Texas

KBS Strategic Opportunity REIT Signs 11,809 SF Lease  in Metro Houston

by Haisten Willis April 3, 2015

BELLAIRE, TEXAS — California-based KBS Strategic Opportunity REIT has signed an 11,809-square-foot lease at 6575 W. Loop S. in Bellaire, which is three miles west of Houston’s central business district. The new tenant is Regus, a provider of flexible workspace operating in more than 2,000 locations worldwide. The company is a provider of executive suites, office space, virtual offices and conference rooms. The leased space is located at an office complex known as West Loop I and II. The multitenant, 5.6-acre, 313,873-square-foot property includes two buildings and an eight-story parking garage. West Loop I is an eight-story building that includes 169,536 rentable square feet, while West Loop II offers 144,337 rentable square feet in seven stories. The property is located near several residential communities, including Bellaire and West University.

April 3, 2015

New Whole Foods Market to Open in Houston

by Haisten Willis April 3, 2015

HOUSTON — A Whole Foods Market is set to open April 8 at 1407 S. Voss Road in Houston. The new store will replace a current market located at 6401 Woodway and will double the store footprint serving the immediate area. Arch-Con Construction was the general contractor for the site and for the new 46,532-square-foot Whole Foods shell built on the former Randalls site. The store will be the anchor tenant for developer Regency Center’s existing Woodway Collection retail center. The building also includes 4,000 square feet of small shop space attached to the Whole Foods. Langford Market and Lilly Rain are the small shop tenants. Store features include a high-roof entry with glass and aluminum shutters, stone and IPE wood siding and an outdoor beer garden and music area. It is Arch-Con’s second Whole Foods Market.

April 3, 2015

5-Below-BBB-World-Market-in-Phase-II-Central-TX-Marketplace

Market Reports Retail Texas Texas Market Reports

Waco’s Retail Marches Down I-35, and Texas Takes Notice

by Haisten Willis April 3, 2015

In stark contrast to past years when motorists would fly through Waco on I-35 wondering if anything was happening in this town, the dramatic Twin Signature Bridges across the Brazos River now sit majestically with the backdrop of Baylor University’s brand-new, $325 million McLane Stadium. However, it has become abundantly clear that the stadium is not the only big thing happening in Waco. Anyone who has driven the stretch of I-35 that passes through Waco in the past 24 months has undoubtedly noticed quite a bit of new construction, demolition and site clearing for even more commercial construction. Leading the way is the dramatic increase of national restaurants and retailers that have made their presence known to everyone who used to drive right through, but who now stop, eat and shop in Waco. A primary catalyst of this rise in retail activity has been the release of property along I-35 formerly owned by the Waco Independent School District (ISD). “We witnessed a surge in demand for retail sites along the I-35 Corridor in 2013,” says Jim Peevey, CCIM, a local broker with Central Texas Commercial. “My partner, Andy Sheehy, and I represented Waco ISD in selling three surplus properties on …

April 3, 2015

Multifamily Student Housing Texas

Balfour Beatty, Wynne/Jackson to Develop Mixed-Use Project for University of Texas at Dallas

by Haisten Willis April 2, 2015

DALLAS — Balfour Beatty Campus Solutions will design, build, finance and operate a $54 million on-campus mixed-use housing and retail development for The University of Texas at Dallas through a public/private partnership. The University town center concept is being developed in partnership with Dallas-based residential and commercial developer Wynne/Jackson. Balfour Beatty Construction, also Dallas-based, will lead the overall design/build team, which also features Jacobs Engineering and Architecture Demarest as the design subcontractors. The new community will include mid-rise apartments and townhomes that will add approximately 600 beds, as well as shops, restaurants and entertainment venues to serve the more than 30,000 students, faculty and staff at the university. The project will be located on a 13-acre tract north and west of the intersection of Synergy Park Boulevard and Floyd Road, adjacent to the proposed site of a future DART rail station. The project will break ground in the coming weeks and will be delivered in August of 2016. Upon completion, Balfour Beatty Communities will operate the housing, and SRS Real Estate Partners will market the retail space.

April 2, 2015

Multifamily Texas

MIG Real Estate Acquires Apartment Complex in Metro Dallas

by Haisten Willis April 2, 2015

MCKINNEY, TEXAS — MIG Real Estate, a California-based real estate investment company, has completed the acquisition of Regency at Stonebridge Ranch, a 301-unit luxury townhome apartment community in McKinney. Regency at Stonebridge Ranch is located at 2305 S. Custer Road within the Stonebridge Ranch master-planned community. The location offers proximity to nearby parks, trails, lakes and golf courses, and is within the McKinney Independent School District. Regency at Stonebridge Ranch includes 42 two-story townhome apartment buildings consisting of one-, two-, three- and four-bedroom floorplans with direct access garages for all units. All units feature nine-foot ceilings, crown molding and a covered patio or terrace. Amenities include a pool, outdoor kitchen, clubhouse with fitness and business centers, a pet park, playground and concierge services.

April 2, 2015

Multifamily Texas

Advenir Acquires 332-Unit Apartment Complex in Dallas

by Haisten Willis April 2, 2015

DALLAS — Advenir, a provider of multifamily real estate investment and management services, has acquired Advenir@Frankford, formerly Frankford Springs, in an off-market transaction. The 332-unit, Class A apartment property is located in north Dallas at 3702 Frankford Road. Advenir plans to spend $2.2 million on property improvements including enhancements to the exterior, as well as common area enhancements to the clubhouse, business center and social areas. Interior renovations or enhancements of 166 units will include the installation of black appliances with a microwave, gooseneck faucets in the kitchen, celling fans, higher-quality lighting, two-inch blinds, curved shower rods, two-tone paint and vinyl wood plank flooring. Braden Harmon and Hank Glasgow of Berkeley Point secured financing for the project.

April 2, 2015

Industrial Texas

Marcus & Millichap Arranges Sale of Self-Storage Facility in Metro Houston

by Haisten Willis April 2, 2015

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Morningstar of Pasadena, an 88,011-square-foot self-storage facility located in Pasadena. The asset had a list price of $4.3 million. Chico LeClaire and Dave Knobler of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Knobler and LeClaire also represented the buyer, a limited liability company from the Pacific Northwest.

April 2, 2015

Restaurant Retail Texas

Austin-Based Vertskebap Fast Casual Restaurant Expanding to San Antonio

by Haisten Willis April 1, 2015

SAN ANTONIO — Austin-based fast casual restaurant Vertskebap will open two locations in San Antonio, with a third location in the works. This is the chain’s first expansion into San Antonio after successful expansions into Dallas and Houston and growth in Austin in 2014. The first location will open in May in the Park North Shopping Center at the southwest corner of Loop 410 and San Pedro Avenue. The second location will open this fall in Alamo Ranch Culebra Market, located at the intersection of Loop 1604 and Culebra Road. Vertskebap is built around döner kebap, a European street food, and is one of the first restaurants to bring döner kebap to the United States. Vertskebap restaurants are designed by Austin-based architect Michael Hsu. CBRE represented Vertskebap on site selection and lease negotiations in San Antonio. John Heffington of CBRE’s Austin office is the master broker for Vertskebap.

April 1, 2015

Industrial Texas

Ridge Development to Build Rail-Serviced Industrial Park in Fort Worth

by Haisten Willis April 1, 2015

FORT WORTH, TEXAS — Ridge Development plans to construct a two-building industrial park on 47 acres in north Fort Worth. A joint venture between Ridge Development and LaSalle Investment Management will own the development, known as Railhead Industrial Park. Construction on the project is expected to begin in the second quarter of 2015. The first structure is a speculative building totaling 299,000 square feet, which should be finished by the end of this year. The second building is being marketed as a build-to-suit potentially spanning 343,000 square feet. Railhead Industrial Park has the ability to provide service from the BNSF Railway and has additional capacity for secondary service from the Union Pacific Railroad. The first building is planned for the southeast corner of North Main Street and East Industrial Road and will offer flexibility for single- or multi-tenant usage with storage and distribution space from 75,000 square feet to 299,000 square feet.

April 1, 2015

Loans Multifamily Texas

BMC Capital Provides $2.6M Loan for Apartment Complex in Metro Dallas

by Haisten Willis April 1, 2015

DENTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.6 million refinancing loan for a 72-unit apartment complex located in Denton. The seven-year loan includes a 4 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.

April 1, 2015

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