Author: Mia Goulart

Private investment firm picks up Sugar Land office building

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of 77 Sugar Creek, a 143,410-square-foot, Class-A office building in Sugar Land, Texas.

JLL, in conjunction with online commercial real estate auction platform RI Marketplace, represented the seller, CWCapital. InLight Capital purchased the asset for an undisclosed amount.

77 Sugar Creek is positioned on a 6.13-acre site about 20 miles SW of Houston’s CBD. Located directly off of Highway 59 near its intersection with Highway 90, the office building has convenient access to the entire Houston metropolitan area. As one of Houston’s most desired residential suburbs, Sugar Land also features an abundant amenity base of nearby hotels, restaurants and retailers.

Renovated in 2018, 77 Sugar Creek has six stories of office space featuring floor-to-ceiling windows and high-quality common areas. The property is currently 66.3% leased as of August 2023.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director Rick Goings and Senior Managing Directors Marty Hogan and Will Sledge.

San Antonio retail center changes hands to Property Commerce

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Terrell Plaza, a 107,884-square-foot retail center located in San Antonio, Texas.

JLL represented the seller, SITE Centers Corp., and Property Commerce Dividend Fund acquired the asset.

Shadow anchored by Target, Terrel Plaza was built in 1986 and renovated in 2012. The shopping center is 96% occupied with an exceptional lineup of national retailers, including Ross Dress for Less, Dollar Tree, Five Below, Popshelf, Sherwin Williams and Sports Clips, as well as a Whataburger and Valero as outparcels. Terrell Plaza is ideally located on Austin Hwy near some of the city’s most affluent neighborhoods, including Alamo Heights, Olmos Park, Terrel Hills and Oak Park – Northwood.

The demographics surrounding Terrell Plaza are outstanding. Within a three-mile radius is a population of approximately 90,128, an average household income of $110,716 and a consumer spending power of almost $10 billion. Nearby economic drivers include The Pearl Brewery and Fort Sam Houston. Additionally, the property is easily accessible to I-410, I-35 and Austin Highway.

The property features a weighted average tenure of 8.7 years and a weighted average remaining lease term of 5.6 years. Terrell Plaza presented the buyer with an opportunity for rent growth as there is very little vacant retail supply in the area.  According to CoStar and JLL Research, the Austin Highway / Broadway corridor is comprised of 1.8 million square feet of retail and is currently 97.2% leased. The corridor has remained strong over the last ten years with the low point for occupancy hit 96.6% in Q1 2021.

The JLL Retail Capital Markets team was led by Senior Managing Directors Ryan West and Chris Gerard, Senior Director John Indelli, Associate Whitney Snell and Analysts Ryan Olive and Clay Anderson.

Colliers closes $16.5 million Fannie Mae loan for The Chandler in Grand Prairie

Posted on by Mia Goulart

The Colliers Dallas debt and structured finance team of Robert Siddall, William Givens, Shawn Givens, and Ken Higgins closed a $16.5 million Fannie Mae loan for the acquisition financing of The Chandler in Grand Prairie, Texas, with their long-term client David Lilley and Reap Capital LLC. 

The market-rate property features 164 units. The loan was arranged through Colliers Mortgage and carries a five-year term and 35-year amortization.

Partners Real Estate arranges 12,082-square-foot office lease with Guntermann & Drunck in Houston

Posted on by Mia Goulart

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, recently arranged a 12,082-square-foot office lease with Guntermann & Drunck located at 4540 Kendrick Plaza Drive in Houston.

Guntermann & Drunck is the leading KVM manufacturer for control room applications & is regarded as one of the foremost manufacturers of digital and analog KVM solutions.

Partners’ John Zivley represented the tenant in the transaction. The landlord, EastGroup Properties, LP, was represented by Logan S. Greer, SIOR with Insite Realty Partners L.P.

Newmark announces sale and financing of value-add multifamily asset in Austin

Posted on by Mia Goulart

Newmark announces it has completed the sale and financing of Villas Tech Ridge, a 350-unit value-add multifamily asset in Pflugerville, Texas, within North Austin’s growing Silicon Hills neighborhood and tech corridor. The property was 93% occupied at the time of sale and traded for an undisclosed price.

Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, an institutional client of New York Life Real Estate Investors. The buyer was Pegasus Real Estate, a private commercial real estate investment firm. Vice Chairman Colin Cross of Newmark’s Debt, Equity and Structured Finance team helped secure the acquisition financing on behalf of the buyer.

Villas Tech Ridge offers new ownership the opportunity to increase value-add potential via unit interior and amenity upgrades. Built in 2009, the garden-style property features a mix of one-, two- and three-bedroom floorplans with an average unit size of 976 square feet. Unit interiors offer fully-equipped kitchens, oversized walk-in closets and full-size washer and dryer sets. Community amenities include a pool with loungers and cabanas, a resident clubhouse, a state-of-the-art fitness center, controlled access gates and a fenced dog run.

Located at 13838 The Lakes Boulevard, Villas Tech Ridge is surrounded by major employment, entertainment and recreation. The property is just down the street from Parmer Austin, a 300-acre technology and research park with tenants including General Motors Co., Meta, 3M and Apple, and just over three miles from The Domain, home to employers such as Amazon, Indeed and Vrbo, as well as Austin FC’s new Q2 stadium. The property offers convenient access to major thoroughfares IH-30, MoPac and HWY 183.

According to Newmark research, multifamily demand across the U.S. projects to advance even further in 2023, reaching the highest levels since the third quarter of 2021 and well above the long-term average. New supply will also significantly increase, with nearly 550,000 units expected to be delivered in 2023 and an all-time high of nearly 588,000 in 2024.

519,905-square-foot industrial park in Fort Worth sells to Westcore

Posted on by Mia Goulart

Stream Realty Partners brokered the sale of a 519,905-square-foot industrial park in Fort Worth to a San Diego-based industrial real estate acquisition, development, and asset management firm.

Westcore purchased Railhead Business Station, a four-building campus at 401, 500, 600, and 800 Railhead Road, from a global real estate investment management firm. The project was fully leased to 11 tenants at the time of the sale. The price was undisclosed.

Stream, a national commercial real estate firm offering an integrated platform of services, represented the seller in the transaction. Seth Koschak and Matteson Hamilton, executive managing directors and partners of Stream’s Industrial Capital Markets group–along with Senior Vice President Forrest Cook, Vice President Jeff Rein, Senior Analyst Lee Belland III, Financial Analyst Trey Mahla, and Senior Production Coordinator Haili Rumsey–were involved in the sale. Westcore represented itself.

Railhead Business Station, in the highly coveted infill submarket of Meacham/Fossil Creek in North Fort Worth, is just a few miles north of the Central Business District. The multi-tenant buildings possess a roster of regional and national tenants. Additionally, the project provides immediate access to Interstates 820 and 35W and sits in an enterprise zone offering triple freeport tax abatements.