Category: Uncategorized

JLL secures $10M refinancing for Dallas’ Pinnacle Business Center

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JLL Capital Markets has arranged a $10 million refinancing for Pinnacle Business Center, a fully leased, three-building, Class A, shallow-bay industrial facility totaling 181,050 square feet in Dallas. JLL worked on behalf of the borrower, an affiliate of Cohen Asset Management, to place the 10-year, fixed-rate loan with National Life. JLL will also service the loan. Completed in 2004, Pinnacle Business Center’s rear-load buildings feature clear heights ranging from 24 to 28 feet, deep truck courts, 51 dock-high doors, nine ramp access doors, office space and ample parking. The industrial facility is home to 12 tenants in a wide array of industries, including manufacturing, baking, architecture, clothing and automotive. Situated on 12.68 acres at 1444 N. Cockrell Hill Boulevard, 4310 Adler Drive and 4305 Pinnacle Point Drive, Pinnacle Business Center is six miles from downtown Dallas and located off Interstate 30, the major thoroughfare between Dallas and Fort Worth. Additionally, the park is in the Eastern Lonestar/Turnpike Industrial submarket, an established submarket that has seem tremendous rental growth over the past decade. The JLL capital markets debt placement team representing the borrower was led by director, DJ Meagher, senior managing director, Paul Brindley, and analyst, Dillon Donald. The team secured financing for the borrower’s acquisition of this property in 2015.

Two-acre site in Ennis, TX to be future home of Marriott Fairfield Inn

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Enterprise America has purchased almost two acres of land at Ennis Crossing, a seven-acre development in Ennis, Texas. Demian Salmon with Stream Realty Partners represented Enterprise America in the purchase, while Jim Jamerson with SEGOVIA Retail Group and Chad DuBose with Foremark brokered the sale on behalf of DA Ennis 45 Partners, LP. “Since DFW has experienced significant migration from outside Texas, we have seen the hospitality market embracing communities such as Ennis for its quality of life and strategic proximity to larger markets,” said Salmon, senior vice president of land division at Stream’s Dallas office. “We are thrilled to get this deal across the finish line for Enterprise America.” The future site of a 95-key Marriott Fairfield Inn is located at the northeast quadrant of I-45 and East Ennis Avenue (SH 34). The hotel will join a thriving development that currently features Chick-Fil-A, Schlotsky’s, Smoothie King, and Highway 55 Burgers. “We are excited about bringing this latest development to Ennis,” said Sharif Choudhury, president of Enterprise America. “Compared to other markets in the U.S., the hospitality industry in the Dallas-Fort Worth metroplex has the potential to bounce back much faster.” This site development will contribute to the Ennis Economic Development Corporation’s operations, which have brought over $535 million in industrial development projects to Ennis and created more than 2,000 jobs in the last ten years. As the Economic Development Corporation continues to make strides in the Southern Tier of the Dallas/Fort Worth Metroplex, this hotel site will enhance the quality of life and recreation that the city of Ennis provides to both residents and visitors. “The Enterprise America team remains committed to developing properties in DFW to support the entrepreneurial, pro-business environment that this region is known for,” said Warren Yip, director of hospitality management and investment at Enterprise America.

Ingrum returns to Texas to lead office institutional investment sales for CBRE

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CBRE announced April 23 that Russell Ingrum will lead office institutional investment sales for CBRE Capital Markets in Texas. Ingrum, an accomplished office investment sales professional with a long and successful track record in Texas, is returning to the region from the San Francisco Bay area where he was a senior leader in the firm’s Northern California Capital Markets team for the past eight years. Ingrum, a vice chairman, will be based in CBRE’s Dallas office. “We are thrilled to have Russell return to Texas where he started his career. He has extensive experience and strong relationships in these markets and he knows the investment community in Texas well, allowing him to advise our clients immediately,” said Michael Caffey, president, South-Central Division & Latin America for CBRE. “Russell has deep national and international investor relationships developed from his role as the national office practice leader and as a leading producer on the West Coast. We believe Russell will have real success assisting investors in deploying capital across markets from the West Coast into Texas markets,” said Chris Hipps, senior managing director, Investor Services for CBRE. Ingrum has closed more than 850 equity sales transactions in the U.S., consisting of 605 million square feet for a total consideration of $36 billion. He has consistently been a top national producer for CBRE in investment sales, representing some of the country’s largest equity/opportunity funds, life insurance companies and REITs. Click to read more at www.fortworthbusiness.com.

Avison Young releases its First-Quarter 2020 Houston Office Market Report

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Houston, TX — According to Avison Young’s First-Quarter 2020 Office Market Report for Houston, all class property types in the city experienced losses during the first quarter, but suburban class A properties reported positive absorption with 124,310 square feet (sf). “Prior to the pandemic, Houston’s economic fundamentals were healthy, but the energy sector’s recovery struggles have now been compounded with an oil price war,” notes Rand Stephens, Avison Young Principal and Managing Director of the firm’s Houston office. “It’s an uphill battle, but this is an interruption we will learn from and overcome.” According to the report, the pipeline for construction is growing, although limited to 21 buildings totaling 3.8 million square feet (msf), 45% of it is currently released. “These unprecedented times have slowed commerce to a near halt,” comments Avison Young Principal Anthony Squillante. “However, if tenants are willing and able to transact, landlords are likely to offer aggressive concession packages in response to social distancing and work-at-home orders in an effort to keep their building’s occupancy rate up.” Click to read more at www.avisonyoung.us.

Forecasting commercial real estate winners and losers in the post-pandemic world

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The effects of the new coronavirus on commercial real estate will be long-lasting, as restaurants close, retailers file for bankruptcy and companies that occupy office space rethink their entire workplace strategies. Previous health-related downturns have been brief and followed by relatively quick recoveries, but the amount of time it will take for the economy to rebound from the coronavirus is less predictable, Ben Breslau, chief research officer of JLL Americas, said Thursday on a conference call to discuss the pandemic’s impact on commercial real estate leasing and the economy. There will be winners and losers among, and even within, different property sectors. How retail tenants have been affected by the pandemic has been sharply divided. Grocery, liquor, home improvement and other stores states have deemed to be essential are doing well. Restaurants, bars and mall stores are feeling the most pain as consumers stay home. Twelve percent of restaurants in Texas are expected to shut down permanently within a month, according to a survey by the National Restaurant Association. One out of every 50 have already done so. When dining rooms do reopen, it will take longer to get back to their previous sales levels. Many many are expected to return with 50 percent capacity to allow for safe social distancing, said Naveen Jaggi, president of Retail Advisory Services at JLL. Click to read more at www.houstonchronicle.com.

Howard Hughes Welcomes Oil Firm at Houston Skyscraper

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The Howard Hughes Corp. has announced that Western Midstream Partners has signed a 133,948-square-foot lease in a Class A+ office high rise at The Woodlands Towers at The Waterway in Houston. The company will occupy five floors in the 31-story skyscraper. Cushman & Wakefield assisted the tenant, while Colliers International represented the owner. This commitment brings the 595,000-square-foot building to an occupancy rate of 35 percent. The tenant is expected to move into the tower in November, with the owner providing temporary space as early as April. Later this year, Howard Hughes will also relocate from its Dallas headquarters to The Woodlands. Located at 9950 Woodloch Forest Drive, the LEED Silver-certified building was completed in 2014. Amenities include a lobby cafe, two-level fitness facility with a basketball and volleyball court, conference rooms and a 33,000-square-foot rooftop terrace. Situated close to Interstate 45, the high-rise is 20 miles from George Bush Intercontinental Airport. Click to read more at www.cpexecutive.com.