Texas

Capital Retail Properties Breaks Ground on Strip Retail Center Near Houston

by John Nelson January 8, 2018

LA MARQUE, TEXAS — Houston-based Capital Retail Properties has broken ground on La Marque Crossing, a 15,000-square-foot retail strip center located at the intersection of Interstate 45 and FM 1764 in La Marque, roughly 38 miles southeast of Houston. The property will be situated on 1.4 acres in front of a Sam’s Club and Walmart Supercenter. Leslie’s Pool Supplies has preleased 3,300 square feet, and GNC has committed to 1,440 square feet. The architect of record is Identity Architects, and Axiom Construction is the project’s general contractor. The development is expected to open in March.

January 8, 2018

EDGE Capital Markets Brokers Sale of Retail Property in Metro Houston

by John Nelson January 8, 2018

SPRING, TEXAS — EDGE Capital Markets has brokered the sale of Legends Ranch Shopping Center, an 18,500-square-foot retail asset located at 2907 Rayford Road in Spring, a suburb of Houston. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the seller, Peterson Legends Ranch Investors LP, in the transaction. Located at the intersection of Rayford Road and Canyon Ranch Drive, Legends Ranch was fully leased at the time of sale to tenants including McDonald’s and Timewise.

January 8, 2018

Loans Mixed-Use Multifamily Texas

HFF Closes $126M Construction Loan for Main Street District of The Village in Dallas

by John Nelson January 5, 2018

DALLAS — HFF has closed a $126 million construction loan for the development of Main Street, the amenity district of The Village, a 300-acre “city-within-a-city” in Dallas. The Village features 16 neighborhoods totaling 7,000 apartment homes, a fitness center and three miles of jogging trails. The new Main Street project will comprise community parks, urban plazas, a private resident club, private fitness center, residential dwellings, boutique hotel, market and multiple dining options to better serve the established community. Andy Scott, Michael Cosby and Jody Thornton of HFF placed the loan through Bank of America on behalf of the co-developers, Phoenix Property Co. and Lincoln Property Co. The co-developers have disclosed the project will take between 24 and 36 months to complete.

January 5, 2018

Loans Multifamily Texas

Ready Capital Arranges $8.7M Loan for Multifamily Portfolio in Houston

by John Nelson January 5, 2018

HOUSTON — Ready Capital Structured Finance has closed an $8.7 million acquisition loan for a four-property multifamily portfolio in Houston’s Montrose neighborhood. The floating-rate loan features a three-year term with two extension options and two years of interest-only payments. The undisclosed borrower will use the loan to purchase and renovate the portfolio’s interiors, exteriors and amenity offerings. The four properties are located at 2212 Dunlavy St., 1507 California St., 606 Harold St. and 306 Stratford St.

January 5, 2018

Healthcare Texas

Inland Real Estate Acquisitions Closes Purchase of Medical Office Building in Dallas

by John Nelson January 5, 2018

DALLAS — Inland Real Estate Acquisitions LLC has closed the purchase of a 16,050-square-foot medical office building located at 5494 Glen Lakes Drive in Dallas. Built in 2003 and situated across from Texas Health Presbyterian Hospital, the property is leased to Dallas Eye Care Associates on the street level and Walnut Hill Surgery Center on the third floor. The property also features ground-level parking. Matthew Tice of Inland Real Estate Acquisitions and David Neboyskey of The Inland Real Estate Group’s law department arranged the transaction on behalf of an Inland affiliate.

January 5, 2018

Retail Texas

The Silver Group Brokers Sale of Retail Store Leased to Walgreens in Northwest Houston

by John Nelson January 5, 2018

HOUSTON — The Silver Group has arranged the sale of a single-tenant retail store in northwest Houston that is leased to Walgreens. Walgreens chose the newly built store, located at 11220 Louetta Road, as a relocation for an older Walgreens drugstore roughly a half-mile to the west. The new store is situated adjacent to The Vintage, a 630-acre enclave featuring single-family residences, a Whole Foods Market-anchored shopping center, office space and multifamily properties. The Silver Group represented the undisclosed developer in the sale, and SVN-Texas represented the undisclosed buyer. The new Walgreens is the 71st drugstore The Silver Group has brokered.

January 5, 2018

Mixed-Use Retail Texas

Thor Equities Signs Three New Retail Leases at Kirby Collection in Houston

by John Nelson January 5, 2018

HOUSTON — Thor Equities has secured three new retail leases at Kirby Collection, a 1 million-square-foot mixed-use development in Houston’s River Oaks neighborhood. Located in the Upper Kirby District of River Oaks, the project features two levels of retail space totaling 65,000 square feet, a 25-story residential tower with 199 apartment units and a 13-story, 186,000-square-foot Class A office building. The new tenants joining Kirby Collection include boutique retailer A Ma Maniere leasing 2,200 square feet, Indian restaurant Great W’Kana Café leasing 2,960 square feet and high-end hair salon Atelier Isabelle Rose leasing 3,855 square feet. Other recent transactions include high-end bowling and dining concept Pinstripes leasing 33,830 square feet; Whitney Bank leasing the entire 11th floor of the office tower for its regional headquarters, as well as ground-floor retail space for a bank branch; Novum Energy Trading leasing space on the 10th floor for its global headquarters; and Regency Centers leasing 4,000 square feet. The development team for Kirby Collection includes general contractor E.E. Reed Construction, architect Richard Keating Architecture, interior designer Dianna Wong Architecture + Design, Houston-based architect of record Kirksey, structural engineer Walter P. Moore and Houston-based MEP engineer WYLIE.

January 5, 2018

Data Centers Industrial Market Reports Texas Texas Market Reports

Data Centers Double Down on Size

by Taylor Williams January 5, 2018

Demand for data center space stems from a variety of sources. The vast majority of companies across most industries have some sort of web presence, and their customer and employee records and information are stored electronically. At the same time on the consumer side, smartphones and tablet devices are all but ubiquitous, their owners constantly upping their usage of apps and social media platforms. Nonprofit communications firm CTIA tracks aggregate wireless data usage across the country on an annual basis. The Washington, D.C.-based company found that in 2013, Americans used approximately 3.2 trillion megabytes of data. By 2015, a year in which there were about 228 million smartphones and 41 million tablet devices in circulation, that figure had increased threefold to 9.6 trillion megabytes. By 2016, a year in which there were more than 261 million smartphones in circulation, wireless data usage had exceeded 13.7 trillion megabytes. That total represents more than 35 times the volume of data traffic recorded in 2010, according to CTIA’s website. Web presences, records storage and electronic communications — not to mention the ever-expanding role of e-commerce in retail today — each contribute marginally to the growing demand for data center space. However, when combined …

January 5, 2018

Mixed-Use Texas

CBRE Brokers Sale of Office, Multifamily Assets Within Frisco Square

by John Nelson January 4, 2018

FRISCO, TEXAS — CBRE has brokered the sale of a large portion of Frisco Square, including three office buildings and two multifamily assets that feature ground-floor retail space. The sale also includes the Cinemark Theatre and additional land development sites. The office portion was 92 percent leased at the time of sale and the retail portion was 66 percent leased to tenants including Barre 3, Mattito’s Tex Mex and Jake’s Uptown Burgers. An affiliate of Maxus Realty Trust Inc. acquired the properties for an undisclosed price. Evan Stone, Gary Carr, John Alvarado, Eric Mackey, Robert Hill, Jared Chua, Ryan Reid, Jeremy Faltys and Nita Stewart of CBRE arranged the transaction on behalf of the seller.

January 4, 2018

Hospitality Texas

TGC Development Breaks Ground on TownePlace Suites by Marriott in Fort Worth

by John Nelson January 4, 2018

FORT WORTH, TEXAS — TGC Development Group has broken ground on TownePlace Suites by Marriott Fort Worth NW Lake Worth. The four-story, 96-room hotel will be situated northwest of downtown at 2925 Royalty Lane in Fort Worth. The general contractor, Wichita, Kan.-based JACO General Contractor Inc., expects to deliver the hotel this fall. The hotel’s rooms will feature full kitchens with stainless steel appliances and granite countertops, adjustable work spaces with built-in shelves and lighting, flat-screen TVs and new bedding. Amenities will include complimentary breakfast, outdoor grills and firepit, outdoor saltwater pool, coffee service, community refrigerator and a 24-hour sundries market.

January 4, 2018

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