Texas

Mohr Capital Sells 422,819 SF Industrial Facility in Denton

by John Nelson November 10, 2017

DENTON, TEXAS — Mohr Capital has sold ESAB North American Center, a 422,819-square-foot industrial building located on 30.1 acres at 2800 Airport Road in Denton. Built in two phases in 1970 and 2016, the property is fully leased to ESAB, an equipment and filler metal manufacturer. The asset is situated near the intersection of Interstates 35 East and 35 West in the Northwest Dallas industrial submarket. It features 18- and 36-foot clear heights, 19 dock-high doors, one drive-in door and 200-foot truck courts. New Mountain Net Lease Corp. purchased ESAB North American Center from Mohr Capital for an undisclosed price. Adam Herrin, Stephen Bailey, Mark West and Coler Yoakam of HFF represented Mohr Capital in the transaction. Brandon Chavoya and Michael George of HFF arranged a five-year, fixed-rate acquisition loan through KeyBank Real Estate Capital on behalf of New Mountain Net Lease.

November 10, 2017

NAI Robert Lynn Brokers Sale of 82,960 SF Industrial Facility in Richardson

by John Nelson November 10, 2017

RICHARDSON, TEXAS — NAI Robert Lynn has brokered the sale of an 82,960-square-foot industrial facility located at 1301 Apollo Road in Richardson. Baker Drywall Investments LLC, an affiliate of Mesquite, Texas-based BakerTriangle, purchased the property for an undisclosed price. BakerTriangle is a drywall and plaster specialty contractor with more than 1,300 employees across six offices in Texas. Michael Stanzel of NAI Robert Lynn represented the seller, The Trident Co., and Craig Phelps of JLL represented the buyer. Trident, a metal services company based in Richardson, sold the excess building but maintains a location nearby at 405 N. Plano Road, according to NAI Robert Lynn.

November 10, 2017

Market Reports Multifamily Texas Texas Market Reports

Tarrant County Multifamily Market Is Undersupplied

by Taylor Williams November 10, 2017

As a lender in construction and permanent financing of new multifamily properties, Mason Joseph Co. is constantly assessing and reassessing future supply and demand estimates for rental properties. Tarrant County has several high-profile apartment properties under construction, causing some in the lending industry to ask if the market is on the verge of being oversupplied. Our answer to that question is a firm “no.” Since 2010, a year in which Tarrant County boasted a ratio of 1.07 housing units per household, the market has suffered diminished production of all housing types. As of 2017, ESRI estimates that the units-to-household ratio is closer to 1.09. While that difference appears small, it means about 14,000 fewer housing units were built in Tarrant County from 2010 to 2017 than would be expected. A review of housing permits issued for the following two periods supports that data. From 2001 to 2010, the volume of housing units permitted exceeded the number of new households by an average of 821 units per year. From 2011 to 2017, the equation flipped and Tarrant County added 354 more households than housing units annually, implying the county has now been undersupplied by about 1,200 units per year for the …

November 10, 2017

Industrial Texas

Seefried, 4M to Develop 550,000 SF Distribution Center for Best Buy in Metro Houston

by Taylor Williams November 9, 2017

MISSOURI CITY, TEXAS — Electronics retailer Best Buy will occupy a new 550,000-square-foot distribution center on a 36.4-acre tract along U.S. Highway 90A in Missouri City, a southwestern suburb of Houston. Seefried Industrial Properties and 4M Investments LLC will co-develop the property, which is scheduled to open prior to the 2018 holiday season, according to realtynewsreport.com. Best Buy currently operates about 130 stores throughout Texas, including 13 in Houston proper.

November 9, 2017

Mixed-Use Texas

PGIM Acquires 412,900 SF Mixed-Use Property in Greater Houston

by Taylor Williams November 9, 2017

KATY, TEXAS — PGIM Real Estate, the real estate investment vehicle of Prudential Financial Inc., has acquired LaCenterra at Cinco Ranch, a 412,900-square-foot mixed-use property in Katy. The 34-acre, Class A lifestyle center features 273,522 square feet of retail space, which is anchored by Trader Joe’s, and 139,378 square feet of office space. Those components are 93 percent and 89 percent leased, respectively. The final phase of the development features an eight-screen Alamo Drafthouse Cinema location, which is currently slated for a 2018 completion. Mark Seedorff of PGIM led the transaction.

November 9, 2017

Industrial Self-Storage Texas

ARCO/Murray Completes 736-Unit Self-Storage Facility in Austin

by Taylor Williams November 9, 2017

AUSTIN, TEXAS — Dallas-based design-build general contractor ARCO/Murray has completed construction of Lakeline Storage, a 736-unit self-storage facility located at 11000 Lakeline Blvd. in Austin. The three-story, climate-controlled property consists of 115,000 square feet of gross rentable storage space, with both drive-up and interior units currently available for rental. The Jenkins Organization, a Houston-based real estate firm specializing in self-storage assets, will operate the facility.

November 9, 2017

Office Texas

HFF Arranges Sale of 207,562 SF Office Building in Houston

by Taylor Williams November 9, 2017

HOUSTON — HFF has arranged the sale of Norfolk Tower, a 207,562-square-foot office building located at 2211 Norfolk St. in Houston. The 11-story tower was 83 percent leased at the time of sale. Dan Miller and Martin Hogan of HFF represented the seller, Boston-based TA Realty, and procured the buyer, Houston-based Nitya Capital. Susan Hill and Kelly Layne of HFF secured an undisclosed amount of acquisition financing for Nitya, which plans to invest in capital improvements and rebrand the building as Nitya Tower.

November 9, 2017

Industrial Texas

NAI Robert Lynn Brokers Sale of 82,960 SF Industrial Building in Richardson

by Taylor Williams November 9, 2017

RICHARDSON, TEXAS — NAI Robert Lynn has brokered the sale of an 82,960-square-foot industrial building located at 1301 Apollo Road in the northeastern Dallas metro of Richardson. Michael Stanzel of NAI Robert Lynn represented the undisclosed seller in the transaction. Craig Phelps of JLL represented the buyer, Baker Drywall Investments LLC.

November 9, 2017

Office Texas

Crescent, Long Wharf Break Ground on 105,000 SF Office Project in Dallas

by Taylor Williams November 8, 2017

DALLAS — Dallas-based development firm Crescent Real Estate and Boston-based investment firm Long Wharf Capital have broken ground on The Luminary, a 105,000-square-foot office project located in the West End area of Dallas. Upon completion, the Class A property will offer 462 parking spaces and 52 bike racks, as well as a rooftop terrace. The opening is currently scheduled for early 2019, according to D Magazine. JLL will handle leasing of the property.

November 8, 2017

Industrial Texas

LT Foods Acquires 49,778 SF Industrial Facility in Metro Houston

by Taylor Williams November 8, 2017

MISSOURI CITY, TEXAS — LT Foods USA, a California-based importer and distributor of grains, teas and oils, has acquired a 49,778-square-foot industrial facility located at 14523 Fairway Pines Drive in Missouri City, a southwestern suburb of Houston. Built in 2009, the Class A property features 14 dock-high doors, 24-foot clear heights and about 4,500 square feet of office space. Jarret Venghaus and Jeff Venghaus of JLL represented LT Foods USA in the sale, other terms of which were not released.

November 8, 2017

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