HOUSTON — Mary Quinn Law Firm has leased a newly renovated office building located at 106 Avondale St. in Houston. Originally built in 1910, the property is located in the Montrose area of Houston and spans 4,880 square feet. Ron McWherter of CBRE represented the tenant, and Ryan Neyland of Davis Commercial Real Estate represented the landlord, Toomey-Guseman Ltd.
DALLAS — Hampton Inn & Suites Dallas Downtown is now open. NewcrestImage manages the hotel, which is located at 1700 Commerce St. in the former Allen Building. The renovated space is located near the Majestic Theatre, the Dallas Convention Center, Dealey Plaza and the Dallas World Aquarium. American Airlines Center is two miles away, and the Dallas/Fort Worth International Airport is 20 miles away. The hotel provides a breakfast of eggs, oatmeal and waffles, in addition to Hampton’s On the Run breakfast bags that feature multi-grain bars, apples, breakfast bread loaves and bottles of water. Amenities at the hotel include free Wi-Fi, a 24-hour business center, 500-square-foot boardroom, indoor pool and a fitness center. Guestroom amenities include a 49-inch TV, microwave, refrigerator and coffee maker.
GRAND PRAIRIE, TEXAS — Port Logistics Realty (PLR), a national industrial real estate development and investment company, has purchased an infill site within the Great Southwest Industrial Park in Grand Prairie to develop an 83,125-square-foot speculative warehouse. The Class A building will be situated midway between Dallas and Fort Worth, just south of Dallas-Fort Worth International Airport with access to I-30 and Texas State Highways 183 and 360. According to CBRE, the overall vacancy rate for the 96 million-square-foot submarket is just above 4 percent. PLR plans to break ground on the warehouse in late summer 2016, and completion is slated for the first quarter of 2017.
PROSPER, TEXAS — Rosebriar Properties has sold the final tract in its Prosper Plaza development at the northwest corner of U.S. 380 and Custer Road to Kroger Texas LP. Kroger plans to build a 123,000-square-foot Kroger Market Place at the site. Once completed, Rosebriar’s Prosper Plaza will include $45 million in new development consisting of Kroger, Lowe’s Home Improvement Center, Taco Bueno, Burger King, Popeye’s and 17,000 square feet of retail under development. Bill Hanks and Ryan Stewart of Rosebriar and Robert Dorazil of United Commercial Development negotiated the sale with Kroger. The remaining retail outparcel is due for completion this fall and Rosebriar is actively marketing Prosper Plaza’s last tract.
IRVING, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Market Square, a 49,727-square-foot neighborhood retail center located in Irving. PRA represented the seller, Prescott Interests Midway Plaza Ltd., in the transaction. Bo Avery of Tri Marsh Center purchased the asset for an undisclosed price. Market Square is 92.2 percent occupied by tenants such as Boston Market, Pizza Hut, State Farm, Gideon Math & Reading Center, FedEx Office, Subway, Kenpo Karate and MacArthur Pharmacy. The asset is made up of three buildings, including the Valero outparcel, all under a single ownership. The entire team at PRA in Dallas handled the sale.
LA PORTE, TEXAS — Vigavi Realty has completed the sale of a 3.3-acre land parcel at Fairmont Industrial Center for the development of a new 36,000-square-foot manufacturing facility. HydroTex, a Chicago-based pump systems and engineering services firm, purchased the parcel located at 11802 Fairmont Parkway in La Porte. Vigavi Realty has broken ground on the project, which is slated for completion by the end of the year. The facility will expand HydroTex’s real estate footprint in the Houston area. JLL’s Mark Nicholas and Richard Quarles negotiated the terms on behalf of the owner, Vigavi Realty. Lee & Associates’ Preston Yaggi and Stephen Kuper represented the buyer. Architect Terry Kennedy of Munson Kennedy Partnership and Vigavi Realty will lead the project construction. The facility is located 20 miles from Houston’s central business district, near the Port of Houston’s Bayport Container and Barbours Cut terminals.
Most of us have read articles or seen reports that suggest we are building too many apartment units in the Dallas/Fort Worth Metroplex. Thus, we potentially could have a surplus of multifamily units resulting in lower occupancies and stabilizing rents (sorry to all the apartment renters — don’t anticipate rents going down). Let’s review historical data and trends, then see if we are truly overbuilding. Over the past 22 years, an average of 29,542 single-family building permits were issued annually across the Dallas/Fort Worth area. However, the figure fell to 22,678 on average from 2011 to 2015. Thus, over the past five years there were 34,320 less single-family units delivered than what the market has historically absorbed. In comparison, multifamily permits (those of two or more units) have averaged 14,094 annually over the past 22 years, and 18,417 annually from 2011 to 2015. Over the past three years, 2013 through 2015, the average increased for both single-family (25,937) and multifamily (21,231). The combined average of 47,168 permits over the last three years is above the 22-year average of 43,636 permits. Multifamily permits have most likely increased as a result of a significant decrease in single-family permits. We have only recently …
TEXAS and OKLAHOMA — Greystone Real Estate Advisors has closed the $210 million sale of an eight-property seniors housing portfolio in Texas and Oklahoma. Harrison Street Real Estate Capital and Bridgewood Property Co. sold the properties to Cardinal Bay, a private company based in Texas. Greystone represented the seller in the transaction. The properties are: • Village on the Park, Oklahoma City, 188 units • Carriage Inn, Bryan, Texas, 90 units • Carriage Inn, Conroe, Texas, 91 units • Village on the Park, Friendswood, Texas, 158 units • Village on the Park, Houston, 183 units • Carriage Inn, Huntsville, Texas, 81 units • Carriage Inn, Katy, Texas, 146 units • Carriage Inn, Lake Jackson, Texas, 102 units
EDMOND, OKLA. — Harborview Capital Partners has arranged a $4.3 million bank loan for the purchase of a 98-unit multifamily property located in Edmond, Okla. The loan features a one month Libor-based interest rate. This is the most recent of several deals Harborview has closed on behalf of the Missouri-based lender, and the second loan Harborview has closed for the California-based property owner this year. Jeff Fuchs and Andrew Eisen of Harborview’s New York headquarters negotiated the loan. The loan includes specified funds for exterior and interior capital upgrades to the property.
MIDLAND and ODESSA, TEXAS — Dynamic will be developing sites for Dickey’s BBQ in Midland and Odessa. The Odessa location will be a 2,000-square-foot restaurant with a drive-thru, and the Midland location will be a 3,700-square-foot restaurant with a drive-thru and the potential for further expansion to include a second tenant. Dynamic’s Dan Porter worked with Dickey’s BBQ in the development of the restaurant plans.