ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Green Oaks Village, a 16,490-square foot retail property in Arlington. Constructed in 2003, the strip shopping center was 94 percent occupied at the time of the sale. The property, located at 3851 Southwest Green Oaks Blvd., offers close proximity to Park Springs Boulevard. Ron Hebert and Blake Burnett of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company, and also procured the buyer, an out-of-state individual investor.
Texas
HOUSTON — Coldwell Banker Commercial United Realtors (CBCUR) has brokered the sale of a 130,000-square-foot retail property in Houston. Located at 9929 Homestead Road, the strip shopping center is in close proximity to U.S. Highway 59. Mark McGinley of CBCUR represented the seller, a local partnership. John Paul Hilton represented the buyer, AK Capital 6.
AUSTIN, TEXAS — The firm of Bellomy & Co. has brokered the sale of Michener Self Storage, a 964-unit self storage property in Austin. The Class A facility offers 107,565 net rentable square feet and both climate-controlled and non-climate-controlled options. Bill Bellomy, Michael Johnson and John Owens of Bellomy & Co. represented the Austin-based seller and also secured the buyer, San Diego-based Lockaway Self Storage.
HOUSTON — NAI Houston has brokered the sale of a 21,425-square-foot industrial building in Houston. The facility is located at 12626 N. Houston Rosslyn Road. Michael Keegan of NAI Houston represented the buyer, EKE Holdings LLC. John Ferruzzo, also of NAI Houston, represented the seller, Arrowrock Tres-Industrial LP.
McKINNEY, TEXAS — Lee & Associates has arranged a 28,356-square-foot industrial lease in the Dallas/Fort Worth suburb of McKinney. The multi-tenant facility is located at 1602 Lavon Drive, offering easy access to State Highway 75. Mark Graybill and Erik Murray of Lee & Associates represented the tenant, Beacon Sales Acquisition LLC. David Cox of Carey Cox Co. represented the landlord, NLC Asset LLC.
A report t on the Houston retail real estate market reads somewhat like a 1960s newspaper headline: Low vacancy rates! Rising rent for retailers! Bidding wars and a soaring housing market! Together, these factors make the greater Houston area one of the most dynamic retail markets in North America. A Landlord’s Market Conditions clearly favor the landlords. Quality space that was renting in the low $20s per square foot during the downturn now commands rents in the $30s and in some cases the low $40s. Fierce competition for quality space is particularly intense within the range of 1,500 to 3,500 square feet. This has been forcing brokers and Realtors to get creative in discovering and closing on any available quality space for their tenants. Some are pressing landlords about space that’s set to roll over or asking which tenants may be willing to relocate. Rents are increasing largely because of high retail occupancy, which edged up from 93.3 percent to 93.5 in the Houston MSA during second quarter 2013, according to CoStar. At mid-year, net retail space absorption stood at a healthy 980,185 square feet. Yet, despite these positive signs, the Houston area’s older Class B and Class C retail …
DALLAS — Colliers International has brokered the sale of Oakbrook Plaza, a 176,872-square-foot office complex in the Southwestern Medical District of Dallas. The property, located at 1515-1575 W. Mockingbird Lane, includes a central seven-story tower surrounded by six single-story buildings. Creighton Stark and Ben Lurie of Colliers represented the seller in the transaction.
HOUSTON — Marcus & Millichap has brokered the sale of a 70,474-square-foot office property in Houston. The multi-tenant building, located at 8300 FM 1960 West, stands four stories and was fully leased at the time of the sale. Constructed in 1986, the site allows for easy access to Highway 290, Beltway 8 and Tomball Parkway. Ron Hebert and Christopher Jones of Marcus & Millichap marketed the asset on behalf of the seller, a real estate investment trust. The two also secured the buyer, a limited liability company, after fielding offers from nine different prospects.
CYPRESS, TEXAS — Private equity firm Virtus Real Estate Capital has acquired a 61,250-square-foot self storage facility in the Houston suburb of Cypress. Operated by AAA Storage since its construction in 2008, the building underwent expansion in 2012 that doubled the number of units to 417. New ownership has hired Uncle Bob’s Management to assume operations of the Class A property, which is located at 15814 Mueschke Road. The purchase represents the second self storage acquisition in Houston and the fifth in Texas for Virtus, which is based in Austin.
HOUSTON — Piedmont Office Realty Trust will develop a new 302,000-square-foot office tower in its Enclave business park in Houston’s Energy Corridor. The firm plans to break ground in March 2014 on the 11-story, Class A structure, which will be located on a 4.7-acre parcel immediately north of the 1430 Enclave Parkway building. Enclave Place will be divided into 28,900-square-foot floor plates and also include a six-level parking garage. Gensler is the project architect, PMRG is serving as project manager, and Tellepsen Builders will work as general contractor. Piedmont expects to complete the tower in the second quarter of 2015.