FRISCO, TEXAS — Paycor Inc. has signed a new, 11,878-square-foot lease at 3001 Dallas Pkwy in the Hall Office Park development in Frisco. Craig Wilson and Travis Boothe of DTZ, an international commercial real estate services firm, handled lease negotiations on behalf of Paycor.
DUNCANVILLE, TEXAS — Hospitality Lodging Systems (HLS) has signed an agreement with RevMax Management of Carrollton, Texas to open Haven Hotel in the Dallas suburb of Duncanville. The two-floor property, which is set to open April 1, features 123 rooms, including six suites. Amenities at the property include an outdoor pool, 24-hour fitness center, onsite restaurant and a 6,000-square-foot ballroom with another 700 square feet of meeting room space. The Haven brand was introduced in December as a “soft” companion to HLS’s Budgetel brand. The hotel, formerly a Ramada Inn, is located along I-20. It is 12 miles from downtown Dallas and midway between DFW International Airport and Love Field. HLS, which currently manages a system of 22 Budgetel properties, expects to double its portfolio within six months.
EL PASO, TEXAS — CBRE has arranged sale of a four-building, 245,745-square-foot industrial portfolio in El Paso, on behalf of New York-based Sullivan Crosby Trust. Phoenix-based ViaWest Group purchased the portfolio in an off-market transaction for an undisclosed price. Christian Perez Giese, William Caparis, Anthony Mash and Arturo De la Mora of CBRE’s El Paso office represented the seller. The buildings are 50 percent occupied, with short-term tenants bringing it to 75 percent occupancy. According to CBRE Research, the central El Paso submarket is approximately 94.7 percent occupied as of the fourth quarter of 2014. This is the first El Paso-area acquisition for ViaWest Group. A host of rehabilitation projects are slated for the properties, including new roofs, landscaping, fencing and equipment replacement.
PLANO, TEXAS — Marcus & Millichap has arranged the sale of Village at Los Rios, a 24,805-square-foot retail property located in Plano. Jason Vitorino of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a developer. Vitorino also procured the buyer, a local partnership. Built in 2003, the Kroger shadow-anchored retail property includes two buildings with a pad site for future development. Village at Los Rios is located at 1445 Los Rios Blvd. in Plano, just north of 14th Street. Tenants at the property include State Farm, Check ‘n Go, Cato and Great Clips. At the time of listing, Village at Los Rios was 81 percent occupied.
HOUSTON — Levey Group has arranged an 11,200-square-foot, 10-year lease with PCI Promatec at its Sam Houston Business Park in Houston. PCI Promatec will occupy space located at 8846 N. Sam Houston Pkwy. W. The company specializes in fire stops, penetration seals, fire wrap and rigid fire barriers developed for nuclear, power and chemical processing, as well as heavy industrial applications. Sam Houston Business Park is a Class A, industrial flex, office and distribution business park. The business park includes three tilt wall facilities featuring storefront entrances, generous clear heights and column spacing and dock-high and grade-level loading docks. A fourth 56,000-square-foot building is under construction. Other park tenants include Flotek, Ringers Technologies, Tyndale USA, NDLI Logistics, Westermann BG and Doorscapes Inc. Joseph Smith of CBRE represented Levey Group, and Chris Caudill of NAI Partners represented Promatec in the transaction. With Promatec’s lease, phase I of the development is now fully percent leased.
HOUSTON — HighStreet Net Lease Group represented a private investor in the acquisition of a single-tenant net-leased asset located at 26050 NW Freeway in Houston. Denny’s occupies the property and has multiple years remaining on a ground lease with an established multi-unit franchisee that has operated the location since its development more than 10 years ago. The 4,000-square-foot property is located in a retail corridor of northwest Houston. The immediate area is home to retailers such as Walmart, Home Depot, Lowe’s, Hobby Lobby, Target, Kroger, JC Penney and Bed Bath & Beyond. The Denny’s net leased investment property was an off-market transaction.
CARROLLTON, TEXAS — Zimmerman Enterprises LLC has acquired Northridge Court, a 33,979-square-foot retail center in Carrollton. Northridge Court is situated on nearly 2.3 acres at 2741 E. Belt Line Road near the Marsh Lane intersection. The property was 56 percent leased at the time of sale. Leigh C. Richter and Kevin J. Santaularia of Bradford Commercial Real Estate Services represented the California-based seller, Venice Ltd. Evan Bloom of Street Commercial LLC negotiated for the local buyer, a retail investor who leases and manages properties in-house. The property is close to the Dallas North Tollway and President George Bush Turnpike. The seller has owned the property since the early 1990s. Built in 1979, other tenants in the center include Kitchen Design Concepts and Dr. Smile.
The rapid decline in oil prices brought good news for most Americans, who saw lower prices at their local gas station for the past several months. For those in the oil industry, particularly in energy hot spots like Texas, the news was not as well-received. The price drop has led to layoffs and uncertainty over the potential effect on new construction. “Right now we don’t know how long it’s going to last,” says Patrick Jankowski, senior vice president of research at the Greater Houston Partnership (GHP), an economic development group serving the Houston area. “It looks like we’re in for 12 to 24 months with uncertainty and unease. But by 2017 we should be in good shape.” According to a report from GHP, the spot price for West Texas Intermediate, the U.S. benchmark for light sweet crude oil, peaked at $107.95 a barrel on June 20, 2014. The price was $47.53 on March 24 of this year, which represents a decline of 56 percent. In January, crude traded as low as $44.45 a barrel. Jankowski says prices on both ends of the extreme are unsustainable. Oil prices under $45 per barrel can’t and won’t last; at the same time, neither …
TERRELL, TEXAS — Oakridge Investments has completed infrastructure work for the Terrell Market Center development, located at the intersection of I-20 and U.S. Highway 80 in Terrell. This includes the expansion of FM 148 to four lanes and a new frontage road and off-ramp for westbound I-20. The completed infrastructure makes way for a 62,000-square-foot Buc-ee’s that will have 84 gas pumps on 19.5 acres. The store is expected to open in summer 2015. Along with Buc-ee’s, 52.5 acres are slated for future use by Baylor Scott & White, along with Starbucks, Dairy Queen and Whataburger.
SAN ANTONIO — San Antonio Commercial Advisors (SACA), a member of the Cushman & Wakefield Alliance, has arranged the sale of Timber Plaza, a 21,940-square-foot shopping center located at 6025 Tezel Road in San Antonio. Bradley Suttle of SACA represented the seller, a California-based partnership, in the transaction. A locally based private investor was the buyer. Built in 1985, Timber Plaza serves residents and visitors on the far west side of San Antonio at the corner of Tezel and Timber Path.
