Texas

M&M Arranges Sale of Net Leased Property in Metro Austin

by Haisten Willis May 11, 2015

GEORGETOWN, TEXAS — Marcus & Millichap has arranged the sale of a 14,490-square-foot, net-leased Walgreens property located in Georgetown. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. An outside agent represented the buyer who acquired the asset through a 1031 exchange. Walgreens is located at 3204 Williams Drive, one mile west of I-35. Built in 2002, the asset is situated on 2.15 acres north of Austin. At the time of listing, more than 12 years remained on the initial 15-year lease term.

May 11, 2015

NAI Partners Arranges 15,089 SF Office Lease in Houston

by Haisten Willis May 11, 2015

HOUSTON — NAI Partners has arranged a 15,089-square-foot office lease in Houston. NAI represented Noex Management LLC in the lease of space at 2500 Fondren Road. The property, known as Piney Point Offices, is located between the Galleria and Westchase submarkets just south of the Memorial Villages. Sam Hansen of NAI Partners represented the landlord, Noex, in the lease negotiations. Rich Pancioli and John Dolan of CBRE represented the tenant, American Cancer Society Inc.

May 11, 2015

Retail Texas

Baker Katz, Lovett Commercial Arranges Sale of Retail Property in Houston

by Haisten Willis May 11, 2015

HOUSTON — Houston-based Baker Katz, in collaboration with Lovett Commercial, has completed the sale of a 13,013-square-foot retail property in Houston. The building, currently occupied by a CVS Pharmacy, rests on over one acre located at 15411 Wallisville Road on the Northwest corner of Wallisville and Beltway 8. Nearby tenants include Walmart, Lowe’s and Buffalo Wild Wings. Baker Katz and Lovett Commercial originally purchased the property in 2007.

May 11, 2015

Market Reports Multifamily Texas Texas Market Reports

Several Houston Submarkets Ripe for New Development

by Haisten Willis May 8, 2015

This year, Forbes listed Houston as the fastest growing city in America, which is no surprise considering its 4.5 percent year-over-year job growth rate. Having created 667,800 new jobs and counting since 2005, Forbes considers Houston an economic powerhouse. Professionals old and new are drawn to the city not only for its positive economy, but for its diverse demographic and cultural scene. Due to the growing population, there is a demand for multifamily and mixed-use properties, and although the city has current concerns about dynamics and pricing of the oil and gas industry, there are several Houston submarkets that have been more resilient than others and continue to be ripe for development: The Galleria/Uptown Park, Greenway Plaza/Upper Kirby, downtown Houston and the Museum District/Montrose. The Galleria/Uptown Park The Galleria/Uptown Park submarket is home to some of Houston’s most prominent mid- and high-rise multifamily developments, with the highest net effective rent for greater Houston nearing $2.90 per square foot. The area is characterized by its blend of distinguished businesses and residential addresses with some of the area’s finest shopping, hotels, dining and night life. It’s a charismatic, urban community with an average per capita income higher than areas such as Buckhead …

May 8, 2015

Multifamily Texas

Hunt Breaks Ground on Apartment Complex in Metro Dallas

by Haisten Willis May 8, 2015

RICHARDSON, TEXAS — Hunt Cos. has broken ground on a transit-oriented development located in Richardson. The 250,000-square-foot project is scheduled for completion in the summer of 2016. The development will include 280 market-rate apartments in a mix of one- and two-bedroom apartments and lofts. Situated within the Dallas-Fort Worth Metroplex and home to the Telecom Corridor,the five-acre site is located near the North Central Expressway and Campbell Road. This project will be the first of many where Hunt is leading the development with support of its affiliates Moss & Associates, as general contractor, and Pinnacle Property Management Services, as the property manager.

May 8, 2015

Mixed-Use Retail Texas

Signorelli Co. Breaks Ground on Valley Ranch Town Center in The Woodlands

by Haisten Willis May 8, 2015

THE WOODLANDS, TEXAS — The Signorelli Co. has broken ground on Valley Ranch Town Center, a 240-acre retail district slated to open in early 2016 inside the 1,400-acre master-planned community of Valley Ranch. Valley Ranch is situated at the intersection of U.S. 59 and the Grand Parkway just north of Kingwood. A 135-acre park called The Grove will border the retail district. Other developments in Valley Ranch include construction of new homes in a variety of price ranges in the new Azalea District, along with several new parks and green spaces throughout the area. At completion, Valley Ranch will include 2,500 homes and townhomes and 1,000 multifamily residences. Valley Ranch Commerce District, a 70-acre corporate office park, and Valley Ranch Medical District, planned to include two acute-care hospitals and a medical village with shopping, dining and multi-family residential, are also slated for development in the future. Valley Ranch is located near Bush Intercontinental Airport, Houston’s Central Business District, The Galleria/Uptown, The Woodlands, and ExxonMobil’s new 385-acre campus in Spring.

May 8, 2015

Office Texas

M&M Arranges Sale of Medical Office Building in Dallas

by Haisten Willis May 8, 2015

DALLAS — Marcus & Millichap has arranged the sale of Northpoint Medical Arts, a 116,875-square-foot multi-tenant medical office building in Dallas. Ron Hebert of Marcus & Millichap’s Dallas office represented the seller, Q Northpoint LP. The buyer, Gregory Interests LLC, was represented and procured by Trinity Interests, a Dallas-based commercial property management firm. The facility is located at 12606 Greenville Ave. near the intersection of I-635 and Greenville Avenue near Central Expressway. The two-story Northpoint Medical Arts building was built on five acres in 1979. Tenants include Concorde Career College, Northpoint Pediatrics, Preston Village Pharmacy, ROSA of North Dallas LLC, Texas Health Recourses, University of Texas Southwest Medical Center and Vivere Health Dallas LLC.

May 8, 2015

Multifamily Texas

Topping Out Ceremony Held for Three Hughes Landing, Embassy Suites The Woodlands/Hughes Landing

by Haisten Willis May 8, 2015

THE WOODLANDS, TEXAS — A topping out ceremony was recently held for Three Hughes Landing and the Embassy Suites The Woodlands/Hughes Landing. The two properties represent the newest additions to Hughes Landing in The Woodlands, a 66-acre mixed-use development offering views of 200-acre Lake Woodlands. Three Hughes Landing is a 12-story, 321,000-square-foot Class A office building designed for LEED Silver certification. The nine-story, 205-key Embassy Suites is an all-suite, full-service hotel for both business and leisure travelers. One Hughes Landing, a 197,719-square-foot, eight-story, Class A office building, opened September 2013. Two Hughes Landing, a 197,714-square-foot, eight-story, Class A office building, opened in May 2014.

May 8, 2015

Hospitality Texas

Hotel Equities and Owners Break Ground for Marriott Hotel in Waxahachie

by Haisten Willis May 7, 2015

WAXAHACHIE, TEXAS — Atlanta-based Hotel Equities and owners Thomas and Michael Chen of Scenic Capital Advisors have broken ground on a new Fairfield Inn & Suites by Marriott hotel in Waxahachie. The hotel will be located at 2020 Civic Center Lane at the intersection of I-35 E and Highway 287, 30 minutes south of Dallas. Expected to open in early summer 2016, the hotel will sit beside the Waxahachie Civic Center, and across from the newly completed Baylor Scott & White Hospital.

May 7, 2015

Multifamily Texas

Marcus & Millichap Arranges Sale of Apartment Complex in Fort Worth

by Haisten Willis May 7, 2015

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Forest Apartments, a 24-unit apartment property located in Fort Worth. Trey McGhin and John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. McGhin and Barker also represented the buyer, a private investor that purchased the property in a 1031 exchange. Forest Apartments is located at 3200 Lake Como Drive. The property includes access to the Camp Bowie cultural district, I-30 and is five miles from Downtown Fort Worth. Each unit has one bedroom and one bathroom, with laminate and carpet flooring.

May 7, 2015

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