LA FERIA, TEXAS — Marcus & Millichap has arranged the sale of La Feria Post Office, a 4,980-square-foot net leased property located in La Feria. Foster Best, Stephen Berchelmann and Chad Knibbe of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a private investor. Michael Shall of the firm’s Portland office secured and represented the buyer, a limited liability company. La Feria Post Office is located at 123 W. First St. The property is situated on one acre and includes a concrete parking area. A 10-year primary lease term is in place with over four years remaining on the first of two renewal options. The property is located within the city’s central business district and two blocks from La Feria City Hall.
FRISCO, TEXAS — Seattle-based Nordstrom Inc. plans to open a Nordstrom Rack at The Centre at Preston Ridge in Frisco. The 33,000-square-foot store is scheduled to open in fall 2017. Brixmor Property Group owns the retail center. Nordstrom Rack will join Saks Off 5th, T.J. Maxx, Target, DSW, Ross Dress for Less, Ulta Beauty, Old Navy and Best Buy. The Centre at Preston Ridge is located at the corner of Gaylord Parkway and Preston Road, just northwest of the Dallas North Tollway and Sam Rayburn Tollway intersection. This will be the sixth Nordstrom Rack in the Dallas area. The company also operates four Nordstrom stores: Stonebriar Centre, NorthPark Center, Galleria Dallas and North East Mall. Nordstrom Rack is the off-price retail division of Nordstrom, offering apparel, accessories and shoes at a savings of 30 to 70 percent compared with regular prices.
AUSTIN, TEXAS — Centric Commercial/CORFAC International has represented Daryl Flood Logistics in the lease of 104,146 square feet within Vista Industrial Park at 15833 Long Vista Drive in north Austin. Daryl Flood Logistics leased an entire building from Global Logistics Properties (GLP), which owns numerous buildings in the park. The 2.5 million-square-foot industrial park is located near I-35 and Grand Avenue Parkway. Russell Todd and Andrew Swanson of Centric Commercial/CORFAC International, along with Bob Berry of Avison Young, represented Daryl Flood Logistics in the long- term lease. Daryl Flood Logistics is headquartered in Coppell and maintains service and distribution facilities in Austin, Houston, El Paso, Lubbock and Grand Prairie. The company provides retail, e-commerce, home and technology-oriented logistics, shipping and fulfillment services.
MCALLEN, TEXAS — Hilton Worldwide has opened the Embassy Suites by Hilton McAllen Convention Center, the brand’s first hotel in south Texas. The property features Design Option III, which emphasizes space efficiency. The hotel is located three miles from McAllen Miller International Airport and near several manufacturing facilities in Mexico. The hotel includes 12,000 square feet of event space for conferences, weddings and holiday parties. The main ballroom may accommodate as many as 600 guests and can also be divided into five smaller spaces.
AUSTIN, TEXAS — Realtex Development Corp., in conjunction with Generation Housing Development, has opened Windy Ridge Apartments in Austin. The complex is a 120-unit affordable housing community. Situated on 11.9 acres at 10910 Ranch Road 620, the development consists of six residential buildings spanning two and three stories, as well as a community/leasing clubhouse. Windy Ridge Apartments offers one-, two- and three-bedroom units, and each unit comes with a covered entry, coat closet and a covered patio or balcony. Each bedroom includes a walk-in closet. Community amenities include a full perimeter fence and controlled access gates, swimming pool, picnic areas with barbeque grills, fitness center, business/computer center, furnished community room and on-site property management staff.
GRAND PRAIRIE, TEXAS — JLL has brokered an 86,100-square-foot industrial lease for Shorr Packaging in Grand Prairie. The packaging solutions company’s new distribution center will be in Wildlife Commerce Park, Building II located at 2250 Lion Country Parkway. This is the company’s first location in Texas. JLL’s Craig Jones and Elizabeth Jones negotiated the lease on behalf of the tenant. Will Mundinger, John Bateman and Drew Tappan internally represented the landlord, Crow Holdings. Shorr Packaging is based in Aurora, Ill., and currently has 15 locations across the United States.
DENTON, TEXAS — Marcus & Millichap has arranged the sale of Palmwood, a 16-unit apartment property located in Denton. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen, Hoover and Burke also procured the buyer, an individual/personal trust. Palmwood is located at 1100 Palmwood Place. Constructed in 1970, Palmwood consists of 16 one-bedroom units, each spanning 710 square feet. The property recently underwent more than $149,000 in capital improvements, including a new asphalt parking lot, coin-operated laundry facility and 30-year dimensional shingle roof. The property is situated within three miles from both Texas Woman’s University and the University of North Texas.
Outsiders looking at the Houston industrial real estate market may automatically presume doom and gloom for all commercial real estate segments due to the significant downturn in the oil and gas industry during 2015 and 2016. When it comes to the Houston industrial sector, we caution not to jump to that conclusion too fast! In 2016, the Houston regional economy has much more going for it that creates industrial real estate demand than simply oil and gas. Momentum from economic drivers not dependent upon the oil and gas industry are stabilizing industrial real estate. They are also helping counter the drag on the area’s economy that may be attributed to excess inventory and price deflation in oil and gas. Through the end of the year, we expect activity in industrial leasing to remain relatively stable and to offer rental rates that are comparable to early 2016. Our confidence in the stability of industrial real estate is partially based on our fundamental understanding about segmentation in the energy industry that directly impacts Houston’s industrial real estate utilization. Oil and gas is not a simple, homogenous industry with all segments moving in lock step. Clearly, the energy downturn has hit oil and …
TULSA, OKLA. — CBRE has brokered the sale of 21 Lewis Plaza, a 58,934-square-foot office building in Tulsa. 21 LP LLC purchased the asset from Acron 21 Lewis Plaza LP for an undisclosed price. Mary Martin and Leslie Kirkpatrick of CBRE’s Tulsa office represented the seller. Kelly McKoy with McKoy Co. in Tulsa represented the buyer. Tulsa Retina Consultants PLLC will be occupying the entire second floor of 21 Lewis Plaza. The building is located at 2424 E. 21st St. near its intersection with South Lewis Avenue. 21 Lewis Plaza was 70 percent occupied at the time of sale to tenants including Oklahoma National Bank, G4s Secure Solutions Inc., River Parks Authority and Gilbert Audiology & Hearing.
KILLEEN, TEXAS — Muskin Commercial has negotiated the sale of The Willows Apartments in Killeen. A California-based investor purchased the asset for an undisclosed price. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the sellers in the transaction. Rich Heine of Southwest Investment Properties represented the buyer. First State Bank of Killeen provided financing for the 232-unit asset, which will be managed by Houston-based Asset Plus Management. Built in 1983 by the current owners on an 8.2-acre site, the property features brick construction with pitched composition shingle roofs. The apartments include one-, two- and three-bedroom units in 15 buildings. The property has an average unit size of 715 square feet and includes two swimming pools.