HOUSTON — Cushman & Wakefield has signed a 30,000-square-foot office lease renewal at Four Oaks Place in Houston’s Galleria district. The global commercial real estate services firm has occupied space on the 26th and 27th floors of the building since 2004 and will undertake a renovation of its space next year. Cushman & Wakefield is also opening a 6,500-square-foot office at Texas Tower, a 47-story building in downtown Houston, in the first quarter of 2023. Global investment management firm Nuveen owns Four Oaks Place.
For a little more than a year now, Americans have gone on a collective road trip, making up for time stolen during the lockdowns. In turn, that has fueled a rebound in the hotel industry, which was decimated in 2020 and much of 2021. Revenue per available room (RevPAR), a key measure of hotel profitability, is expected to end 2022 at an average of $93, up nearly 8 percent versus 2019, according to a hotel forecast update in late November by STR, a hospitality research organization based in Hendersonville, Kentucky. Meanwhile, the projected average occupancy of 62.7 percent will mark an increase of 5.1 percentage points over 2021, and the estimated average daily rate (ADR) of $148 will best last year’s number by $23, STR reports. Select service lodging properties in particular are helping to lead the recovery, says Steven J. Martens, chairman of NAI Martens, a Wichita-based commercial real estate brokerage that is one of five brands under the Martens Companies umbrella. “The majority of the midscale and upper midscale assets are very dependent upon leisure travel, and they are seeing a rebound throughout the country,” he adds. “Most good operators with strong hotel brands have seen very healthy …
DALLAS — Marcus & Millichap has arranged the sale of 6500 South, a 536-unit apartment community in southwest Dallas. According to Apartments.com, the property was built in 1985, houses one- and two-bedroom units and offers amenities such as a pool, fitness center, business center, clubhouse and a playground. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Intercapital Group, in the transaction and procured an undisclosed, locally based investment group as the buyer. The new ownership plans to implement a capital improvement program.
ROUND ROCK, TEXAS — A partnership between Orlando-based developer ZOM Living and New York City-based investment management firm CP Capital will develop Azola Avery Centre, a 359-unit multifamily project in metro Austin. The site is located within the 1,200-acre Avery Centre master-planned development in the northern suburb of Round Rock. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, outdoor kitchen, fitness center, dog park, coworking lounge and a game room. Construction is scheduled to begin in January and to be complete in 2025.
FRISCO, TEXAS — Lincoln Property Co. has acquired Star Commerce Center IIIB, a 177,510-square-foot warehouse in Frisco. The newly built, rear-load facility sits on 10.5 acres and was fully leased at the time of sale. Building features include 32-foot clear heights, 210-foot truck court depths, 210 parking spaces and roughly 50,000 square feet of office space. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller, Blue Star Land, in the transaction.
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the $8.7 million sale of an unnamed, vacant seniors housing property in Texas. The seller and the location of the facility were not disclosed. Developer Mainstreet originally constructed the 70-unit property as a transitional care facility but did not fully complete construction prior to being foreclosed upon. A Texas-based investor acquired the property and plans to lease it to an East Coast-based skilled nursing operator.
ARLINGTON, TEXAS — Dental supply company Henry Schein Inc. has signed a 12,488-square-foot lease renewal at Randol Mill Service Center, a 96,124-square-foot industrial flex property in Arlington. Michael Spain of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Patrick Reis of Property Advisers Realty represented the landlord, an entity doing business as PHP RMSC Venture LP.
HOUSTON — Cushman & Wakefield has negotiated a 603,389-square-foot industrial lease at South Belt Central Business Park, a development that is under construction in southeast Houston. The tenant, a national third-party logistics firm, will occupy the entirety of the Building 4 upon completion in January 2023. The cross-dock building will feature 36-foot clear heights, 360 car parking spaces, 196 trailer parking stalls, an ESFR sprinkler system and 4,500 square feet of office space. Jim Foreman and Brooke Forrest of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Investment & Development Ventures LLC, in the lease negotiations. Stephen Schneidau and Chuck Berger, also with Cushman & Wakefield, represented the tenant.
SAN ANTONIO — Fort Worth-based investment firm Fort Capital has acquired The Starcrest Industrial Portfolio, a collection of eight Class B light industrial buildings totaling 465,648 square feet in San Antonio. The buildings are located within a mile of San Antonio International Airport and had a collective occupancy rate of 89 percent at the time of sale. The seller and sales price were not disclosed.
TEXAS CITY, TEXAS — Locally based investment and brokerage firm NewQuest Properties has arranged the sale of the 130,525-square-foot Tradewinds Shopping Center, located southeast of Houston in Texas City. At the time of sale, the property, which sits on 11.5 acres, was roughly 40 percent leased to tenants such as DD’s Discount, Family Dollar, Texas First Bank and Little Caesars. David Luther of NewQuest represented the seller, a limited partnership, in the transaction. Dakota Workman, also with NewQuest, represented the buyer, an entity doing business as 2020 Harwin 59 Shopping Center Ltd.