RICHWOOD, TEXAS — Apartment Realty Advisors has brokered the sale of the 248-unit Creekside Estates Apartments in Richwood between two private parties for an undisclosed price. The property, located at 200 Timbercreek Drive, is part of the Jackson metro area. The property is 71 percent occupied. Jeff Patterson, Jon Boone and Kelly Witherspoon of ARA represented the seller.
Texas
Despite a spike in supply last year and increasing competition from the affordable housing sector, San Antonio’s solid labor market and resilient economy will help to improve apartment fundamentals by the close of 2010. Following steep inventory additions in the first quarter, deliveries will slow significantly through the second half of the year. As renter demand begins to outpace supply growth, owners will trim incentives, reversing 10 quarters of revenue declines. The lower tiers will register the greatest revenue increases, supported by vacancy improvements toward the end of the year. Foreclosure activity has increased 19 percent over last year, and some top-tier renters will likely to make the transition into homeownership this year as these properties come to market. Class B and Class C operators will get a boost from the strengthened labor market as traditionally blue-collar employment sectors start to recover rapidly. In the construction sector, for instance, roughly 1,200 construction workers will be hired in the next few months to complete the Brooke Army Medical Center. During the last 12 months, developers have ramped up the pace of completions to 3,620 units, or a 2.5 percent inventory expansion, following the delivery of 2,490 units in the previous year. …
HOUSTON — The General Services Administration has signed a 132,539-square-foot lease with MetLife for space in Wells Fargo Plaza. The U.S. Attorney's Office will occupy the space, which is located at 1000 Louisiana St. in Houston. The property is a Class A office building that stands 71 stories tall. Jones Lang LaSalle's Brian Weiss, Bruce Rutherford, David Bale, Louie Crapitto and Anna Schinas represented the tenant. Dave Hanusa and Bonnie Kelley of CB Richard Ellis represented the landlord.
GALVESTON, TEXAS — Cathay Bank has sold the former Jean LaFitte Hotel to Itex Partners for an undisclosed amount. The Galveston property will be reconfigured as a mixed-use, mixed-income apartment complex. Moody Rambin Investment Services' Derek Hargrove and Christopher Dray represented the seller.
HOUSTON — NorthMarq Capital has arranged a $7.2 million loan for the 113,988-square-foot Jewelry Exchange Building in Houston. Ladder Capital Finance provided the debt. NorthMarq's Jim Adams secured the financing.
HOUSTON — FedEx has leased 146,792 square feet from KDC at the Ellington Trade Center in Houston. The 50-acre property spans 513,800 square feet and is located on State Highway 3. FedEx will move 250 employees into the building starting October 1. Kirk Bittel of Fischer & Company represented FedEx. NAI Houston's John Ferruzzo, Griff Bandy and Jon Michael represented KDC.
HOUSTON — Sutherland Asbill & Brennan has signed a 41,410-square-foot lease for space in Houston's First City Tower, brining the building's occupancy to 92 percent. The LEED-ED office property, which is owned by FC Tower Property Partners, is located at 1001 Fannin St. First City Tower stands 49 stories and spans 1.3 million square feet. Cushman & Wakefield 's Kevin Snodgrass represented the tenant. Colvill Office Properties' Chip Colvill and Michael Anderson represented FC Tower Property Partners.
HOUSTON — CarGreen Acres has sold a 6.5-acre tract of land to TIOBI for future development. The purchase price was not disclosed. The land is located at 1813 Greens Road in Houston. CB Richard Ellis' Glynn Mireles represented the buyer. Insight Commercial Real Estate's Rives Noland represented the seller.
FRISCO, TEXAS — Four companies have signed leases with Hall Financial Group at the firm's Hall Office Park in Frisco. ActionCOACH signed a 4,023-square-foot lease at 2401 Internet Blvd. Studley's Ric Kanatzar represented the tenant. Tribridge signed a 3,030-square-foot lease at 3000 Internet Blvd., and Andy Leatherman of Jones Lang LaSalle represented the firm. Viamedia signed a 2,823-square-foot lease at 2600 Network Blvd., and Perquest signed a 1,604-square-foot expansion at 2801 Network Blvd. L.J. Erickson of Duggan Realty Advisors negotiated the lease on behalf of the tenant. Kim Butler and Tammy Lomonaco represented the landlord in house.
AUSTIN, TEXAS — The Mulholland Group has purchased the 218,600-square-foot Malibu Apartments from a private party for an undisclosed amount. Located at 8600 N. Lamar Blvd. in Austin, the property spans 476 units and is 96 percent occupied. Malibu features a pool, a playground and a fitness center. Will Balthrope, Joe James and Ryan Epstein of Marcus & Millichap brokered the sale.