Category: Focus 2020

Stream Realty Partners Awarded Leasing of Million Square-foot Office Portfolio

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Woodbranch Management has selected Stream Realty Partners’ Houston office leasing team as the exclusive leasing partner for its 1.1-million-square-foot, six-building Houston office portfolio. The portfolio includes four buildings in the Westchase submarket—9800 Richmond Avenue, 3100 S Gessner Road, 11000 Richmond Avenue and the 21-floor Millennium Tower, located at 10375 Richmond Avenue, which is currently undergoing significant renovations. Additional properties, located in the Galleria submarket, include 1775 St. James Place and 4265 San Felipe Street, which will also receive large-scale renovations. “This portfolio includes some of Houston’s best properties for office leasing and we are proud to put them in the experienced hands of Stream Realty Partners,” said Philip Schneidau, Woodbranch Management. Millennium Tower’s renovations are expected to be complete by the fourth quarter of 2020. They include a major lobby renovation, granite paneling in all 21 elevator lobbies, modern executive conference rooms and a state-of-the-art tenant lounge. High-speed internet access will be incorporated into every office through several providers, enabling tenants to choose which service best suits them. Updates to San Felipe will include a redesigned lobby, with floor to ceiling vertical LED lights, a touch screen directory, modern marble walls and floors and new glass doors. Additionally, the lobby will have access to the breezeway, which will undergo renovations such as new LED down lights, flat white ceiling tile, white marble garage elevators, and modern sconce lighting for visitor parking. “We are excited to have the opportunity to work with Woodbranch on the successful lease-up of these prominent buildings,” said Ryan Barbles, managing director for Stream. “The combination of all six properties, and the renovations to come, make any building in the Woodbranch portfolio an attractive option for tenants looking for a modern space that serves their business needs.” Stream’s office leasing team of senior vice president Brad Fricks, vice presidents Craig McKenna and Mat Volz, senior associates Adam Ross and Matt Asvestas, and associate Elliot Collie will serve as leasing agents for the six properties.

Fort Worth FedEx Distribution Facility Sells for $8 Million

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An approximately 92,450-square-foot distribution building leased to Federal Express Corporation in Fort Worth, Texas has sold for $8,110,000. Ryan Barr and Ryan Bennett of Lee & Associates – North San Diego County represented the seller, Infinity nine of Fort Worth LLC; Cushman & Wakefield represented the buyer, a California-based investor, MH Sherman Company, in the 1031 exchange. The building sits on a 10-acre parcel and is located at 5601 Mark IV Parkway in Fort Worth. The building features 11 loading doors, expansive parking and a vehicle maintenance shop with three drive-in bays. FedEx has occupied 100 percent of the facility since completion of the build-to-suit construction in 1998. They have since extended the lease twice, the most recent in August 2018, extending their term another 10 years. The subject property is located just a half-mile from Interstate 820 at the interchange of Interstate 35W for quick access to downtown Fort Worth less than eight miles to the south. Additionally, the property is strategically located just five miles from the Fort Worth Meacham International Airport, which sees 1,800 flights per day and is undergoing an expansion, with new hangars and a renovated terminal and administration building.

KDC Signs on to Frisco Mega Development, The Fields

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Dallas-based KDC has joined the development team spearheaded by Hunt Realty and Karahan Cos. on the $10 billion Fields project in Frisco, Texas. The mixed-use mega-development will include over 10,000 residences and up to 18 million square feet of commercial space. At more than 2,500 acres, Fields is the largest, contiguous land assemblage in Frisco. With significant frontage along the Dallas North Tollway, Preston Road and Highway 380, uses will include single-family and multifamily residential, office, retail, education and recreation. Other development partners include Republic Property Group, Chief Partners LP and CrossTie Capital Ltd. PGA of America is moving its headquarters to the Fields from Palm Beach County, Florida. PGA’s $500 million development will include two championship golf courses, an Omni resort and a retail village. The University of North Texas is also constructing a branch campus at the site.

Moss Awarded Contract for The Luxe at Las Colinas, Irving, Texas

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Moss Construction has been awarded a contract for The Luxe at Las Colinas, a luxury senior living project located at HWY 161 and N. Belt Line Road in Irving, Texas. The project owner/developers are Story Senior LTD and MPH Partners LLC and Arrive Architecture Group designed the space. “We’re excited that The Luxe at Las Colinas has chosen us to complete this beautiful and thoughtfully designed project,” said Tom Philley, executive vice president of Moss’ Texas region. “It’s an honor to work on a project that will serve the senior community in Irving for many years.” The 149,076-square-foot project will consist of one- and two-bedroom apartments ranging from 644 to 1,112 square feet. All 140 units will have access to the clubhouse and their own private balcony. The four-story active adult community will provide amazing amenities including a resort-style pool, dog park, fitness center, library, medical clinic, wellness café, activity center, and media room. In the clubhouse, residents will further enjoy a dining room as well as private dining.

The project broke ground on Tuesday, October 6, and is expected to be completed in November 2021.

Transwestern Brings Park 288 in Houston to Full Occupancy

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The Methodist Hospital, known as Houston Methodist, signed a new 18,825-square-foot lease in Park 288 at 3710 Reed Road in Houston, bringing the business park to 100 percent occupancy. Transwestern Real Estate Services (TRS) and Colliers International brokered the deal. Jude Filippone of Transwestern provided agency leasing services on behalf of the landlord. Coy Davidson of Colliers International represented the tenant. “Park 288 continues to outperform the market given its infill-location, excellent visibility to Highway 288, responsive sponsorship, and excellent access to the Houston Medical Center, Central Business District, Loop 610 and Beltway 8,” said Filippone. “Given the current challenging market conditions, we are excited to have secured a strong tenant in Houston Methodist and bring this asset to 100 percent leased.” Located at the epicenter of Houston’s south/southeast growth corridor, Park 288 is a five-building, Class A industrial park totaling 556,638 square feet. The project has a highly functional and attractive design that combines optimum tenant functionality with maximum long-term flexibility. All the buildings have glass storefront entries, abundant parking, wide truck courts, and visibility and direct access to Highway 288.

Cash Builds for Property Debt Funds as Crisis is Delayed

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Real estate debt investors are stockpiling cash, searching for opportunities to lend to commercial-property owners hurt by the pandemic. Property debt funds, including at Blackstone Group Inc., raised $14.1 billion from April through September, compared with $15.7 billion a year earlier, according to research firm Preqin Ltd. Yet the expected flood of deals has so far been just a trickle. Now there are signs of a thaw. On one side, competition is building to put that cash to work, motivating some lenders to take on higher risks. On the other, borrowers are growing desperate as loan extensions start to expire on malls, hotels and even some offices that are still struggling as COVID-19 continues to ravage the U.S. economy. “If you’re willing to do it, you’ll get a lot of deals, but you have to be willing to play in those sectors and take some risks,” said Mark Fogel, chief executive officer of Acres Capital, a New York-based commercial property lender. He said he’s getting almost twice as many calls from borrowers looking to refinance their debt or get bridge loans to stay afloat than just a few months ago. Debt fund investors are eager to see returns seven months after the coronavirus threw commercial property markets into disarray. When bank lending starts to dry up, investors looking for better yields tend to turn to private credit, which steps into the vacuum. Click to read more at www.houstonchronicle.com.