THE WOODLANDS, TEXAS — NAI Partners has negotiated a 25,288-square-foot life sciences lease for biotechnology firm Lexicon Pharmaceuticals at 2445 Technology Forest Blvd. in The Woodlands, about 30 miles north of Houston. Dan Boyles and Jon Silberman of NAI Partners represented the tenant in the lease negotiations. The duo also recently arranged the sale of Lexicon Pharmaceuticals’ former headquarters building in The Woodlands.
IRVING, TEXAS — American Honda Finance Corp., the leasing and financing solutions arm of the Japanese automaker, has signed a 23,142-square-foot office lease expansion at the 500,000-square-foot Royal Ridge complex in Irving. Timothy Vaughan of CBRE represented the tenant in the lease negotiations. John Brownlee and Michael Williams of JLL represented the landlord, Florida-based Accesso. Honda’s total footprint at Royal Ridge now encompasses nearly 100,000 square feet.
JERICHO, N.Y. AND HOUSTON — Kimco Realty Corp. (NYSE: KIM) has announced plans to acquire fellow retail REIT Weingarten Realty Investors (NYSE: WRI) for roughly $3.9 billion. The combined company is expected to have a pro forma equity market capitalization of $12 billion and a pro forma total enterprise value of $20.5 billion. The merger will create a national operating portfolio of 559 open-air, grocery-anchored shopping centers — one of the darlings of commercial real estate during the COVID-19 pandemic — and mixed-use assets comprising 100 million square feet of gross leasable area. In its reasoning for the acquisition, Kimco cited enhanced asset diversification and quality; expanded geographic reach in high-growth, first-ring suburbs of core markets; greater tenant diversity; a more compelling value creation pipeline; operational savings and corporate synergies; earnings accretion and NOI growth opportunities; and an increase in the company’s financial strength and flexibility. “We believe this transaction is a win-win for shareholders of both companies, who will benefit from the upside potential associated with owning the preeminent open-air, grocery-anchored shopping center and mixed-use real estate REIT in the U.S.,” says Conor Flynn, Kimco’s CEO. “This combination reflects our conviction in the grocery-anchored shopping center category, which has …
AUSTIN, TEXAS — Developer Brookwood Properties LLC has completed a 1,500-unit self-storage facility at 4500 S. Congress Ave. in Austin. Buffalo, N.Y.-based LifeStorage is managing and operating the three-story, Class A facility, which spans approximately 146,500 net rentable square feet. Kansas-based Kaufman Design served as the project architect, and Louisiana-based Rosehill Construction served as the general contractor. The facility is Brookwood’s fifth in the Austin area and 11th in Texas.
MCKINNEY, TEXAS — Locally based investment firm Tabani Group Inc. has acquired McKinney Marketplace, a 118,967-square-foot shopping center located on the northeastern outskirts of Dallas. Built on 15.8 acres in 2000, McKinney Marketplace was 96 percent leased at the time of sale to tenants such as Kohl’s, Dollar Tree, Cato and Wendy’s. Chris Gerard, Adam Howells, Barry Brown, Ryan Shore, Greyson Fewin and Pauli Kerr of JLL represented the undisclosed institutional seller in the transaction.
DENTON, TEXAS — National Asset Services (NAS), a Los Angeles-based investment management and brokerage firm, has arranged the sale of Cooper Glen Apartments, a 240-unit multifamily community located in the North Texas city of Denton. Built in 1996, the property offers one-, two- and three-bedroom units and amenities such as a pool and a fitness center. The buyer and seller were not disclosed. Cooper Glen Apartments was approximately 90 percent occupied at the time of sale.
FORT WORTH, TEXAS — Flannery Trim, a manufacturer of aluminum and drywall products for residential and commercial buildings, has signed a 39,405-square-foot industrial lease in Fort Worth. The tenant will relocate its corporate headquarters from California to the 87,640-square-foot Building A within Carter Industrial Park. Nick Talley of Bradford Commercial Real Estate Services represented Flannery Trim in its site selection and lease negotiations. Scott Moore, Bob Scully and Brice Wells of CBRE represented the undisclosed landlord.
HOUSTON — NAI Partners has brokered the sale of a 30,000-square-foot industrial building located at 9342 Telge Road in northwest Houston. The building is located within Aberdeen Business Park and is leased to aquatic engineering firm Oceaneering International Inc. Travis Land of NAI Partners represented the buyer, United Equities, in the transaction. Jason English of Colliers International represented the undisclosed seller.
By Sean Sorrell, senior managing director, JLL Last year, San Antonio’s multifamily sector was one of the only markets nationally in which the 2020 absorption exceeded that of previous years. Moreover, the city’s development pipeline was already contracting after 2019, so additional supply reductions in 2020 and 2021 due to COVID-19 should result in rebounding occupancy across the metro. The market is maintaining balance in terms of supply and demand and is poised to elevate its national prominence. The San Antonio multifamily market ‘s overall inventory is approaching 185,000 units, having grown by roughly 8 percent over the last two years. Ongoing supply growth has marginally outpaced demand, but even in the face of COVID-19, the overall market is approximately 92 percent occupied. JLL’s research shows that nationally, more than 6 percent of apartment renters have vacated their units since April 2020, either moving back in within parents or “coupling up” with roommates. San Antonio experienced very little of this effect, with an occupancy loss of less than 1 percent due to this temporary phenomenon. These displaced renters are likely to re-enter the apartment market in the near term, and, with ongoing in-migration, we anticipate the San Antonio market should …
IRVING, TEXAS — New York City-based Ready Capital has closed a $43.2 million loan for the acquisition, renovation and stabilization of a 416-unit multifamily property in Irving. The undisclosed sponsor plans to implement a capital improvement program to upgrade unit interiors and enhance curb appeal. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and a flexible prepayment schedule. The names of the property and seller were not disclosed.
