Texas

JLL Brokers Sale of Former Halliburton Office Campus in Houston

by Taylor Williams June 21, 2018

HOUSTON — JLL has brokered the sale of Halliburton’s former Oak Park campus, a 48-acre office property located in the Westchase District of Houston. The property includes a 568,000-square-foot office building, a 17,500-square-foot fitness center, daycare, central plant and a five-level parking garage. The office building was built in 1979 and upgraded in 2013. Rudy Hubbard, Kevin McConn, Rick Goings and Dan Bellow of JLL led the sales effort. A local private investment group purchased the asset for an undisclosed price.

June 21, 2018

Stonebriar-Commons-on-Legacy-Frisco-Texas

Development Office Texas

Windmill to Develop 103,958 SF Office Building in Frisco

by Taylor Williams June 21, 2018

FRISCO, TEXAS — Windmill Development will develop Stonebriar Commons on Legacy, a 103,958-square-foot office building that will be located in the northern Dallas metro of Frisco. The property will feature several floors of parking, views of a nearby golf course and floor-to-ceiling glass, as well as access to a variety of walkable amenities. Construction is scheduled to begin during the fourth quarter. Fults Commercial will handle leasing of the property.

June 21, 2018

Loans Office Texas

Q10 KDH Arranges Two Refinancings Totaling $44.5M for Houston-Area Retail, Multifamily Assets

by Taylor Williams June 21, 2018

HOUSTON — Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged two refinancings totaling $44.5 million in the Houston area. In the first transaction, Larry Peters of Q10 KDH arranged $29 million for two undisclosed multifamily assets totaling 642 units. These deals included a 15-year interest-only loan for the first property and a floating-rate loan for the second property. In the second transaction, Buddy Hopson of Q10 KDH placed a $15.5 million loan through a regional bank for the refinancing of Ravenswood Village Shopping Center, a 121,694-square-foot retail center in Huntsville. Additional terms of the transactions were not disclosed.

June 21, 2018

Development Industrial Texas

Water Purification Company to Open $31M Manufacturing Facility in Conroe on June 29

by Taylor Williams June 21, 2018

CONROE, TEXAS — Memstar USA, a provider of equipment used in water purification and desalinization plants, will open a $31 million manufacturing facility in Conroe, about 40 miles north of Houston, on June 29. The facility will span 40,500 square feet and will be located within Conroe North Park. Memstar expects to hire about 35 people initially and eventually expand its payroll at the plant to include 80 people.

June 21, 2018

Industrial Leasing Activity Lee & Associates Texas

Lee & Associates Negotiates 88,200 SF Industrial Lease in Grapevine, Texas

by Taylor Williams June 21, 2018

GRAPEVINE, TEXAS — Lee & Associates has negotiated an 88,200-square-foot industrial lease at 2520 Esters Blvd. in Grapevine, located near Dallas-Fort Worth (DFW) International Airport. Ken Wesson of Lee & Associates represented the tenant, engineering and logistics firm Communications Test Design Inc., in the lease negotiations. Nathan Lawrence of CBRE represented the landlord, Valeo North America.

June 21, 2018

Acquisitions Retail Texas Top Stories

Rent-A-Center Stock Rebounds Following News of Buyout

by Taylor Williams June 21, 2018

PLANO, TEXAS — After announcing on Monday, June 18, it had entered into an agreement to be acquired by Vintage Capital Management, Rent-A-Center Inc. (NASDAQ/NGS: RCII) has seen its stock price increase steadily throughout the week. The company’s stock price opened at $14.78 per share on Thursday, June 21. This figure represents a nearly 23 percent increase in the span of just one week, but remains a far cry from the peak price of $40 per share in summer 2013. Vintage Capital agreed to acquire Rent-A-Center for $15 per share in a transaction that is valued at approximately $1.4 billion and which will take the Plano-based retailer private. The deal is expected to close before year’s end. The price represents a premium of approximately 49 percent over Rent-A-Center’s closing stock price of $10.07 per share on Oct. 30, 2017. According to one retail analyst, Rent-A-Center’s struggles stemmed from several factors, including a high number of new competitors in the home goods sector and the lack of financial resources to establish robust online sales. “Rent-A-Center is an interesting case because it kind of bleeds into that personal services category, yet it’s not especially resistant to e-commerce because of the physical goods …

June 21, 2018

Development Industrial Texas

Phillips 66 to Undertake $1.5B Expansion of Natural Gas Plant in Southeast Texas

by Taylor Williams June 20, 2018

OLD OCEAN, TEXAS — Phillips 66 (NYSE: PSX) will undertake a $1.5 billion expansion of its Sweeny Hub natural gas plant in Old Ocean, about 65 miles southeast of Houston. The project will include the construction of two fractionators capable of producing 150,000 barrels of natural gas per day, as well as additional storage facilities for the fossil fuel and various infrastructural upgrades to pipelines. The new facilities are expected to begin commercial operations in late 2020. Upon completion, the Sweeny Hub will have a fractionator capacity of 400,000 barrels per day and the capacity to store 15 million barrels.

June 20, 2018

Development Multifamily Seniors Housing Texas

Legacy Breaks Ground on $175M Seniors Housing Community in Dallas

by Taylor Williams June 20, 2018

DALLAS — The Legacy Senior Communities, a not-for-profit organization based in Plano, has broken ground on The Legacy Midtown Park, a $175 million seniors housing community in Dallas. Situated on 10 acres just off North Central Expressway, the property will consist of 184 independent living apartments, 50 assisted living units, 36 memory care residences and 54 suites for short-term rehabilitation or long-term care. Amenities will include multiple dining options and a fitness, aerobics and aquatic center. The project is expected to create approximately 350 jobs upon completion. The developer expects the community to begin opening for some services in fall 2019 with other levels of care becoming available in 2020. SunTrust Bank served as the lead lender for the project with Frost Bank as a participating lender.

June 20, 2018

Acquisitions Industrial Texas

Cravey Arranges Sale of 103,338 SF Industrial Development in Alice, Texas

by Taylor Williams June 20, 2018

ALICE, TEXAS — Cravey Real Estate Services Inc. has arranged the sale of a 103,338-square-foot industrial development located at 850 Commerce St. in Alice, about 45 miles west of Corpus Christi. The 17-building development is situated on 19.2 acres and features 22-foot clear heights. Matthew Cravey of Cravey Real Estate Services and Rafik Ibrahim of JLL represented the seller, Halliburton Energy Services Inc., in the transaction. Richard Perry, also of Cravey, represented the buyer, Alice Management Co. LLC.

June 20, 2018

Development Multifamily Seniors Housing Texas

Confluent, Harbor Retirement Break Ground on 112-Unit Seniors Housing Property in Oklahoma City

by Taylor Williams June 20, 2018

OKLAHOMA CITY — A partnership between Denver-based developer Confluent Senior Living and Florida-based management firm Harbor Retirement Associates has broken ground on a 112-unit seniors housing community, HarborChase of South Oklahoma City. The property will be situated on six acres and feature 80 assisted living units and 32 memory care units. Amenities will include a full-service bistro, chapel, clubrooms, beauty salon, library and a fitness and wellness center. The community is scheduled to open in fall 2019.

June 20, 2018

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