Texas

WeWork Signs 77,000 SF Office Lease in Irving’s Las Colinas District

by John Nelson February 4, 2019

IRVING, TEXAS — Coworking firm WeWork has signed a lease to occupy a 77,000-square-foot collaborative office space at The Towers at Williams Square within the 12,000-acre Las Colinas business district in Irving. The space will span three floors and represents WeWork’s first site in a suburban market in North Texas. WeWork expects to being occupying the space during the third quarter. Bill Brokaw of Hillwood Urban represented the landlord, a partnership between Apollo Global Real Estate, Vanderbilt Partners and Hillwood Urban, in the lease negotiations.

February 4, 2019

Loans Multifamily Texas

NorthMarq Arranges Refinancing for 28-Acre Mobile Home Community in Metro Houston

by John Nelson February 4, 2019

KATY, TEXAS — NorthMarq Capital has arranged refinancing for Trinity Hunter Mobile Home Community, a 28-acre property located at 2800 Katy Hockley Cutoff in the western Houston suburb of Houston. Built in 2002, the community features 199 individual sites and gated access, a clubhouse and a management office. Dale Stewart and Chris Bailey of NorthMarq Capital arranged the 10-year, non-recourse financing through Fannie Mae on behalf of the undisclosed borrower.

February 4, 2019

Acquisitions Industrial Oklahoma Texas

CBRE Negotiates Sale of 21,000 SF Industrial Property in Oklahoma City

by John Nelson February 4, 2019

OKLAHOMA CITY — CBRE has negotiated the sale of a 21,000-square-foot industrial property located at 2740 Global Parkway in Oklahoma City. The property is situated just off Interstate 40 on the southeast side of the city. Randy Lacey and Austin Lacey of CBRE represented the buyer, BGI Investments LLC, in the transaction. The representative of the seller was, Genprop Operators LLC, was not disclosed.

February 4, 2019

Matt Rocco of Grandbridge Real Estate Capital

Features Finance Insight Midwest Northeast Southeast Texas Western

Competition Will Continue for Top Quality Commercial Real Estate in 2019

by Jaime Lackey February 2, 2019

Matt Rocco, president of Grandbridge Real Estate Capital, realizes this year may not maintain the exact same lending velocity as last year. However, he sees plenty of opportunities in workforce and affordable housing, as well as in industrial real estate. This, combined with plenty of capital, may keep competition fierce for strong commercial assets in the foreseeable future. Many believe lending velocity may slow this year compared to 2018. What is your take on this? Rocco: We expect transactional velocity will be flat or down slightly as compared to 2018. This year and 2020 only have modest maturity activity. As a result, many new refinancing assignments will come from floating-rate loans that are converting into fixed-rate loan terms. Given the very flat yield curve, we anticipate many clients will move from these floating-rate loans to match their ownership objectives. They will likely seek fixed-rate loan terms at the same coupon rate as their floating-rate alternatives. We also expect lending volume from CMBS, agency and life insurance companies to be flat or slightly down in 2019 compared to the record year in 2018. Are there any specific product types that seem particularly attractive in 2019? Rocco: We expect to see robust …

February 2, 2019

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

Experience Pays Off for Reputable Seniors Housing Operators

by Jaime Lackey February 2, 2019

Mark Gould, national production manager of M&T Realty Capital Corporation, believes the seniors housing continuum of care may hold vast opportunities for those with the know-how and discipline to weather any short-term storms. Where do lending opportunities – and challenges – lie in 2019? Gould: We have been active in the seniors housing sector for a very long time. We see this asset class continuing to grow in 2019 as the U.S. aging population will drive growth. Challenges will lie with inexperienced parties trying to capitalize on the favorable demographic trends who do not fully understand the complexity of operating in the healthcare space. Wage pressures and nurse staffing shortages will further heighten the operating challenges in this space. I also think dollar volumes will stay steady. Rising rates have placed some DSC [debt service coverage] limitations and have required more equity into deals. There didn’t seem to be as many large portfolio deals in fiscal year 2018, which we believe resulted in a heightened number of transactions. This is an indication of a healthy market. Does the seniors housing market have room to grow beyond its 2018 activity? Gould: We are seeing some very innovative solutions from our customers that …

February 2, 2019

Features Finance Insight Midwest Multifamily Northeast Southeast Texas Western

Multifamily Sentiment Remains Strong For The Foreseeable Future

by Jaime Lackey February 2, 2019

Hilary Provinse, executive vice president and head of mortgage banking at Berkadia, highlights the trends, strategies and activity attendees should have on their radar ahead of MBA CREF 2019 in February. Coming off a strong and surprisingly consistent year in 2018, we’re feeling good about 2019. The year is off to an interesting start to say the least, and we’re keeping our eye on several factors. These include Treasury rates, the regulatory environment, tariffs and development costs that will impact our business. Even keeping these in mind, however, there are positive factors that point to the potential for continued economic strength and activity in the multifamily market. Fundamentals of the Economy Remain Very Strong Unemployment continues to fall, and jobless claims remain extraordinarily low. Despite the recent decrease in consumer confidence — volatile in its own right — it remains near the highest levels since 9/11. GDP growth also remains strong with consumption, investment and government outlays all supportive. Multifamily Demand-Supply Dynamics Remain Solid The percent of population living in multifamily units has experienced a slow, but consistent, increase since the 2008 financial crisis. Loan maturities are expected to increase in 2019 versus 2018 across several sources. Maturities are inevitable events that …

February 2, 2019

Acquisitions Office Texas

Granite Properties Buys Office Complex in Houston’s Energy Corridor for $78.4M

by Taylor Williams February 1, 2019

HOUSTON — Plano, Texas-based investment firm Granite Properties has purchased Eldridge Place, a three-building, 824,632-square-foot office complex in Houston’s Energy Corridor area, for $78.4 million. Granite Properties will invest $20.6 million in capital improvements to the lobbies, mechanical systems and amenity spaces, which include a conference center, fitness center and a café. Jeff Hollinden and Marty Hogan of HFF represented seller, TIER REIT Inc. (NYSE: TIER), in the transaction. Scott Martin and Paul Bennett represented Granite Properties internally.

February 1, 2019

Retail Texas

Houston Area to Add 2.5 MSF of New Shopping Center Space in 2019, Says Wulfe & Co.

by Taylor Williams February 1, 2019

HOUSTON — Wulfe & Co., a Houston-based full-service firm specializing in retail properties, has released its annual retail survey stating that approximately 2.5 million square feet of new shopping center space will open in the Houston area in 2019. The survey noted that average annual deliveries over the last decade were roughly 2.7 million square feet, and that overall retail occupancy should remain around 95 percent this year. The report also notes that according to the Greater Houston Partnership, the city added more than 111,000 new jobs in 2018 and is currently sitting at 3.9 percent unemployment.

February 1, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 587-Unit Self-Storage Facility in Texarkana, Texas

by Taylor Williams February 1, 2019

TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of Payless Storage Inc., a 587-unit facility located at 927 N. Robison Road in Texarkana, located near the Arkansas border. Situated on 15 acres, the property spans two buildings offering 87,600 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap’s Karr Self Storage team represented the seller, a locally based limited liability company, and procured the buyer, a New York City-based private investor. Both parties requested anonymity.

February 1, 2019

Acquisitions Mixed-Use Texas

Stream Realty Partners Acquires 194,332 SF Mixed-Use Building in Dallas

by Taylor Williams February 1, 2019

DALLAS — Stream Realty Partners has acquired The Quadrangle, a 194,332-square-foot mixed-use building in Uptown Dallas. Originally built on four acres in 1966, the eight-story property features office and retail space and is located within walking distance of more than 75 restaurants and 55,000 multifamily units in various stages of development. HFF represented the seller, American Realty Advisors, in the transaction. HFF also represented Stream in securing acquisition financing. The sales price was not disclosed.

February 1, 2019

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