HOUSTON — PCS Software Inc., a Houston-based software management firm that serves the transportation and logistics industries, has signed a 25,772-square-foot office lease at the 35-acre CityWest campus in Houston. J.P. Hutcheson represented the landlord, Parkway, in the lease negotiations on an internal basis. Jay Kyle and Bob Parsley of Colliers International represented the tenant.
HOUSTON — NAI Partners has negotiated a 7,613-square-foot retail lease for Sally Beauty Holdings Inc. at Cypress Landing Shopping Center, located at 3040 FM 1960 E. in North Houston. According to LoopNet Inc., the property was built on 29.1 acres in 1980. Patrick Keegan and Jason Gaines of NAI Partners represented the landlord in the lease negotiations. The representative of the tenant was not disclosed.
SUGAR LAND, TEXAS — Marcus & Millichap has brokered the sale of a 1,875-square-foot retail property in the southwestern Houston suburb of Sugar Land that is net-leased to Starbucks Coffee. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, an out-of-state private investor, in the transaction. The duo also procured the locally based buyer. Both parties requested anonymity.
By Darlene Sullivan, Popp Hutcheson PLLC As if a global economic contraction and an unfolding recession across the United States were not enough, many commercial real estate owners across Texas have seen their taxable property values increase this year. While many of these owners are calling for property tax relief to offset the financial burden they are suffering due to stay-at-home orders and business closures triggered by the COVID-19 pandemic, they may be unsure of potential remedies to pursue or arguments to make. Given that the date of valuation is Jan. 1, 2020, property owners searching for relief are limited as to the information that appraisal districts will consider for this tax year. Potentially limited relief in 2020 does not mean taxpayers lack options, however. There are three key strategies that commercial property owners need to implement in 2020 if they want to maximize reductions in taxable value for this and future years. 1. Consider filing a 2020 appeal — even if the taxable value did not increase from the prior year. The state was already shutting down nonessential activities as appraisal districts were preparing to mail out their 2020 Notices of Appraised Value. Most appraisal districts delayed the mailings …
HOUSTON —Midway has launched a commercial leasing and advisory services division. The Houston-based developer has hired Lacee Jacobs to run the new branch of the company, which will focus on creating strategic leasing initiatives for the company’s portfolio of mixed-use properties. Jacobs began her career at Midway and has since worked at CBRE, EDGE Realty and Waterman Steele. Midway is the developer behind mixed-use projects in Houston such as CityCentre and Buffalo Heights.
SUGAR LAND, TEXAS — Gardner Capital has completed construction of Gala at Four Corners, a 93-unit active adult community in the southwestern Houston suburb of Sugar Land. Gardner Capital developed Provision at Gala at Four Corners with the city of Sugar Land, partnering with RBC Capital Markets and the Fort Bend Housing Finance Corp. GCRE Construction was the general contractor for the project. Houston-based Allied Orion Group will manage the community.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Legacy Apartments, a 130-unit multifamily community in San Antonio. The property was built in 1974 and features one- and two-bedroom units. Bryce Smith of TMG represented the seller, DJE Texas Management Group, in the transaction, and procured the undisclosed buyer. The sales price was not disclosed.
TULSA, OKLA. — Jared Jones, the Argus Self Storage Advisor for Oklahoma, has brokered the sale of South Park Mini Storage, a self-storage facility in Tulsa that spans 29,857 net rentable square feet across roughly 500 units. The original developer sold the property to a private buyer that will implement a value-add program.
PLANO, TEXAS — Lee & Associates has negotiated a 21,255-square-foot industrial lease at 1701 Summit Ave. in Plano. According to LoopNet Inc., the property was built in 1986 and spans 63,706 square feet. Brett Lewis and George Tanghongs of Lee & Associates represented the landlord, Boston-based Cabot Properties, in the lease negotiations. Jimmy Pham of Concept Commercial Realty represented the tenant, AB Moving.
IRVING, TEXAS — Michaels, a chain retailer that sells art supplies, hobby accessories and home décor goods, will relocate its office headquarters to a 123,740-square-foot space at Royal Ridge III in Irving. Michaels, which has operated out of Irving since 2002, will occupy the entirety of the Class A building. John Brownlee and Michael Williams of JLL represented the landlord, Accesso, in the lease negotiations. Jamie Jennings of Stream Realty Partners and Damian Rivera of ESRP represented Michaels. A timeline for the relocation was not disclosed.