Record-low vacancy and new demand drivers pushed industrial development activity to a cycle high in 2017 with the completion of more than 240 million square feet. This year, construction has been concentrated in a handful of shipping and logistics hubs with Riverside-San Bernardino leading the way, followed by Dallas/Fort Worth, Atlanta, Chicago, Phoenix and Houston, according to a recent report by Marcus & Millichap.—Lisa Brown
NEWS AND NOTABLES
DALLAS—HFF has hired Ross Sanders as a senior director within HFF's national seniors housing group led by senior managing directors Chad Lavender and Ryan Maconachy. Sanders will focus on seniors housing-related investment advisory, debt and equity placement transactions throughout the United States.
DALLAS—Weitzman has named Blane O'Banion, an experienced retail real estate professional, as vice president and director of leasing. At Weitzman, O'Banion handles negotiations and manages a leasing team responsible for project representation of a major portfolio of power, community, neighborhood and mixed-use retail centers in the Dallas-Fort Worth area.
HOUSTON—Avison Young announces that Grant Hortenstine was the Industrial Rising Star for 2017 by Houston's NAIOP chapter.
HOUSTON—Avison Young announces that Jana Moore has been named a principal of the company. Moore, a highly regarded 25-year industry veteran, joined Avison Young in 2010 and helped start the firm's Houston office. She is the operations director for the firm's Texas region.
HOUSTON—Transwestern's Colleen Dolan, executive vice president–human resources, was one of the women leaders honored at the inaugural Great Place to Work For All Leadership Awards gala.
DEAL TRACKER
ALLEN, TX—Globe Life and Accident Insurance Company leased 10,035 square feet at 1305 N. Watters Rd. Josh Barnes and Ben Wallace of Holt Lunsford Commercial represented the landlord, Gateway Industrial. Bruce Hecht and Ben Goldthorpe of Swearingen represented the tenant.
DALLAS—M-M Properties' joint venture partner, TriGate Capital, has signed a lease for 12,121 square feet at Comerica Bank Tower.
DALLAS—Institutional Property Advisors, a division of Marcus & Millichap announces the sale of Churchill on the Park, a 448-unit garden-style multifamily asset located in North Dallas. Will Balthrope, executive director, Drew Kile, senior director, and Joey Tumminello, associate, represented the seller, a New York-based pension fund advisor and procured the buyer, TH Real Estate.
DALLAS—An international buyer group purchased Preston Frankford Crossing, a fully leased 35,424-square-foot shopping center located at 18101 Preston Rd. The property features a complementary mix of Internet-resistant tenants, according to Michael Austry, vice president, CBRE. Jared Aubrey and Austry with CBRE in Dallas brokered the sale.
EDINBURG, TX —An international buyer group purchased Edinburg Plaza, a two-building 16,200-square-foot shopping center located at 2720-2758 W. University Dr. This property is shadow anchored by Lowe's along Edinburg's main retail corridor and includes Starbucks, AT&T, Rio Grande Hospital and Subway. Jared Aubrey and Michael Austry with CBRE in Dallas brokered the sale.
FLOWER MOUND, TX—Realty Capital Management LLC, master developer of Lakeside DFW, announces the addition of Burgerim to The Shops at Lakeside located at FM 2499 and Lakeside Pkwy.
HOUSTON—Lee & Associates–Houston represented Chapman & Cole in the lease of a 49,000-square-foot industrial building at 4514 Brittmoore Rd. Preston Yaggi and Stephen Kuper of Lee & Associates– Houston represented the landlord, and Travis Land and Nick Peterson with NAI Partners represented the tenant, BiSN Oil Tools LLC.
HOUSTON—Lee & Associates–Houston represented 4553 Aldine Bender LLC in the lease of a 28,270-square-foot industrial building at 4553 Aldine Bender. Mike Spears and Chase Cribbs of Lee & Associates–Houston represented the landlord, and Richard Quarles with JLL represented the tenant, HFJ Group LLC.
HOUSTON—Lee & Associates–Houston represented TR Fastenings Inc. in the lease of a 21,064-square-foot industrial building at 10811 Vinecrest Dr. Robert McGee, SIOR of Lee & Associates–Houston represented the tenant and Logan Greer with InSite Commercial represented the landlord, EastGroup Properties Inc.
HOUSTON—Lee & Associates–Houston represented Brighton Lane Partnership in the lease of a 19,092-square-foot industrial building at 505 West Canino Rd. Robert McGee and Mike Spears of Lee & Associates–Houston represented the landlord and Ori Batagower with NewQuest Properties represented the tenant, Drive Away Autos LLC.
HOUSTON—Lee & Associates–Houston represented Edge Engineering & Science in a 11,403-square-foot office lease at 16285 Park Ten Place. Rob Johnson of Lee & Associates–Houston represented the tenant, and Tony Allen represented the landlord, FSP Park Ten Limited Partnership.
HOUSTON—Lee & Associates–Houston represented WS Equity Group LLC in the lease of a 10,500-square-foot industrial building at 16318 Aldine Westfield Rd. Mike Spears and Chase Cribbs of Lee & Associates–Houston represented the landlord and Greg Marconi with Newmark Knight Frank represented the tenant, Motridal America Inc.
HOUSTON—Lee & Associates–Houston represented Chrane Foodservice Solutions LLC in the lease of a 3,733-square-foot industrial building at 4540 Kendrick Plaza. Cameron Hicks and Chris Lewis of Lee & Associates–Houston represented the tenant, and Dayne Wunderlich with InSite Realty Partners LP represented the landlord, EastGroup Properties Inc.
HOUSTON—NAI Partners recently arranged the purchase of 13831 Northwest Freeway, a 151,835-square-foot office building in Northwest Houston by ManhattanLife. Jon Silberman, managing partner of NAI Partners, represented longtime client ManhattanLife in the transaction. Seller Boxer Properties was represented in-house by Jay Nowlin. NAI Partners' landlord services division, led by Jim Tainter, managing director, was awarded the leasing and property management assignments for the building.
HUMBLE, TX—Lee & Associates–Houston brokered the sale of an 8,500-square-foot industrial building in IAH Humble Business Center located at 1974 South Houston Ave. Chase Cribbs and Robert McGee of Lee & Associates–Houston represented the seller, Adkisson Group Inc., and Thomas Leger and Mike Spears of Lee & Associates–Houston represented the buyer, Humble 18 Holdings LLC.
KATY, TX—Dallas-based Venture Commercial Real Estate has completed several leases and land transactions on behalf of Northern Tool + Equipment to secure five new store locations in Katy, TX; Glen Allen, VA; Little Rock, AR; Mobile, AL and Fort Myers, FL. Clay Mote with Venture Commercial is master broker for Northern Tool in all markets across the US and is assisting the retailer with its aggressive growth strategy.
LEWISVILLE, TX—STRIVE announced the sale of Christian Brothers Automotive. The single-tenant property had seven years remaining on a triple-net lease and was listed with an outside broker who also represented the owner from the original purchase. STRIVE's single tenant team brought a buyer after noticing the property had been on the market for more than 2.5 years. Kyle Rozell and Jason Vitorino of STRIVE exclusively represented the buyer, a Texas based limited liability corporation. Additional terms of the sale were not released.
RICHARDSON, TX—Feed My Starving Children Inc. leased 16,250 square feet at 1680 N. Glenville. Josh Barnes and Ben Wallace of Holt Lunsford Commercial represented the landlord, Adler Realty Services.
SEABROOK, TX—The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant AutoZone ground lease located at 2230 Repsdorph Rd. for $1.75 million.
BUILDING BLOCKS
AUSTIN, TX—Austin-based Oden Hughes broke ground on a 300-unit luxury community at 135 Foremost Dr. in South Austin on a highly visible site between South Congress Avenue and Interstate 35. Scheduled to open in 2019, the 14.6 acre-project is the sixth community that Oden Hughes has built in South Austin in the last six years.
FATE, TX—PMB Lending, a subsidiary of Dallas-based PMB Capital, has provided $15 million in financing for the development of approximately 400 lots in the Woodcreek master-planned community. The developer, an affiliate of Miami-based Southstar Development Partners, will be working with homebuilders Meritage Homes, Dunhill Homes, Lennar Homes and Pulte Homes to bring almost 400 new homes priced from the upper $200,000s to market.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
