Category: News

West Houston office property trades to 1031 investor

Posted on by Mia Goulart

JLL Capital Markets has completed the sale of Briar Forest Crossing, a 94,404-square-foot office building in Houston, Texas.

JLL represented the seller, CapRidge Partners, LLC in the off-market transaction. LM & Associates, LLC, a 1031 investor, purchased the property and was represented by Doug Pack with Colliers, who will also be handling the leasing.

Briar Forest Crossing is located at 1300 West Sam Houston Parkway, at the northwest corner of Sam Houston Tollway and Briar Forest in Houston’s Westchase submarket. The office building is convenient to Houston’s Energy Corridor as well as the Galleria and Greenway Plaza business districts. Additionally, the property is just west of The Villages, one of Houston’s most affluent residential neighborhoods.

The four-story building is currently 73.1% leased and serves at the headquarter location for US Physical Therapy. Building amenities include a common area conference center and parking in an attached structured garage.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Marty Hogan.

Hines selected as development manager for Texas A&M Aplin Center

Posted on by Mia Goulart

Texas A&M has selected key partners to advance toward a summer groundbreaking for the Aplin Center. Supported by a $50 million gift from former student Arch “Beaver” Aplin III, owner of Buc-ee’s, the academic center will serve as an immersive learning laboratory for students.

Houston-based Hines has been selected as the development manager to facilitate the T3 project. T3 is Hines’ new generation of heavy timber buildings are focused on innovation, wellness and sustainability. Pickard Chilton and DLR Group, two premier architectural design firms known for their innovative ideas, will lead the design of the state-of-the-art facility. Landscape architect Design Workshop will transform the surrounding eight acres at the corner of Wellborn Road and John Kimbrough Boulevard into an inviting green space. The university will break ground in the fall.

The Aplin Center will offer a transformational student experience through new university programs in hospitality, retail studies and food product development involving innovative degree programs including viticulture, fermentation processes, coffee and food science. Product development laboratories and food tasting areas will offer collaboration with industry and experiential learning opportunities for students.

The Aplin Center will include outdoor and indoor student recreational space, as well as retail and food service areas managed by students and faculty through the educational programs.

The project will host corporate training and recruiting programs, along with professional development opportunities. Workforce training based on industry needs will be a key component of the center. Texas A&M is already exploring potential collaboration with industry for internship opportunities as students advance through the programs offered at the Aplin Center.

Primary academic partners will be the College of Agriculture and Life Sciences and the Mays Business School, although other academic units will be involved in specialty projects.

Aplin graduated from Texas A&M in 1980 with a construction science degree and opened his first Buc-ee’s in Lake Jackson, Texas, in 1982.

Sale of grocery-anchored retail center in suburban Dallas closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Independence Square, a 140,218-square-foot, grocery-anchored retail center located in the Dallas suburb of Plano, Texas.

JLL represented the seller. Head Capital Partners acquired the asset.

Built in 1977 and renovated in 2005, the 94% leased center is grocery-anchored by a high-performing Tom Thumb that comprises 31% of the total rentable area and has operated as the anchor for 45 years. Tom Thumb’s parent company, Albertsons, is the second-largest supermarket chain in North America, with over 2,300 stores total and 65 stores in Texas. Additional tenants include Oscar Nail Lounge, Cookies by Design, Great Clips, Little Greek Restaurant, Frost Bank, Jersey Mike’s and Workout Anytime. The property receives approximately 850,000 visits every year.

Located at 3100 Independence Parkway, Independence Square sits at a high traffic intersection within a dense neighborhood population. The property caters to over 127,000 residents within three miles with an average household income of over $130,000, which is 20% above the Dallas-Fort Worth average. The center is also adjacent to heavy daytime traffic generators, including Plano High School to the south and four surrounding elementary schools in every direction. Additionally, it is just 35 minutes from Downtown Dallas and 15 minutes from the Legacy office submarket.

The JLL Retail Capital Markets team was led by Senior Managing Directors Chris Gerard and Barry Brown, Director Erin Lazarus and Associate Ben Esterer.

National investor adds West Texas self-storage facility to its portfolio

Posted on by Mia Goulart

JLL Capital Markets has completed the sale of Atlas Self Storage, a 116-unit self-storage facility in Midland, Texas.

JLL represented the seller, Atlas Self Storage, and procured the buyer, KO Storage.

Atlas Self Storage is located at 200 Norman St. just north of Interstate 20 in Downtown Midland. The project sits near a collection of KO Storage facilities and is easily accessible from the majority of Midland’s residential population. The 18,120-square-foot facility was 95% occupied at closing.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Directors Adam Roossien, Matthew Wheeler, Steve Mellon and Brian Somoza.

Sale of student housing community near University of Houston closes

Posted on by Mia Goulart

JLL Capital Markets closed the sale of Vue on MacGregor, a 117-unit / 347-bed student housing community near the University of Houston.

JLL worked on behalf of the seller, Trimont, LLC and procured the buyer, Axonic Properties, LLC.

Built in 2014, the 96.3% occupied property features fully furnished one-, two-, three-, four- and five-bedroom units ranging from 369 square feet to 1,128 square feet. The units include in-unit washers and dryers, stainless steel appliances and granite countertops. Community amenities include dedicated study rooms, a swimming pool, two fitness centers, a business center, free community-wide Wi-Fi and cable, dog park and prime views of downtown from an upper view deck.

Situated at 4460 South MacGregor Way, Vue on MacGregor is 0.5 miles from the University of Houston campus and a 15-minute drive from Downtown Houston, which features 52 million square feet of office space. The property is ideally set in a quiet enclave near MacGregor Park, a short walk or shuttle ride to classes and only a few miles from the light rail providing access to downtown. Both Griggs Road Shopping Center and The Trail Shopping Plaza are a five-minute drive from the property. Additionally, residents have easy access to the greater Houston metro via nearby Interstate 45.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Directors Teddy Leatherman and Scott Clifton, Director Kevin Kazlow and Analyst Danielle Rice.

Partners Real Estate arranges sale of 37,500-square-foot industrial building in Laredo

Posted on by Mia Goulart

Partners, one of the largest independent commercial real estate firms in Texas, arranged the sale of a 37,500-square-foot industrial building located at 14610 Atlanta Drive in Laredo, Texas.

Partners’ Gustavo Torres represented the seller, Richard G. Boswell, in the transaction.