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Leasing ActivityLife SciencesOfficeTexas

Rice Management Co. Signs New Tenants to Leases at Houston’s Ion District

by Taylor Williams

HOUSTON — Rice Management Co., the entity that acts as steward of Rice University’s endowment, has signed new tenants to leases totaling roughly 35,000 square feet at The Ion District, a 12-block office, life sciences and innovation hub in Houston. Among the new tenants are carbon capture company Carbon Clean, Norwegian software developer Cognite and medical equipment manufacturer Motif Neurotech. These tenants join Houston-based private equity firm Ara Partners and coworking concept Common Desk. Savills represented ownership in all lease negotiations. Construction of new lab space is also now underway at The Ion District.

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IndustrialLeasing ActivityTexas

Partners Real Estate Arranges 52,622 SF Office Sublease in Northwest Houston

by Taylor Williams

HOUSTON — Partners Real Estate has arranged a 52,622-square-foot office sublease at Remington Square, an office park in northwest Houston. Dan Boyles of Partners represented the sublessee, Patterson-UTI Energy Inc., which provides drilling and pressure pumping services, in the lease negotiations. Jon Williams and Kevin Saxe of CBRE represented the sublessor, Acclara Solutions, a provider of medical billing services. Locally based developer Caldwell Cos. owns Remington Square.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 23,250 SF Industrial Lease in Dallas

by Taylor Williams

DALLAS — Lee & Associates has negotiated a 23,250-square-foot industrial lease in the Lake Highlands area of Dallas. According to LoopNet Inc., the property at 11025-11035 Switzer Road was built on 4.4 acres in 1981 and features 22-foot clear heights, 13 exterior dock doors and 98 parking spaces. Brett Lewis and Ken Wesson of Lee & Associates represented the landlord, Link Industrial Properties, in the lease negotiations. Andrew Johnson of Colliers represented the tenant, Logisticorp Wholesale Trade.

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RetailTexasTop Stories

Tuesday Morning Going Out of Business, Closing All Stores

by Kristin Harlow

DALLAS — Dallas-based discount home goods retailer Tuesday Morning is going out of business and closing all of its stores. The company’s website lists a going-out-of-business sale where consumers can save up to 30 percent off all items. The retailer has about 200 stores remaining in 25 states. The news comes just one week after Bed Bath & Beyond’s announcement of its closure. Tuesday Morning struggled throughout the pandemic, filing for Chapter 11 bankruptcy protection in May 2020. At that time, the retailer shuttered about 230 of its 687 stores. Notably, the company does not have an e-commerce platform. Earlier this year, Tuesday Morning attempted to reorganize its finances and secured $12.5 million debtor-in-possession financing from Gordon Brothers. The financing was intended to reduce outstanding liabilities and continue transforming operations through the bankruptcy process. In late December 2022, the retailer voluntarily delisted from the Nasdaq capital market. At that time, the company’s stock price had plummeted to $1.54 per share. Tuesday Morning opened its first store in 1974. The retailer sells home textiles, home furnishings, housewares, food, toys and seasonal decor at prices generally below those found in boutique, specialty stores, department stores, catalogs and online retailers. — Kristin Harlow

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Frontera-Logistics-Supersite
DevelopmentIndustrialTexas

Koontz Corp. to Develop 188-Acre Industrial Project in San Antonio

by Taylor Williams

SAN ANTONIO — Locally based developer Koontz Corp. will build Frontera Logistics Supersite, a 188-acre industrial project that will be located on the south side of San Antonio. Plans currently call for up to 2.8 million square feet of manufacturing and warehouse space across eight buildings with parking for 3,350 cars and 812 trailers. Carl Olson of Olson Properties represented the undisclosed sellers in the disposition of the land, which is an assemblage of 11 parcels. Koontz Corp. was self-represented in that transaction. Beaty Palmer Architects is designing the project, and Partners Real Estate has been appointed as the marketing and leasing agent. A construction timeline has not yet been finalized.

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Castlewinds-Apartments-North-Richland-Hills
LoansMultifamilyTexas

Colliers Mortgage Provides Fannie Mae Acquisition Loan for Metro Fort Worth Apartments

by Taylor Williams

NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a Fannie Mae acquisition loan of an undisclosed amount for Castlewinds Apartments, a 156-unit multifamily complex located in the Fort Worth suburb of North Richland Hills. The property offers amenities such as a pool, fitness center and onsite laundry facilities. Fritz Waldvogel of Colliers Mortgage originated the five-year loan on behalf of the borrower, an entity doing business as Haven NRH Inc.

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AcquisitionsIndustrialTexas

Partners Real Estate Arranges Sale of 60,680 SF Industrial Property in Pasadena, Texas

by Taylor Williams

PASADENA, TEXAS — Locally based brokerage firm Partners Real Estate has arranged the sale of a 60,680-square-foot industrial property in the eastern Houston suburb of Pasadena. The multi-tenant facility sits on a 10.6-acre site at 3321-3411 Westside Drive. According to LoopNet Inc., the building rises two stories, was constructed in 1973 and has four drive-in doors. Clay Pritchett and Zane Carman of Partners represented the buyer, Grace Heritage Properties, in the transaction. The seller was also not disclosed.

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IndustrialLeasing ActivityTexas

Finial Group Negotiates 29,105 SF Industrial Lease Renewal Near San Antonio

by Taylor Williams

ELMENDORF, TEXAS — Houston-based brokerage firm Finial Group has negotiated a 29,105-square-foot industrial lease renewal in Elmendorf, a southeastern suburb of San Antonio. According to LoopNet Inc., the property at 19940 I-27 S was built on 2.2 acres in 2013 and features 16- to 20-foot clear heights. Finial Group owns the building, and internal agents David Durham and Patrick Rubsamen negotiated the deal. Brian Schaffer of Realty Austin represented the tenant, Midwest Hose & Specialty, which serves the energy sector.

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Leasing ActivityOfficeTexas

Paceline Equity Signs 12,465 SF Office Lease in Uptown Dallas

by Taylor Williams

DALLAS — Dallas-based Paceline Equity Partners has signed a 12,465-square-foot lease at The Offices at Turtle Creek Village in the Oak Lawn area of Dallas. The 18-story, 229,868-square-foot building was originally constructed in 1973 and offers a conference room and a tenant lounge. Travis Boothe and Zach Bean of Cushman & Wakefield represented the tenant in the lease negotiations. Tommy Nelson and Alexandra Cullins of CBRE represented the landlord, Los Angeles-based CIM Group, which acquired the building in 2017.

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Alexander Kovacs Retail
Content PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates’ First-Quarter 2023 Sector-by-Sector Analysis Indicates Market-Wide Cooling

by Sarah Daniels

High interest rates and economic uncertainty in the first quarter of this year contributed to lower absorption and declining rent growth in industrial, retail and multifamily sectors across the country, with some regional exceptions, according to Lee & Associates’ 2023 Q1 North America Market Report. Meanwhile office continues to struggle. The sector experienced its third-largest quarterly contraction since the beginning of the pandemic, as work-from-home preferences decoupled office occupancy from job growth numbers. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside trends, economic background and exceptions within each sector. Industrial Overview: Sharp Decline Hits First-Quarter U.S. Demand There was a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsider their inventory levels out of caution over the economic outlook. Net absorption in the first quarter totaled 39.4 million square feet, a 57 percent drop from the record set a year ago. The overall U.S. vacancy rate settled at 4.4 percent, an increase of 40 basis points from the close of 2022, comfortably …

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