Texas

HDA Completes 219,000 SF Industrial Project for Beverage Distributor in Tyler, Texas

by Taylor Williams December 14, 2018

TYLER, TEXAS — St. Louis-based HDA Architects has completed a 219,000-square-foot industrial project in Tyler, about 100 miles east of Dallas, for beverage distributor GG Distributing Co. The project included renovating 100,000 square feet of a former U.S. Postal distribution center and building an additional 119,000 square feet at the property, which will serve as GG Distributing’s new headquarters. The property features a controlled temperature/concrete tilt-up warehouse for product storage, 25 shipping docks, a drive-thru for loading and an attached maintenance facility. Crossland Construction served as general contractor.

December 14, 2018

Creekside-Park-Village-Center-The-Woodlands-Texas

Development Retail Texas

Dine-In Movie Concept to Open 11-Screen Theater in The Woodlands

by Taylor Williams December 14, 2018

THE WOODLANDS, TEXAS — Moviehouse & Eatery will open an 11-screen theater within Creekside Park Village Center, a 12-acre retail development by The Howard Hughes Corp. (HHC) in The Woodlands, about 30 miles north of Houston. The 42,370-square-foot venue, which will be the company’s first in the Houston area, will offer recliner seats, a full bar and a scratch kitchen. Chris Reyes of SHOP Cos. represented Moviehouse & Eatery in the lease negotiations. Rip Reynolds represented HHC internally. Construction of Creekside Park Village Center will begin this month with completion slated for winter 2019.

December 14, 2018

Acquisitions Multifamily Texas

JLL Arranges Acquisition Financing for 264-Unit Apartment Property in Fort Worth

by Taylor Williams December 14, 2018

FORT WORTH, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Vieux Coulee Apartments, a 264-unit multifamily property in Fort Worth, on behalf of Los Angeles-based investment firm Frontline Holdings. Built in 1984, the community features a pool, fitness center, business center and a resident clubhouse. Mark Brandenburg and David Godvin of JLL arranged the financing through Bridge Investment Group. The seller was not disclosed.

December 14, 2018

Acquisitions Multifamily Texas

Olympus Property Purchases 260-Unit Multifamily Asset in Metro Houston

by Taylor Williams December 14, 2018

KATY, TEXAS — Fort Worth-based Olympus Property has purchased Echo at Katy Ranch, a 260-unit multifamily asset in Katy, a western suburb of Houston. The property has since been rebranded Olympus Katy Ranch. The Class A community features a resort-style pool, six gas grills, a fireside lounge, resident clubhouse, fitness center and a dog park. The transaction, the seller in which was not disclosed, marks the 12th acquisition for Olympus Property this year. Tucker Knight and Nicholas Murphy of Berkadia secured a 10-year, fixed-rate loan through Freddie Mac with seven years of interest-only payments for the transaction.

December 14, 2018

Market Reports Multifamily Texas Texas Market Reports

Strong Fundamentals, Opportunity Zone Laws Define Houston Multifamily Market

by Taylor Williams December 14, 2018

Houston continues its trajectory as an exemplary market with strong multifamily fundamentals that continue to attract large-scale investment nationwide. The positive trends of strong job growth and sustained apartment demand are forecast to hold thanks to a confluence of factors. To better understand the dynamics shaping Houston’s multifamily market, it is important to look closely at several major drivers, including residual demand from Hurricane Harvey and record employment growth, as well as the impact of rising interest rates and incentives introduced by the Opportunity Zone legislation. More than a year since Hurricane Harvey made landfall, Houston’s multifamily market continues to rebound. Overall occupancy has risen 180 basis points year over year to its current rate of 90 percent. Residents displaced by Harvey’s flooding, particularly in hard-hit areas like the Energy Corridor, contributed to the increased demand for apartments. In the third quarter of 2018 alone, absorption greatly outpaced deliveries, with almost 9,200 units newly occupied and less than 6,000 units delivered. As developers taper new apartment deliveries, we expect demand to continue to outpace deliveries for the foreseeable future. Rents advanced 3 percent between October of 2017 and 2018 — almost twice the rate of growth of the previous 12 months. …

December 14, 2018

Content Partner Features Lument Multifamily RED Capital Group Texas

RED: Texas Multifamily Performance Moderates in 2018, While Economy Booms

by Jaime Lackey December 14, 2018

With a preference for low taxes and business-friendly regulation, Texas is America’s proving ground for free market economic theories — a crucible in which the benefits of economic liberty are tested. While the long-term impact of the Lone Star State’s experiment remains an open question, it is hard to gainsay its impressive accomplishments to date. Texas recorded the fastest GDP growth among the 50 states (6.0 percent) in second quarter 2018, and the third-fastest compound annual GDP growth rate since the Great Recession (3.1 percent). By way of population growth, Texas ranked second among states since 2010, trailing only Utah. In terms of the 20- to 34-year-old “renter cohort” Texas was the leader, posting a robust 2.1 percent annual rate growth rate. Powerful economic and population growth go hand in hand with multifamily performance. Indeed, the five Texas markets that we model econometrically — Austin, Dallas, Fort Worth, Houston and San Antonio — posted stronger fundamentals in the current decade than the balance of our RED 50 large market peer group in nearly every category. The “Texas 5” occupancy increased by an average of 564 basis points over the period (Reis), nearly three times as much as the non-Texas component. …

December 14, 2018

Development Office Texas Top Stories

Apple to Invest $1B in Austin Campus, Create New Sites in California, Seattle

by Alex Tostado December 13, 2018

AUSTIN, TEXAS — Apple (NASDAQ: AAPL) will expand its operations in Austin by building a $1 billion campus in North Austin, the Cupertino, Calif.-based company announced Thursday morning. The new campus will be located less than one mile from existing facilities, though the exact site and development timeline were not disclosed. Apple officials said the 133-acre campus is expected to initially employ 5,000 new workers with the potential to house 15,000 employees, which Apple says would make it the largest private employer in Austin. The jobs to be created will be in engineering, research and development, operations, finance, sales and customer support. “Apple is proud to bring new investment, jobs and opportunity to cities across the United States and to significantly deepen our quarter-century partnership with the city and people of Austin,” says Apple CEO Tim Cook. “Talent, creativity and tomorrow’s breakthrough ideas aren’t limited by region or ZIP code, and, with this new expansion, we’re redoubling our commitment to cultivating the high-tech sector and workforce nationwide.” The Austin Business Journal reports that the Texas capital is the second-largest hub for Apple outside company headquarters. A recent report by Yardi Systems Inc. pegged Apple as one of Austin’s largest office landlords with …

December 13, 2018

Five-Points-Shopping-Center-Corpus-Christi

Acquisitions Retail Texas

MIMCO Acquires 276,593 SF Retail Power Center in Corpus Christi

by Taylor Williams December 13, 2018

CORPUS CHRISTI, TEXAS — MIMCO, a retail investment and development firm based in El Paso, has acquired Five Points Shopping Center, a 276,593-square-foot retail power center in Corpus Christi. The property was 99 percent leased at the time of sale to several national tenants, including anchors Ross Dress for Less, Hobby Lobby, Party City and Petco. Chris Gerard, Chris Cozby, Mark Witcher and Blaine Dozier of CBRE represented the seller, Brixmor Property Group, in the transaction. The sales price was not disclosed.

December 13, 2018

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 205-Unit Apartment Community in Arlington

by Taylor Williams December 13, 2018

ARLINGTON, TEXAS — Marcus & Millichap has brokered the sale of Park Row East, a 205-unit multifamily community in Arlington. The property offers one- and two-bedroom units and a pool, outdoor picnic area, dog park, sport court and playground. Al Silva of Marcus & Millichap represented the seller, a Dallas-based investment group, in the transaction. Silva also procured the buyer, a Dallas-based partnership. The new ownership will rebrand the community as The Junction.

December 13, 2018

Loans Mixed-Use Texas

Comerica Bank Provides $32.9M Construction Loan for Kingwood Mixed-Use Project

by Taylor Williams December 13, 2018

KINGWOOD, TEXAS — Comerica Bank has provided a $32.9 million loan to Stratus Properties Inc. (NASDAQ: STRS) for the construction of Kingwood Place, a mixed-use project in Kingwood, a master-planned community located north of Houston. The project will deliver a 103,000-square-foot H-E-B grocery store, 41,000 square feet of additional retail space, six retail pads and 300 multifamily units. The financing was structured at approximately 70 percent loan-to-cost. Construction is expected to begin this month, and the H-E-B is expected to open during the third quarter of 2019.

December 13, 2018

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