SAN ANTONIO — CBRE has arranged an undisclosed amount of acquisition financing for Network Crossing, a 143,831-square-foot office complex in northwest San Antonio. Network Crossing consists of five buildings that were 85 percent leased at the time of the loan closing. Brock Hudson and Beau Brehm of CBRE arranged the five-year, fixed-rate loan on behalf of the borrower, Houston-based investment firm Fuller Interests. The direct lender was not disclosed.
GRAND PRAIRIE, TEXAS — SkyWalker Property Partners has sold Brookhollow Riverside, a 119,121-square-foot office building in the central metroplex city of Grand Prairie. Tom Strohbehn and Scott Farber of Younger Partners represented the seller in the transaction. Houston-based Silver Creek Realty Advisors purchased the building for an undisclosed price via a 1031 exchange. SkyWalker Property Partners originally purchased the building, which was 90 percent leased at the time of sale, in 2006.
THE WOODLANDS, TEXAS — Dallas-based Kobalt Investment Co. has acquired Creekside Park Village Green, a 74,670-square-foot shopping center in The Woodlands, about 30 miles north of Houston. Built in 2014, the center was 88 percent leased at the time of sale to tenants such as Fielding’s Local, Crust Pizza, Levure Bakery & Patisserie, Club Pilates and Cyclebar. The seller and sales price were not disclosed.
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 …
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 …
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.
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.
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.
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.
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.
