Texas

Granite Properties Buys Office Complex in Houston’s Energy Corridor for $78.4M

by Taylor Williams February 1, 2019

HOUSTON — Plano, Texas-based investment firm Granite Properties has purchased Eldridge Place, a three-building, 824,632-square-foot office complex in Houston’s Energy Corridor area, for $78.4 million. Granite Properties will invest $20.6 million in capital improvements to the lobbies, mechanical systems and amenity spaces, which include a conference center, fitness center and a café. Jeff Hollinden and Marty Hogan of HFF represented seller, TIER REIT Inc. (NYSE: TIER), in the transaction. Scott Martin and Paul Bennett represented Granite Properties internally.

February 1, 2019

Retail Texas

Houston Area to Add 2.5 MSF of New Shopping Center Space in 2019, Says Wulfe & Co.

by Taylor Williams February 1, 2019

HOUSTON — Wulfe & Co., a Houston-based full-service firm specializing in retail properties, has released its annual retail survey stating that approximately 2.5 million square feet of new shopping center space will open in the Houston area in 2019. The survey noted that average annual deliveries over the last decade were roughly 2.7 million square feet, and that overall retail occupancy should remain around 95 percent this year. The report also notes that according to the Greater Houston Partnership, the city added more than 111,000 new jobs in 2018 and is currently sitting at 3.9 percent unemployment.

February 1, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 587-Unit Self-Storage Facility in Texarkana, Texas

by Taylor Williams February 1, 2019

TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of Payless Storage Inc., a 587-unit facility located at 927 N. Robison Road in Texarkana, located near the Arkansas border. Situated on 15 acres, the property spans two buildings offering 87,600 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap’s Karr Self Storage team represented the seller, a locally based limited liability company, and procured the buyer, a New York City-based private investor. Both parties requested anonymity.

February 1, 2019

Acquisitions Mixed-Use Texas

Stream Realty Partners Acquires 194,332 SF Mixed-Use Building in Dallas

by Taylor Williams February 1, 2019

DALLAS — Stream Realty Partners has acquired The Quadrangle, a 194,332-square-foot mixed-use building in Uptown Dallas. Originally built on four acres in 1966, the eight-story property features office and retail space and is located within walking distance of more than 75 restaurants and 55,000 multifamily units in various stages of development. HFF represented the seller, American Realty Advisors, in the transaction. HFF also represented Stream in securing acquisition financing. The sales price was not disclosed.

February 1, 2019

Courtyard-Marriott-Riverwalk-San-Antonio

Hospitality Loans Texas

NKF Arranges $27.8M Loan for Refinancing of Marriott-Branded Hotel in San Antonio

by Taylor Williams February 1, 2019

SAN ANTONIO — Newmark Knight Frank (NKF) has arranged a $27.8 million loan for the refinancing of Courtyard Marriott Riverwalk, a 220-room hotel in San Antonio. The 17-story hotel opened in 2009 and is located within walking distance of San Antonio River Walk, The Alamo, Rivercenter Mall and numerous other dining and shopping options. Amenities include a Starbucks, meeting space, pool, fitness center and a business center. Ben Greazel of NKF’s placed the 10-year loan through New York-based Benefit Street Partners on behalf of the borrower, Finvarb Group, which completed a renovation of the property in 2018.

February 1, 2019

Market Reports Multifamily Texas Texas Market Reports

Survey: Multifamily Metrics Will Cool in 2019

by Taylor Williams February 1, 2019

Multifamily properties have produced strong returns for commercial developers and investors over the past few years. But the apartment supply wave appears to have crested, suggesting 2019 will bring a slower pace of rent growth. Consequently, pricing levels should come down, cap rates should creep upward and returns on investment should cool. According to a report from commercial real estate research firm Yardi Matrix, America’s multifamily market experienced 3.1 percent annual rent growth for the 12-month period ending November 2018, the latest data available at the time of this writing. The report also featured 2019 rent growth projections for America’s 30 largest multifamily markets, 19 of which are expected to see their paces of rent growth either decline or remain the same this year. Brokers who participated in Texas Real Estate Business’ annual forecast survey indicated that investment activity for multifamily assets in Texas should be more modest in 2019. This group ranked multifamily second among property types likely to experience a high velocity of sales in 2019, suggesting the new year could see more properties brought to market in anticipation of future elevation of cap rates. Numerical Context Most recently, the story on multifamily in Texas has been demand, …

February 1, 2019

Acquisitions Data Centers Industrial Office Texas

ESRP Arranges Sale-Leaseback of 1 MSF Office, Data Center Campus in Plano

by Taylor Williams January 31, 2019

PLANO, TEXAS — Metro Dallas-based brokerage firm ESRP has arranged the sale-leaseback of a 1 million-square-foot office and data center campus in Plano, a northeastern suburb of Dallas. The seller/tenant is NTT Data, a Japanese data systems integration company, and the buyer was an undisclosed, San Francisco-based private equity firm. The property includes two data centers and leasable office space and has the capacity for future data center development. Steve Jarvie, Darren Woodson, Karra Guess and Damian Rivera of ESRP represented the seller in he transaction. Paul Moser and Rob Kennedy of Stream Data Centers represented the buyer.

January 31, 2019

Acquisitions Industrial Self-Storage Texas

SkyView Brokers Sale of 513-Unit Self-Storage Facility in Oklahoma City

by Taylor Williams January 31, 2019

OKLAHOMA CITY — Tampa, Fla.-based self-storage brokerage firm SkyView Advisors has brokered the sale of a 513-unit Extra Space Storage facility in Oklahoma City. The property features 110 climate-controlled units and 403 non-climate-controlled units across 78,295 square feet. Ryan Clark of SkyView represented the seller in the transaction. The buyer and other terms of sale were not disclosed.

January 31, 2019

Acquisitions Multifamily Texas

Varden Capital Sells 223-Unit Apartment Community in West Houston

by Taylor Williams January 31, 2019

HOUSTON — Varden Capital Properties, an Atlanta-based firm specializing in value-add acquisitions, has sold Gracie Square, a 223-unit apartment community in west Houston. The property, which was sold as part of a larger disposition of 18 multifamily assets across the southern U.S., features one-, two-, three- and four-bedroom units. Amenities include two pools, a fitness center, outdoor grilling areas and a dog park. The buyer was The Walden Group, a New Jersey-based investment firm. Tyler Averitt and Craig Hey of Cushman & Wakefield brokered the sale.

January 31, 2019

Acquisitions Retail Texas

First Washington Acquires Sprouts-Anchored Retail Center in Dallas

by Taylor Williams January 31, 2019

DALLAS — Maryland-based investment firm First Washington Realty Trust has acquired The Shops at Lake Highlands Town Center, a 63,209-square-foot retail center in Dallas. Anchored by Sprouts Farmers Market, the property is situated within the Lake Highlands Town Center mixed-use development on the city’s northeastern side. The seller was not disclosed.

January 31, 2019

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