WESTLAKE, TEXAS — Wells Fargo Bank has signed an 88,520-square-foot office lease renewal at Plaza @ Solana, located at 1301 Solana Blvd. in Westlake, a northern suburb of Fort Worth. Trey Smith, John Fancher and Christy Thelen of Cushman & Wakefield represented the landlord, Harbert Management Corp., in the lease negotiations. Ken Page and Alan Harrington of Transwestern represented Wells Fargo.
PLANO, TEXAS —A partnership between Paragon Development and Worldwide Commercial has acquired a 57,000-square-foot office building located at 5501 Independence Parkway in Plano, a northeastern suburb of Dallas. The property includes both traditional office and medical office space. Chris Castillo, Erin Leibfarth and Jerad Rector of Worldwide Commercial represented the buyer in the transaction.
Despite the rise of the gig economy, the explosion of coworking concepts and the move toward greater density among office-using companies, America’s office market is maintaining steady growth and balance, thanks to the exceptional job growth of this cycle. According to Costar Group, the national office vacancy rate currently stands at a 9.8 percent. Developers delivered approximately 59.3 million square feet of new product over the last 12 months. National net absorption of 56.6 million square feet during that period suggests that the market is quite close to equilibrium. According to the most current available data from the Bureau of Labor Statistics (BLS) at the time of this writing, between December 2018 and January 2019, American nonfarm payrolls added about 525,000 new jobs. The BLS reported substantially lower job growth in February, with just 20,000 new positions added. However, most economists expect that figure to be revised upward as the effects of Mother Nature and the government shutdown wear off. While office properties only capture a portion of that activity, job growth expectations are still the main criteria by which office market health is evaluated. By that logic, the office markets of Texas’ four largest cities should all post strong …
AUSTIN, TEXAS — HFF has arranged the sale of Westlake Place, a 61,740-square-foot office building in southwest Austin. Renovated in 2015, the property is situated on 2.5 acres at 1515 S. Capital of Texas Highway and was 92 percent leased at the time of sale. Cathy Nabours, Walter Saad and Drew Fuller of HFF marketed the property on behalf of the seller, Maryland-based Moore & Associates Inc., and procured the buyer, Oakpoint Real Estate, an investment firm with offices in Nashville and Austin. Chris McColpin of HFF arranged an undisclosed amount of acquisition financing through Lincoln Financial Group for the deal. That loan carried a 10-year term and a fixed interest rate.
DALLAS — Local developer Northfield Development LLC will build The Drake at White Rock, an 85-unit residential project that will be located in the Lakewood area of Dallas. The property will comprise seven stories and 257,000 square feet. Amenities will include a pool, fitness center, bike and personal storage spaces and concierge services. Moss is serving as the construction manager, and GDA Architects LLC is designing the project. Construction, the contract for which is valued at $28.5 million, is slated to begin this month and wrap up in late 2020.
HOUSTON — New York City-based Axiom Capital Management has acquired a 60,000-square-foot office building located at 13111 Westheimer Road in Houston. Comerica Bank serves as the major tenant at the four-story, Class B property. Bill McGrath and Peter Wall of LandPark Advisors represented Axiom Capital Management, which will upgrade the building’s common areas, in the transaction. The seller was not disclosed.
PASADENA, TEXAS — Hobby Lobby will open a 47,768-square-foot store at Fairway Center, a retail property located at the intersection of Beltway 8 and Fairmont Parkway in Pasadena, an eastern suburb of Houston. Debbie Adams of EDGE Realty Partners represented the landlord in the lease negotiations. Scott Shillings of Riverway Retail represented Hobby Lobby.
MISSOURI CITY, TEXAS — Marcus & Millichap has brokered the sale of Knights Court, a 40,882-square-foot retail property in Missouri City, a southwestern suburb of Houston. James Bell and Watt Harrison of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity.
HOUSTON — Colliers International has brokered the sale of Center One, a 218,312-square-foot office building located at 9800 Centre Parkway in Houston. Built in 1983, the Class A property is located just south of Chinatown on the city’s southwest side, affording it proximity to Beltway 8 and Westpark Tollway. David Carter of Colliers represented the undisclosed seller in the transaction. Bill Oates of Captex Commercial Properties represented the buyer, Hrise LLC. The sale included a 3.5-acre surface parking lot located across the street.
BURLESON, TEXAS — Venture Commercial has negotiated the sale of McAlister Square, a 169,378-square-foot shopping center located at 12700 South Freeway in Burleson, a southern suburb of Fort Worth. Anchored by Academy Sports + Outdoors, the property’s tenant roster includes national retailers like FedEx Office, Verizon Wireless and Firehouse Subs. Jonathan Cooper, John Zikos and Don Miller of Venture Commercial represented the seller in the transaction. Kevin McIntosh of KMAC Group Inc. represented the buyer. Both parties requested anonymity.