Texas

How Will Low Oil Prices Affect Texas Commercial Real Estate?

by Haisten Willis March 24, 2015

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 …

March 24, 2015

Retail Texas

Infrastructure Completed at Terrell Market Center in Metro Dallas

by Haisten Willis March 23, 2015

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.

March 23, 2015

Retail Texas

SACA Arranges Sale of Shopping Center in San Antonio

by Haisten Willis March 23, 2015

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.

March 23, 2015

Loans Multifamily Texas

Dougherty Mortgage Arranges $2.6M Loan for Apartment Complex in Tulsa

by Haisten Willis March 23, 2015

TULSA, OKLA. — Dougherty Mortgage has arranged a $2.6 million Fannie Mae loan for the acquisition of Country Club Villa Apartments, a 68-unit multifamily property located in Tulsa. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. The loan was originated by Dougherty’s Dallas office for the borrower, Stone Ranch Apartments LLC.

March 23, 2015

Retail Texas

BB&T Acquires 40 Texas Bank Branches from CitiBank

by Haisten Willis March 23, 2015

DALLAS, HOUSTON, MIDLAND and ODESSA, TEXAS — BB&T Corp. has completed the acquisition of 41 branches in Texas from Citibank. The branches will officially open as BB&T branches, making BB&T the 14th largest bank in Texas with 121 branches and $5.1 billion in deposits. The acquisition, which was announced in September 2014, includes retail branches in the Dallas, Houston, Midland and Odessa markets, including $2.2 billion in deposits and $81 million in loans based on Feb. 28, 2015, balances. BB&T received regulatory approval for the acquisition from the FDIC and the North Carolina Office of the Commissioner of Banks in February 2015. The $1.2 billion in deposits and $122 million in loans acquired previously are primarily in the fast-growing Austin, Bryan-College Station and San Antonio markets.

March 23, 2015

Office Texas

CBRE Arranges Sale of Office Property in Metro Dallas

by Haisten Willis March 20, 2015

FORT WORTH, TEXAS — CBRE Capital Markets has arranged the sale of 550 Bailey, a recently renovated, Class A office building in Fort Worth’s cultural district. The seven-story, 122,828-square-foot asset was renovated in 2008. It includes an adjacent multi-level parking garage and surface parking, which has an overall parking ratio of 3.5 parking spaces per 1,000 rentable square feet. Transwestern Investment Group, on behalf of Diversified International Partners, purchased the asset for an undisclosed price. Gary Carr, John Alvarado, Eric Mackey and Robert Hill of CBRE’s Dallas office represented the anonymous seller. Since 2008, ownership invested approximately $6 million to transform the former single-tenant corporate headquarters building into a multi-tenant office property. An additional $5 million went into leasehold improvements over the same period. Renovations include the remodeling of the lobby and common areas, upgrades to the elevators, exterior landscaping enhancements and the construction of a covered walkway from the parking garage to the office building.

March 20, 2015

Multifamily Texas

IPA Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis March 20, 2015

GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc., has arranged the sale of Arioso, a 288-unit apartment community in Grand Prairie. Will Balthrope and Drew Kile represented the seller, JPI, an Irving-based developer, builder and investment manager of Class A multifamily assets. Troy, Mich.-based The Hayman Co., a privately owned commercial real estate company, was the buyer. The apartment complex is located at the intersection of I-20 and State Highway 360 at 3030 Claremont Drive. Built in 2007 on 13.5 acres, Arioso has nine floor plans and 52 townhomes. The average unit size is 976 square feet. Apartments feature maplewood cabinets with nickel hardware and hardwood-style flooring in kitchens. Community amenities include a clubhouse, two swimming pools, a fitness center and an outdoor fireplace area with barbecue grills.

March 20, 2015

Retail Texas

Whole Foods, Starbucks Open New Locations in The Woodlands

by Haisten Willis March 20, 2015

THE WOODLANDS, TEXAS — A 40,000-square-foot Whole Foods Market and a Starbucks are now open in Hughes Landing, a 66-acre mixed-use development in The Woodlands. Whole Foods Market is a natural and organic food retailer, while Starbucks offers a selection of coffee, tea and snacks. Hughes Landing, which is under construction, will feature office buildings, shopping, entertainment and dining at Restaurant Row, an all-suites Embassy Suites hotel and up to 800 multifamily residences at full build-out. The development overlooks 200-acre Lake Woodlands.

March 20, 2015

Office Texas

Colliers Negotiates Sale of Office Building in Metro Dallas

by Haisten Willis March 20, 2015

FRISCO, TEXAS — Colliers International North Texas has negotiated the sale of Stewart Creek Office Center II, a Class A office building in Frisco. Creighton Stark and Jack Minter of Colliers International represented the seller, Stewart Creek International Investors. Stewart Creek Office Center II is located at 5750 Genesis Court near the Dr. Pepper Ball Park, Frisco Convention Center and Toyota Stadium. The property was developed in 2006. The building is fully leased to 10 tenants.

March 20, 2015

Office Texas

Equity Office And 5G Studio Reveal New Look for Business Park in Dallas

by Haisten Willis March 20, 2015

DALLAS — Solana Business Park and architecture firm 5G Studio Collaborative have released final architectural design renderings of Solana Business Park’s $50 million campus renovation. Renovations will update campus offerings and facilities. Local graphic design firm 70kft will design a new Solana logo to be displayed throughout the property. 5G’s renovation strategy for Solana includes prairie colors and weathered metal materials. Additionally, a new gateway entrance will be added to the property. Campus buildings have also been renamed to better align with the new property identity. The new names include: The Vista at Solana (formerly 1 E. Kirkwood), The Terrace at Solana (formerly Campus Circle) and The Plaza at Solana (formerly Village Circle). Renovations are underway and should be completed by the end of 2015.

March 20, 2015

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