Texas

CBRE Brokers Sale of 237,894 SF Office Building Within Las Colinas in Irving

by Taylor Williams December 1, 2017

IRVING, TEXAS — CBRE has brokered the sale of Canal Centre, a 237,894-square-foot, Class A office building located at 400 E. Las Colinas Blvd. in Irving’s Las Colinas district. Eric Mackey, Gary Carr, John Alvarado, Evan Stone, Jared Chua and Robert Hill of CBRE represented the seller, a partnership between California-based Libitzky Property Cos. and Dallas-based Sunwest Real Estate Group. Canal Centre Investors LLC purchased the asset for an undisclosed price. The property, which offers amenities such as a fitness center, six-story parking garage and cafè, was 90 percent leased at the time of sale to tenants such as Power Line Services and Volkswagen.

December 1, 2017

Champion Hotels Acquires 354-Room Tower Hotel in Oklahoma City

by Taylor Williams December 1, 2017

OKLAHOMA CITY — Champion Hotels, an Oklahoma City-based hospitality operator, has acquired the 354-room Tower Hotel located at 3233 Northwest Expressway in northwest Oklahoma City. The property, which operated as a full-service Marriott hotel until 2013, will be converted into a 215-room Embassy Suites hotel within the next 12 months. The project will not only convert the hotel into a two-room suite layout, it will also involve the construction of an additional 95-room limited service property adjacent to the main hotel. HotelBrokerOne and NAI Global brokered the sale. The seller was not disclosed.

December 1, 2017

Industrial Market Reports Texas Texas Market Reports

Direct Vacancy Reaches 12-Year Low in San Antonio Industrial Market

by Taylor Williams December 1, 2017

As we enter the fourth quarter, fundamentals are strong in San Antonio’s industrial market, with direct vacancy tightening and continuing the hot streak it’s been on the past few years. At the third quarter’s end, the metro’s direct vacancy rate stood at 5.4 percent, down from 6.2 percent during the second quarter and 5.8 percent during 2016. In fact, that 5.4 percent direct vacancy rate represents a 12-year low. The figure is a far cry from the 9.3 percent direct vacancy registered during the third quarter of 2006 — the last time the market posted a rate above 9 percent. This d in direct vacancy is particularly noteworthy given that more than 10 million square feet of inventory has been added to the market since that time. The shrinking rate has also coincided with a slight increase in direct average asking rent, which now stands at $5.99 per square foot following a $0.16 quarter-over-quarter increase. Driving the falling vacancy numbers was an economy that fast-tracked over the summer. The San Antonio Business-Cycle Index increased at its fastest pace since 2016, while the area unemployment rate remained the same and job growth surged. Job growth increased at a 3.6 percent annualized …

December 1, 2017

Office Texas

Hulu Opens 45,000 SF Viewer Experience Office in San Antonio

by Taylor Williams November 30, 2017

SAN ANTONIO — California-based video subscription firm Hulu has opened a 45,000-square-foot office in San Antonio that will serve as its viewer operation headquarters. The property is located at 4511 Horizon Hill Blvd., just off Interstate 10 on the city’s northwest side. According to local media reports, the center has already created 300 new jobs and will create an additional 200 by the end of 2018. The official ribbon-cutting ceremony was held on Tuesday, Nov. 28.

November 30, 2017

Multifamily Texas

NAPA Ventures Sells 150-Unit Apartment Community in San Antonio

by Taylor Williams November 30, 2017

SAN ANTONIO — NAPA Ventures LLC, an Austin-based investment firm, has sold Morgan Manor, a 150-unit multifamily community located at 7135 Oak Lawn Drive off Interstate 37 in northwest San Antonio. Built in 1963, the property offers a combination of studio, one-, two- and three-bedroom units. Prior to the sale, NAPA invested in renovations to the property’s unit interiors, landscaping and parking lots. The buyer was not disclosed.

November 30, 2017

Industrial Texas

Brennan Investment Acquires 135,571 SF Industrial Park in Houston

by Taylor Williams November 30, 2017

HOUSTON — Chicago-based Brennan Investment Group LLC has acquired a five-building, 135,571-square-foot industrial park in northwest Houston. The buildings offer a mix of office and warehouse space and were collectively 84 percent leased at the time of sale. Other terms of sale were not released.

November 30, 2017

Industrial Texas

NAI Robert Lynn Secures 43,839 SF Industrial Lease in Metro Dallas

by Taylor Williams November 30, 2017

CARROLLTON, TEXAS — NAI Robert Lynn has secured a 43,839-square-foot industrial lease at 2045 Westgate Drive in the Dallas metro of Carrollton on behalf of Snap Drape Brands LLC, a provider of linens and draperies. Built in 1999, the building offers about 134,000 square feet of net rentable space. Cole Horowitz and Mark Miller of NAI Robert Lynn represented the tenant in the lease negotiations.

November 30, 2017

Office Texas

Moss Construction to Relocate from El Paso to 10,000 SF Office in McKinney

by Taylor Williams November 30, 2017

MCKINNEY, TEXAS — Moss Construction will relocate its office headquarters from El Paso to a 10,000-square-foot space at 6950 TPC Drive in the Dallas metro of McKinney. The company, which currently employs about 600 people throughout Florida, Hawaii and Texas, expects to expand its employee base following the move.

November 30, 2017

Mixed-Use Texas

Downtown Dallas Skyscraper to Undergo $380M Redevelopment

by Taylor Williams November 29, 2017

DALLAS — The Drever, a 52-story mixed-use property in downtown Dallas, will undergo a redevelopment project valued at approximately $380 million, according to the Dallas Business Journal. The outlet also reports that developer Drever Capital Management recently landed a $67 million bridge loan through Starwood Property Trust, enabling it to move forward with the redevelopment. The project will convert the 1.5 million-square-foot building into a development comprising a 324-unit high-rise apartment tower, a 218-room Thompson hotel and undisclosed amounts of office and retail space. Dallas-based Merriman Anderson is providing architectural and design services for the project and Andres Construction is serving as general contractor. The project is expected to be complete by the end of 2018.

November 29, 2017

Hospitality Texas

Owner to Invest $78M to Renovate Plaza Hotel in El Paso

by Taylor Williams November 29, 2017

EL PASO, TEXAS — Paul Foster, the owner of the Plaza Hotel in El Paso, will invest approximately $78 million in renovations of the vacant property, which was built in 1930 and is a historic landmark. Foster’s team plans to convert the building into a boutique hotel with a minimum of 100 rooms, as well as 6,500 square feet of restaurant and bar space and 7,600 square feet of meeting space. Construction is expected to begin in early 2018.

November 29, 2017

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