FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has negotiated a sublease for 20,752 square feet of Class A office space at 777 Main St. in downtown Fort Worth. Erik Blais and Nick Talley of Bradford Commercial represented the sublandlord, Trinity River Energy LLC, in the transaction. The new subtenant, TEP Barnett, a division of French oil and gas company Total E&P, will occupy the 37th floor of the 40-story, 955,000-square-foot building.
SUGAR LAND, TEXAS — TriGate Capital, a Dallas-based real estate private equity firm, has purchased First Colony Commons, a 410,121-square-foot retail center in the Houston suburb of Sugar Land. Covington Realty Partners, a Chicago-based investment firm that specializes in Class A assets in primary markets, sold the property. HFF arranged the $38.2 million in acquisition financing for the property and represented both parties in the sales transaction. Nexbank SSB provided the floating-rate, non-recourse loan for the property, which features a 12-year term and a five-year extension option. Situated on 37.8 acres at 15201-15555 Southwest Freeway near Interstate 69 on Houston’s southwestern outskirts, the center was 99 percent leased at the time of sale. Tenants include The Home Depot, Tuesday Morning, Babies “R” Us and Office Depot. More than 85,000 residents earning an average annual household income of $134,000 or more live within three miles of First Colony Commons. Rusty Tamlyn and Ryan West of HFF headed the investment sales effort. Jim Curtin of HFF led the debt placement transaction. “This power center had a lot of moving parts, which presented challenges for buyers and lenders,” says Tamlyn. “TriGate was able to navigate through the issues and will have potential value-add opportunities …
HOUSTON — Colliers International Inc. has arranged the sale of a retail center located at 9335 Gulf Freeway in south Houston. Built in 2004, the strip center features 7,500 square feet of gross leasable space. Jason Tangen of Colliers represented the seller, a Hawaii-based private investor, in the transaction. At the time of sale, the property was 85 percent leased with a T-Mobile location on the end-cap.
SAN ANTONIO — California-based video subscription company Hulu will open a viewer experience operations center in San Antonio. The center, which will measure 45,000 square feet, according to the San Antonio Express-News, will serve as a customer service center to aid the rollout of the company’s new live television service and redesigned interface. The opening of the center in 2017 is expected to create at least 500 new jobs by 2018.
ALLEN, TEXAS — Marcus & Millichap has brokered the sale of Texas Star Assisted Living, an 87-unit, 95-bed assisted living and memory care community located at 650 S. Greenville Ave. in Allen. Doug O’Toole of Marcus & Millichap represented the buyer, a national owner/operator of seniors housing properties, in the transaction. Nathan Tune of Coldwell Banker represented the seller, a Texas-based developer.
THE WOODLANDS, TEXAS — The Woodlands Development Co., a division of The Howard Hughes Corp., has opened its second self-storage facility at 32010 FM 2978 in The Woodlands Village of Sterling Ridge, a mixed-use development on the northern outskirts of Houston. CubeSmart, a Pennsylvania-based self-storage REIT, will manage the 784-unit facility, which features gated entry, video surveillance and free moving truck services.
ARLINGTON, TEXAS — Stream Realty Partners has negotiated a 37,896-square-foot lease on behalf of Restaurant Services Inc., a supply chain management firm, at 700 106th St., a 43,329-square-foot industrial property in Arlington. Eric Crutchfield, Ryan Boozer and Sarah Ozanne of Stream Realty represented the landlord, Checkerprop Texas 700 106th Street LLC, in the transaction. Ozanne and Luke Davis, also with Stream Realty, represented the tenant.
Speculative development and e-commerce tenant demands are driving forces in Dallas and Houston’s industrial markets. By Brian Lee The biggest developments in the biggest state in the lower 48 are making big news: industrial business parks in Texas’ top markets continue to show strong development and leasing activity. Cushman & Wakefield shared a “very encouraging” industrial outlook on the Dallas-Fort Worth metro area. With slightly less than 24 million square feet of absorption in 2016, market demand continues to outpace supply, which included 22 million square feet of new construction last year. PwC and Urban Land Institute ranked the metro second nationally for real estate prospects in 2017 and fulfillment centers No. 1 in both the development and investment categories, ahead of 23 other property types. “The evolution of the e-commerce sector continues to shape the industrial market as a whole,” says Adam Hammack, senior director of Industrial Agency Leasing in Cushman & Wakefield’s Dallas office. Site selection factors for large e-commerce users comprise fresh building functionality, modern infrastructure and the ability to attract and retain labor, which includes nearby transit and retail options for industrial park personnel, according to Hammack. Focusing on the effects of the energy downturn doesn’t …
HOUSTON — Bank of America has reached an agreement to lease six-and-a-half floors spanning 210,000 square feet of space at Capitol Tower, a 35-story, Class A office development located at 800 Capitol St. in downtown Houston. JLL represented Bank of America in the lease negotiations, which call for the company to lease 205,000 square feet of office space and 5,000 square feet of retail space, beginning in the first half of 2019. CBRE represented the building owner and developer, Skanska, in the transaction. Construction is scheduled to begin this month.
CARROLLTON, TEXAS — Billingsley Co., a Dallas-based developer, will break ground this month on a 40-acre campus in Carrollton for Pennsylvania-based pharmaceutical company AmerisourceBergen Specialty Group, according to The Dallas Business Journal. The project is expected to allow the company to add more than 1,000 jobs in 10 years, starting in 2019. AmerisourceBergen has secured a 300,000–square-foot lease at the master-planned development, which has been branded as Offices at Austin Ranch. The 700-acre office park, situated near State Highway 121 and the Dallas North Tollway, will ultimately span 16 million square feet and accommodate 43,000 employees, according to the property website.
