Texas

Fate of NAFTA, Foreign Trade to Shape Rio Grande Valley Office Market in 2018

by Taylor Williams May 25, 2018

The economy of the Rio Grande Valley (RGV) has always been closely linked to foreign trade. The region’s numerous port markets and its proximity to Mexico — in particular, the robust industrial market of the Mexican border city of Reynosa — have always ensured that international commerce plays a key role in the economic success of the RGV. Manufacturing and distribution have always been major drivers of growth in the RGV. We often analyze the performances of these sectors when gauging the health of the region’s office market, as the performance of the office market tends to trail the performance of the industrial sector, usually by a period of 12 to 18 months. The office market of the RGV consists mostly of small, Class B properties developed in the 1980s and 1990s. There are no true skyscrapers or trophy assets in this region, as office users in the RGV simply don’t demand the level of amenities and quality of space as their counterparts in major markets. Small and steady as the office market may be, it is not immune to the influence of larger political movements. Everyone with a vested interest in RGV commercial real estate is keeping a close …

May 25, 2018

Company News District of Columbia Mixed-Use Multifamily Retail Southeast Texas Top Stories

Madison Marquette, PMRG Confirm Merger Discussions

by Kristin Harlow May 25, 2018

HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …

May 25, 2018

Development Multifamily Texas

PMRG, AECOM Break Ground on 336-Unit Apartment Tower in Houston

by Taylor Williams May 24, 2018

HOUSTON — A partnership between Houston-based PM Realty Group (PMRG) and Los Angeles-based AECOM has broken ground on 3300 Main, a 336-unit apartment tower located in the Midtown area of Houston. The transit-served property will include 14,390 square feet of retail space and 521 parking spaces. According to CoStar Group, Goldman Sachs provided financing for the project. Construction is scheduled to take 24 months. PMRG has also entered into an agreement to merge with Washington, D.C.-based investment firm Madison Marquette, a deal that is expected to close within the next 30 days.

May 24, 2018

Acquisitions Industrial Self-Storage Texas

SkyView Arranges Sale of 613-Unit Self-Storage Facility in Edmond, Oklahoma

by Taylor Williams May 24, 2018

EDMOND, OKLA. — SkyView Advisors, a Florida-based self-storage brokerage firm, has arranged the sale of MidAmerica Self Storage, a 613-unit facility in Edmond, a northern suburb of Oklahoma City. The facility is situated on 4.5 acres and totals 68,427 net rentable square feet. Ryan Clark of SkyView represented the undisclosed seller in the transaction. New York-based investment firm Merit Hill Capital acquired the asset for an undisclosed price.

May 24, 2018

Development Multifamily Texas

Fort Capital Begins Work on 46-Unit Apartment Complex in Fort Worth

by Taylor Williams May 24, 2018

FORT WORTH, TEXAS — Fort Capital has begun work on The Palmer, a 46-unit apartment complex that will be located in Fort Worth’s River District. All units will be integrated with IOTAS smart home technology, which allows residents to control lighting and thermostats and set home entry alerts from their smartphones or tablets. Communal amenities will include a rooftop lounge, coffee bar with co-working areas, package concierge services and bike storage. Completion is slated for early 2019.

May 24, 2018

Leasing Activity Retail Texas

Alamo Drafthouse to Open Eight-Screen Theater in Frisco Station

by Taylor Williams May 24, 2018

FRISCO, TEXAS — Food, drink and movie concept Alamo Drafthouse will open an eight-screen theater at Frisco Station, a 242-acre mixed-use development in the northern Dallas metro of Frisco. The theater, which is expected to open in 2020, will be able to accommodate up to 1,200 guests. This location will also include a Video Vortex concept, which provides craft cocktails and beer for customers looking to rent older movies. The Frisco venue will be the company’s seventh location in North Texas.

May 24, 2018

Development Retail Texas

Urban Air Adventure Park Plans 31,000 SF Venue in Fort Worth

by Taylor Williams May 24, 2018

FORT WORTH, TEXAS — Urban Air Adventure Park, a Texas-based entertainment concept that features climbing walls, ropes courses and trampoline pits, will open a 31,000-square-foot venue in Fort Worth. The property will be located within Summer Creek Station, a 26-acre retail development on the city’s south side, and will open during the fourth quarter. Steve Williamson, Larry Jordan and Mason Bishop of Transwestern represented the landlord and developer, Wilson & Stonaker LLC, in the lease negotiations.

May 24, 2018

Acquisitions Industrial Texas

HFF Negotiates Sale of 192,000 SF Industrial Asset in North Houston

by Taylor Williams May 23, 2018

HOUSTON — HFF has negotiated the sale of Interwood Business Center, a 192,000-square-foot industrial asset located near George Bush Intercontinental Airport in north Houston. The two-building property, which includes one rear-load building and one cross-dock building, features 24-foot clear heights, dock-high doors and 130- to 190-foot truck courts. Trent Agnew, Rusty Tamlyn and Dane Petersen of HFF represented the seller, Stockbridge Capital Group, in the transaction. California-based Black Equities Group Ltd. purchased the property, which was 93 percent leased at the time of sale, for an undisclosed price.

May 23, 2018

Loans Multifamily Student Housing Texas

ORIX Provides $28M Construction Loan for 236-Bed Student Housing Property in Austin

by Taylor Williams May 23, 2018

AUSTIN, TEXAS — ORIX Real Estate Americas, a division of Dallas-based financial services firm ORIX Corp. USA, has provided a $28 million loan for the construction of a student housing community in Austin. The property will serve the University of Texas at Austin and total 236 beds across 66 units. Amenities will include a fitness center, rooftop deck, cyber lounge and conference rooms. Construction of the property began in April, with completion expected in time for the 2019-2020 school year. ORIX provided the loan on behalf of the undisclosed developer.

May 23, 2018

Loans Multifamily Retail Texas

LMI Capital Closes Three Acquisition Loans Totaling $24M in Houston Area

by Taylor Williams May 23, 2018

HOUSTON AND PASADENA, TEXAS — LMI Capital has closed three loans totaling roughly $24 million for the acquisitions of two multifamily complexes and one retail center in the Houston area. The undisclosed properties include a 215-unit apartment complex in northwest Houston, a 200-unit apartment property in the southeastern suburb of Pasadena and a 21,000-square-foot retail center in west Houston. Jamie Mullin, Brandon Brown and Jamie Safier of LMI Capital closed the deals for the first, second and third properties, respectively. The borrowers were not disclosed.

May 23, 2018

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