Texas

Recovery of Houston Office Market Still Distant, Say InterFace Panelists

by Taylor Williams February 5, 2018

HOUSTON — If patience is a virtue, then developers and brokers in Houston’s office market are poised to become a bit more saintly. For the past three years, the story of the market has been a painful coinciding of sluggish oil prices hurting Houston’s largest tenants, while deliveries of new office spaces are at a peak. According to CoStar Group, more than 5 million square feet of office space has been delivered in Houston during each of the past three years. The nosedive that oil prices took beginning in early 2015 set rising vacancy in motion, leading to an 11-quarter streak of negative absorption. And while the price of oil has risen substantially to start the new year — increasing by roughly $10 to its current price of $65 per barrel over the last two months — that won’t force an overnight recovery in this struggling niche. This one-two punch has players in the space wondering when the market might finally begin to display sound fundamentals. According to panelists at the InterFace Houston Office Forecast, that’s not likely to happen before 2020. The event was held Thursday, Feb. 1 at the Royal Sonesta hotel in Houston. Approximately 150 industry professionals attended the …

February 5, 2018

Retail Texas

Rainier, CIL2 Acquire 380,600 SF Retail Power Center in Corpus Christi

by Taylor Williams February 2, 2018

CORPUS CHRISTI, TEXAS — Rainier Realty Investments LP, an affiliate of Dallas-based The Rainier Cos., has acquired Moore Plaza, a 380,600-square-foot retail power center in Corpus Christi. The company purchased the big box center in a joint venture with CIL2 LLC, an institutional investment platform managed by Continuum Investments Ltd. The Class A center was 99 percent leased at the time of sale to national retailers such as Hobby Lobby, Stein Mart, Office Depot/Office Max, Old Navy and Party City. Metropolitan Capital Advisors arranged an undisclosed amount of acquisition financing for the transaction, which marks Rainier’s fourth investment in a retail power center over the past six months.

February 2, 2018

Multifamily Student Housing Texas

SRE Purchases 384-Bed Student Housing Property Near Sam Houston State University

by Taylor Williams February 2, 2018

HUNTSVILLE, TEXAS — Saban Real Estate (SRE) has purchased Midtown Sam Houston, a 384-bed student housing property in Huntsville that serves Sam Houston State University students. The pet-friendly property offers two- and four-bedroom units and amenities such as a pool, fitness center and a resident clubhouse. Will Baker and William Shell of Walker & Dunlop provided an undisclosed amount of Fannie Mae financing for the acquisition. Chris Epp and Chris Bancroft of FourPoint Student Housing Investments represented the seller in the deal. SRE’s student housing portfolio now exceeds 20,000 beds across 17 university markets.

February 2, 2018

Retail Texas

Entertainment Concept Glowzone to Open 46,039 SF Center in Metro Dallas

by Taylor Williams February 2, 2018

LEWISVILLE, TEXAS — Glowzone, an entertainment concept that offers laser tag, mini golf, rock climbing and bumper cars, will open a 46,039-square-foot center at Lakepointe Crossing in the northern Dallas metro of Lewisville. Glowzone, which has centers in California and Nevada and will soon enter the Houston market, joins tenants such as Academy Sports + Outdoors, home décor store At Home and furniture retailer Conn’s. Weitzman, which manages Lakepointe Crossing, represented the landlord in the lease negotiations. Colliers International represented Glowzone. The center is expected to open in October.

February 2, 2018

Retail Texas

HSM Breaks Ground on 24,000 SF Retail Center in Frisco

by Taylor Williams February 2, 2018

FRISCO, TEXAS — The project development team of Dallas-based Henry S. Miller Co. Inc. (HSM) has broken ground on Main Street Crossing, a 24,000-square-foot retail center that will be located in the northern Dallas metro of Frisco. The property is being built on a speculative basis. Phase II of construction may begin once the space delivered in Phase I is 80 to 85 percent leased.

February 2, 2018

Retail Texas

Marcus & Millichap Arranges Sale of 22,000 SF Retail Center in Greater Houston

by Taylor Williams February 2, 2018

THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of YX Plaza, a 22,000-square-foot retail center located at 16103 W. York Road in The Woodlands. Nate Newman and Logan Kelly of Marcus & Millichap represented the seller, a partnership. Newman also procured and represented the buyer, a limited liability company. Both parties requested anonymity.

February 2, 2018

Market Reports Retail Texas Texas Market Reports

A Retail Recalibration in Houston

by Taylor Williams February 2, 2018

For retail tenants and developers alike, Houston’s Space City moniker could easily be interpreted as a kind of tongue-in-cheek double meaning, mainly because space is one thing Houston always has plenty of. Commercial developers have taken full advantage of that space in recent years, adding an eye-opening 16.3 million square feet of retail product over the last 36 months, according to a report from Colliers International. Houston added somewhere between 4 million and 4.5 million square feet of new retail during last year alone. That pedal-to-the-metal pace has been the clear headline for so long now that it almost feels odd to talk about a change of pace. But that’s exactly what seems to be taking place in Houston, as the commercial development marketplace is in the midst of transitioning from the explosive growth of recent years into a more demand-based dynamic. This is not a slowdown so much as a stabilization or a recalibration — a sprinter taking a breath between laps. This is an interesting and perhaps even necessary turn of events. Houston is a development-friendly city with a relative abundance of available and affordable land and a streamlined and generally permissive regulatory environment that makes permits, zoning …

February 2, 2018

Retail Texas

Construction Begins on 331,000 SF SCHEELS Sports Store at Grandscape in Metro Dallas

by Taylor Williams February 1, 2018

THE COLONY, TEXAS — Construction has begun on a 331,000-square-foot location for SCHEELS, a sporting goods retailer, in the northern Dallas metro of The Colony. The store will be located within Grandscape, a 433-acre mixed-use property being developed by Nebraska Furniture Mart, a division of Berkshire Hathaway. For North Dakota-based SCHEELS, which operates 27 stores across 12 states, the Grandscape location will be its first in Texas. The store is expected to open by spring 2020.

February 1, 2018

Healthcare Texas

MYCON Breaks Ground on 58,485 SF Healthcare Project in Irving

by Taylor Williams February 1, 2018

IRVING, TEXAS — MYCON General Contractors has broken ground on a 58,485-square-foot medical office building in Irving. The property will be leased to healthcare operator Baylor Scott & White and feature 226 surface parking spaces. Developed by Houston-based PMRG and designed by Dallas-based GSR Andrade Architects Inc., the property will be located next to Baylor Scott & White’s full-service hospital. Completion is slated for this summer.

February 1, 2018

Office Texas

CBRE Negotiates Sale of 232,108 SF Office Property in West Houston

by Taylor Williams February 1, 2018

HOUSTON — CBRE has negotiated the sale of Westchase Park Plaza, a 232,108-square-foot, Class A office property located in west Houston. The 10-story tower, which recently underwent a $6 million capital improvements project, was 61 percent leased at the time of sale. Jared Chua, John Alvarado, Evan Stone, Gary Carr, Eric Mackey and Robert Hill of CBRE represented the seller in the transaction.

February 1, 2018

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