The Houston retail market has changed dramatically in recent years, but 2014 has seen historically strong real estate fundamentals to date. It is a sign of considerable economic strength that per capita personal income reached a new peak in 2013, even while Houston experienced the largest change in population across U.S. metro areas, according to the latest estimates from the U.S. Census Bureau. Houston’s population increase of nearly 137,700 over the year ending in July 2013 outpaced all other metro areas, with New York in second place (111,749) and Dallas/Fort Worth in third (108,112). Additionally, with Houston employment growth among the strongest in country, it should come as no surprise that household incomes are rising and retail sales are strong. A Retail Landlord’s Market Retail occupancy in Houston reached nearly 93 percent during the first quarter of 2014. While retail availability is extremely limited across the city, it is particularly tight inside the Loop as well as in the northwest areas inside of Beltway 8. Class A product is in high demand across all submarkets, so much so that the highest profile centers currently have no availability. However, despite this high demand, retail construction activity is less than a quarter …
Texas
AUSTIN — Transwestern has brokered the sale of 811 Barton Springs to a fund managed by Cornerstone Real Estate Advisers. The 143,183-square-foot, Class A office building is located on Barton Springs Road between Austin’s central business district and the Southwest submarket. The nine-story building was 99 percent leased at the time of sale. The property, which underwent more than $1 million in renovations during the past several years, earned an Energy Star rating in 2009 and LEED-Gold certification in 2013. Hale Umstattd and Leah Gallagher of Transwestern represented the seller.
HOUSTON — JLL Capital Markets has brokered the sale-leaseback of a 20,600-square-foot acute care rehabilitation center in Houston. Capital Square Acquisitions LLC bought the building for an undisclosed amount from Mentis Houston RE LLC, which will lease the property through April 2029. Rudy Hubbard, Kevin McConn and Rick Goings of JLL led the sales team. The acute rehabilitation center was built in 2008 and underwent an expansion in 2011 and 2012. The property is located near the Texas Medical Center
PLANO, TEXAS — Dougherty Mortgage has arranged a $1.9 million Fannie Mae loan on behalf of DP Group LLC for the refinancing of Collin Park Apartments, a 60-unit multifamily property in Plano. The 10-year loan includes a 30-year amortization schedule.
DALLAS — Marcus & Millichap has arranged the sale of Villas Del Rey, a 141-unit apartment complex in Dallas. Bard Hoover and Nick Fluellen with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Joshua Luchs and Joshua Ross with Marcus & Millichap’s Encino office represented the buyer, an individual/personal trust. Brian Adams with Marcus & Millichap’s Dallas office arranged financing. Villas Del Rey is located at 8117 Barclay Street just off Buckner Boulevard and 10 miles east of downtown Dallas. The asset was built in 1970 and was renovated in 2003.
DALLAS — Marcus & Millichap has arranged the sale of Mira Flores, a 304-unit apartment property in Dallas. Bard Hoover and Nick Fluellen with Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Stephen Crittenden, William Jarnagin and Michael Ware, also of Marcus & Millichap’s Dallas office, represented the buyer, an individual/personal trust. Mira Flores is located at 9901 Bruton Road in the East Dallas submarket between Loop 12/Buckner Boulevard and Interstate 635. Eighty-four percent of its units are either two or three bedrooms. The average size is 854 square feet.
EULESS, TEXAS — Bardin Square Investors Ltd. has sold a fully leased, single-tenant medical office building to HBR Real Estate LLC, which is owned by two local doctors. The 11,622-square-foot Class B building sits on one acre at 310 S. Industrial Blvd. in Euless, a city located between Dallas and Fort Worth. ProLab Inc. occupies the entire building. Bardin Square Investors is a single-entity partnership of Arlington-based SkyWalker Property Partners. Amber Wimberly of KW Commercial/Noble Crest Property Group LLC. marketed the asset. Larry Dillon of Champions DFW Commercial represented the buyer.
HOUSTON — HFF has arranged the sale of Southwest Corporate Center, a 525,580-square-foot office complex in Houston’s southwest/Beltway 8 submarket. HFF marketed the property on behalf of the seller, TX 9700 Bissonnet LLC. Omninet Capital purchased the property for an undisclosed amount on an all-cash basis. Southwest Corporate Center was transformed from the former Westwood Mall and renovated in 2000. The property is 62 percent leased to tenants including Stewart Lending Services, Texas Children’s Health Plan and Corinthian College. The two-story property is located on more than 40 acres at 9700 Bissonnet St., close to the U.S. Highway 59 and Beltway 8 interchange. HFF’s team representing the seller included Rusty Tamlyn and Wesley Hightower along with Rhonda Toming.
DALLAS — Rambler Park has become the first building in Dallas to be certified as LEED Platinum for Existing Buildings: Operations and Maintenance. The park is located at 7557 Rambler Road in Dallas, with direct access to Dallas Area Rapid Transit. Rambler Park is a 14-story, 310,771-square-foot office building located one-half mile east of I-75 Central Expressway. Parmenter Realty Partners bought the property in 2013. LEED certification recognizes excellence in sustainability in building operations.
HOUSTON — Logistics provider NDLI Inc. has signed a 45,675-square-foot lease at 8844 N. Sam Houston Parkway in the Sam Houston Business Park. Owned by the Levey Group, the park is located in the northwest Houston submarket and consists of three tilt-wall facilities. The layout of Sam Houston Business Park allows tenants to combine office or showroom space with manufacturing, laboratory, warehouse and distribution areas. Other tenants in the park include Tyndale USA, WestermannBG, Doorscapes Inc. and Ringers Gloves. Joseph Smith of CBRE represented Levey Group in the transaction. Glynn Mireles of CBRE represented NDLI.