Texas

Houston’s Outlying Submarkets Offer Promising Industrial Opportunities

by Taylor Williams January 17, 2023

By David Ebro, president of Levey Group Despite the nearly 6.4 million square feet of new project starts during the fourth quarter of 2022, which grew the volume of Houston’s industrial space currently under construction to 33.5 million square feet, the market posted a record 30.3 million square feet of net absorption for the year. This activity drove Houston’s vacancy rate down to 3.8 percent — a decline of 220 basis points from the end of 2021. The remarkable growth throughout the Houston MSA — the nation’s fourth-largest metropolitan area — has developers racing to find buildable sites both within and beyond the city limits. As a result, industrial development is bulging out of the city and into submarkets such as Baytown, Richmond and Brookshire as developers pursue more economically feasible land among these growing population centers. Beyond favorable land opportunities, Houston’s outlying submarkets offer the workforces that tenants require for their warehouse and distribution operations. These growing submarkets are also generating an increasing amount of demand from e-commerce users in the consumer goods sector. Record Growth East of Houston Much of the industrial growth can be found east of town, near and along the Houston Ship Channel. For the …

January 17, 2023

Acquisitions Content Partner Features Midwest NAI Northeast Southeast Texas Western

Despite Stormy Credit Conditions, Multifamily Sector Still in Demand Among Investors

by Sarah Daniels January 17, 2023

The mere flipping of the calendar to mark a new year has done nothing to inject certainty into the next 12 months. The higher cost of credit that muted commercial real estate investment sales in the second half of 2022 and the attitude of some sellers who refuse to recognize the new pricing reality remain in place in the new year. Many eyes are on the Federal Reserve, hoping for a respite in interest rate hikes after the central bank raised the effective benchmark federal funds rate some 400 basis points to 4.33 percent in less than a year, according to the Federal Reserve Bank of New York. Some investors are even hoping for a rate cut. Neither of those is likely, at least in the short term, observes Arthur Milston, a senior managing director of NAI Global in New York City. While inflation has cooled to an annual rate of 6.5 percent from a high of 9.1 percent in June, that’s still far off from the roughly 2 percent annual target that the Fed desires, he adds. That should translate into continued tightening, Milston says, although the question is, how long will the central bank keep raising rates, and …

January 17, 2023

Acquisitions Industrial Texas

CanTex Capital Sells 689,497 SF Industrial Portfolio in East Dallas

by Taylor Williams January 16, 2023

DALLAS, MESQUITE AND GARLAND, TEXAS — Locally based investment firm CanTex Capital has sold a portfolio of five industrial properties totaling 689,497 square feet in East Dallas. Two of the properties are located within the city limits, and the other three are located in the nearby suburbs of Mesquite and Garland. The portfolio comprises a mix of single- and multi-tenant buildings ranging in size from 19,000 to 184,000 square feet. Stephen Bailey, Dustin Volz, Dom Espinosa, Zach Riebe and Pauli Kerr of JLL represented CanTex Capital in the deal. The buyer was not disclosed. At the time of sale, the portfolio was fully leased to tenants such as ADCO Industries and ProLift Rigging Co.

January 16, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 234-Unit Self-Storage Facility in Pleasanton, Texas

by Taylor Williams January 16, 2023

PLEASANTON, TEXAS — Marcus & Millichap has brokered the sale of Budget Self Storage, a 234-unit facility in Pleasanton, about 35 miles south of San Antonio. The facility was built in 1995 and totals 28,275 net rentable square feet of non-climate-controlled space. Jon Danklefs of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

January 16, 2023

Acquisitions Office Texas

Partners Arranges Sale-Leaseback of 158,976 SF Office Building in Houston

by Taylor Williams January 16, 2023

HOUSTON — Partners, the locally based investment and brokerage firm formerly known as NAI Partners, has arranged the sale-leaseback of Gemini Plaza, a 158,976-square-foot office building in Houston. Gemini Plaza is situated adjacent to the NASA Johnson Space Center on the city’s southeast side. Cary Latham, Wyatt Huff and Dan Boyles represented the seller, Universal Weather & Aviation LLC, in the transaction. Noah Kruger of Savills represented the buyer, JMK5 Holdings.

January 16, 2023

Acquisitions Office Texas

Colliers Negotiates Sale of 73,019 SF Office Building in Houston

by Taylor Williams January 16, 2023

HOUSTON — Colliers has arranged the sale of a 73,019-square-foot office building located at 550 Greens Parkway in the Greenspoint area of Houston. According to real estate auction house Ten-X, the property was built on 4.6 acres in 1999 and was 36 percent leased at the time of sale. David Carter of Colliers represented the seller, Montco Lots, in the transaction. The name and representative of the buyer were not disclosed.

January 16, 2023

Leasing Activity Office Texas

Corgan Signs 17,265 SF Office Lease Expansion at The Luminary in Dallas

by Taylor Williams January 16, 2023

DALLAS — Architecture firm Corgan has signed a 17,265-square-foot office lease expansion at The Luminary in Dallas. The 169,000-square-foot building is located at the nexus of the company’s Harwood District, the downtown area, the arts district and the Victory Park mixed-use development. Greg Briggs and Randy Cooper of Stream Realty Partners represented Corgan, which now occupies 98,264 square feet at The Luminary, in the lease negotiations. Kelly Whaley and Hannah Mesh internally represented the landlord, Harwood International.

January 16, 2023

Development Multifamily Texas

LV Collective to Develop 48-Story Multifamily Tower in Austin’s Rainey Street District

by Taylor Williams January 13, 2023

AUSTIN, TEXAS — Locally based developer LV Collective will construct a 48-story multifamily tower in Austin’s Rainey Street District that will be known as Paseo. Paseo will offer 557 units in one-, two- and three-bedroom formats, with residential amenities across multiple floors and several food-and-beverage concepts on the ground floor. Approximately 20 percent of the residences will be reserved as affordable housing. JE Dunn Construction is the general contractor for the project, and Pappageorge Haymes Partners is the architect. UMB Bank is providing construction financing. Construction is scheduled to begin in the first quarter and to be complete in late 2025.

January 13, 2023

Acquisitions Office Texas

CDC Houston Acquires Two Office Buildings Totaling 476,300 SF in North Houston

by Taylor Williams January 13, 2023

HOUSTON — CDC Houston, a division of Coventry Development Corp., has acquired 100 percent interests in two office buildings totaling 476,300 square feet in North Houston that the company developed in a joint venture with Patrinely Group and USAA Real Estate. Built in 2019, City Place 1 totals 149,500 square feet and is leased to tenants such as Arroyo Energy Investors and Focus Optical. Completed in 2018, City Place 2 spans 326,800 square feet and serves as the headquarters of the American Bureau of Shipping. The firm acquired the assets in conjunction with a purchase of majority stakes in two Marriott-branded hotels that are located within the City Place master-planned development.

January 13, 2023

Acquisitions Industrial Texas

Marcus & Millichap Negotiates Sale of 440-Unit Self-Storage Facility in Denton

by Taylor Williams January 13, 2023

DENTON, TEXAS — Marcus & Millichap has negotiated the sale of Stuff Hotel, a 440-unit self-storage facility located in the North Texas city of Denton. The property was built in 1985 and spans 56,310 square feet of net rentable of space. Brandon Karr, Danny Cunningham and Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Danklefs also procured the buyer, another limited liability company. Both parties requested anonymity.

January 13, 2023

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