KATY, TEXAS — Houston-based Hunington Properties has arranged the sale of Fry Road Plaza, a 19,950-square-foot retail center located at the intersection of Fry Road and Misty Cove Drive in Katy. The property is 90 percent leased. Todd Carlson of Hunington Properties represented the seller, a local developer that built the shopping center in 2006. The buyer purchased the property in a 1031 exchange. Hunington Properties will serve as the new property management and leasing agent.
The Houston industrial market ended 2012 on a positive growth trajectory and will continue to be one of the healthiest markets in the U.S. into 2013. 2012 ended with a fourth quarter vacancy rate of 5.2 percent and a positive net absorption totaling more than 1.7 million square feet of combined industrial space. A lack of available industrial inventory in the market is driving new development projects (2.5 million square feet) for both traditional warehouse/distribution space as well as freestanding, crane-ready manufacturing facilities that remain at a premium citywide. The lack of available inventory is pushing development outwards and driving rental rates and sales prices upward. This trend will continue to grow into 2013, but rental rates and sale prices will taper-off midway through 2013 as the market can only bear so much increase. Land prices have also seen a sharp uptick forcing users and developers to consider sites upwards of $4 per square foot when they have historically fought to stay under $3 per square foot. Additionally, there is a strong need for rail-served land sites or facilities. As the energy sector continues its growth and the Port of Houston takes on more capacity, the need for rail served …
VICTORIA, TEXAS — Homewood Suites by Hilton has opened the 109-suite Homewood Suites Victoria, located at 6705 N.E. Zac Lentz Parkway in Victoria. Victoria Associates Ltd. owns the four-story hotel and Castle Hospitality manages it. The hotel offers studio, one- and two-bedroom suites, as well as a fitness center, pool, sports court, 24-hour executive business center and meeting space. The new hotel will be led by general manager Dagmar Gomez and supported by director of sales Christina Henry.
HOUSTON — Exel, part of the supply chain division of Deutsche Post DHL, renewed leases at 8607, 8609, 8711 and 8833 City Park Loop in the City Park East Business Park in Houston. The lease renewals total 767,632 square feet of rail-served industrial space. Sam Brown with Sam H. Brown Interests represented the tenant in the lease transaction. John Kruse and Jason Dillee of Holt Lunsford Commercial represented the landlord, The Realty Associates Fund VIII L.P.
HOUSTON — Marcus & Millichap has secured the sale of Park Row Plaza, a 9,380-square-foot shopping center located at 14838 Park Row in Houston's Energy Corridor. The shopping center's list price was $1.48 million. Derek Hargrove and Justin Miller of Marcus & Millichap's Houston office represented the seller, a Houston-based private investor, in the 1031 exchange. Hargrove and Miller also secured the buyer, a trust based in California.
IRVING, TEXAS — Hines has selected CBRE to be the marketing advisor for Two MacArthur Ridge, a six-story, 250,869-square-foot office building in Irving's Las Colinas submarket. The office building, located at 909 Hidden Ridge Drive, includes a four-story parking garage and is currently 99.5 percent leased. The office building houses the corporate headquarters of La Quinta Inns Inc. and MedSynergies Inc. Additionally, the office building recently added a new tenant-shared conference facility and an upscale fitness center. Gary Carr, John Alvarado and Eric Mackey of CBRE will represent Hines in its marketing campaign.
CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA) has secured the sale of The Reserve at Saratoga, a 274-unit apartment complex located at 5701 Saratoga Blvd. in Corpus Christi. The community's amenities include an indoor basketball and sport court, outdoor recreational areas, a business center with coffee bar, fitness center, swimming pool, courtyards, gate access, attached and detached garages and covered parking. Will Balthrope, Drew Kile and Scott Lamontagne of IPA advised the seller, a private company based in Baton Rouge, La. The buyer is a joint venture between a California-based equity provider and a Memphis, Tenn.-based operational partner. IPA is the multifamily brokerage division of Marcus & Millichap Real Estate Services.
PLANO, TEXAS — HFF has arranged an $11.85 million financing for the 194-unit Wellington at Willow Bend, a garden-style multifamily community located in Plano. The apartment complex is located at 3200 Parkwood Blvd. and is 96.4 percent occupied. The complex features a clubhouse, fitness center, swimming pools and a playground. Matthew Schoenfeldt, Adam Herrin and Jason Bond of HFF arranged the 10-year, 3.9 percent fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, an affiliate of Banner Apartments LLC. Proceeds from the loan were used to acquire the property.
DALLAS — CBRE has arranged the 178,200-square-foot lease of industrial space at 4445 Rock Quarry in Dallas. Travis Sapaugh, Seth Kelly, Ryan Keiser and Nathan Lawrence of CBRE Dallas, along with Mark Collins and Kathy Rinna of CBRE Detroit, represented the tenant, Cequent Performance Products Inc., in the lease transaction. John Leinbaugh of IDI Dallas represented the landlord, Teachers Insurance and Annuity Association of America. The lease transaction is a relocation and expansion for Cequent's existing distribution operation.
EULESS, TEXAS — Beech Street Capital has closed a $9 million Fannie Mae conventional loan for the purchase of a 384-unit apartment complex in Euless. Larry Sneathern of Beech Street's Dallas office originated the loan. The fixed-rate loan has a 10-year term with a 30-year amortization schedule.