KATY, TEXAS — Freeway Properties has broken ground on Katy Ranch Offices Phase I, a 151,000-square-foot office building in the Houston suburb of Katy. The six-story, Class A structure, which will be part of the Katy Ranch mixed-use complex, will feature 24,800-square-foot floor plates and optical fiber transmission cabling. Located in proximity to I-10 and the Grand Parkway, the project also includes a parking garage that will provide four parking spaces per each 1,000 square feet of the building. LSI is the general contractor, Powers Brown Architects is serving as architect, TAS Engineering Construction is working as the mechanical/electrical/ plumbing engineer, and Griff Jaggard and Kurt Kistler of Moody Rambin will handle leasing of the property. The facility is designed for LEED Gold certification and slated for completion in the first quarter of 2015.
Texas
GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of a 50,406-square-foot office building in the Dallas/Fort Worth suburb of Grapevine. Automotive Resources International, a global fleet solutions provider specializing in complex car and truck fleets, fully occupies the facility, which is located at 2550 S.W. Grapevine Parkway. The one-story structure is located in proximity to State Highway 114, State Highway 121 and the Dallas/Fort Worth International Airport. Ron Hebert and Michael Lawrence of Marcus & Millichap marketed the asset on behalf of the seller, a partnership between Poynter Scifres and an affiliate of Realty Capital Partners. An outside broker represented the buyer, a California-based investor completing a 1031 tax-deferred exchange.
ARLINGTON, TEXAS — Cassidy Turley has arranged a 63,612-square-foot industrial lease in Arlington for Hickory Springs, a manufacturer of foam, metal, wire, fiber and other materials for the bedding, transportation, healthcare and packaging industries. The tenant will occupy space at 605 109th St., in proximity to the interchange of I-30 and State Highway 360. Frank McCafferty, Blake Anderson and David Eseke of Cassidy Turley represented Hickory Springs in the negotiations.
DALLAS — Billingsley Co. has leased 50,068 square feet of industrial space at its Mercer Business Park in Dallas to Paragon Distributing Co., a wholesale distributor of indoor and outdoor appliances. The tenant will occupy space in the northwest corner of the park’s 340,000-square-foot distribution center. Craig Phelps and Michael Haggar of JLL represented Paragon, which will occupy the space beginning in the first quarter of 2015. Billingsley Co. is developing the 225-acre Mercer Business Park at the northwest corner of I-635 and I-35.
The Texas economy has recovered quickly from the recession, and Fort Worth is a prime example of a flourishing commercial real estate market. Leasing activity in the city’s retail market is high, despite low inventory and increased rental rates. Cap rates are low, investment sales have increased, and the scarce inventory has prompted multiple new developments. Incredible leasing activity involving both national and local credit retailers has been seen across the market, and the activity is projected to continue throughout the year. In particular, there are many high-end grocers entering the Tarrant County market, such as H-E-B, Sprouts and Whole Foods, to name a few. With leasing activity increasing in the market, there is a high demand for retail space, but there is a low supply, evident in the current 8 percent vacancy rate. The limited availability of leasable retail space coupled with high demand in the market has continued to drive up rents — rates have increased by 5.5 percent since the first quarter of 2013 — and has also begun to affect sales prices. The average asking price for Tarrant County retail investment properties currently stands at $146 per square foot, compared to $142 per square foot in …
HOUSTON — HFF has brokered the sale of a three-property multifamily portfolio in Houston. The properties include the 192-unit El Mundo Park, located at 8300 El Mundo St.; the 66-unit Plaza del Oro, located at 2700 Holly Hall St.; and the 212-unit San Marin, located at 8181 El Mundo St. Combined, the complexes’ 470 apartments were 96 percent leased at the time of the sale. All three communities are situated within two miles of the Texas Medical Center. Todd Stewart, Todd Marix, Chris Curry and Tre Banks of HFF marketed the portfolio on behalf of the seller, LeCesse Development Corp. Entities owned by JMG Realty Inc. purchased the assets.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 655-unit self storage facility in San Antonio. Constructed in 1997, the property is located on a seven-acre parcel at 6110 Walzem Road and operated as Walzem Self Storage. Joon Dankfels and Nicholas Ling of Marcus & Millichap marketed the asset on behalf of the seller, a partnership, and also secured the buyer, a REIT.
FARMERS BRANCH, TEXAS — Cassidy Turley has arranged a 30,000-square-foot industrial lease in the Dallas/Fort Worth suburb for PIRCH Inc., a provider of kitchen, bath, laundry and homeware products. The tenant will occupy distribution center space at 4521 Simonton Road, in proximity to the NorthPark Mall project, which is the future site of a PIRCH showroom. The warehouse facility, situated near the interchange of I-635 and the Dallas North Tollway, features 2,000 square feet of office space and four dock-high doors. Blake Anderson, David Eseke and Tom van Betten of Cassidy Turley represented PIRCH in the negotiations. Peter Yates of Lincoln Property Co. represented the landlord, The Realty Associates Fund.
HOUSTON — NAI Houston has brokered the sale of a 14,000-square-foot industrial building in Houston. The facility is located on a 1.6-acre parcel at 3741 Trailmobile Drive, in proximity to I-610. Chris Caudill of NAI Houston represented the seller, Patrick Walton, in the transaction. Reese Brown of Miramont Interests LC represented the buyer, Phillip Collins.
HOUSTON — HFF has brokered the sale of Oak Park Office Center III, a 151,000-square-foot office building in Houston’s Westchase district. Completed in 2008, the two-story structure is located between Rogerdale Road and Beltway 8, within the 225-acre Oak Park at Westchase business park. Global engineering firm CB&I Inc. holds the lease for the entire property. Robert Williamson and Trent Agnew of HFF marketed the asset on behalf of the seller, Daymark Realty Advisors. 111 Realty OPO LLC, a real estate investment company led by Mallick Group Inc. and Keating Investments, was the buyer. International Bank of Commerce – Houston provided acquisition financing.