Texas

Mill Creek Breaks Ground on 341-Unit Modera Washington Multifamily Project in Houston

by Taylor Williams August 12, 2020

HOUSTON — Mill Creek Residential has broken ground on Modera Washington, a 341-unit multifamily project that will be located at 2520 Washington Ave. adjacent to Houston’s Old Sixth Ward Historic District. Modera Washington will feature studio, one- and two-bedroom units with 10-foot ceilings, stainless steel appliances and quartz countertops. Amenities will include a rooftop deck, pool, outdoor grilling areas, a game room, fitness center, private office space and a golf simulator. The first units are expected to be available for occupancy in late 2021.

August 12, 2020

Acquisitions Office Retail Texas

Vista Acquires Two Office, Retail Properties Totaling 30,061 SF Near Houston

by Taylor Williams August 12, 2020

CLEAR LAKE, TEXAS — Vista Cos., a Houston-based development and management firm, has acquired two office and retail properties totaling 30,061 square feet in the Clear Lake area, located on the city’s southeast side. The assets had a combined occupancy rate of 95 percent at the time of sale. James Bell of Marcus & Millichap represented the seller, Visionary Investors Ltd., in the transaction. Frost Bank provided acquisition financing.

August 12, 2020

Market Reports Multifamily Texas Texas Market Reports

Texas Lenders Express Optimism for Second Half

by Taylor Williams August 12, 2020

By Taylor Williams Decreased acquisition activity across virtually all asset classes is among the most visible impacts that COVID-19 has had on commercial real estate, but capital markets professionals say there’s reason to believe deal volume will rebound sharply toward the end of the year. According to data from Real Capital Analytics (RCA), the total sales volume of commercial properties in the country was approximately $44.7 billion during the second quarter. This figure represents a staggering year-over-year decrease of 68 percent and the lowest quarterly total in more than a decade. In terms of income streams, some asset classes are faring much better than others. Social distancing mandates and stay-at-home orders, while disastrous for retail and hotel properties, have elevated demand for e-commerce, as well as manufacturing of essential goods and services. The latter trend ensures that for many industrial owners, rent collection is not a major concern. But current and future economic uncertainty are causing investors across the board to pause new acquisitions. “We saw a significant decline in demand for acquisition financing when the pandemic began,” says Jeff Erxleben, executive vice president and regional managing director of NorthMarq’s Dallas office. “There were major unknown factors coming in all …

August 12, 2020

Industrial Leasing Activity Texas

Package, Shipping Materials Provider Uline Signs 1.1 MSF Industrial Lease in Irving

by Taylor Williams August 11, 2020

IRVING, TEXAS — Uline, a provider of packaging and shipping materials for warehouse workers, has signed a 1.1 million-square-foot industrial lease at 2600 Rental Car Drive in Irving. The Wisconsin-based company will lease the entirety of Building 1 within Passport Industrial Park, a 2 million-square-foot development by Trammell Crow Co. and its joint venture partner CBRE Global Investors. Uline plans to take occupancy of the cross-dock distribution center in May 2021. Development of the park, which comprises four buildings situated on 130 acres, began in December 2018.

August 11, 2020

Development Industrial Texas

Aerospace User Bell Textron Unveils Plans for New 140,000 SF Manufacturing Facility in Fort Worth

by Taylor Williams August 11, 2020

FORT WORTH, TEXAS — Aerospace manufacturer Bell Textron Inc. (NYSE: TXT) has unveiled plans for its new 140,000-square-foot manufacturing technology facility in Fort Worth. According to the Dallas Business Journal, the property will be located at the northeast corner of Interstates 820 and 35, just a few miles from the company’s Fort Worth corporate headquarters. Bell Textron will use the facility to test and refine new technologies and systems for the Future Vertical Lift aircraft that will be used by the U.S. Army. Bell Textron, a division of Rhode Island-based conglomerate Textron Inc., has had a manufacturing presence in North Texas since 1951.

August 11, 2020

Development Office Texas

Triten Real Estate Completes Renovation of 90,000 SF Office Building in Metro Dallas

by Taylor Williams August 11, 2020

ADDISON, TEXAS — Triten Real Estate Partners has completed the renovation of a 90,000-square-foot office building located at the corner of the Dallas North Tollway and Belt Line Road in the northern Dallas suburb of Addison. The six-story building was previously known as Tollway Place and has been rebranded as The Commons. As part of the $4 million project, the development team upgraded the building’s common areas and office suites and signed restaurant Velvet Taco to lease a street-level retail space with outdoor seating. CBRE is handling leasing of the repositioned property.

August 11, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of 144-Site Mobile Home, RV Park in Kingsville, Texas

by Taylor Williams August 11, 2020

KINGSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Oasis Mobile Home & RV Park, a 144-site property in Kingsville, located outside Corpus Christi in South Texas. The community consists of 69 mobile home lot rentals, 31 park-owned home rentals and 44 RV lot rentals. Robert Denninger and Brad Dorsey of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company. Both parties requested anonymity.

August 11, 2020

Industrial Leasing Activity Texas

Finial Group Negotiates 19,800 SF Industrial Lease in Houston

by Taylor Williams August 11, 2020

HOUSTON — Locally based brokerage firm Finial Group has negotiated a 19,800-square-foot lease at 1646 Rankin Road in Houston. The space is located within Central Green Business Park, a 331,000-square-foot development near George Bush International Airport. Doc Perrier and Jason Gibbons of Finial Group represented the tenant, Rubicon Ventures LLC, in the lease negotiations. Jeremy Lumbreras of Stream Realty Partners represented the landlord.

August 11, 2020

Acquisitions Industrial Texas Top Stories

VEREIT, Ocean West Purchase Distribution Center in Dallas for $246.7M

by John Nelson August 11, 2020

DALLAS — VEREIT Inc. and Ocean West Capital Partners LLC have teamed up to acquire a 2.3 million-square-foot industrial facility in Dallas. The newly built property is located at 9314 W. Jefferson Blvd. and is fully leased to The Home Depot. NorthPoint Development sold the build-to-suit property to the buyers for $246.7 million. The Missouri-based developer is staying on as a joint venture partner. There are 20 years remaining on the lease with The Home Depot. “The property’s logistically desirable location along with the tenant’s creditworthiness and the established long-term lease make this a strong investment for the growing partnership,” says Thomas Roberts, VEREIT’s executive vice president and chief investment officer. The property, known as Dallas Global Industrial Center, offers access to Interstate 30, Texas Highway 161, Loop 12, Interstate 20 and Interstate 35E. The park also has a direct spur from the main Union Pacific Rail Service line. The acquisition is the latest in VEREIT’s (NYSE: VER) partnership with Korea Investment & Securities Co. Ltd., a global financial services firm based in Korea that Ocean West advises, as well as Tiger Alternative Investors Ltd. To date, the VEREIT-led partnership has bought seven Class A, single-tenant industrial properties totaling $653.7 …

August 11, 2020

Development Healthcare Texas

E.E. Reed Breaks Ground on 122,000 SF Healthcare Project in Houston

by Taylor Williams August 10, 2020

HOUSTON — Locally based general contractor E.E. Reed Construction has broken ground on the Woman’s Hospital medical office building, a 122,000-square-foot healthcare property located within Houston’s Medical Center. Earl Swensson Associates designed the five-story project, which is expected to be complete in late 2021. Healthpeak Properties, a healthcare and seniors housing REIT based in Irvine, Calif., is the developer.

August 10, 2020

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