Texas

JLL Secures Sale of Nassau Bay Town Square in Houston

by Haisten Willis July 25, 2016

HOUSTON — On behalf of Griffin Partners, JLL has secured the sale of Nassau Bay Town Square, a 100 percent occupied, 50,253-square-foot retail development in Houston. An undisclosed buyer purchased the Class A asset for an undisclosed price. JLL also secured $12.9 million in acquisition financing, with Wells Fargo providing the securitized loan. George Cushing and Wendy Vandeventer led the JLL team on the sale. Jimmy Board and Paul House led the firm’s financing efforts. Located directly across from NASA’s Johnson Space Center, Nassau Bay Town Square is part of a 660,000-square-foot mixed-use development that includes office, multifamily and hotel assets. Tenants of Nassau Bay Town Center include Jimmy Johns, Five Guys, Berkeley Eye Center and Texas Citizens Bank.

July 25, 2016

NAI Partners Brokers Sale of Warehouse Facility in Houston

by Haisten Willis July 25, 2016

HOUSTON — NAI Partners has brokered the purchase of a 15,000-square-foot warehouse facility on two acres within Hardy Industrial Center located at 21430 Spring Bridge Drive in Houston. Michael Keegan of NAI Partners represented the buyer, Spring Bridge Properties LP, during the negotiations. Richard Quarles and Mark Nicholas of JLL represented the seller, Vigavi Realty LP.

July 25, 2016

Office Texas

M&M Arranges Sale of 4,980 SF Net Leased Property in Rio Grande Valley

by Haisten Willis July 25, 2016

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.

July 25, 2016

Retail Texas

Nordstrom Rack Retail Store to Open in Frisco

by Haisten Willis July 25, 2016

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.

July 25, 2016

Industrial Texas

Centric/CORFAC Secures 104,416 SF Industrial Lease in Austin

by Haisten Willis July 22, 2016

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.

July 22, 2016

Hospitality Texas

Embassy Suites by Hilton McAllen Convention Center Opens in Rio Grande Valley

by Haisten Willis July 22, 2016

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.

July 22, 2016

Multifamily Texas

Realtex, Generation Housing Open Windy Ridge Apartments in Austin

by Haisten Willis July 22, 2016

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.

July 22, 2016

Industrial Texas

JLL Brokers Industrial Lease in Grand Prairie

by Haisten Willis July 22, 2016

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.

July 22, 2016

Multifamily Texas

M&M Arranges Sale of 16-Unit Apartment Building in Denton

by Haisten Willis July 22, 2016

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.

July 22, 2016

Industrial Market Reports Texas Texas Market Reports

Look Beyond Oil and Gas to Understand Prospects for Houston’s Industrial Sector

by Haisten Willis July 22, 2016

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 …

July 22, 2016

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