Retail

The real estate investment firm recapitalized the asset through an equity joint venture with Nan Fung Group and debt from Axonic Capital and Athene Annuity & Life Assurance Company.

While there is still a significant amount of new office space available, discussions surrounding hiring in West Houston upstream operations have been welcomed as one-third of energy jobs have returned.

Blue Cross Blue Shield is repurposing the shuttered nearly 130,000-square-foot Marshfield Plaza Target store that closed earlier this year.

One of the latest tenants at the property is Dunkin', which leased 1,802 square feet in a local relocation of an existing franchise. Bubbakoo Burritos also signed on for 1,695 square feet at the property.

The asking rental rate rose $0.56-per-square-foot to an average of $39.75-per-square-foot from the second quarter. In the past year, MMG Equity notes that the average asking rental rate has risen $4.21-per-square-foot from the $35.54-per-square-foot registered in the third quarter of last year.

"With cap rates increasing ever so slightly for tenants such as AutoZone, O'Reilly's and Advance Auto, investors will be able to acquire investment grade credit at higher yields."