It seems everyone is talking industrial these days with regard to logistics for distribution, due in large part to Amazon's continued influence. Industrial vacancy continues to trend lower, attaining a record low as e-commerce reinforced space demand, particularly in in-fill areas. Demand for space in ports and hubs also accelerated, but substantive construction in several major markets restrained performance gains, according to the Marcus & Millichap US Industrial Midyear 2017 Outlook.—Lisa Brown
BY THE NUMBERS
HOUSTON—Retail space has remained at or above 94% occupancy since the second quarter of 2014, leasing activity increased during the second quarter, and the Inner Loop area has average rents sitting at $25.00 per square foot, according to NAI Partners.
NEWS AND NOTABLES
SAN ANTONIO—BBG, an independent commercial real estate valuation, advisory and appraisal firm, announced that it has acquired Trager Property Advisors, a San Antonio-based commercial real estate appraisal and consulting firm. Terms of the acquisition were not disclosed. The acquisition marks the fourth firm that BBG has acquired within the past 10 months. The San Antonio office brings the total number of BBG offices to 25 nationwide. BBG appointed Travis Taylor, managing director of TPA, as managing director of the San Antonio office.
DEAL TRACKER
ADDISON, TX—Citadel Partners LLC represented BG Staffing in the completion of a lease for 8,603 square feet at Quorum Place, 14901 Quorum Dr. BG Staffing was represented by Mac D. Morse and Taylor B. Dickerson with Citadel Partners. The landlord was represented by Ryan Evanich and Chase Lopez with Stream Realty Partners.
COLLEGE STATION, TX—Midway announced four new tenants at Century Square, the premier mixed-use development just steps from Texas A&M University. Joining the list of local and national names at Century Square is Breakaway Ministries, which will occupy 2,700 square feet of space in the Century Square One office building across from 100 Park.
CONROE, TX—Rivershire Plaza, a 39,735 square foot office property, has sold. James H. Bell, first vice president investments, and Keith E. Lloyd, director, both in Marcus & Millichap's Houston office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was secured and represented by Nate Newman, senior associate, in Marcus & Millichap's the Woodlands office. Rivershire Plaza is located at 333 North Rivershire Dr.
DEER PARK, TX—VacOne Services LLC signed a new 31,512-square-foot industrial lease at 5114 Railroad St. Travis Secor and Ryan Fuselier of JLL represented VacOne Services in the transaction. John Ferruzzo and Chris Kugle of NAI Partners represented the landlord, 5114 Railroad LLC.
EL PASO, TX—CBRE announces that Tianhai Electric North America, a manufacturer of wiring harnesses and battery cable assemblies for the automotive industry, signed a 120,000-square-foot lease at 19 Leigh Fisher. Chad McCleskey and Christian Perez Giese of CBRE's El Paso office arranged the transaction on behalf of the landlord, an affiliate of the Covington Group Inc.
HOUSTON—Lee & Associates-Houston represented All Stop! Survival & Safety Training LLC in a 15,750-square-foot industrial warehouse lease at 1630 Farm-to-Market 1960 Rd., near the Hardy Toll Road.
HOUSTON—Baker Katz has completed a 3,010-square-foot lease on behalf of Crossroads Trading. Baker Katz principal Jason Baker made the announcement. Crossroads Trading will be located at 2517 University Blvd. in the Rice Village shopping district, an open-air mall home to more than 35 popular retailers and diverse dining options. Lunden McGill with Baker Katz represented Crossroads Trading and Brian Bernstein with Bernstein Investments represented the landlord. Crossroads Trading is slated to open this fall.
McALLEN, TX—Redbud Place, an 80-unit apartment property located at 1001 East Redbud Ave., has sold. Mike Moffitt Jr, first vice president investments in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured and represented by Whitney Rhoades, Danalee Corso and Scott Logan, investment specialists in Marcus & Millichap's Portland office.
PLANO,TX—Integra Realty Resources has re-established operations under new leadership in the Dallas/Fort Worth market. The new office located at 1100 Mira Vista Blvd. suite 300, will bring its services to Dallas/Ft. Worth and Northeastern Texas under the management of IRR's newest shareholder, Jimmy H. Jackson. Additionally, a Fort Worth branch office will also be opening in the next few months. With these openings, IRR has added five new offices in Texas since February.
SAN ANTONIO—NAI Partners recently arranged a 31,926-square-foot industrial purchase at 1930 Hormel. This manufacturing facility will employ more than 100 to 150 new employees in the San Antonio area. This is a new division and location for Takumi Stamping. Brett Lum and Clare Flesher of NAI Partners, along with Tak O'Haru of White Cube, represented buyer Takumi Stamping Inc. during the negotiations. Ty Bragg of Cavender Hill Properties represented the seller, Forumex LLC.
SUGAR LAND, TX—Royale Woodbridge Plaza, a 16,842-square foot retail property, has sold. Justin Miller, first vice president investment, Derek Hargrove, first vice president investment, and Davis Hansen, associate, in Marcus & Millichap's Houston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Royale Woodbridge Plaza is located at 11315 South Highway 6.
BUILDING BLOCKS
PEARLAND, TX—JLL has negotiated the acquisition of a 2-acre land parcel for the development of a 1,017-unit self-storage facility at 2515 Westminister Rd. GreenSpace Holdings, a Houston-based self-storage developer, broke ground on the site last week. JLL's Chris Bergmann represented GreenSpace Holdings in the purchase of the parcel at Pearland Parkway and FM 518. TMS Contractors LLC is the general contractor on the project. When finished, the class-A facility will offer 95,565 square feet of rentable space across three stories. The property will operate under the CubeSmart brand.
It seems everyone is talking industrial these days with regard to logistics for distribution, due in large part to Amazon's continued influence. Industrial vacancy continues to trend lower, attaining a record low as e-commerce reinforced space demand, particularly in in-fill areas. Demand for space in ports and hubs also accelerated, but substantive construction in several major markets restrained performance gains, according to the Marcus & Millichap US Industrial Midyear 2017 Outlook.—Lisa Brown
BY THE NUMBERS
HOUSTON—Retail space has remained at or above 94% occupancy since the second quarter of 2014, leasing activity increased during the second quarter, and the Inner Loop area has average rents sitting at $25.00 per square foot, according to NAI Partners.
NEWS AND NOTABLES
SAN ANTONIO—BBG, an independent commercial real estate valuation, advisory and appraisal firm, announced that it has acquired Trager Property Advisors, a San Antonio-based commercial real estate appraisal and consulting firm. Terms of the acquisition were not disclosed. The acquisition marks the fourth firm that BBG has acquired within the past 10 months. The San Antonio office brings the total number of BBG offices to 25 nationwide. BBG appointed Travis Taylor, managing director of TPA, as managing director of the San Antonio office.
DEAL TRACKER
ADDISON, TX—Citadel Partners LLC represented BG Staffing in the completion of a lease for 8,603 square feet at Quorum Place, 14901 Quorum Dr. BG Staffing was represented by Mac D. Morse and Taylor B. Dickerson with Citadel Partners. The landlord was represented by Ryan Evanich and Chase Lopez with Stream Realty Partners.
COLLEGE STATION, TX—Midway announced four new tenants at Century Square, the premier mixed-use development just steps from Texas A&M University. Joining the list of local and national names at Century Square is Breakaway Ministries, which will occupy 2,700 square feet of space in the Century Square One office building across from 100 Park.
CONROE, TX—Rivershire Plaza, a 39,735 square foot office property, has sold. James H. Bell, first vice president investments, and Keith E. Lloyd, director, both in Marcus & Millichap's Houston office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was secured and represented by Nate Newman, senior associate, in Marcus & Millichap's the Woodlands office. Rivershire Plaza is located at 333 North Rivershire Dr.
DEER PARK, TX—VacOne Services LLC signed a new 31,512-square-foot industrial lease at 5114 Railroad St. Travis Secor and Ryan Fuselier of JLL represented VacOne Services in the transaction. John Ferruzzo and Chris Kugle of NAI Partners represented the landlord, 5114 Railroad LLC.
EL PASO, TX—CBRE announces that Tianhai Electric North America, a manufacturer of wiring harnesses and battery cable assemblies for the automotive industry, signed a 120,000-square-foot lease at 19 Leigh Fisher. Chad McCleskey and Christian Perez Giese of CBRE's El Paso office arranged the transaction on behalf of the landlord, an affiliate of the Covington Group Inc.
HOUSTON—Lee & Associates-Houston represented All Stop! Survival & Safety Training LLC in a 15,750-square-foot industrial warehouse lease at 1630 Farm-to-Market 1960 Rd., near the Hardy Toll Road.
HOUSTON—Baker Katz has completed a 3,010-square-foot lease on behalf of Crossroads Trading. Baker Katz principal Jason Baker made the announcement. Crossroads Trading will be located at 2517 University Blvd. in the Rice Village shopping district, an open-air mall home to more than 35 popular retailers and diverse dining options. Lunden McGill with Baker Katz represented Crossroads Trading and Brian Bernstein with Bernstein Investments represented the landlord. Crossroads Trading is slated to open this fall.
McALLEN, TX—Redbud Place, an 80-unit apartment property located at 1001 East Redbud Ave., has sold. Mike Moffitt Jr, first vice president investments in Marcus & Millichap's Austin office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, an individual/personal trust, was secured and represented by Whitney Rhoades, Danalee Corso and Scott Logan, investment specialists in Marcus & Millichap's Portland office.
PLANO,TX—Integra Realty Resources has re-established operations under new leadership in the Dallas/Fort Worth market. The new office located at 1100 Mira Vista Blvd. suite 300, will bring its services to Dallas/Ft. Worth and Northeastern Texas under the management of IRR's newest shareholder, Jimmy H. Jackson. Additionally, a Fort Worth branch office will also be opening in the next few months. With these openings, IRR has added five new offices in Texas since February.
SAN ANTONIO—NAI Partners recently arranged a 31,926-square-foot industrial purchase at 1930 Hormel. This manufacturing facility will employ more than 100 to 150 new employees in the San Antonio area. This is a new division and location for Takumi Stamping. Brett Lum and Clare Flesher of NAI Partners, along with Tak O'Haru of White Cube, represented buyer Takumi Stamping Inc. during the negotiations. Ty Bragg of Cavender Hill Properties represented the seller, Forumex LLC.
SUGAR LAND, TX—Royale Woodbridge Plaza, a 16,842-square foot retail property, has sold. Justin Miller, first vice president investment, Derek Hargrove, first vice president investment, and Davis Hansen, associate, in Marcus & Millichap's Houston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Royale Woodbridge Plaza is located at 11315 South Highway 6.
BUILDING BLOCKS
PEARLAND, TX—JLL has negotiated the acquisition of a 2-acre land parcel for the development of a 1,017-unit self-storage facility at 2515 Westminister Rd. GreenSpace Holdings, a Houston-based self-storage developer, broke ground on the site last week. JLL's Chris Bergmann represented GreenSpace Holdings in the purchase of the parcel at Pearland Parkway and FM 518. TMS Contractors LLC is the general contractor on the project. When finished, the class-A facility will offer 95,565 square feet of rentable space across three stories. The property will operate under the CubeSmart brand.
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