Texas

BancFirst Completes Renovation of 507,038 SF Office Building in Oklahoma City

by Taylor Williams January 30, 2024

OKLAHOMA CITY — BancFirst has completed the renovation of its namesake tower in downtown Oklahoma City. Located at 1000 N. Broadway, BancFirst Tower is a 36-story, 507,038-square-foot building that was originally constructed in 1971. Renovations included modernizing the exterior public plaza and amenity spaces, including the lobby and underground concourse. Bockus Payne served as the architect of the project, which began in 2020. Other project partners included Wallace Engineering, Alvine Engineering and Smith Roberts Baldischwiler.

January 30, 2024

Acquisitions Retail Texas

Cohen & Steers, Sterling Acquire 206,962 SF Shopping Center in Dallas

by Taylor Williams January 30, 2024

DALLAS — A joint venture between Cohen & Steers Income Opportunities REIT and Sterling Organization has acquired a 206,926-square-foot shopping center in Dallas. The property is part of Marketplace at Highland Village, a 451,000-square-foot development that also houses a corporately owned Walmart Supercenter. The acquired portion of the property was built in 2006 was 93 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, LA Fitness, DSW and Petco. Chris Gerard, Barry Brown and Erin Lazarus of JLL represented the undisclosed seller in the transaction.

January 30, 2024

Acquisitions Industrial Texas

Partners Real Estate Brokers Sale of 107,560 SF Industrial Facility in Weslaco, Texas

by Taylor Williams January 30, 2024

WESLACO, TEXAS — Partners Real Estate has brokered the sale of a 107,560-square-foot industrial facility that sits on a 21-acre site in the Rio Grande Valley city of Weslaco. According to LoopNet Inc., the single-tenant property at 2300 Vo Tech Drive was built in 1985 and features 16-foot clear heights and 15 dock-high doors. Gustavo Torres of Partners represented the seller, the estate of Daniel E. Arnold, in the transaction. The buyer and sales price were not disclosed.

January 30, 2024

Leasing Activity Office Texas

The Cannon to Open 21,960 SF Coworking Space in Houston’s Memorial City District

by Taylor Williams January 30, 2024

HOUSTON — Coworking and flexible workspace provider The Cannon will open a 21,960-square-foot space in Houston’s 265-acre Memorial City District. The space will span a full floor within Two Memorial City Plaza, which is part MetroNational’s three-building complex that recently received $30 million in capital improvements. Slated to open this spring, the space will feature 38 private offices and will be able to support more than 60 members.

January 30, 2024

Development Industrial Texas Top Stories

Jackson-Shaw to Develop 1.8 MSF Industrial Park in Metro Dallas

by John Nelson January 30, 2024

ROWLETT, TEXAS — Jackson-Shaw, a national real estate development firm based in North Texas, plans to develop Lakeview Business District, an industrial park in the Dallas-Fort Worth metroplex city of Rowlett. The development will feature seven buildings spanning more than 1.8 million square feet at full build-out. Jackson-Shaw plans to develop Lakeview Business District in two phases. Situated near I-30 in Rowlett’s North Shore area, the park will span 165 acres along President George Bush Turnpike, with one phase situated at the Merritt Road intersection and the other at Liberty Grove Road. “Lakeview is a prime location in the middle of the nation’s fastest-growing counties and adjacent to the Garland labor pool,” says Miles Terry, vice president of development at Jackson-Shaw. “Combined with strong market fundamentals and a need for product in this area, Lakeview is poised to become a major economic hub.” Phase I will consist of five buildings totaling more than 1 million square feet of Class A industrial space, with a mix of front- and rear-load facilities, as well as cross-docks. The facilities will feature oversized glass entries and ample car and truck parking. Building sizes will range from 88,000 to 417,000 square feet, and construction is set …

January 30, 2024

Acquisitions Content Partner Development Features Industrial Lee & Associates Loans Midwest Multifamily Northeast Office Retail Southeast Texas Western

Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates

by Sarah Daniels January 30, 2024

High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …

January 30, 2024

Development Multifamily Texas

Fein to Develop 326-Unit Multifamily Project in North Houston

by Taylor Williams January 29, 2024

HOUSTON — Locally based developer Fein will build Echo Lake, a 326-unit multifamily project that will be located at 2002 Spring Stuebner Road in North Houston. The site spans 21.4 acres within the CityPlace mixed-use development. Designed by Steinberg Dickey Collaborative, Echo Lake will offer one-, two- and three-bedroom units that will range in size from 556 to 1,824 square feet. Amenities will include a pool, fitness center, clubroom, outdoor grilling and dining stations and access to a 1.3-acre lake and surrounding walking trails. Fein purchased the land from CDC Houston, a subsidiary of Coventry Development Corp. and the master developer of CityPlace. Construction is scheduled to begin later this year.

January 29, 2024

Acquisitions Multifamily Texas

IPA Negotiates Sale of 276-Unit Apartment Community in Metro Dallas

by Taylor Williams January 29, 2024

MCKINNEY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cypress Apartments, a 276-unit multifamily community located in the northern Dallas suburb of McKinney. Built on 21 acres in 2007, Cypress Apartments primarily offers two- and three-bedroom units with an average size of 1,082 square feet and amenities such as a pool, outdoor kitchen, playground and business and car care centers. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello, Cameron Purse and Will Balthrope of IPA represented the seller, Rockport Equity, in the transaction and procured the buyer, Dallas-based Knightvest Capital.

January 29, 2024

Affordable Housing Development Multifamily Texas

FTK Construction Completes $12.4M Renovation of Affordable Housing Complex in North Houston

by Taylor Williams January 29, 2024

HOUSTON — FTK Construction Services has completed $12.4 million in renovations at The Park at Kirkstall, a 240-unit affordable housing complex in North Houston. Updates to the property included enhancements to flooring, appliances, countertops, doors and cabinet hardware, as well as bathroom and light fixtures. The property’s roofing and HVAC systems were also upgraded, and the project team added a new playground and grilling patio. Benton Design Group served as the project architect. Blue Ridge Atlantic owns the building, income restrictions within which were not disclosed.

January 29, 2024

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 426-Unit Self-Storage Portfolio in Kingfisher, Oklahoma

by Taylor Williams January 29, 2024

KINGFISHER, OKLA. — Marcus & Millichap has brokered the sale of the DRD Mini Storage Portfolio, which comprises two buildings totaling 426 units in Kingfisher, about 50 miles northwest of Oklahoma City. The buildings offer a combined 58,760 net rentable square feet of space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Nevada-based limited liability company, in the transaction. The duo also procured the buyer, a Delaware-based limited liability company. Both parties requested anonymity. Steve Greer of Marcus & Millichap assisted in closing the deal as the broker of record.

January 29, 2024

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