PLANO, TEXAS — Yeager has broken ground on a 48,300-square-foot mixed-use development in Plano known as Yeager at Rasor Pointe. The Indiana-based developer expects to complete the project, which includes 39,750 square feet of office suites and 8,550 square feet of retail and restaurant space, by early August. The property will be located on a 3.8-acre lot at the northeast corner of Rasor Boulevard and Ohio Drive.
FRISCO AND SAN ANGELO, TEXAS — In two separate transactions, real estate capital advisory firm Quantum Capital has arranged $22.2 million in long-term, non-recourse debt to refinance regional shopping centers in Frisco and San Angelo. In the larger of the two deals, Quantum secured a $12.9 million non-recourse permanent loan on behalf of the borrower, a Los Angeles-based investor operating as TRT-QL Frisco. The loan will replace the maturing debt on Frisco Plaza, a 62,500-square-foot retail center located at Preston Road and Highway 21. The shopping center is located across the street from General Growth Properties’ 1.6 million-square-foot Stonebriar Centre, the primary retail destination in Frisco. Quantum also secured a $9.2 million permanent loan for another Los Angeles-based investor operating as Rancho Sunset Plaza LP to refinance Sunset Plaza in the west Texas city of San Angelo. The property is a 90,000-square-foot regional power center located on Sunset Drive at Highway 67 and Loop 306. Sunset Plaza is anchored by Target, Bed Bath and Beyond, Petco and Ross Dress for Less. Both fixed-rate loans were underwritten at a 75 percent loan-to-value ratio and priced at 250 basis points over the 10-year swap rate of 1.71 percent. The financings also included …
FORT WORTH, TEXAS — Greysteel has arranged the sale of Ridglea Square Apartments in Fort Worth. Greysteel’s multifamily investment sales team, led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill, represented Ridglea Square Apartments LLC in the sale to Bellfast Glen Investments LLC. The property is a 54-unit multifamily community located one block south of I-30 near Ridgmar Mall, which contains more than 100 stores.
HUMBLE, TEXAS — Colliers International has negotiated the sale of a 0.7-acre tract of vacant land for the development of a Waffle House restaurant. Construction is expected to start by the fourth quarter of 2016. The property is located at the northwest corner of Will Clayton Parkway and Vine Forest Drive in Humble. Tom Condon Jr. of Colliers International’s office in The Woodlands represented the seller, Patricia Al-Attas Barrett & Bamardouf, Babidan, Al-Attas Joint Venture. Russ Holland internally represented the buyer, Waffle House. David Pitschmann with Alamo Title Co. coordinated the closing.
Depending on who’s speaking, or what you’re reading, the forecasts for the 2016 Houston industrial real estate market run the full spectrum from bull to bear. Whether you are a landlord trying to fill a vacancy; a developer weighing the decision on whether to build or not; or an investor or a potential tenant looking for the best lease terms, your decision making is driven by a few key factors. These include the price of oil and where you think it is headed, the type of industrial facility you build/own/require, and in what submarket of Houston it is located. With current oil prices hovering in the low $30s per barrel, and threatening to go lower, you don’t have to look hard to find plenty of economists forecasting a rough 2016 for Houston industrial real estate. But that’s not the whole picture. No doubt the ongoing drilling downturn has hit the city hard. A recent survey was conducted of single-tenant manufacturing facilities ranging from 10,000 to 50,000 square feet in the West, Northwest and North Houston submarkets. The survey reported over 2.4 million square feet available in 120 buildings, with an additional 240,000 square feet under construction in 15 more buildings. …
AUSTIN, TEXAS — Bazaarvoice, an Austin-based tech company specializing in user-generated content marketing, will move to a new headquarters in the Quarry Oaks business park in north Austin. The new, 137,615-square-foot building will be home to Bazaarvoice’s 600 Austin employees, with room for future expansion. Austin-based Riverside Resources will develop the new headquarters. The Class A structure will feature outdoor decks, curtain wall glass, steel beams and exposed interior concrete. In addition to working with Riverside Resources, CBRE’s workplace strategy team partnered with Bazaarvoice to design the space. HKS designed the building’s shell, lauckgroup handled interior design and Harvey-Cleary served as the general contractor. CBRE represented Bazaarvoice in the site search and lease negotiations. The new office also features a Whole Foods Market Café.
MIDLAND, TEXAS — MCR Development has completed the renovation of Residence Inn by Marriott Midland, a 131-room hotel. The hotel is located near energy, construction and healthcare corporations in Midland, and is in walking distance of Security Bank Ballpark. Renovations included updating all guestrooms and public spaces. The lobby and meeting room were redesigned to provide guests with more space to interact, while the fitness center received new exercise equipment and weights.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Parkview East Shopping Center, a 39,186-square-foot retail property located in Pasadena. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Parkview East is just north of Bayshore Hospital and has a tenant lineup including Jason’s Deli, Humana, Shipley’s Donuts and Ryan’s Cleaners. The property is 100 percent leased and located at 3901 Spencer Highway. The buyer purchased it utilizing a 1031 tax-deferred exchange.
DALLAS — Rebecca Harrell of Henry S. Miller represented Nguyen Family Medicine in the lease of a medical office in Dallas. Nguyen Family Medicine will be opening a new family clinic at 8420 Abrams Road in the Town Creek Shopping Center, located at the corner of Abrams Road and Royal Lane. Steve Music of The Steve Music Co. represented Town Creek Shopping Center in the lease.
CEDAR PARK, TEXAS — Trulan Property Advisors has brokered the sale of a Logan’s Roadhouse ground lease at 1345 E. Whitestone Blvd. in the Austin suburb of Cedar Park. The location is part of 1890 Ranch, an 875,000-square-foot regional shopping center. Logan’s Roadhouse is an outparcel to Super Target. Other co-tenants in the development include Academy Sports + Outdoors, Cinemark, Gold’s Gym and Ross Dress for Less. The building is situated on 1.1 acres. Jason Middlebrook of Trulan Property Advisors represented the out-of-state seller in the transaction. David Browne with Midtown Realty Group represented the buyer, a Texas-based investor.
