Texas

Institutional Capital Doubles Down on San Antonio Industrial Market

by Taylor Williams June 25, 2019

For many years, San Antonio’s industrial sector was considered, at best, a lower-tiered secondary market for investment of institutional capital. But over the last 18 to 24 months, this market has seen a major increase in the amount of institutional funds competing for placement. According to the latest research from JLL, during the last 24 months, institutional buyers have acquired approximately 11 million square feet of industrial real estate in San Antonio. This investment activity translates to more than $700 million in value, inclusive of entity-level transactions. These figures represent nearly a 200 percent increase in the annual volume of sales in San Antonio compared to the previous 24-month period. The investor pool runs the gamut in terms of where buyers are headquartered. Property owners are fielding demand from institutional capital sources located all over the country, including international capital sources, as investors continue to chase better yield within the red-hot sector that is industrial. Supply of high-quality product has struggled to keep pace with the growth of institutional demand, mainly because the influx of capital has been so strong in such a short period of time. But the market is still seeing steady growth in the development and absorption …

June 25, 2019

Development Texas

NAIOP: Texas Led Nation in Economic Impact From Commercial Development in 2018

by Taylor Williams June 24, 2019

HERNDON, VA. — Commercial real estate development in Texas contributed $62.2 million in value to the state’s economy in 2018, the highest total among the 50 states, based on data tracked by Virginia-based NAIOP’s annual Economic Impacts in Commercial Real Estate report. Commercial development in Texas also created and supported approximately 401,000 jobs, also good for the top spot in the country. In addition, Texas ranked No. 1 in terms of economic value created through retail development, as well as in development of warehouse/flex projects, which includes logistics and distribution facilities. NAIOP is an organization that provides statistical data, trend-based research and legislative representation for the commercial real estate industry.

June 24, 2019

Development Industrial Texas

Hines to Develop 577,000 SF Industrial Park in Northeast San Antonio

by Taylor Williams June 24, 2019

SAN ANTONIO — Hines will develop Corner Ridge Crossing, a 577,000-square-foot industrial park that will be situated on 45 acres in northeast San Antonio. Located about a mile from Interstate 10, the development will consist of two rear-load buildings totaling 198,000 square feet, one 127,000-square-foot front-load building and one 252,000-square-foot cross dock building. Building characteristics will include 28- to 32-foot clear heights, ample car and trailer parking and two points of ingress/egress. The groundbreaking is scheduled for July, and the first spaces are expected to be available for occupancy in the first quarter of 2020. JLL will handle leasing of the new spaces, which will be able to accommodate users ranging in size from 19,000 to 252,000 square feet.

June 24, 2019

Development Industrial Texas

M2G Ventures Buys Land in Fort Worth for 630,000 SF Industrial Project

by Taylor Williams June 24, 2019

FORT WORTH, TEXAS — Local investment firm M2G Ventures has purchased 55 acres in Fort Worth’s Alliance Corridor for the development of a 630,000-square-foot industrial project. The property will be situated on approximately 41 acres, with the remaining land to be reserved for future development. Construction is expected to begin during the first quarter of 2020 and to be complete by 2021. Stream Realty Partners will manage the property upon completion.

June 24, 2019

Acquisitions Retail Texas

Williamsburg Enterprises Breaks Ground on 60,000 SF Retail Project in Greater Houston

by Taylor Williams June 24, 2019

MISSOURI CITY, TEXAS — Houston-based Williamsburg Enterprises has broken ground on the latest phase of Sienna Crossing, a project in the southwestern Houston suburb of Missouri City that will deliver 60,000 square feet of retail space. Williamsburg acquired the 35-acre tract in 2014, and the property now houses retailers such as Academy Sports + Outdoors, IHOP and Chick-fil-A. This phase of the project, which is expected to be complete in the first quarter of 2020, is preleased to retailers such as 24-Hour Fitness and Spec’s Wine, Spirits & Finer Foods.

June 24, 2019

Acquisitions Hospitality Texas

Banyan Acquires 110-Room Marriott-Branded Hotel in Metro Houston

by Taylor Williams June 24, 2019

PEARLAND, TEXAS — Hospitality owner-operator Banyan Investment Group has acquired the 110-room Courtyard by Marriott Houston Pearland, located on the city’s southwestern outskirts. Banyan will assume operations of the property, which is situated within Pearland Town Center, a mixed-use development with 140 retail stores and restaurants, a 234-unit apartment complex and 50,000 square feet of office space. The hotel’s rooms were renovated in 2016 and its amenities include a fitness center, pool, coffee shop and meeting space for up to 60 people.

June 24, 2019

Acquisitions Office Texas

GlenStar, Singerman Buy 1.1 MSF Office Campus in Metro Fort Worth

by Taylor Williams June 21, 2019

WESTLAKE, TEXAS — A partnership between two Chicago-based investment firms, GlenStar and Singerman Real Estate, has acquired The Terraces at Solana, a 1.1 million-square-foot office campus located in Westlake, a northern suburb of Fort Worth. The sale includes a 20-acre parcel for additional office development, as well as the Solana Fitness Club. The new ownership will either add or upgrade various amenities at the eight-building property, including the conference center, café, a tenant-only fitness center, outdoor lounge and patio and a flexible entertainment space. JLL will handle leasing of the campus, and GlenStar will handle management. The seller and sales price were not disclosed.

June 21, 2019

Acquisitions Multifamily Texas

IPA Arranges Sale of Two New Multifamily Assets Totaling 588 Units in Mansfield, Texas

by Taylor Williams June 21, 2019

MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of two multifamily communities totaling 588 units in the Fort Worth suburb of Mansfield. Villaggio was completed in 2016 and totals 274 units, and Main Street Lofts was built in 2018 and comprises 314 units. Steadfast Cos. purchased Villaggio from Carleton Residential Properties and M.R. Development Corp., and Virginia-based Weinstein Properties acquired Main Street Lofts from The NRP Group. Both communities feature standard Class A amenities such as pools and fitness centers. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA represented the sellers and procured the buyers in both transactions.

June 21, 2019

Acquisitions Retail Texas

Pillar Capital Sells Retail Power Center in Abilene for $20.1M

by Taylor Williams June 21, 2019

ABILENE, TEXAS — Arizona-based private investment firm Pillar Capital Group has sold The Shops at Abilene Village, a 145,000-square-foot retail power center in West Texas, for $20.1 million. Anchored by Academy Sports + Outdoors, the center also houses tenants such as Burlington, Petco, Party City and Five Below. Brandon Duff and Tom Fritz of Oklahoma-based net-lease brokerage firm Stan Johnson Co. represented the seller in the transaction. Texas-based Nooner Holdings Ltd. acquired the Abilene asset, which has a traffic count of more than 104,000 vehicles per day, via a 1031 exchange.

June 21, 2019

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 30,041 SF Industrial Lease Renewal in Dallas

by Taylor Williams June 21, 2019

DALLAS — Holt Lunsford Commercial has negotiated a 30,041-square-foot industrial lease renewal at 4949 Sharp St. in Dallas. Canon Shoults of Holt Lunsford represented the landlord, TA Associates, in the lease negotiations. The representative of the tenant, Music & Arts Center, was not disclosed.

June 21, 2019

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