HOUSTON — NewQuest Properties has arranged the sale of Chimney Rock Bellaire Shopping Center, a 23,217-square-foot retail center in southwest Houston. The property was developed in phases in 1990 and 2012 and was 99 percent leased at the time of sale to tenants such as The Mays School, Green Restaurant and Speedy Cash. Kelley Workman of NewQuest represented the seller, F6 Properties, in the transaction. Tony Luk of LYT Realty Inc. represented the buyer, JCV Capital Inc.
HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of a 16,360-square-foot industrial building located at 2337 Minnis Drive in Haltom City, located northeast of downtown Fort Worth. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller, a private investor, and procured a limited liability company as the buyer. Both parties requested anonymity.
ARLINGTON, TEXAS — Houston-based Gordon Partners has completed the remodeling of Green Oaks Plaza, a 100,000-square-foot shopping center located at the junction of Interstate 20 and Little Road in Arlington. Movie Tavern and Sprouts Farmers Market anchor the property. Capital improvements included heightening the facades, replacing tenant signage, upgrading landscaping and adding two additional pylon signs. Gordon Partners acquired the asset in 2018 at 82 percent occupancy and has executed leases that will bring occupancy above 95 percent. The company also plans to develop a 2,300-square-foot outparcel building with a drive-thru that is expected to be complete in the fourth quarter.
SAN ANTONIO — The San Antonio office market closed the first quarter of 2020 with a 10.2 percent vacancy rate, up 50 basis points on a quarter-over-quarter basis and up 60 basis points on a year-over-year basis, according to a new report from NAI Partners. The firm tracks the performances of commercial real estate markets in Houston, Austin and San Antonio. The vacancy rate for Class A properties in San Antonio was 12 percent, compared to 10.2 percent for Class B assets. However, the majority of the market’s 209,000 square feet of negative net absorption in the first quarter came from Class B buildings. Average asking rents grew by about 4 percent between the first quarters of 2019 and 2020, and there is about 1.5 million square feet of office space under construction in the San Antonio metro area.
DALLAS — Elite Mattress LLC has inked a 40,485-square-foot industrial lease renewal at 5200 E. Grand Ave., located in eastern Dallas. Canon Shoults and Josh Barnes of Holt Lunsford Commercial represented the landlord, Holt Lunsford Commercial Investments, in the lease negotiations. The representative of the tenant was not disclosed.
FRISCO, TEXAS — Premier Health Solutions, a provider of administration and management services to the healthcare industry, has signed a 17,350-square-foot office lease at Hall Office Park in the northern Dallas suburb of Frisco. Clay Vaughn and Preston Lynn of CBRE represented the tenant in the lease negotiations. Brad Gibson and Kim Butler of Hall Financial represented the landlord on an internal basis. The 162-acre Hall Office Park features more than 2.5 million square feet of office space and amenities such as multiple restaurants and food trucks, a fitness center, bank branch, car care center, wine lounge and event room.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Shops at Fairmont, an 8,344-square-foot shopping center located in the eastern Houston suburb of Pasadena. The property was fully leased at the time of sale to tenants including The UPS Store and Domino’s Pizza. Justin Miller of Marcus & Millichap procured the Houston-based buyer in the transaction. Other terms of sale were not disclosed.
HOUSTON — Although vacancy ticked up slightly and asking rents fell marginally relative to the fourth quarter of 2019, Houston’s retail market emerged from the first quarter of 2020 with a high occupancy rate (94.6 percent), positive net absorption (400,000 square feet) and positive year-over-year rent growth (6.5 percent triple-net), according to a new report from Colliers International. The market also had 1.7 million square feet of new retail space under construction at the end of the first quarter, which the report cites as one of the lower quarterly figures for this cycle. However, negative impacts due to the COVID-19 outbreak will inevitably hit the market during the second and third quarters, the report projected. The Colliers research team found that Houston restaurants that have traditionally favored dine-in service have reported revenue declines as high as 90 percent in some cases. With many retailers not expected to reopen after the pandemic subsides, the report found that Houston’s vacancy rate could spike to 12 or higher by year’s end, putting downward pressure on rents.
PHOENIX — Sprouts Farmers Market has expanded its grocery pickup and delivery platform to 30 of its store in Texas as the Phoenix-based grocer faces heightened demand amid the COVID-19 outbreak. Customers may choose between same-day pickup and ordering several days in advance. Sprouts has partnered with Instacart to roll out its delivery service and plans to have it available at its 340 nationwide stores by early May. Sprouts currently operates about 45 stores in Texas, with two more slated to open in the coming months in Houston and Tyler.
COPPELL, TEXAS — CBRE has negotiated a 152,274-square-foot industrial lease renewal at 200 Northpoint Drive in Coppell, located near DFW International Airport. According to LoopNet Inc., the property was built in 2006 and totals 549,848 square feet. Brian Gilchrist and Tim Vogds of CBRE represented the tenant, HVAC manufacturing firm Hart & Cooley, in the lease negotiations. The name and representative of the landlord were not disclosed.
