RNR Real Estate Briefs from Realty News Report HOUSTON – Stream Realty Partners, a national real estate services, development, and investment firm, closed a 16,135-square-foot lease with Shaw Systems Associates, LLC at Westchase Oaks, 10111 Richmond Ave., Houston. Stream acted on behalf of its client Westchase Corporate Center Holdings, LLC, an entity controlled by AEW Capital Management. This lease is the largest relocation into the Westchase submarket so far this year. Matthew Asvestas and Adam Ross of Stream represented the landlord; Scott Covington of S.E. Covington & Co. Commercial Real Estate Services represented the tenant.
PEARLAND, Texas — NAI Partners, the commercial real estate services arm of Partners Real Estate Company, arranged a 6,943-square-foot retail lease for Pet Supplies Plus at Broadway Plaza Shopping Center, a 21,400-square-foot retail development led by Partners Capital in Pearland.
HOUSTON — Belvoir Real Estate Group, LLC completed the sale of a hotel located at 9041 Westheimer Road. Situated on 1.6 acres and about 10 minutes from the Galleria, the property offers convenient access to major thoroughfares and retail and residential neighborhoods. Buyer Sam Patel intends to continue operating the property as a hotel. Belvoir’s Kyle Fischer represented the seller.
ROSENBERG, Texas — TMH Physician Organization leased 4,714 square feet of medical office space in Brazos Town Center, at Interstate 69/US 59 and FM 762, Rosenberg, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest Properties represented the landlord; Coy Davidson of Colliers represented the tenant.
HOUSTON — Power Temp Systems, Inc. expanded its footprint by 15,000 square feet, bringing its total leased space to 40,375 square feet at 1646 Rankin Road. Nick Peterson and John Ferruzzo of Transwestern Industrial Group represented the tenant.
HOUSTON — NAI Partners arranged the sale of 6614 Gant Road, a 46,000-square-foot industrial property. NAI Partners’ Travis Land and AJ Williams represented seller Ellisor Investments. River City Land Ventures, LLC purchased the property, with Jeremy Roberts of JAR Real Estate representing the buyer.
HOUSTON — Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing, closed a $6.2 million equity investment in the Cypress Station Portfolio, a two-property multifamily package totaling 488 units in Houston. Strategic Realty Holdings, a Calabasas, California-based investment firm, acquired the garden-style communities for $34.3 million: the 252-unit Cypress Ridge Apartments at 2331 Bammelwood Drive and the 236-unit Highland Cross Apartments at 411 Highland Cross Drive.
MISSOURI CITY, Texas — Burlington Coat Factory signed a lease for 25,015 square feet of retail space in Fort Bend Town Center Phase II, located at Fort Bend Parkway and TX-6, Missouri City, with NewQuest Properties serving as landlord. Andrew Alvis and Bob Conwell of NewQuest represented the landlord; Greg Stackhouse of New Regional Planning represented the tenant.
HOUSTON — KM Realty Investment Trust, Inc., a privately held real estate investment trust, unveiled proposed renovation plans for the Township Square development at FM 1092 and Township Lane near Highway 6 in Missouri City. Houston-based Identity Architects is leading the renovation design.
SPRING, Texas — Metrospaces, Inc., a proptech company powered by Shokworks, acquired a 50.6 percent equity stake in a 60,295-square-foot office building in Spring as part of its plan to expand tokenized real estate offerings through a blockchain-enabled platform. The Brazos Atrium at 3303 FM 1960 is a Class B office building with roughly 99 percent occupancy.
STAFFORD, Texas — Flourseals America signed a new 29,220-square-foot lease at Stafford Crossing, 11325 Cash Road. Brian Gammill, Darryl Noon, Jude Filippone and Carter Thurmond of Transwestern Industrial Group represented the building owner; Adrian Fernandez of Walzel Properties represented the tenant.
HOUSTON — Matrix Structural Engineers, based in Houston, signed a 6,664-square-foot lease extension at 5177 Richmond Ave in Uptown, renewing its corporate headquarters at the corner of Richmond and Sage. Neil H. Tofsky and Kevin D. Tofsky of Senterra Real Estate Group represented Matrix; Brad Sinclair of Madison Marquette represented the landlord.
STAFFORD, Texas — Biomedical Solutions, Inc. renewed its 3,333-square-foot lease at Greenbriar Business Center, 3727 Greenbriar Drive in Stafford. Carter Thurmond of Transwestern Industrial Group represented the building owner.
HOUSTON — Chase Tucker, Jack Gaffney and Jack Callaghan of Finial Group facilitated a 2,646-square-foot lease at College Park Village Shopping Center for Y.E.S. Fitness, LLC, located at 3335 College Park Drive.
FULSHEAR, Texas — Saltgrass Steak House leased a 5,000-square-foot building at 8506 Syms St. in Fulshear from QSR Real Estate Holdings LLC. J.J. McDermott and David Meyers of NewQuest Properties represented the landlord.
TEXAS – RNR Real Estate Briefs
AUSTIN — NAI Partners arranged the sale of 6800 Woodrow Ave., a 63,162-square-foot property in Austin. Kevin Murphy of NAI Partners represented seller Intrinsic Ventures; the buyer was 6800 Woodrow, LP.
DALLAS — JLL Capital Markets closed the sale of The Hill, a 240,000-square-foot shopping destination at Walnut Hill and Central Expressway. JLL represented seller EB Arrow; Asana Partners acquired the asset in an off-market transaction. The JLL Retail Capital Markets team was led by Barry Brown, Ryan Shore, Chris Gerard and Jason Jacobs. Originally completed in 1977 with a mid-century modern design, The Hill underwent extensive renovations to become a contemporary shopping plaza.
DALLAS — Crescent Real Estate, LLC signed Pasaca Capital, Inc. to a 7,402-square-foot lease for The Crescent Pasaca’s newest office. Crescent also leased 4,357 square feet to Goldenrod Companies for its Dallas office. Derek Lewis of Lincoln Property represented Pasaca; Wills Bauer and Dante Krieger with Stream represented Goldenrod. Jordyn Allen of Crescent represented the landlord in both lease negotiations.
AUSTIN — Pearlstone Partners (Austin) and ATCO Properties & Management (New York) announced plans for a new 41-story residential high-rise named “Vesper” at 84 East Ave. in Austin’s Rainey Street Historic District. The co-developers completed demolition of existing structures and commenced construction, with delivery targeted for 2024. Vesper will contain 284 units.
AUSTIN — Stream Realty’s Austin office represented ownership, KBS Real Estate Investment Trust III, in a 14,082-square-foot lease to international digital branding firm PMG Worldwide, LLC on the 18th floor of the tower at 515 Congress Ave. PMG secured prominent signage atop the 26-story building. Stream’s Connor Atchley and Brad Philip executed the transaction.
NATIONAL — RNR Real Estate Briefs
NORCROSS, Ga. — Dalfen Industrial acquired the 60,000-square-foot building at 5250 Brook Hollow Parkway in Norcross, Georgia, its seventh acquisition in that submarket.
FORT LAUDERDALE, Fla. — Altman Management Company will manage New River Yacht Club, a luxury 26-story residential tower rising above the New River in downtown Fort Lauderdale.
NEWBURGH, N.Y. — Houston-based RCI Hospitality Holdings agreed to acquire The Mansion Gentlemen’s Club and Steakhouse of Newburgh, N.Y., along with the property. The Mansion is the only gentlemen’s club in Orange County, N.Y., licensed to serve liquor. The purchase consideration includes $500,000 cash, $1 million in seven-year seller financing at 4 percent for the club operation, and $2 million for the real estate. RCI Hospitality operates brands such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret and Scarlett’s Cabaret, as well as Bombshells Restaurant & Bar.
JACKSONVILLE, Fla. — Mayank Patel of Hunter Hotel Advisors represented BPR Properties in the sale of the Home2 Suites by Hilton Jacksonville Airport. The buyer was a large private equity group.
Aug 21, 2021 Realty News Report Copyright 2021
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