ROANOKE, TEXAS — United Supermarkets has acquired 15 acres with the Alliance Global Logistics Hub for the construction of a new distribution center. The facility will total 200,000 square feet and will be located on Freedom Drive in Roanoke. Site preparation work will begin by mid-November, with completion expected in September 2010. The project will be developed and operated by Exel, which already operates another United distribution center in Lubbock, Texas. The new facility will mark United's second distribution center in the Dallas-Fort Worth Metroplex. Dan Cook of Cushman & Wakefield represented United in negotiations for the land purchase; the owner of Alliance, Hillwood Properties, was represented in-house by Tony Crème.
CORPUS CHRISTI, TEXAS — Following a 6-month renovation, Macy's has reopened at the La Palmera shopping center in Corpus Christi. The expansion added approximately 18,000 square feet to the store's first floor. In addition, the store's departments were reconfigured and expanded, new carpeting and lighting was installed, and the aisles were widened. The project is part of the ongoing $50 million renovation and repositioning of La Palmera, a 1 million-square-foot mall that is owned by Fort Worth, Texas-based Trademark Property Co.
HOUSTON AND FARMERS BRANCH, TEXAS — Arbor Commercial Funding has originated two Fannie Mae DUS loans for a total of $10.65 million. The first loan totals $5.46 million and is secured by Windemere Apartments, a 257-unit multifamily community located in Texas. The loan carries a 10-year term, a 30-year amortization schedule and a 6.05 percent interest rate. The originator was Matt Norman of Arbor's Dallas office. The second loan is for $5.19 million and will be used for the refinancing of Huntington Cove Townhomes, a 100-unit multifamily community located in Farmers Branch. The non-recourse loan carries a 10-year term with a 30-year amortization schedule and a 5.98 percent interest rate. It was originated through the Fannie Mae DUS program by Jay Porterfield of Arbor's Plano, Texas, office. The borrowers were not disclosed.
FRISCO, TEXAS — John T. Evans Co. has brokered the sale of a 25,000-square-foot land parcel located near the intersection of Ohio Drive and Lebanon Road in Frisco. The buyer, Lai Family Trust, plans to construct an approximately 5,000-square-foot music school on the site and will begin construction within the next 90 days. Paul Vernon of John T. Evans Co. represented the seller, Land Plan Development. The parcel traded for $250,000.
HOUSTON — Nestle Waters North America has disposed of a 10,320-square-foot warehouse located at 1930 Lauder Rd. in Houston. Patrick Rollins of CBRE represented Nestle Waters in the transaction. Greg Barra of Boyd Commercial represented the undisclosed buyer. The acquisition price was also undisclosed.
IRVING, TEXAS — NorthMarq Capital has arranged $8.68 million in first-mortgage financing for Waterford at Valley Ranch, a 300-unit multifamily community located in Irving. The loan carries a 10-year term with a 30-year amortization schedule, and it was secured by William Haley with NorthMarq's Houston office. The borrower was Waterford at Valley Ranch LLC and the lender was Alliant Capital, a Fannie Mae DUS lender.
HOUSTON — Marcus & Millichap has completed the sale of Beechnut Business Park, a 37,920-square-foot industrial property located in Houston. The building was built in 2008 and is situated on a 108,753-square-foot land parcel at 12769 Beechnut St. Joshua Lass-Sughrue and Justin Miller of Marcus & Millichap's Houston office represented the seller, a financial institution. Lass-Sughrue and Jason Ridenbaugh, also of Marcus & Millichap's Houston office, represented the buyer, a private investor. The acquisition price was not disclosed but the property listed for $1.6 million.
ODESSA, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged a $3 million acquisition loan for West County Shopping Center in Odessa. The 112,771-square-foot retail property is located at the intersection of North County Road and 16th Street. It was 82 percent leased at the time of closing by a tenant roster that includes Save A Lot, Bealls, Dollar General, State Farm Insurance, Little Caesar's, H&R Block, Sally Beauty Supply, Family Dollar and Bank One. The loan, which carries a 5-year term and a fixed interest rate, was secured by Todd McNeill of MCA. The borrower is Kaufman Property Co. and the lender is a Dallas-based regional bank.
HOUSTON — WorleyParsons Group has signed a long-term lease expansion for 54,518 square feet of office space at Energy Center II in Houston. This most recent lease brings the company's total occupancy in the 305,585-square-foot building to 195,781 square feet. Louis Cushman and Courtney Estenson of Cushman & Wakefield of Texas represented the tenant in lease negotiations. The landlord, a joint venture between Trammell Crow Co. and Principal Real Estate Investors, was represented by Steve Rocher of CB Richard Ellis. Energy Center is a two-building, LEED-Gold certified office campus that totals 638,000 square feet. This most recent lease brings occupancy at the campus to approximately 88 percent.
The impact of today’s worldwide economic downturn and credit crunch is significant, but it is in no way the worst in history, especially for Houston. Houston was hit harder than other markets in the 1980s; in a way, this guaranteed that the city would be ahead of the rest of the nation in terms of avoiding a recession. Compared to the rest of the country, current demand for retail space in the area continues to be high, and the city has a relatively low vacancy rate of about 10 to 12 percent. Houston’s economy is still largely based on energy, but to a lesser extent than in years past. Houston’s growing population and strong economy continues to fuel a reasonably healthy retail market. A relatively low unemployment rate and a low cost of living are driving forces of the resilient market. In 2008, as most of the country was experiencing downsizing, Houston had a net gain of approximately 57,000 jobs in the region. Residents have continued to shop, but the habit of buying has changed — or it has at least slowed down a bit. Nonetheless, retailers consistently say Houston is one of the strongest performing markets in the country. …