ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Serena Vista, a 120-unit apartment complex in Arlington. Built in 1980, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubhouse and a dog park. Nick Fluellen, Bard Hoover and Chris Pearson of Marcus & Millichap represented the seller, an undisclosed private investment group, in the transaction and procured the buyer, Green Mountain Properties LLC.
THE WOODLANDS, TEXAS — Colliers has negotiated a 14,581-square-foot office sublease in The Woodlands. According to LoopNet Inc., the building at 1735 Hughes Landing Blvd. was built in 2015 and totals 318,170 square feet. Tom Condon Jr., Jillian Fredericks, Norman Munoz, Michael Wu and Nic Fang of Colliers represented the sublessee, Skyline Industrial Supply, in the negotiations. Lonna Jenks, Beau Bellow and Ronnie Deyo of JLL represented the sublessor, ExxonMobil. An affiliate of Howard Hughes Holdings owns the building.
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Lee & Associates Second Quarter Report: Industrial, Office Market See Continued Challenges While Retail, Multifamily Trends Follow Region-Specific Patterns
In the first half of 2024, high interest rates led to decreased demand, higher vacancy rates, reduced construction starts and lower property sales in industrial and office, according to Lee & Associates’ 2024 Q2 North America Market Report. Meanwhile, retail saw minimal development and continued low vacancies. Retail rent growth was particularly strong in the South and Southwest. Finally, high demand for multifamily, coupled with a sudden influx of supply in the second quarter of the year, has created a market where outcomes are highly tied to region. Midwest and Northeast multifamily markets have remained stronger than their counterparts in the South and Southwest, while Western markets saw mixed growth. Lee & Associates has made their full market report available here (with complete breakdowns of cap rates by city, market rents, vacancy rates, square footage information and more). The summaries for the industrial, office, retail and multifamily sectors below provide detailed insight into the trends and trajectories likely through the end of 2024. Industrial Overview: Activity, Growth Checked by High Interest Rates Industrial market performance across North America continued to downshift in the first half of this year. Although net absorption remains positive, demand for industrial space has fallen to the lowest levels …
THE WOODLANDS, TEXAS — Howard Hughes Holdings (NYSE: HHH) has begun the renovation of Grogan’s Mill Village Center, a 90,000-square-foot retail property located north of Houston in The Woodlands that was originally built in 1974. The renovation will add a new public gathering hub with a library that will feature multimedia rooms and a theater-style classroom, as well as a community center and 32,000 square feet of modern retail space. Tenants that have either extended existing leases or committed to new spaces at Grogan’s Mill include Brother’s Pizza, Ome Calli Café, Safeway Driving, The UPS Store, Woodforest National Bank, The Woodlands Cleaners, Chef Chan’s, 4H Tailor and SN Liquor. Lastly, the project team will make upgrades to the property’s existing farmers market
THE COLONY, TEXAS — A partnership between soccer training organization TOCA Football and Major League Soccer (MLS) will open the first TOCA Social entertainment venue in the United States in The Colony, a northern suburb of Dallas. Situated within the Grandscape mixed-use development, TOCA Social Dallas will feature soccer-based immersive entertainment, as well as food-and-beverage options. The venue is scheduled to open next summer, with additional TOCA Social venues planned for other U.S. cities. Berkshire Hathaway owns Grandscape via Nebraska Furniture Mart.
AUSTIN, TEXAS — International law firm Foley & Lardner LLP has signed a 15,458-square-foot office lease renewal at 600 Congress Ave. in downtown Austin. The building rises 32 stories and totals approximately 544,000 rentable square feet. Amenities include an outdoor terrace with a bar and lounge, as well as a fitness center and multiple food-and-beverage options. Robert Copito, Nate Stricklen and Jay Austin of CBRE represented the tenant in the lease negotiations. JLL represented the landlord, Beacon Capital Partners.
AUSTIN, TEXAS — National general contractor JT Magen has completed the renovation of the 8,079-square-foot office space of video game developer Owlchemy Labs in Austin. Revel Architecture designed the project, which involved the creation of several areas for larger group gatherings, as well as smaller connection spaces and a space for recreational gaming. The project team also maintained private meeting rooms and added larger ground-floor windows to increase the flow of natural light.
MENARD, TEXAS — Marcus & Millichap has brokered the sale of Bowie’s Truck Stop, a 4,995-square-foot retail property in Menard, about 150 miles west of Austin. Bowie’s Truck Stop sits on five acres and features a convenience store and 16 gas pumps that are operated by Valero. Sai Thakor and Jacob Luna led the Marcus & Millichap team that represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
ROUND ROCK AND TAYLOR, TEXAS — iMarket America, a supplier of industrial raw materials and products, will relocate its U.S. headquarters to the northern Austin suburb of Round Rock, according to a release from the Round Rock Chamber. iMarket America, whose parent company is based in South Korea, is a major vendor of Korean electronics giant Samsung, which is developing a $17 billion semiconductor manufacturing facility in Taylor, another northern suburb of Austin. To facilitate that relationship, iMarket America has proposed a plan to develop a 212-acre campus that would be located northeast of the intersection of Carlos G. Parker Boulevard SE and FM 112 near the Samsung plant. According to the Austin Business Journal, the development would feature about 2.2 million square feet of warehousing, manufacturing, office and research-and-development space. The publication also reports that iMarket America purchased the land after signing a nonbinding memorandum of understanding with the City of Taylor in 2023. Samsung broke ground on its Taylor facility in 2022 and expects to be operational this year.
SAN MARCOS, TEXAS — Austin-based investment firm Palladius Capital Management has sold The Oasis, a 672-bed student housing property in San Marcos, located roughly midway between Austin and San Antonio. The 240-unit property is located about three miles from the Texas State University campus and offers amenities such as a pool, fitness center, clubhouse and study lounges. Palladius acquired the property in spring 2022 and implemented a value-add program prior to the sale. Chris Epp of Walker & Dunlop represented Palladius in the transaction The buyer and sales price were not disclosed.