Category: News & Market Reports

Institutional Property Advisors Closes Sale of Central Dallas Apartment Complex

Posted on by Sarah

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Dylan, an urban apartment complex at 4533 Cedar Springs Road in Dallas. SPI Advisory acquired the asset from a private equity real estate fund advised by Crow Holdings Capital. “New capital continues to flow into the Dallas-Fort Worth multifamily market at an extremely high level,” said Drew Kile, IPA senior managing director. “This is a very sought-after property and location, and, as always, SPI Advisory, the buyer, followed through on their word to move quickly. They moved from access agreement to purchase and sale agreement in just 10 days, went non-refundable immediately and closed early.” Kile coordinated with IPA executive managing director, Will Balthrope, and director, Joey Tumminello, to broker the transaction, representing the seller and procuring the buyer. Constructed in 2009 on 3.3 acres, the 147,955-square-foot, controlled-access property has Dallas skyline views and a resort-inspired swimming pool. The average unit size is 1,184 square feet. “The Dylan offers relative value as investors start to migrate to more suburban investment opportunities,” said Tumminello. “Long term, this type of townhome product with unobstructed views of downtown is irreplaceable. We’ll continue to see a high level of buyer interest as we bring similar infill opportunities to the market this fall.” The submarket’s strong demographics include average household income that exceeds $100,000, and within a one-mile radius of The Dylan, single-family homes valued at greater than $500,000. The property’s location on Cedar Springs Road gives residents immediate access to Dallas North Tollway, which provides commuters with the ability to reach most destinations within the Metroplex in under an hour. Dallas Love Field Airport is less than five minutes away and Dallas-Fort Worth International Airport is within a half-hour drive. “IPA’s consistent presence in the Metroplex and our history of completing significant multifamily sales in the metro gives us the edge in matching Dallas assets with buyers from throughout Texas, the Southwest and nationwide,” said Balthrope.

NAI Partners Arranges 8,600-SF Lease for Viking Engineering in Houston

Posted on by Sarah

NAI Partners recently arranged an 8,600-square-foot industrial lease for Viking Engineering at 4930 Dacoma Street in Houston. Viking Engineering provides the upstream oil and gas industry with well construction design and analysis solutions. NAI Partners’ Alex Taghi represented the tenant in the transaction.

Bellomy & Co Brokers Self-Storage Portfolio Sale in Austin

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On September 1st, Storage Star completed the acquisition of three well-located self-storage facilities in Austin, increasing its portfolio to 27 total assets including eight located in fast-growing major Texas markets. Bellomy & Co. exclusively represented the sellers and received inquiries from more than 130 capital sources—both foreign and domestic. The facilities will be named Storage Star – Mopac, Storage Star – Pond Springs and Storage Star – Ben White. Storage Star intends to invest in the projects to improve curb appeal, repair deferred maintenance and prepare the facilities for long-term hold. “We are fortunate to add to our growing portfolio such well-located assets in the fast-growing, highly attractive Austin market,” said Matt Garibaldi, Storage Star president. “The selling team was a pleasure to work with, and Bill Bellomy and Michael Johnson provided great support as the seller representatives.”

Hartman Develops Land at 17211 North Freeway in Houston, TX

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August 24, 2020 (Houston) – Hartman Income REIT Management, Inc. (Hartman), a commercial real estate firm headquartered in Houston, Texas broke ground on a 7,500 square foot retail property at 17211 North Freeway in Houston, Texas this year. The development is underway at the Houston shopping center Hartman acquired in 2013 with the retail anchor tenant, Floor and Décor. The 7,500 square foot retail development is expected to be completed in the fourth quarter of this year, according to the project’s general contractor, Dan Jones. “17211 North Freeway retail project is a value-add investment for the shopping center, we expect the new retail space to attract a great amount of new shoppers to the center and are looking forward to welcoming future tenants to the space.” The retail project was conceptually planned when the land was acquired with company growth in mind. Hartman focuses on purchasing commercial real estate properties that are underperforming and tackles the task of improving the properties, adding value and raising occupancy rates. At 17211 North Freeway, Hartman is doing just that with this new addition of a 7,500 square retail building. Houston based, Stewart Consulting Services, designed the new building development that will tentatively include four individual retail suites, with one of the end suites providing drive-through capabilities for its future tenant. The building will cosmetically give a value-add look to the area as it will have a sleek brick and modern finish offering a positive refreshed look to the retail center. Located just south of the intersection of I-45 and FM 1960, the retail center will also boast the ability to easily shop, offer convenience, and will be a great addition to the extremely fast-growing area. Hartman views this new land development as essential to the growth of the area. This development follows the recent opening of the new headquarters of Exxon Mobil located nearby. Significant developments such as Exxon Mobil’s have brought with them a massive growth in population and spike in people visiting the area for work or other leisurely activities. Hartman expects the new retail space to emphasize the rising desirability of the area and is hopeful to bring new businesses and unique upgrades to the Houston metroplex. “The leasing team here at Hartman is excited to add this new development to the existing center that is the home of Floor and Décor. We hope to attract national tenants to drive traffic to the existing center and bring future growth opportunities to the area.” Says Katherine Morrison, Hartman’s regional Vice President of leasing. Looking ahead, Hartman continues to expand at its properties, break ground on new projects and has numerous projects in the works related to retail, office, industrial, and flex space. In total, Hartman has over a hundred thousand square feet in the pipeline and looks forward to welcoming new and future tenants to the Hartman platform. Hartman Income REIT Management, Inc. will be pre-leasing the available suites at this retail center. For more information on leasing at this location, please call 713-467-2222.

About Hartman: Hartman is a premier property management company in the Houston, Dallas and San Antonio markets. Hartman has owned and operated commercial office properties since 1983, offering premium office space at attractive rates. With more than 37 years of commercial leasing expertise in Houston, San Antonio and Dallas, Hartman knows exactly what their customers require. For more information, visit www.hi-reit.com.

Contact:
Malori Bizzell
Marketing Manager
Hartman Income REIT Management, Inc.
214.432.3708
mbizzell@hi-reit.com

NewQuest Closes Six Deals in Houston, Austin Metros

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NewQuest Properties recently brokered six retail real estate transactions in the Houston and Austin markets. The deals included one sale and four leases in the Houston area and one Austin sale. Vantage at Tomball LLC has purchased 15.92 acres at 9102 FM 2920, Tomball, Texas from K. McGaughy FM 2920 LLC. Brad LyBrand and Glenn Dickerson of NewQuest Properties represented the seller. Justin Patchen of Buffalo Real Estate Partners represented the buyer. Net Lease Development LLC has purchased a 1,500-square-foot Take 5 service center on 0.55 acres at 5400 Balcones Drive in Austin, from Edry B&K-7 GP. Marc Peeler of NewQuest Properties represented the seller. Randy Bell of Real Capital Investments represented the buyer. Rapidcare Emergency Room has leased a 6,580-square-foot, freestanding building at the intersection of TX 146 and Fairmont Parkway, La Porte, Texas from 4808 North McCarty LLC. David Meyers and Bob Conwell of NewQuest Properties represented the landlord. Gloria IIochonowu of Keller Williams Realty Southwest represented the tenant. Chipotle Mexican Grill has leased 2,998 square feet of retail space in Brazos Town Center, located at the intersection of Interstate 59/US Hwy. 59 and FM 762/Reading Road in Rosenberg, Texas from NewQuest Properties. Bob Conwell and Austen Baldridge represented the landlord. Traci Holman and Jason Baker of Baker Katz represented the tenant. Citra Endodontics has leased 2,332 square feet of retail space from NewQuest Properties, also in Brazos Town Center. Bob Conwell and Austen Baldridge represented the landlord. Tiffany La of Alphamax Realty represented the tenant. Restore Hyper Wellness & Cryotherapy has leased 2,331 square feet of retail space in the Shops at Upper Kirby, 2715 Bissonnet Street in Houston, from 2715 Bissonnet LLC. Nick Ramsey of NewQuest Properties represented the tenant. David Ferguson of BPI Realty represented the landlord.

Medical Office Building Sale Arranged by Marcus & Millichap

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Marcus & Millichap brokered the sale of 2500 West Illinois Avenue, a 19,547-square-foot office building located in Midland, Texas, according to David G. Bradley, regional manager of the firm’s Chicago Downtown office. Terms of the deal were not disclosed. Alex Sacks, Brett Rodgers and Frank M. Roti, investment specialists in Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller and secured the buyer as well. Tim Speck assisted on the transaction as Marcus & Millichap’s Texas broker of record. 2500 West Illinois Avenue is strategically located just two blocks away from Midland Memorial Hospital. This multi-tenant building was constructed in 1955 but saw a full rebuild in 2013. The anchor tenant of the property is Midland Women’s Clinic, which is the largest women’s healthcare practice in western Texas. Other tenants of the property include Cook Children’s Clinic and LabCorp.