricktown Ballpark — home of the Oklahoma City Dodgers baseball team — and within a few blocks of the Cox Convention Center.

January 2, 2018

Retail Texas

Albanese Cormier Sells 76,082 SF Shopping Center in Beaumont

by John Nelson January 2, 2018

BEAUMONT, TEXAS — Albanese Cormier Holdings (ACH) has sold Stadium Shopping Center, a 76,082-square-foot retail center located at 3210 Ave. A in Beaumont. A private investment firm purchased the asset from ACH for an undisclosed price. Kevin Holland of Edge Realty represented ACH in the sale. Built in 1970, Stadium Shopping Center was 82 percent leased at the time of sale to tenants such as Citi Trends, Dollar Tree, Family Dollar, Hibbett Sports and Metro PCS.

January 2, 2018

Features Retail Texas Texas & Oklahoma Feature Archive Top Stories

Retail Landlords Struggle With the Logistics of Backfilling Vacated Space with Entertainment Concepts

by John Nelson January 2, 2018

As 2018 gets underway, retail real estate finds itself at an odd juncture. According to CNN, more than 6,700 stores either closed or announced plans to close in 2017, leading many to consider last year to be the beginning of the end for brick-and-mortar shopping. Yet a new report from Tennessee-based retail advisory firm IHL Consulting Group notes that for every company that closed stores in 2017, there were nearly three companies opening new stores to offset it. Whether you believe retail is dying or evolving, there’s no arguing that the inability of certain tenants — mainly apparel-based department stores — to compete with e-commerce has caused millions of square feet of retail real estate to be returned to the market. Owners of these properties face the challenge of backfilling these spaces with tenants that aren’t likely to share the same fate — restaurants, gyms and entertainment concepts. But when it comes to backfilling a big box or anchor space with an entertainment concept, merging the existing space with the design requirements of the tenant can be a major headache for landlords. With 58 million square feet of project designs under his belt, Randy Stone, associate principal at Dallas-based architecture …

January 2, 2018

Market Reports Retail Texas Texas Market Reports

Grocery, Home Goods Sales Rising in Houston

by Taylor Williams December 29, 2017

After Hurricane Harvey made landfall on the Texas Gulf Coast, the storm’s impacts on commercial real estate were most immediately felt in the single- and multifamily spaces. As the recovery effort got underway, it became clear that some office buildings had been damaged, driving down occupancy in that sector, while demand for industrial materials and space rose. Perhaps because retail occupancy in Houston — which most recently clocked in at 94.6 percent, according to CoStar Group — has been strong throughout the oil downturn, or because most store closures stemmed from employees being unable to get to work, the storm’s impacts on the retail sector have been somewhat trickier to measure. Whatever the case, nearly four months after the storm, retailers in certain industries are seeing their sales figures climb dramatically, and without help from the holiday shopping rush. Grocers Lead the Way The grocery business — a form of brick-and-mortar retail thought to be somewhat insulated from e-commerce — has been at the forefront of retail segments seeing an uptick in sales following Harvey. Residents experiencing power outages and damaged refrigerators generated healthy and immediate demand for groceries. “Grocers were particularly impacted by Harvey, and in the aftermath it …

December 29, 2017

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