HOUSTON — Self-storage investment brokerage firm Bellomy & Co. has negotiated the sale of Houston Mini Storage, a 240-unit facility located at 12841 S. Main St. on the city’s southwest side. The property features 31,490 net rentable square feet and was 84 percent occupied at the time of sale. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the locally based buyer in the transaction. Taucha Hogue of Newmark Knight Frank represented the seller.
ROCKWALL, TEXAS — Wellington Realty has brokered the sale of Ridge Road Towne Center, a 54,250-square-foot neighborhood shopping center in Rockwall, a northeastern suburb of Dallas. The property was built in 2005 and was 74 percent leased at the time of sale. David Shaffer, Caleb Jones, Curtis Sung, Tammy Shaffer and Brandon Johnson of Wellington Realty represented the seller in the transaction. Additional terms of sale were not disclosed.
PLANO, TEXAS — NRG Energy, a nuclear electric power generation firm based in Houston and Princeton, New Jersey, has signed a 24,555-square-foot office lease renewal at Parkway Center III in the northern Dallas suburb of Plano. The 153,314-square-foot, Class A building offers a deli, conference centers and two structured garages. Kim Lyon and Scott Hobbs of Cushman & Wakefield represented NRG Energy in the lease negotiations. Matt Weiser of Stream Realty Partners represented the landlord.
IRVING, TEXAS — 7-Eleven Inc. has donated 1 million masks to the Federal Emergency Management Agency (FEMA) to be distributed among healthcare workers and patients who are battling COVID-19. The Irving-based convenience store giant has provided all franchisees with masks to be used by employees in their stores, which remain open as essential services. The chain operates approximately 11,800 stores in North America and more than 70,000 worldwide. 7-Eleven is also offering free delivery services for all products through its 7NOW app until April 30.
DALLAS — Dallas-based luxury retailer Neiman Marcus will furlough the majority of its 14,000 employees as it endures another month of store closures, according to reports from multiple news outlets including Reuters, Bloomberg and The Dallas Morning News. Neiman Marcus CEO Geoffroy van Raemdonck made the announcement on Monday, also noting that he would be forgoing a salary during closures, and that employees not impacted by the furloughs would take pay cuts. Neiman Marcus initially announced that it was closing all its stores, including Bergdorf Goodman and Last Call, on March 17, which has since been extended to April 30.
CONROE, TEXAS — Houston-based developer Gordon Partners is nearing completion of its expansion of Waterpoint Center, a lifestyle center that fronts Lake Conroe, about 40 miles north of Houston. The project will add roughly 40,000 square feet of retail, restaurant and office space, as well as 60 new boat slips. Restaurants that have signed new leases at the property include Akashi Asian Bistro and Kenz Mediterranean. Several office users, Gary Greene Realtors and Optimus Med Spa have also signed leases. Construction is scheduled to be complete in August.
FORT WORTH, TEXAS — Vending Concepts LLC, which sells commercial vending machines and private label coffee, has purchased a 29,500-square-foot industrial property in east Fort Worth for its new headquarters and distribution center. The two-building property was developed on two acres in 1960. Christopher Fleeger and David Jimenez of Morrow Hill represented the seller, Graco Supply Co., in the transaction. Bradford Commercial Real Estate Services represented the buyer.
KARNES CITY, TEXAS — Marcus & Millichap has arranged the sale of the 69-room La Quinta Inn & Suites by Wyndham Karnes City-Kenedy, about 75 miles southeast of San Antonio. The property, which had a list price of $5.4 million, offers a pool, business center and complimentary breakfast. Andrew Frosch, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a private investor, in the transaction. The trio, along with Joseph Manuel of Marcus & Millichap, also procured the Texas-based buyer. Both parties requested anonymity.
The growth of large distribution facilities for e-commerce users and third-party logistics providers (3PLs) symbolizes the evolution of Houston’s industrial market. Consequently, developers are leaping into action to secure well-located infill sites that are squarely in the pathways of natural population growth, the rise of new industries and infrastructural upgrades. According to data from office and industrial brokerage firm Lee & Associates, there was roughly 18 million square feet of distribution space under construction throughout the Houston area at the end of 2019. This figure represents a 20 percent increase above the previous high of 15 million square feet in 2015, the approximate time at which the price of oil — the longtime foundation of Houston’s economy — began to tumble. The sheer size and number of these projects has catapulted Houston into the No. 3 spot nationally for industrial product under construction behind Dallas-Fort Worth (DFW) and California’s Inland Empire, according to the latest data from CoStar Group. CoStar notes that there is roughly 27 million square feet of industrial space across all sub-types of industrial product under construction throughout Houston. The market also took the bronze medal for new deliveries in 2019. Older, smaller industrial properties that were …
DALLAS — The State of Texas, the Texas Military Department (TMD) and the U.S. Army Corps of Engineers (USACE) have identified the Kay Bailey Hutchison Convention Center in Dallas as a makeshift healthcare facility to treat patients suffering from COVID-19, Texas Gov. Greg Abbott announced on Sunday. The convention center, located downtown, will be the first site to be equipped with additional healthcare equipment and facilities. Local ABC affiliate WFAA reports that 250 beds will be set up with the capacity to expand to 1,400 beds if needed. In his statement, Abbott also stated that the number of hospital beds for COVID-19 patients in Texas has doubled over the past week, and announced a mandatory 14-day quarantine for anyone traveling into Texas from any part of Louisiana. According to its website, the Kay Bailey Hutchison Convention Center features 1 million square feet of exhibit space, three ballrooms, 88 meeting rooms, a 1,750-seat theater and a 9,816-seat arena.
