Texas

First Tenant Signs 22,761 Office SF Lease at Legacy Central Redevelopment in Plano

by Taylor Williams February 9, 2018

PLANO, TEXAS — Legacy Central, an office redevelopment located in the northern Dallas metro of Plano, has landed its first tenant. Roland Technology Group, an IT consulting firm, leased 22,761 square feet at the property, which features amenities such as nature trails, coffee kiosks, a rotation of food trucks, a fitness center and a 400-seat food hall. Kent Smith and Leslie Wood of NAI Robert Lynn represented Roland in the lease negotiations. Nathan Durham of Transwestern represented the landlord, Regent Properties.

February 9, 2018

Lee & Associates Brokers Sale of 20,864 SF Industrial Asset in Irving

by Taylor Williams February 9, 2018

IRVING, TEXAS — Lee & Associates has brokered the sale of a 20,864-square-foot industrial property located at 1624 W. Walnut Lane in Irving. Corbin Blount and Adam Graham of Lee & Associates represented the seller, communications firm Solaris Technologies. Trace Fielding and Greg Nelson of Paladin Partners represented the buyer, Mar-Lan Industries, a manufacturer of wire harness and electrical panels.

February 9, 2018

Market Reports Multifamily Texas Texas Market Reports

Austin’s Declining Homeownership Rate Bolsters Demand for Apartments

by Taylor Williams February 9, 2018

Since the Great Recession, a strong, steady pace of job creation has attracted thousands of new residents to the Texas capital. This growth has subsequently provided numerous job options for locals, pushing the area’s unemployment rate to 3 percent, one of the lowest in the country. Sinking unemployment, along with wages that have grown faster than the national rate, have spurred robust household formation trends over the last few years, benefiting the local housing market. Rents vs. Mortgages While the volume of apartment deliveries remains elevated compared to historical averages, favorable demographics and a shift in residents’ attitude toward homeownership keep demand for units strong. Rising home prices, especially within the city of Austin, have many residents looking to apartment living, as the concept of homeownership is fiscally out of reach. At the end of last year, the average effective rent of approximately $1,200 per month was $750 less than the monthly mortgage payment on a median-priced home, a disparity that has nearly doubled since 2012. As a result, the area’s homeownership rate has plummeted, clocking in at just over 50 percent in the third quarter of 2017, down from a high of 71 percent in 2006. As the renter …

February 9, 2018

Conference Coverage Features Office Texas Texas & Oklahoma Feature Archive

InterFace Panel: Time to Rethink How We Meet Demand for Office Space

by Taylor Williams February 8, 2018

HOUSTON — Much like the preferences of younger generations are influencing how retailers pick their locations and sizes, the whims of today’s office-using workforce significantly impact the way professional services companies view their office spaces. This is not strictly an amenities-based trend. It goes beyond adding fitness centers, walking trails and food trucks to cater to Millennial workers. It’s an evolution of the role that office space plays in company budgets and operations. For developers and brokers in the office sector, it means rethinking the ways in which they meet demand. A panel of veteran players in Houston’s embattled office market addressed this trend and others during the InterFace Houston Office Forecast on Feb 1. Approximately 150 real estate professionals attended the event, which was held at the Royal Sonesta hotel in the Galleria area of the city. Old Product Trails Trends Houston’s office market has been hobbled by high vacancy and negative absorption as a three-year slump in oil prices has taken a toll on Houston’s energy industry. In addition, the sector also suffers from a lack of modernized product. Panel moderator Rand Stephens, managing director at Avison Young, said the latter factor is increasing demand for build-to-suit projects …

February 8, 2018

Industrial Texas

HFF Arranges Capitalization of 1.4 MSF Industrial Project Within DFW Airport

by Taylor Williams February 8, 2018

IRVING, TEXAS — HFF has arranged the capitalization of Gateway Logistics Center, a five-building, 1.4 million-square-foot industrial project underway within Dallas-Fort Worth (DFW) International Airport in Irving. The site is part of the 600-acre Passport Park mixed-use project that is also being developed at the southern end of the airport. Joe Thornton and Adam Herrin of HFF arranged a joint equity partnership between Dallas-based developer Bandera Ventures and Boston-based private equity firm Long Wharf Capital for the project. Thornton and Herrin also secured an undisclosed amount of construction financing from Bank of the Ozarks. Three of the buildings will range in size from 250,000 to 380,000 square feet and feature cross-dock configurations and 32- to 36-foot clear heights. The other two buildings will measure 200,000 to 250,000 square feet and feature rear-load configurations and 28- to 32-foot clear heights. Dallas-based FA Peinado will serve as general contractor. Delivery of the buildings is expected to begin this fall.

February 8, 2018

Industrial Texas

Sealy Acquires 262,631 SF Industrial Park in Northwest Houston

by Taylor Williams February 8, 2018

HOUSTON — Sealy & Co., an investment firm with offices in Atlanta and Houston, has acquired Sam Houston Business Park, a 262,631-square-foot industrial development in northwest Houston. Developed by Levey Group, the four-building, Class A property fronts the Sam Houston Tollway and offers direct access to Interstates 10 and 45, as well as U.S. Highway 290. The property was 100 percent leased at the time of sale.

February 8, 2018

Retail Texas

CBRE Brokers Sale of 113,742 SF Grocery-Anchored Retail Center in Arlington

by Taylor Williams February 8, 2018

ARLINGTON, TEXAS — CBRE has brokered the sale of Seville Commons, a 113,742-square-foot, Class A retail center in Arlington. Anchored by Walmart Neighborhood Market, the property was 95 percent leased at the time of sale to tenants such as Chase Bank, Sprint, Subway and GNC. Chris Gerard, Chris Cozby and Blaine Dozier of CBRE represented the undisclosed seller in the transaction. Cincinnati-based Phillips Edison, a REIT specializing in grocery-anchored assets, purchased the center for an undisclosed price.

February 8, 2018

Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 408-Unit Self-Storage Facility in College Station

by Taylor Williams February 8, 2018

COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Brazos Moving and Storage, a new 408-unit self-storage facility located at 10999 State Highway 30 in College Station. Construction of the property was completed in January and comprises 60,550 net rentable square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability firms.

February 8, 2018

Retail Texas

Crunch Fitness to Open 27,587 SF Gym in Killeen, Texas

by Taylor Williams February 8, 2018

KILLEEN, TEXAS —Fitness chain Crunch Fitness will open a 27,587-square-foot gym at Wendland Plaza, a 205,224-square-foot shopping center located in Killeen, about 70 miles north of Austin. The lease brings the occupancy rate of the property, which also houses tenants such as Conn’s HomePlus, Altitude Trampoline Park and Lumber Liquidators, to 98 percent. Grant Gary and Dan Rebensdorf of The Woodmont Co. represented the landlord, Killeen ATM LLC, in the lease negotiations.

February 8, 2018

Retail Texas

HHC Breaks Ground on 62,565 SF Retail Center in Metro Houston

by Taylor Williams February 7, 2018

THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has broken ground on Lake Woodlands Crossing, a 62,565-square-foot retail center in the northern Houston suburb of The Woodlands. The property is 65 percent preleased to tenants such as Ulta Beauty, Main Squeeze Juice Co. and Stickhouse, a gelato shop. Completion of the center, which will be located at the intersection of Lake Woodlands Drive and Grogan’s Mill Road, is slated for the fourth quarter.

February 7, 2018

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