Texas

Nicola Crosby Acquires 248,707 SF Office Building in West Houston

by Taylor Williams August 13, 2018

HOUSTON — Canadian investment firm Nicola Crosby Real Estate has acquired Westgate I, a 248,707-square-foot office building in west Houston. The Class A property was completed in 2014 and was 95 percent leased at the time of sale to tenants such as Subsea 7 and Atkins PLC, both of which are engineering firms. Westgate I includes a café, fitness center and a five-story parking garage. Cortney Cole of HFF arranged a seven-year, fixed-rate acquisition loan through Principal Real Estate Investors for the transaction. The seller was not disclosed.

August 13, 2018

Leasing Activity Retail Texas

JC Penney to Introduce Expanded Baby Shops in 500 Stores

by Taylor Williams August 13, 2018

PLANO, TEXAS — Plano-based JC Penney will introduce expanded baby shops in 500 of its stores. Beginning Aug. 30, in-store shoppers will have access to a larger selection of cribs, high chairs, strollers and other childcare items, some of which were previously only available online. Most of the 500 stores in question are located near former Babies ‘R’ Us stores, which closed as part of the Toys ‘R’ Us bankruptcy liquidation that was filed earlier this year.

August 13, 2018

Acquisitions Multifamily Texas

SVN Arranges Sale of 211-Unit Apartment Community in Arlington

by Taylor Williams August 13, 2018

ARLINGTON, TEXAS — SVN | Investment Sales Group has arranged the sale of Pioneer Creek Townhomes, a 211-unit apartment community in Arlington. The property, which was 74 percent occupied at the time of sale, features one- and two-bedroom units. Amenities include a pool, community grilling area and onsite laundry facilities. Mark Allen and Todd Franks of SVN | Investment Sales Group represented the seller and procured the buyer in the transaction.

August 13, 2018

Acquisitions Industrial Office Texas

NAI Partners Purchases 104,212 SF Business Park in North Houston

by Taylor Williams August 13, 2018

HOUSTON — NAI Partners, through its Investment Fund II vehicle, has purchased Wells Fargo Business Park, a 104,212-square-foot flex office park in north Houston. The two-building property, which will undergo capital improvements, was 88 percent leased at the time of sale. San Francisco-based Berkeley Partners sold the asset and Green Bank provided debt for the acquisition. NAI Partners will handle leasing and management of the property.

August 13, 2018

Acquisitions Industrial Self-Storage Texas

Bellomy Arranges Sale of 941-Unit Self-Storage Facility in Houston

by Taylor Williams August 10, 2018

HOUSTON — Bellomy & Co. has arranged the sale of Sentry Self Storage, a 941-unit facility in Houston. Built in 2006, the property is situated on five acres and features climate-controlled units that total 104,025 net rentable square feet. Hugh Horne of Los Angeles-based Charmel Storage Capital, along with Bill Bellomy and Michael Johnson of Bellomy & Co., represented the seller in the transaction. The team also procured the buyer, Public Storage, a self-storage operator and REIT based in Glendale, Calif.

August 10, 2018

Acquisitions Multifamily Texas

Triago Ventures Purchases 288-Unit Multifamily Asset in San Antonio

by Taylor Williams August 10, 2018

SAN ANTONIO — Utah-based Triago Ventures has purchased Republic Woodlake, a 288-unit multifamily asset in San Antonio. The garden-style property was built in 2008 and is located less than 10 miles from the downtown area. Units average 787 square feet each, and amenities include a pool, fitness center, dog park and a clubhouse. The seller was not disclosed.

August 10, 2018

Acquisitions Multifamily Texas

Lone Star Capital Acquires 261-Unit Apartment Complex in Houston

by Taylor Williams August 10, 2018

HOUSTON — New York-based Lone Star Capital Group, led by Kent Piotrkowski and Rob Beardsley, has acquired Cranbrook Forest, a 261-unit multifamily community in northwest Houston. Built in 1983, the property offers one- and two-bedroom units, as well as a pool, fitness center and leasing office. The new ownership plans to add or upgrade the community playground, dog park, poolside picnic and barbecue area, leasing office and fitness center. Michael Muller and Marc Belsky of Eastern Union Funding arranged a $14 million acquisition loan on behalf of Lone Star Capital Group for the transaction.

August 10, 2018

Leasing Activity Office Texas

Accounting Firm Signs 13,451 SF Office Lease at Legacy West in Plano

by Taylor Williams August 10, 2018

PLANO, TEXAS — Public accounting firm Whitley Penn has signed a 13,451-square-foot office lease at Legacy West in Plano. Calvin Hull of JLL represented Whitley Penn in the lease negotiations. David Reed and Ben Davis of CBRE represented the landlord, Legacy West Investors LP. DLR Group | Staffelbach is overseeing the interior design of Whitley Penn’s newest office.

August 10, 2018

Development Hospitality Texas

AHIP Completes $5.2M Renovation of Embassy Suites Hotel in Irving

by Taylor Williams August 10, 2018

IRVING, TEXAS — American Hotel Income Properties REIT LP (AHIP) has completed the $5.2 million renovation of the Embassy Suites DFW South, a hotel located near Dallas-Fort Worth International Airport in Irving. The project delivered a rebuilt atrium with a new bar and breakfast restaurant, as well as new elevators and a fresh paint job on the building’s exterior.

August 10, 2018

Market Reports Texas Texas Market Reports

Borrowers Scramble to Lock In Rates

by Taylor Williams August 10, 2018

The Federal Reserve met during the second week of June, and as expected, the nation’s central bank opted to raise short-term interest rates for the second time this year. In short order, this means that borrowing costs for banks are going up, which means that increased borrowing costs for consumers will follow close behind. At least one more rate hike is anticipated to occur before year’s end as part of the Fed’s stated goal of increasing the federal funds rate from its current range of 1.75 percent to 2 percent to 2.5 percent by year’s end. In addition, the Fed has pledged to continue its rate hikes through 2019 and potentially into 2020 as it pursues a tighter monetary policy. The capital markets behind commercial real estate in Texas have long seen these rate hikes coming — necessary measures to choke off inflation brought on by tax cuts, a ballooning stock market, an 18-year low unemployment rate and near-3-percent annual growth in GDP (2.9 percent in the first quarter). Some borrowers have been able to refinance existing debt and lock in favorable rates in advance of the Fed’s hikes. Those who didn’t, perhaps because their loans were too far removed …

August 10, 2018

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