HOUSTON — JLL has arranged the sale of two adjacent shopping centers totaling 93,757 square feet in Houston. Sunridge Shopping Center and Westchase Plaza total 49,359 and 44,398 square feet, respectively, and are located at the northwest and southwest corners of Westpark Drive and South Gessner Road in the city’s Westchase district. Ryan West, John Indelli, Clay Anderson and Ryan Olive of JLL represented the seller, Houston-based Whitestone REIT, in the transaction. An entity controlled by Houston-based Bridgewell Property Management acquired both assets for an undisclosed price.
HOUSTON — Six tenants have signed leases at West on West, a 90,000-square-foot mixed-use development that is under construction in Houston. Tsujita Artisan Noodle will open a 2,814-square-foot restaurant at the property, and Paris Baguette has committed to 3,150 square feet. Korean dessert concept SomiSomi and boba chain The Alley have also leased 1,637 and 2,436 square feet, respectively. Additionally, Lady M will open a 2,793-square-foot bakery next spring, and Kaiten-sushi Ginza Onodera will debut a 3,976-square-foot restauraunt at the development in spring 2025. Heather Nguyen internally represented the landlord, NewQuest Properties, in the lease negotiations. Cobo Fajardo of NewQuest also represented the landlord in the leasing negotiations with Lady M. Rebecca Le of NewQuest represented The Alley, and Joe AmecAngelo of CBRE represented Paris Baguette.
GEORGETOWN, TEXAS — San Antonio-based investment firm Headwall Investments has acquired The Market at Georgetown, a 54,994-square-foot shopping center located on the northern outskirts of Austin. The unanchored neighborhood center is home to tenants such as Pok-e-Jo’s Smokehouse, House of Gainz and Double Dave’s Pizzaworks. The seller and sales price were not disclosed.
FARMERS BRANCH, TEXAS —Bradford Commercial Real Estate Services has negotiated an 18,445-square-foot industrial lease at Westwood Business Park in the northern Dallas metro of Farmers Branch. The development consists of 12 buildings totaling 227,905 square feet. Jason Finch of Bradford represented the landlord, Dallas-based Pegasus Real Estate, in the transaction. The representative of the tenant, Colt Facility Maintenance, was not disclosed. Westwood Business Park is now 95 percent leased.
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Lee & Associates’ Second-Quarter 2023 Economic Review by Sector
Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption dogged each sector, with the exception of retail, throughout the first half of 2023. Scheduled deliveries for industrial, office and multifamily indicate this trend will continue throughout much of the United States for the foreseeable future. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). The summaries from each sector below provide high-level considerations of the overall outlook and challenges in the market. Industrial Overview: Industrial Growth on Track for Least Gain in Years In a reversal from the ballooning logistics capacities required during the pandemic, demand for industrial space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through the third quarter of last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over …
GRAND PRAIRIE, TEXAS — Locally based developer JPI has broken ground on Phase I of Jefferson Loyd Park, a multifamily project in the central metroplex city of Grand Prairie that will add 450 units to the local supply. The development will consist of eight three-story buildings on a 25-acre site. Units will come in one-, two- and three-bedroom floor plans, and amenities will include a pool and a fitness center. Completion of Phase I is slated for early 2025. Construction of Phase II of Jefferson Loyd Park, which will feature 352 units, is set to commence later this year. Other project partners include Demarest (architect), Kimley-Horn (civil engineer) and Happy State Bank (construction lender).
MELISSA, TEXAS — Dallas-based Welker Properties will develop a 343-unit build-to-rent residential project in Melissa, located north of Dallas in Collin County. The project, known as Wolf Creek Farms Melissa BTR, has a total price tag of $95 million. Homes will come in one-, two- and three-bedroom floor plans and will be situated on a 32-acre site. Residents will have access to amenities such as a pool, fitness center, dog park, courtyards and lounges. Construction is scheduled to begin in the fall and to be complete by the end of 2025.
FORT WORTH, TEXAS — North Carolina-based investment firm Bell Partners has acquired Presidio East, a 312-unit apartment community in North Fort Worth that was built in 2017. According to Apartments.com, the property offers one-, two- and three-bedroom units that range in size from 661 to 1,469 square feet and amenities such as a pool, fitness center, clubhouse, dog park and package lockers. Bell Partners will implement a value-add program and rebrand the property as Bell Presidio. The seller and sales price were not disclosed.
HOUSTON — Port Houston will open a 95,000-square-foot headquarters office at East River, a 150-acre mixed-use development that is under construction in the city’s Historic Fifth Ward. The port authority purchased two tracts, and its development plans also include a 300-space parking garage that will connect to the office building via a skybridge. Construction is expected to begin in 2024 and to be complete in summer 2025. Locally based developer Midway owns East River. The port was self-represented in the land deals.
FORT WORTH, TEXAS — Locally based developer The Woodmont Co. has broken ground on Berkshire Corner, a 12,002-square-foot, multi-tenant retail project in North Fort Worth. The strip center is preleased to tenants such as Jersey Mike’s Subs, Blue Mound Nail Spa, Blue Mound Liquor, Mynt Barbershop and ProSmiles Dental. Completion is slated for late 2023/early 2024.