Vanguard Negotiates Sale of 92-Unit Townhome Community in Lubbock LUBBOCK, TEXAS — Dallas-based Vanguard Real Estate Advisors has negotiated the sale of Siena Townhomes, a 92-unit rental community located at 2102 34th St., approximately 1.8 miles south of Texas Tech University in Lubbock. The property was 95 percent occupied at the time of sale. Jordan Cortez of Vanguard represented the New York-based seller in the transaction and procured the buyer, a North Texas-based private investor.
DALLAS — STRIVE has brokered the sale of a 20-year, absolute net ground lease retail property near White Rock Lake in Dallas. Built in 2017, the property is currently leased to Chick-fil-A. Jason Vitorino of STRIVE represented the seller, a local partnership, in the all-cash transaction and procured the buyer, an out-of-state 1031 exchange.
HOUSTON — Dallas-based BMC Capital has arranged a $1.9 million loan for the acquisition of a 61-unit multifamily property in the Oak Forest neighborhood of Houston. Clayton Wells of BMC Capital arranged the non-recourse bridge loan, which features two years of interest-only payments. The funds will also be used to make capital improvements to the property.
MIDLAND, TEXAS — Adolfson & Peterson Construction has broken ground on a new office development in Midland for Houston-based oil and gas exploration firm Apache Corp. The project will deliver a three-story building adjacent to Apache’s existing offices on Veterans Airpark Lane. Designed by Kirksey Architecture, the new building will feature 70,750 square feet of office space and amenities such as a daycare, fitness center and a physician’s clinic. Substantial completion of the property is scheduled for the first quarter of 2018.
DALLAS — CBRE has arranged the sale of Preston Plaza, a 250,009-square-foot office property located at the intersection of Preston and Frankford roads in North Dallas. Built in 1986 and renovated in 2015, the property was 91 percent leased at the time of sale. Eric Mackey, Gary Carr, John Alvarado, Jared Chua and Robert Hill of CBRE represented the seller, Caddo Holdings, in the transaction. Houston-based Tanglewood Property Group purchased the asset for an undisclosed price.
AUSTIN, TEXAS — HFF has negotiated the sale of 3900 San Clemente, a 251,143-square-foot office property situated on 9.9 acres at 3900 N. Capital of Texas Highway in Austin. Completed in 2008, the property was 91 percent leased at the time of sale and anchored by Samsung, VMWare and Maxim Integrated. Amenities include a fitness center, curbside food truck service and a connected parking garage. HFF represented the seller, a partnership between a global real estate investment manager and Austin-based HPI Real Estate, and procured the buyer, California-based investment firm Menlo Equities. The company secured an undisclosed amount of acquisition financing for the buyer through a national bank.
CONROE, TEXAS — EDGE Capital Markets has brokered the sale of Montgomery Crossing, a retail property consisting of 69,000 square feet of inline space, three pad sites and a 2.3-acre development parcel. The property is located near the intersection of Interstate 45 and State Highway 105 in Conroe, about 40 miles north of Houston. Josh Jacobs and Burdette Huffman of EDGE represented the undisclosed seller in the transaction. Montgomery Crossing LLC/ShinMac Management purchased the asset for an undisclosed price.
ARLINGTON, TEXAS — Lee & Associates has negotiated a 40,576-square-foot industrial lease renewal at 417 113th St. in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, Global Logistics Property, in the lease negotiations. Jim Ferris of Bradford Cos. represented the tenant, JTM Ventures Inc., an Arlington-based defense contractor. The length of the lease renewal was not disclosed.
Over the past few years, Houston’s diverse economy has proven resilient. This diversity helped the city weather a major drop in oil and gas prices that, during previous downturns, severely affected the office market. While Houston has taken its share of recent hits, it appears poised to move forward into a period of stability and steady growth. While most of Houston seems to be in recovery mode, the local office market historically trails the oil and gas industry and usually takes additional time to reflect the current economic recovery. Houston’s office market was hit hard by the downturn when oil prices plummeted at the end of 2014. Submarkets like the Central Business District and the Energy Corridor — where roughly half of the workforce belongs to the energy sector — were hardest hit. Firms in these submarkets suffered big layoffs and created large swaths of available sublease and direct office space. However, according to CoStar, tenants still spent more than $7 billion (larger than the GDP of 55 sovereign nations) on office space during the past year. What does this all mean for the office market? At the end of the first quarter of 2017, Houston’s direct vacancy rate was …
COLLEGE STATION, TEXAS — Stratus Properties Inc. (NASDAQ: STRS) will develop Jones Crossing, a 258,000-square-foot mixed-use project situated on a 72-acre tract in College Station. The retail component of the project will be anchored by a 106,000-square-foot H-E-B. The company expects to break ground during the third quarter and open the H-E-B store in mid-2018.
