Texas

New Year, New Entertainment

by Taylor Williams February 15, 2019

Entertainment concepts have long since adopted an “everything under one roof” approach that packages some combination of food, drink, movies, bowling, arcades and other games into a single destination. But competition in the space is growing, and owner-operators are facing mounting pressure to offer an ideal mix of activities that keeps people onsite longer and boosts return visits. What that combination is varies from market to market and even site to site. But without question, the breadth of games and activities offered at entertainment centers in Texas is expanding and evolving. What’s Hot, What’s Not Virtual reality (VR) shooting games and driving simulators, axe-throwing arenas and elevated food and beverage (F&B) components are among the key features that are driving traffic to entertainment centers and the retail properties that house them. Movie theaters and bowling alleys are evolving as well. According to Jeff Benson, CEO of Dallas-based Cinergy Entertainment Group, it’s very unlikely that new theaters in large and mid-sized markets will ever be built without certain features. “The movie business has changed a lot in 20 years, and I doubt you’ll ever see another theater built without a bar, recliner seats and dine-in options,” says Benson, who founded dine-in …

February 15, 2019

Development Office Texas

Stonelake Capital Breaks Ground on 210,000 SF Office Building in Houston

by Taylor Williams February 14, 2019

HOUSTON — Stonelake Capital Partners, a private equity firm with offices in Dallas, Houston and Austin, has broken ground on Park Place Tower, a 210,000-square-foot office building located at 4200 Westheimer Road in Houston. The 15-story property, which will include ground-floor retail space, represents the third phase of the Park Place | River Oaks development. The building is expected to be available for occupancy in spring 2020. Beck Architecture handled design for the project and Harvey Builders served as general contractor. Texas Capital Bank provided construction financing, and Colvill Office Properties is handling leasing of the office space.

February 14, 2019

Acquisitions Multifamily Texas

Keener Investments Acquires 150-Unit Multifamily Property in Metro Houston

by Taylor Williams February 14, 2019

CLEAR LAKE CITY, TEXAS — Houston-based Keener Investments has acquired Terrace Villas, a 150-unit multifamily property in Clear Lake City, about 25 miles southeast of Houston. The garden-style property features one-, two- and three-bedroom units averaging 831 square feet per residence. Amenities include a pool, business center, playground, clubhouse and a coffee bar. Keener will upgrade the property’s unit interiors and amenity spaces. The seller was not disclosed. Warren Hitchcock of NorthMarq Capital arranged a bridge loan of an unspecified amount for the acquisition through a life company on behalf of Keener Investments.

February 14, 2019

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 200,000 SF Industrial Lease Renewal in Fort Worth

by Taylor Williams February 14, 2019

FORT WORTH, TEXAS — Holt Lunsford Commercial has negotiated a 200,000-square-foot industrial lease renewal at 6401 Oak Grove Road in Fort Worth. Matt Carthey and Thomas Grafton of Holt Lunsford represented the landlord, TA Realty. Reid Bassinger of Lee & Associates represented the tenant, consumer goods distributor Core-Mark Midcontinent.

February 14, 2019

Acquisitions Office Texas

KBS Sells 98,750 SF Office Building in Plano’s Legacy District

by Taylor Williams February 14, 2019

PLANO, TEXAS — California-based private equity real estate firm KBS has sold Parkwood Place, a 98,750-square-foot office building located in the Legacy area of Plano, a northeastern suburb of Dallas. The two-story, Class A building, which offers a tenant lounge and a conference facility, was approximately 91 percent leased at the time of sale. Robert Hill, Gary Carr and John Alvarado of CBRE represented KBS in the sale. The buyer was not disclosed.

February 14, 2019

Industrial Leasing Activity Texas

NAI Partners Arranges Two Industrial Leases Totaling 54,480 SF in Houston

by Taylor Williams February 14, 2019

HOUSTON — NAI Partners has arranged two industrial leases totaling 54,480 square feet at Round Up Distribution Center in Houston. In the first transaction, U.S. Tsubaki Power Transmission, a provider of roller chains and sprockets, leased 26,400 square feet. In the second deal, LaForce Inc., a distributor of commercial doors, leased 28,080 square feet. Ryan Searle, Nick Peterson and John Ferruzzo of NAI Partners represented the landlord, Liberty Property Trust, in both lease negotiations.

February 14, 2019

Acquisitions Industrial Texas

TIG Acquires 1.2 MSF Industrial Complex in Fort Worth from DHL Supply Chain

by Taylor Williams February 13, 2019

FORT WORTH, TEXAS — On behalf of one of its separately managed accounts, Transwestern Investment Group (TIG) has acquired a 1.2 million-square-foot industrial complex in Fort Worth from DHL Supply Chain, a German logistics company. Built in 2018, the property features two cross-dock buildings totaling 705,955 square feet and 494,041 square feet, with 36-foot clear heights and access to Interstate 35 and State Highway 114. Dustin Volz of JLL represented the seller in the transaction. CBRE is providing leasing services. The sales price was not disclosed.

February 13, 2019

Acquisitions Industrial Texas

Hillwood Buys Newly Built, 350,171 SF Industrial Property in Austin

by Taylor Williams February 13, 2019

AUSTIN, TEXAS — Hillwood has acquired Southpark Commerce Center V, an industrial property in Austin that totals 350,171 square feet across three buildings. Southpark Commerce Center V is located near Interstate 35 and State Highway 71, and within four miles of downtown Austin and Austin-Bergstrom International Airport. Buildings feature rear-load designs, 24- to 28-foot clear heights and ESFR sprinkler systems. The property was 50 percent leased at the time of sale. Trent Agnew, Adam Herrin, John Taylor, Stephen Bailey and Dom Espinosa of HFF represented TDC in the sale.

February 13, 2019

Leasing Activity Office Texas

CBRE Negotiates 126,000 SF Office Lease Renewal in Downtown Houston for Energy Firm

by Taylor Williams February 13, 2019

HOUSTON — CBRE has negotiated a 126,000-square-foot office lease renewal at 717 Texas, a 697,195-square-foot property in downtown Houston, on behalf of Calpine, a provider of natural gas and geothermal resources. Calpine has been an anchor tenant at the 33-story building, which is owned and developed by Hines, since 2003. Lucian Bukowski of CBRE represented Calpine in the lease negotiations. Win Haggard of Colvill Office Properties represented Hines.

February 13, 2019

Loans Multifamily Texas

HFF Arranges Acquisition Financing for 306-Unit Apartment Community in San Antonio

by Taylor Williams February 13, 2019

SAN ANTONIO — HFF has arranged an undisclosed amount of financing for the acquisition of Legacy Heights, a 306-unit multifamily community in San Antonio. Built on 13.6 acres in 2009, the property offers one-, two- and three-bedroom units ranging in size from 610 to 1,400 square feet. Amenities include a pool, fitness center, clubhouse with a game room and outdoor grilling areas. Robert Wooten of HFF arranged the funds through Annaly Commercial Real Estate Group on behalf of the borrower, Regional Investment & Management. The asset was 95 percent occupied at the time of sale.

February 13, 2019

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