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AcquisitionsIndustrialOfficeTexasTop Stories

Howard Hughes Corp. Acquires Two Office Campuses in Metro Houston for $565M

by Alex Tostado

HOUSTON AND THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has acquired Century Park in Houston and The Woodlands Towers at The Waterway in The Woodlands, a master-planned municipality just north of Houston. HHC paid $565 million for the 2.8 million-square-foot office/industrial portfolio, nearly all of which is Class A office space. Century Park is a 17-building, 1.3 million-square-foot office park in Houston’s Energy Corridor. The Woodlands Towers at The Waterway is a three-building campus that includes two office buildings totaling 1.4 million square feet and a 125,000-square-foot warehouse. The purchase also includes 9.3 acres of developable land adjacent to The Woodlands Towers at The Waterway. The seller of the portfolio, Occidental Petroleum Corp. (NYSE: OXY), will fully lease back the 32-story, 808,000-square-foot office building and warehouse at the Woodlands property. The tower was built in 2002. Both leases are for 13 years. HHC announced in October that it would relocate its corporate headquarters from Dallas to The Woodlands Towers at The Waterway, where it will occupy the 595,000-sqaure-foot building at 9950 Woodloch Forest Drive, which was built in 2014. The 31-story building features a rooftop garden, fitness center, basketball court and conference rooms. The Woodlands is a …

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IndustrialMarket ReportsTexasTexas Market Reports

Pricing for Industrial Assets in Dallas Increases 20 Percent in 12 Months

by Taylor Williams

Pricing for industrial distribution and warehouse properties has climbed in many U.S. markets over the past 12 months as investors have continued to focus on markets tied to large population centers and their connections to logistics and e-commerce spaces. According to an Avison Young Industrial Investment Review, prices in the Dallas-Fort Worth (DFW) market rose the most out of the major industrial markets reviewed, increasing 20 percent to $85 per square foot. Prices for DFW industrial assets rose more than those in New York/Northern New Jersey (15.9 percent to $167), Miami (14.8 percent to $140), Los Angeles (11.6 percent to $168), and California’s Inland Empire (7.5 percent to $123). The review analyzed data from Real Capital Analytics (RCA) from the fourth quarter of 2018 to the third quarter of 2019. Strong population growth in North Texas has generated demand for a wide range of industrial assets, including e-commerce, and has propelled DFW into the spotlight for global investors. The market benefits from solid infrastructure, with four major intermodal terminals and the massive DFW International Airport helping position it as one of the nation’s largest inland ports. The DFW industrial market is also supported by strong job growth, construction activity, absorption …

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Market ReportsOfficeTexasTexas Market Reports

Dallas, Fort Worth Office Markets See Strong Growth in Professional Services

by Taylor Williams

The Dallas office market has changed drastically over the past 10 years. Though Far North Dallas has gotten its fair share of notoriety during this time (and justifiably so), the fundamentals of North Texas as a great place for business are sparking growth and activity across the market for established companies and those looking to relocate. Consider Las Colinas, which over the last few years has seen several major headquarter relocations, including large healthcare providers that have expanded or consolidated their regional workforces in this area.  Currently, Dallas has 5.3 million square feet of Class A office product under construction, 2 million of which is in Las Colinas. In fact, since 2009, Las Colinas has added over 54,000 employees. That’s equivalent to a full Boeing 737 landing in Las Colinas every day for a year, unloading its passengers and everyone staying. Even with this remarkable influx of new jobs and our growing population, the competition for talent in Dallas remains fierce. Jason Savings, an economist with the Federal Reserve Bank of Dallas, recently noted that we’re in the midst of a historically tight labor market, the likes of which haven’t been seen since 1969. The Irving–Las Colinas submarket leads the …

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AcquisitionsMultifamilyTexas

Tradewind Properties Buys 270-Unit Apartment Community in Corpus Christi

by Taylor Williams

CORPUS CHRISTI, TEXAS — Tradewind Properties has acquired Camden South Bay, a 270-unit apartment community in Corpus Christi. Built in 2007, the property offers one-, two- and three-bedroom layouts ranging in size from 642 to 1,500 square feet. Amenities include a 24-hour fitness center with a children’s play area, gaming lounge with billiards, pool and outdoor kitchen, business center, sand volleyball court and a dog park. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Fund South Bay, in the transaction. Cutt Ableson of Berkadia arranged floating-rate acquisition financing through Freddie Mac on behalf of Tradewind.

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DevelopmentHospitalityOklahomaTexas

Plains Management to Develop 120-Room Ellison Hotel in Oklahoma City

by Taylor Williams

OKLAHOMA CITY — Locally based firm Plains Management Group will develop a 120-room hotel in Oklahoma City’s Nichols Hills neighborhood that will be named after the city’s literary icon Ralph Ellison. Set to open in 2021, the Ellison hotel will feature a rooftop pool and bar and 7,000 square feet of meeting space. Washington Prime Group sold the land on which the hotel will be developed.

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DevelopmentMultifamilySeniors HousingTexas

Architectural Firm Three Completes Design of Seniors Housing Expansion Project in Dallas

by Taylor Williams

DALLAS — Locally based architecture firm “three” has designed an expansion project at Presbyterian Village North, a seniors housing community in Dallas that is owned and operated by Presbyterian Communities and Services. The project will add 112 independent living units and a 30,000-square-foot commons building at the core of the campus. The project is expected to be complete by 2021.

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AcquisitionsOfficeTexas

Greystone Negotiates Sale of 53,861 SF Office Building in Dallas

by Taylor Williams

DALLAS — Greystone has negotiated the sale of a 53,861-square-foot office building located at 17440 N. Dallas Parkway on the city’s north side. According to LoopNet Inc., the Class B property was built in 1983. Jeff Burgfechtel and Todd Franks of Greystone represented the seller and advised the buyer in the transaction.

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AcquisitionsRetailTexas

Marcus & Millichap Arranges Sale of 6,907 SF Witt Crossing Retail Center in Frisco

by Taylor Williams

FRISCO, TEXAS — Marcus & Millichap has arranged the sale of Witt Crossing, a 6,907-square-foot retail strip center located in the northern Dallas suburb of Frisco. The asset was fully occupied at the time of sale. Bill Jordan of Marcus & Millichap represented the seller/developer in the transaction. Additional terms of sale were not disclosed.

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AcquisitionsIndustrialTexas

Sealy & Co. Acquires 1.6 MSF Industrial Portfolio in Dallas

by Taylor Williams

DALLAS — Locally based investment firm Sealy & Co. has acquired a portfolio of 19 light industrial buildings totaling 1.6 million square feet in Dallas. The portfolio was 97 percent leased at the time of sale. Randy Baird of CBRE worked with Scott Sealy Jr., Jason Gandy and Tom Herter of Sealy & Co. to broker the deal, the seller in which was not disclosed. The acquisition is the largest in company history and follows Sealy’s $908 million disposition of a 16.3 million-square-foot industrial portfolio earlier this month.

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DevelopmentMultifamilyOklahomaTexas

Hines to Develop 325-Unit Apartment Community in Oklahoma City’s Nichols Hills District

by Taylor Williams

OKLAHOMA CITY — Hines will develop The Residences at Classen Curve, a 325-unit apartment community that will be located in the Nichols Hills submarket of Oklahoma City. Designed by Dwell Design Studio, the project will be situated adjacent to a retail center that houses a Whole Foods Market and Trader Joe’s. Units will average roughly 900 square feet and amenities will include a pool, fitness center, coworking lounge, package facilities, courtyards and a resident clubroom. Construction is slated to begin in 2020, and the first units are expected to be available for occupancy in late 2021.

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