Texas

Howard Hughes Holdings to Add Ritz-Carlton Residences to 28,500-Acre Master-Planned Community Near Houston

by Jeff Shaw October 13, 2023

THE WOODLANDS, TEXAS — Howard Hughes Holdings Inc. (NYSE: HHH) has partnered with The Ritz-Carlton Hotel Co. LLC to develop The Ritz-Carlton Residences, The Woodlands, a high-rise condominium building on Lake Woodlands, 27 miles north of downtown Houston. The project will include a collection of residences for sale, as well as an onsite restaurant and amenities. The Ritz-Carlton Residences will be located within The Woodlands, a master-planned community. Howard Hughes developed the community through its HHCares program, which supports philanthropic efforts within the company’s Texas properties. The Woodlands was built in 1974, according to the property website. The community comprises 28,500 acres, including nine residential villages, 151 parks, 220 miles of hiking and bike trails, 2,460 businesses and nearly 8,000 acres of green space. The Woodlands is currently home to 120,000 people, and nearly 67,000 people work in the community. The Ritz-Carlton Residences, The Woodlands will be the first Ritz-Carlton standalone residences in Texas. The Woodlands Land Development Co., a subsidiary of Howard Hughes, will develop the project. Robert A.M. Stern Architects will handle design. According to Howard Hughes, The Ritz-Carlton Residences brand was chosen for its loyal following in the worlds of hospitality and branded private residences. — Channing …

October 13, 2023

Development Multifamily Texas

Joint Venture to Develop 327-Unit Multifamily Project in Dallas

by Taylor Williams October 12, 2023

DALLAS — A joint venture between Conor Commercial Real Estate, Globe Corp. and Origin Investments will develop The Flynn at Live Oak, a 327-unit multifamily project in Dallas. The five-story building will feature studio, one- and two-bedroom floor plans and amenities such as a pool, coworking spaces, a mini-mart, two courtyards and a dog park. The first apartments are slated for a spring 2025 delivery. JLL arranged construction financing for the project through Wintrust Bank. Merriman Anderson Architects designed the project, and Cadence McShane Construction is serving as the general contractor. Greystar will manage the property.

October 12, 2023

Acquisitions Build-to-Rent Development Single-Family Rental Texas

Capital Square, ITOCHU Buy 100-Unit Build-to-Rent Residential Project Underway in San Antonio

by Taylor Williams October 12, 2023

SAN ANTONIO — A joint venture between Virginia-based Capital Square and Japanese investment firm ITOCHU Corp. has purchased Creekside Terrace, a 100-unit build-to-rent project that is under construction in San Antonio. National homebuilder Pulte Homes is developing the project, which will offer three- and four-bedroom homes and amenities such as a pool, pavilion and park that connects to nearby shopping and dining outlets. The first units are expected to be available for occupancy in November, and full completion of the property is slated for next fall.

October 12, 2023

Acquisitions Industrial Texas

Colliers Brokers Sale of 43,200 SF Industrial Building in Conroe, Texas

by Taylor Williams October 12, 2023

CONROE, TEXAS — Colliers has brokered the sale of a 43,200-square-foot, single-tenant industrial building in Conroe, about 40 miles north of Houston. The site spans 9.9 acres and offers immediate access to I-45. Michelle Soderberg of Colliers represented the seller, an entity doing business as JMBG Inc., in the transaction. Wade Nelson of Nelson Properties represented the buyer, Spring Glass & Mirror Ltd., which will also use the building as its new headquarters. The sales price was not disclosed.

October 12, 2023

Leasing Activity Retail Texas

Planet Fitness to Open 20,105 SF Gym in Lewisville, Texas

by Taylor Williams October 12, 2023

LEWISVILLE, TEXAS — Planet Fitness will open a 20,105-square-foot gym at Vista Ridge Plaza in Lewisville, a northern suburb of Dallas. The opening is slated for January. Oliver Willman, Baylor Worman, Grayson Duyck and William Carr of Matthews Real Estate Investment Services represented the undisclosed landlord in the lease negotiations. The tenant representative was also not disclosed. Other tenants at Vista Ridge Plaza include Harbor Freight Tools, McAllister’s Deli and Smoothie King.

October 12, 2023

Industrial Leasing Activity Lee & Associates Texas

Honeywell Signs 17,755 SF Industrial Lease in Farmers Branch, Texas

by Taylor Williams October 12, 2023

FARMERS BRANCH, TEXAS — Multinational conglomerate Honeywell International has signed a 17,755-square-foot industrial lease in the northern Dallas metro of Farmers Branch. According to LoopNet Inc., the building at 12880 Valley Branch Lane was built in 1997, totals 75,502 square feet and features 24-foot clear heights. Nathan Denton and Adam Graham of Lee & Associates represented the landlord, GID Industrial, in the lease negotiations. Neil Schorr of Realty Insight Group represented Honeywell.

October 12, 2023

Conference Coverage Development Industrial Market Reports Texas Texas Market Reports

Industrial Lending, Development Patterns Reflect Downsizing in Industrial Sector, Says InterFace Panel

by Taylor Williams October 12, 2023

By Taylor Williams Tenant demand and availability of capital for industrial deals are still healthy in Texas, but end users and developers are demonstrating a clear push for smaller footprints in their leases and projects. This shift reflects a marked departure from recent years, when massive speculative facilities were financed without hesitation or preleasing and industrial users had little choice but to accept staggering levels of rent growth. Spikes in interest rates bear some, but not all, blame for this emerging dynamic. Local and regional banks tend to be go-to debt providers on industrial projects, and these groups take defensive positions with their capital flows during high interest rate environments. And while reliance on e-commerce and third-party distribution remains deeply ingrained in consumer preferences, users still see value in rightsizing their footprints in today’s market. As such, the industrial landscape is changing in Texas, where exceptionally strong population growth nonetheless ensures that the sector remains on very solid footing overall. But changes are undoubtedly happening. Large-scale spec facilities are being swapped for smaller build-to-suits, and manufacturing deals are taking up a larger share of the development pipeline. Lenders are tightening leverage and demanding more upfront equity for projects that they …

October 12, 2023

Acquisitions Content Partner Development Features Midwest NAI Northeast Self-Storage Southeast Texas Western

Following Pandemic-Fueled Run-Up in Acquisition Prices, Where Is Self-Storage Headed?

by Sarah Daniels October 12, 2023

Self-storage has had an amazing run since just before the pandemic. Cap rates started near 6 percent, with buildings starting at $150 per square foot. Then came the flood of pandemic capital pushing prices — by mid-2022 prices jumped to a point no one had previously experienced. “In some of the bigger markets, we were seeing per-square-foot prices of $300 and above for the first time,” says Denise Nunez, executive managing director with NAI Horizon. Cap rates fell to as low as 4 percent. “The low cap rates had gotten to such a point where many brokers were not even pricing deals because they didn’t want to miss that extra that they could get on the sale.” But rising interest rates have had an impact on self-storage, as they have had on every other commercial real estate asset class, with prices reversing again. Investors are still unsure of what the Federal Reserve will be doing in the near term with monetary policy. Building costs are high — final delivery construction costs are still higher by 40 percent or more than pre-pandemic. That reality has resulted in investors alternating between cold feet and, with some signs that the Fed may plan …

October 12, 2023

Development Retail Texas

NewQuest Announces Preleasing Milestone, New Tenants at $90M Retail Project in Tomball, Texas

by Taylor Williams October 11, 2023

TOMBALL, TEXAS — Houston-based development and investment firm NewQuest Properties has announced that The Grand at 249, a $90 million retail project the northwestern Houston suburb of Tomball, is now 96 percent leased. The site spans 65 acres and fronts both Tomball Tollway/Texas Highway 249 and Grand Parkway/Texas Highway 99, and the center itself will feature 404,256 square feet of shopping, dining and entertainment space. Tenants that have already committed include AT&T, Boomer Jack’s, Gringo’s, Jersey Mike’s, Milano Nails and Two Pho Nine Asian Fusion.

October 11, 2023

Affordable Housing Development Multifamily Texas

LS Black Breaks Ground on $88M Affordable Housing Project in Metro Austin

by Taylor Williams October 11, 2023

ROUND ROCK, TEXAS — Minneapolis-based LS Black Development has broken ground on Preserve at Mustang Creek, an $88 million affordable housing project in the northern Austin suburb of Round Rock. Designed by Merriman Anderson Architects, Preserve at Mustang Creek will total 252 units that will be reserved for households earning 30 to 60 percent of the area median income (AMI). Units will come in one-, two-, three- and four- bedroom floor plans, and amenities will include a pool, playground, clubroom and outdoor grilling and dining stations. Construction is scheduled for a fall 2025 completion.

October 11, 2023

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