Texas

Hillwood to Develop 1 MSF Industrial Facility at AllianceTexas in Fort Worth

by Taylor Williams February 23, 2018

FORT WORTH, TEXAS — Hillwood will develop Alliance Northport 3, an industrial facility totaling approximately 1 million square feet that will be situated on a 260-acre site within the AllianceTexas master-planned community in Fort Worth. The property, which offers convenient access to Interstate 35 and State Highway 114, is being built on a speculative basis. The site will be able to accommodate more than 1.2 million square feet of space and provide additional trailer storage when fully expanded. A timeline for construction has not yet been established.

February 23, 2018

Vista Equities Breaks Ground on 108,000 SF Retail Expansion Project in Metro Houston

by Taylor Williams February 23, 2018

SUGAR LAND, TEXAS — Vista Equities Group has broken ground on Phase II of University Commons in Sugar Land, an expansion project that will deliver 108,000 square feet of new retail space. Sprouts Farmers Market will anchor the second phase with a 30,000-square-foot store. Phase I of University Commons delivered 155,000 square feet of retail space that is 95 percent leased and anchored by a 50,000-square-foot Burlington. Houston-based Arch-Con Construction is serving as general contractor for the expansion project, which was designed by Dallas-based O’Brien Architects. The project is expected to be ready for tenant build-out in December. A third phase of undetermined size is also planned at the property.

February 23, 2018

Retail Texas

Dhanani Acquires 42,000 SF Grocery-Anchored Retail Center in Metro Houston

by Taylor Williams February 23, 2018

SUGAR LAND, TEXAS — Houston-based Dhanani Private Equity Group has acquired Fort Bend Center, a 42,000-square-foot retail center in Sugar Land. Kroger anchors the center, which also houses tenants such as Gyro King and Ritz Nails. Ryan Watson of mortgage banking firm Q10 KDH secured an undisclosed amount of acquisition financing through a CMBS lender for the sale, the seller of which was not disclosed. The non-recourse loan featured a fixed 5.05 percent interest rate, a 30-year amortization schedule and a 75 percent loan-to-cost (LTC) ratio.

February 23, 2018

Industrial Lee & Associates Texas

Lee & Associates Negotiates 68,645 SF Industrial Lease Near DFW Airport

by Taylor Williams February 23, 2018

FORT WORTH, TEXAS — Lee & Associates has negotiated a 68,645-square-foot industrial lease at 4300 Diplomacy Road in Fort Worth, just south of the Dallas-Fort Worth (DFW) International Airport. Reed Parker of Lee & Associates represented the tenant, environmental consulting firm Green Planet 21. Gil Stroube of Lincoln Property Co. represented the landlord, Denali Texas Diplomacy Industrial.

February 23, 2018

Retail Texas

Marcus & Millichap Brokers Sale of 14,610 SF Retail Center in Mineola, Texas

by Taylor Williams February 23, 2018

MINEOLA, TEXAS — Marcus & Millichap has brokered the sale of Shoppes at Mineola, a 14,610-square-foot retail center in Mineola, about 90 miles east of Dallas. The property was 100 percent leased at the time of sale to tenants such as Dollar Tree, Hibbett Sports and Envy Salon. Philip Levy of Marcus & Millichap represented the seller, a limited liability company, and procured the undisclosed buyer.

February 23, 2018

Industrial Market Reports Texas Texas Market Reports

Tenant Demands Changing in Austin Industrial Market

by Taylor Williams February 23, 2018

The story of industrial real estate today, at least in terms of national media coverage, centers around compressing cap rates and the steady stream of capital flowing into the sector. But in Austin — the kid brother of two major industrial markets, Dallas and Houston — the story over the past 12 months has been the large increase in the volume of industrial construction. Austin delivered 3.1 million square feet of industrial product in 2017, a 55 percent increase over the total space delivered during the previous year. Throughout the past year, the metro also trailed the national average in industrial vacancy, net absorption and percent change in rental rates from 2016 to 2017. Many developers that broke ground during one of the healthiest periods in Austin’s industrial history are now delivering space at a time when the Austin economy is starting to cool. Employers have found themselves in a more competitive environment, with annual job growth slowing to sub-3 percent levels and the unemployment rate reaching numbers not seen since the dot-com boom. Market Evolution Austin’s recent industrial performance should not be seen as cause for alarm, but rather as an opportunity to understand the changing mindset of the …

February 23, 2018

Industrial Self-Storage Texas

Bellomy Brokers Sale of 1,111-Unit Self-Storage Facility in Dallas

by Taylor Williams February 22, 2018

DALLAS — Bellomy & Co. has brokered the sale of a CubeSmart self-storage facility located at 5505 Maple Ave. in the Oak Lawn area of Dallas. The Class A facility, which opened in March 2017, consists of 1,111 units across 100,239 net rentable square feet. Approximately 91 percent of the units are climate-controlled. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the seller, Dallas-based Platinum Construction, in the transaction. The Bellomy team also procured the undisclosed buyer.

February 22, 2018

Multifamily Student Housing Texas

Campus First Acquires 432-Bed Student Housing Property in Denton

by Taylor Williams February 22, 2018

DENTON, TEXAS — Campus First Student Living, a division of Atlanta-based CF Real Estate Services LLC, has acquired Midtown at Denton, a 432-bed student housing community near University of North Texas in Denton. The 120-unit property, which will has been rebranded Midtown 905, was built in 2011 and includes amenities such as a pool, fitness center, game room, study lounge and tanning bed. The transaction is part of a three-property portfolio sale in which Los Angeles-based Redbridge Capital acquired two other student housing assets totaling 383 beds in Arlington and Fort Worth. The seller was not disclosed.

February 22, 2018

Retail Texas

FunkyTown, Willow House to Join Sundance Square Development in Downtown Fort Worth

by Taylor Williams February 22, 2018

FORT WORTH, TEXAS — Bakery FunkyTown Donuts and Drafts and apparel and home décor retailer Willow House Boutique will open stores within Sundance Square, a retail and dining destination that spans 35 blocks in downtown Fort Worth. FunkyTown will occupy 1,248 square feet and Willow House will occupy 2,410 square feet. Both stores are slated to open this spring.

February 22, 2018

Industrial Texas

Boyd Commercial Negotiates 84,000 SF Industrial Lease in Houston

by Taylor Williams February 22, 2018

HOUSTON — Boyd Commercial has negotiated an 84,000-square-foot industrial lease at 6000 S. Loop E. in Houston. Greg Barra and David Munson of Boyd Commercial represented the landlord, Cynjai Investment, in the lease negotiations. Andrew Jewell of Cushman & Wakefield represented the tenant, Balflex USA Inc., a manufacturer of hydraulic hoses and fittings for various industries. The duration of the lease was not disclosed.

February 22, 2018

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