FRIENDSWOOD, TEXAS — Locally based firm Tannos Development Group has completed construction of a 106,000-square-foot office and healthcare building in Friendswood, a southeastern suburb of Houston. The four-story building is located at 1715 S. Friendswood Drive and had a total price tag of $23 million. University of Texas Medical Branch (UTMB) has leased the entire fourth floor of the building to house its primary and specialty care practices. The building also houses an onsite pharmacy and an expanded imaging suite that includes two radiology rooms and ultrasound capabilities.
OKLAHOMA CITY — Trader Joe’s has signed a 16,975-square-foot retail lease in northwest Oklahoma City for its first grocery store in the state capital and fourth in the state. The space is located within the 155,000-square-foot Rockwell-Northwest Shopping Center, and Trader Joe’s will join Hobby Lobby and Burlington as the center’s anchor tenants. Tom Blanton with Blanton Property Co. represented the California-based grocer in the lease negotiations. Elise Lopez and Jim Martin internally represented the landlord, JAH Realty. A tentative opening date has not yet been determined.
CONROE, TEXAS — Georgia-based developer Landmark Properties has completed a 190-unit build-to-rent residential project in Conroe, about 40 miles north of Houston. The 23.5-acre development represents Phase I of The Everstead at Conroe. The community offers 56 two-bedroom and 134 three-bedroom ranch homes and townhomes that are furnished with granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a pool, dog park, playground, pickleball and bocce ball courts, as well as 567 parking spaces and a 2,817-square-foot clubhouse with a fitness center. Landmark co-developed the project with Open House Group Co. Rents start at roughly $1,580 per month for a two-bedroom home.
HOUSTON — Locally based owner-operator Whitestone REIT (NYSE: WSR) has begun the redevelopment of Lion Square, a 117,592-square-foot shopping center in southwest Houston. Designed by Michael Hsu Office of Architecture, the project will upgrade the center’s design with traditional Chinese and Vietnamese architectural influences in reference to the location in Houston’s Asiatown District. In addition, the development team plans to transform the center into a cultural hub with greenery, irrigation systems, security and lighting enhancements and a focus on improving the center’s walkability. Completion is slated for early next year.
HOUSTON — JLL has negotiated a 50,498-square-foot office lease at Westgate II in Houston’s Energy Corridor area. The tenant is McDermott, a provider of engineering and construction services for the energy industry. The space features 162 workstations, 66 offices, two breakrooms, 10 conference rooms, a wellness room, coffee coves and collaboration spaces. Tyler Garrett and Christian Canion of JLL represented the undisclosed landlord in the lease negotiations. Steve Hesse, also with JLL, represented McDermott.
LEANDER, TEXAS — Marcus & Millichap has brokered the sale of The Shops at Leander, a 37,233-square-foot retail center located on the northern outskirts of Austin. The center comprises four buildings on a 3.2-acre site that are home to tenants such as DaVita, Domino’s Pizza and Bahama Buck’s. Coleman Solomon and Philip Levy of Marcus & Millichap represented the seller, The Kalantari Group, in the transaction and procured the buyer, an Alabama-based investor.
GRAND PRAIRIE, TEXAS — One World Energy LLC, a provider of renewable power solutions, has signed a 10,146-square-foot lease at Carrier Place, an industrial flex building located in the central metroplex city of Grand Prairie. According to LoopNet Inc., the building was completed in 1984 and totals 84,431 square feet. Jim Ferris of Bradford Commercial Real Estate Services represented the tenant in the lease negotiations. Walker Floyd and Maddy Coffman of Holt Lunsford Commercial represented the landlord.
By Enrique Volkmer, associate at Lee & Associates Laredo, Texas, has emerged as one of the largest ports in the world by volume and crossings, driven by its robust infrastructure and strategic location. According to 2023 data from the U.S. Census Bureau, the Port of Laredo was responsible for handling an aggregate amount of product valued at about $320 billion, the most in the country by that metric. In addition, a 2024 article from Transport Topics, citing data from the Laredo Economic Development Corp., stated that the Port of Laredo sees more than 5.5 million truck crossings per year. The article also noted that the port is home to 660 trucking and transportation companies, 250 freight forwarders and 120 U.S. Customs brokers. Recent analysis of freight costs conducted by LoadWise 3PL and OL Logistics found that shipping product from Laredo to several major destinations, including Detroit, Atlanta, Indianapolis and Pittsburgh, actually yields savings compared to shipping from Houston to those cities, all other factors being held equal. The same study revealed a cost advantage when shipping westward from Laredo instead of Dallas to select markets such as Los Angeles, Denver, Seattle, Salt Lake City and San Francisco. Freight is often …
Content PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesMidwestMultifamilyNortheastOfficeRetailSoutheastTexasUncategorizedWestern
Lee & Associates: Tariffs Add to Q1 Industrial Challenges; All Sectors See Constrained Development
The end of the first quarter of 2025 saw market uncertainty in the face of new U.S. trade and tariff policies combined with an unclear geopolitical outlook, according to Lee & Associates’ 2025 Q1 North America Market Report. The effect of these concerns within the commercial real estate world are most evident in the industrial sector, which is also contending with oversupply and softening rent growth. Development is slow across property types. Retail, despite high-profile store closures in early 2025, remains historically tight on space as years of underbuilding keep availabilities near record lows. Office demand has stabilized in several major metros following years of contraction, though vacancy remains elevated. The pipeline of new construction is both drying up and favoring new types of tenants beyond traditional office spaces. Multifamily is seeing strong tenant demand in certain markets despite a flood of new deliveries. Lee & Associates has made their full market report available here (click through for detailed breakdowns and city-by-city information). The information below for the industrial, office, retail and multifamily sectors offers clarity on market-wide demand, rent growth trends and challenges likely to shape trajectories throughout 2025. Industrial Overview: Soft Markets Face Tariff Disruptions North America’s industrial markets …
ARLINGTON, TEXAS — Dallas-based investment firm Westmount Realty Capital has sold a 164-unit apartment complex in Arlington. Built on 7.4 acres in 1980, Westmount at Forest Oaks is a garden-style property that offers one- and two-bedroom units with an average size of 736 square feet. Amenities include a pool, playground and a fitness center. Westmount bought the property in 2016 and undertook renovations. William Hubbard, Michael Ware, Taylor Hill, Drew Kile and Joey Tumminello of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented Westmount in the transaction. The team also procured the undisclosed buyer, which plans to further implement capital improvements.