HOUSTON — Carroll Organization has secured the sale of an apartment community known as ARIUM Fall Creek in Houston. Carroll’s investment vehicle Carroll Co-Invest Fund I previously owned the property. Carroll originally purchased the 264-unit property in February 2012. ARIUM Fall Creek is located 14 miles north of downtown Houston and is situated along the Sam Houston Tollway. The buyer was unnamed.
CORSICANA, TEXAS — Marcus & Millichap has arranged the sale of Motel 6 Corsicana, a 110-room hotel located in Corsicana. Skyler Cooper, Chris Gomes and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust. Cooper, Gomes and Miller also procured the buyer, a local private investor. Motel 6 Corsicana is located at 2018 S. Highway 287 off of I-45. The two-story hotel was built in 1986 as a Days Inn and converted to a Motel 6 in 2006. Amenities at the property include an updated lobby and an indoor swimming pool.
HOUSTON — JLL has negotiated the extension and expansion of a 50,208-square-foot office lease at One Briarlake Plaza located at 2000 W. Sam Houston Parkway in Houston. Lubrizol signed a lease comprising the entire third and fourth floors of the 20-story building. The Wickliffe, Ohio-based chemical company, originally leased 38,133 square feet in the Class A office building. Ryan Barbles of JLL negotiated the terms on behalf of the tenant. John Pruitt and Jessica Ochoa, also with JLL, represented the landlord, TIER REIT Inc. One Briarlake Plaza is a LEED Gold certified office building located in the Westchase submarket, approximately 20 miles from Houston’s Central Business District. Built in 2000, the building’s amenities include a conferencing facility, fitness center and dining services.
EL PASO, TEXAS — Greysteel has arranged agency financing for the refinance of the Amigos Del Sol, a multifamily property located in El Paso. The seven-year, non-recourse loan was provided by an agency lender under the Freddie Mac small balance loan program. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. Amigos Del Sol, located at 10009 Rushing Road, was constructed in 1973 and totals 52 units.
CARROLLTON, TEXAS — Lee & Associates has completed a lease renewal for a 126,882-square-foot industrial space located at 1440 Lemay Drive in Carrollton. Nathan Denton and Adam Graham of Lee & Associates represented the landlord, Evergreen Industrial Properties. Greg Nelson and Conrad Madsen with Paladin Partners represented the tenant, Hilex Poly Co.
ARLINGTON, TEXAS — Bob Moore Construction has broken ground on a 610,000-square-foot distribution center for TTI Inc. in Fort Worth’s Mercantile Center Business Park. The new TTI facility will house the company’s North American warehouse, assembly and distribution facilities. The space will feature conveyors, pick modules, racking systems and a three-level carousel platform. The building will provide space for office and employee facilities and will include a gym and multiple break areas. The building will be built with tilt-up construction and the entire facility, including the distribution area, will be heated and air-conditioned by a central plant to maintain consistent temperature throughout the building. The property will also include 500 employee parking spaces.
NORMAN, OKLA. — Old Capital has secured a $2.8 million loan for the purchase of Country Village Apartments in Norman. The 20-year loan includes a 4.5 percent interest rate and a 30-year amortization schedule. Texas-based buyers acquired the 100-unit, semi-stabilized property at an 80 percent loan-to-value ratio.
BEAUMONT, TEXAS — UT Physicians has leased 12,000 square feet for a retail health center at Gateway Shopping Center in Beaumont. The property is located at the intersection of Stagg Drive and College Street. Nelson Spitz represented the landlord, Lombard Texas Holdings, and Mark Davis of Davis Commercial Real Estate represented UT Physicians. UT Physicians is the clinical practice of The University of Texas Medical School in Houston.
FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Forty Oaks Shopping Center, a 37,500-square-foot retail property located in Fort Worth. Blake Burnett and Chance Hales of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Lisa Estrada, also of Marcus & Millichap, procured the buyer, an individual/personal trust. Forty Oaks Shopping Center is located at 5405-5425 E. Lancaster Ave., just off Grandview Drive. Built in 1958, the asset is situated on 3.5 acres near Loop 820 and I-30. Family Dollar anchors the shopping center, which was 100 percent leased at the time of sale.
Although Houston’s local economy is not exclusively dependent on oil and gas, re-energizing this sector will be key to a multifamily rebound in the area. Since the downturn in oil prices over the last two years, Houston’s multifamily market has been one of the most impacted victims of the area’s economic slowdown. Oil and gas is estimated to represent about one-fifth of Houston’s economy. This does not include construction and other new development that depends on the oil and gas industry. The Houston market’s annual rent growth rate is well below the national average of 4.1 percent, according to Axiometrics’ Houston-area Market Performance Survey. From the fourth quarter of 2015 to the first quarter of 2016, the annual growth rate in Houston’s multifamily sector was only 0.8 percent. The annual effective rent growth in the area is forecast to be 2.4 percent in 2017 and is expected to average 3.6 percent from 2018 to 2020. According to the Bureau of Labor Statistics, job growth in the Houston metro area was 0.3 percent in April 2016, reflecting 10,000 jobs added during the preceding 12-month period. The metro job growth figure was below the national number of 1.9 percent. Limited Demand On …