The market for soft and hard goods remains somewhat weak due to uncertainty in the economy and labor market (although the Houston job market is generally stronger than the rest of the country). However, in the last several months, many big boxes that went dark due to bankruptcies and/or downsizing have been absorbed, either in the totality or because of the lack of 50,000-square-foot tenants in the market. Landlords have had to get creative and divide larger spaces to accommodate smaller tenants. Generally, the most active tenants in this arena have been health clubs, discount stores, dollar stores and non-traditional retailers. Landlords, eager to fill dark spaces, are making very aggressive deals (low base rents, extra tenant allowances, more free rent, etc.). On the other hand, fast casual (FC), quick-serve restaurants (QSRs) and casual dining remains robust. As such, many companies are aggressively seeking locations in Houston. It has been increasingly difficult to find locations that can accommodate FC, QSR’s (especially users with a drive-thru) and casual dining needs because quality locations have become scarce and parking requirements can’t be adequately met. Alternatively, fine dining has been spotty with good thru-puts but lower average checks. Many restaurateurs have been reluctant …
SAN ANTONIO — Behringer Harvard has acquired a 537-unit self-storage facility operating as Noah's Ark Self Storage at 6366 Babcock Rd. in San Antonio. Behringer Harvard Opportunity REIT II, Inc. acquired an 85 percent ownership interest in the property through a joint venture with Watson & Taylor Management, Inc., a self-storage facility operator, and an investment group represented by Kennedy Wilson Austin, Inc. The property consists of 10 one-story storage buildings and will be rebranded as a Watson & Taylor facility in line with the joint venture agreement.
SAN ANTONIO — Hunter Lee LLC has purchased Judson Business Center, a 21,000-square-foot mixed-use complex at 13777 Judson Rd. in San Antonio. The business center has 10 occupants that include both office and retail tenants. Joe Linsalata of Linsalata Realty Services brokered the sale on behalf of the seller, James Krempen-Judson 35 Development and Construction. The buyer was self-represented.
GARLAND — Grubb & Ellis' Dallas Agency Leasing team has been selected to handle the leasing of 3200 Broadway Ave., a 102,800-square-foot Class A office building in Garland. The five-story building currently has 31,590 square feet of space available. Grubb & Ellis' Chris Wright and Matthew Goyne will handle the leasing.
DALLAS — Dallas-based L&B Realty Advisors, a pension fund advisor, has purchased Legacy Place I and II, a two-building, 299,005-square-foot office property in Legacy Business Park at the corner of Dallas North Tollway and Tennyson Parkway in Dallas. The Class A office property received capital improvements in 2009 and is currently 100 percent leased. John Alvarado, Jack Crews, Evan Stone and Lauren Zimmer of Jones Lang LaSalle worked on behalf of the seller, JP Morgan Asset Management in the transaction.
SAN ANTONIO — TRISUN Healthcare and Suntex Development have broken ground on a new 42,000-square-foot senior community at 8707 Lakeside Pkwy. in San Antonio. The community will offer 120 skilled nursing and rehabilitation beds, as well as employ approximately 115 full- and part-time staff. The facility will feature wood floors, a rehabilitation gymnasium and rapid recovery suites. San Antonio-based Metropolitan Contracting Co. is building the facility, while Austin-based DFD Architects designed it. The skilled-nursing facility is slated for a summer 2012 opening.
SAN ANTONIO — Holliday Fenoglio Fowler (HFF) has secured $19.5 million in refinancing for McAllister Plaza, a 12-story, 190,079-square-foot office property in San Antonio. HFF's Adam Herrin and Trey Morsbach arranged the 3-year, adjustable rate bridge loan on behalf of RBL Real Estate, owners of the plaza, a life insurance company. The proceeds from the loan are recapitalizing the plaza's existing debt as well as funding tenant improvement costs.
DALLAS — An 8,338-square-foot retail center anchored by My Fit Foods has been purchased. The property sits at 4015 Lemmon Ave. in Dallas. Brad Cruickshank of The Woodmont Company represented the seller, LNR Partners, in the transaction. The buyer is a Dallas-based private investment firm and was self-represented.
HOUSTON — Houston-based Weingarten Realty has closed a $200 million unsecured term loan that has a 1-year term. Weingarten’s options can be repaid at par after 9 months. The loan is expected to pay down Weingarten’s debt. The Bank of Nova Scotia, Sumitomo Mitsui Banking Corp., Compass Bank, U.S. Bank National Association and PNC Bank National Association had roles in the transaction. The Bank of Nova Scotia was the lead arranger and administrative agent for the transaction Sumitomo Mitsui was a co-arranger and syndication agent PNC Bank was a co-arranger and syndication agent Compass Bank was a lender U.S. Bank served as the documentation agent.
TULSA, OKLA. — Dallas-based Triad Senior Living, Inc. and its partners have purchased the University Village Retirement Community in Tulsa. The community sits on a 38-acre campus at 8555 S. Lewis Ave. Terms of the deal involved $5.5 million in cash. The ownership group, including investor Keith Roberts and University Village Trust, plans to spend at least $2 million in renovations to the facility.