MARK YOUR CALENDAR – Thursday, Jan. 30
Ralph Bivins will sign and discuss his book “Houston 2020: America’s Boom Town – An Extreme Close Up.” 5:00–7:00 p.m. at River Oaks Bookstore, 3270 Westheimer, across from Lamar High School.
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HOUSTON – (Realty News Report) – Kimberly DeVos of Cypressbrook Company represented the buyer, Declaration Church, in the acquisition of 85.71 acres on Highway 99 (Grand Parkway) at Brinham Woods for a new church campus. The seller, Elan Land Investments, LP, was represented by Tommy LeBlanc of Avison Young.
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Marcus & Millichap, a commercial real estate investment services firm, announced the sale of Northland Boat & RV Storage, a 63,820-net rentable-square-foot boat and RV storage facility in Spring, Texas. Dave Knobler of Marcus & Millichap’s Houston office held the exclusive listing for the family trust that sold the asset. The buyer, a limited liability company, was secured by Juan Cuevas.
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Newmark Knight Frank reported participation in the following recent Houston transactions:
Bristow Group Inc. renewed a 52,010-square-foot office lease at Granite Briarpark Green, 3151 Briarpark Drive. NKF agents Joshua Brown, Reggie Beavan III and Audrey Selber represented the tenant; the landlord is GPI Briarpark Green LP, with outside representation from Granite Properties.
H2O Midstream Permian, LLC secured a new 10,783-square-foot office sublease at 2925 Briarpark. NKF agents John Luck and Audrey Selber represented the tenant; outside agents were with JLL. The landlord is Cameron LNG, LLC.
Nistico, Crouch & Kessler, PC extended its lease for a 7,666-square-foot office at 3D/International Tower, 1900 West Loop S. NKF’s Michael Lisch, John Luck and Audrey Selber represented the tenant, with other agents from Transwestern. The landlord is 1900 WLS-RE, LP.
Nalco Company, LLC renewed an industrial lease for 10,960 square feet at 16834 Titan Drive. NKF representatives Kaitlyn Johnson, JR Tomlinson and Luis Pascuzzi represented the tenant; other agents participated from Boyd Commercial. The landlord is Clear Lake Titan, LLC.
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John Hornbuckle of Cypressbrook Company represented the tenant, Earthstone Energy Inc., in leasing 19,604 square feet at 1400 Woodloch Forest Drive. Norm Munoz of Colliers International represented the landlord, Woodlands Office Equities-95, LLC.
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HOUSTON – NewQuest Properties has been selected by Extended Stay America, based in North Carolina, to market four properties in Houston and Austin. In Houston, the hotels are located at 2300 W. Loop South, 4701 Westheimer and 7979 Fannin St. In Austin, the property is at 507 S. 1st St., adjacent to Stream’s new 15-story River South mixed-use development. NewQuest agents Brad LyBrand and Glenn Dickerson are handling the listings.
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George Montes of Cypressbrook Company represented the buyer, S&D Enterprises, in the purchase of a 2,250-square-foot office unit at 25511 Budde Road. Heather Blavesco represented the seller, Brownstone Office Condominiums II L.P.
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Denise Ksiazek of Cypressbrook Company represented Pediatric Academic Societies, Inc. in the renewal of a 2,358-square-foot office lease at 9303 New Trails in The Woodlands. The landlord, 9303 New Trails Holdings, LLC, was represented by Jillian Fredericks of Colliers International.
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Marcus & Millichap announced the sale of Oceanway Mobile Home Park, a 750,103-square-foot manufactured home community in Baytown. The asset was listed at $6 million. Jeff Taylor of Marcus & Millichap’s Houston office held the exclusive listing for the seller, a limited liability company.
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Texas Real Estate Briefs
Fine Line Group, the family office of Sasha and Ed Bass, has selected Henry S. Miller Company to manage and lease Sundance Square, a 29-block, walkable district of shops, restaurants and entertainment venues in downtown Fort Worth that also includes offices and residences. Team members from the management and leasing firm include Henry S. Miller III and Frank Bullock.
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An affiliate of Miami-based Atlantic|Pacific Communities announced the completion of The Bristol, a 96-unit apartment community in San Antonio. Located at 7810 Old Tezel Road, the development mixes affordable and market-rate units with rents ranging from $316 to $996 per month. This is the fourth affordable residential development by an A|P Communities affiliate in the San Antonio area, and affiliated companies plan to begin another project in the region early this year.
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Newmark Knight Frank announced the sale of Rivera, a 302-unit luxury mid-rise multifamily community in San Antonio. Patton Jones and Matt Michelson represented the seller, Cypress Real Estate Advisors, an Austin-based investment firm. The asset was acquired by Barvin, a Houston-based multifamily investment, development and management firm, for an undisclosed price.
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Lennox International Inc. has retained Bradford Commercial Real Estate Services to market and backfill a Class A vacancy on its 15-acre campus in the Telecom Corridor in far north Dallas. Melanie Hughes and Elizabeth Robertson have begun marketing two suites totaling 11,275 square feet at One Lake Park, a 192,213-square-foot multi-tenant building in Richardson. The eight-story structure is one of three on the campus, all master-leased to Lennox for its international headquarters.
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Newmark Knight Frank announced that Commerce Street Holdings, LLC re-signed and restructured a long-term lease for 23,000 square feet of office space on the 27th floor of Fountain Place, the 60-story building in Dallas. NKF’s Jim Cooksey, Paxton Cooksey, Garrison Efird and Louis Pascuzzi represented the tenant in the early renewal transaction.
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NAI Partners arranged the sale of 1.1 acres to KAF Development at 609 Bastrop Highway (US 183) in Austin. NAI Partners’ Troy Martin represented the seller.
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JLL Capital Markets arranged $35.5 million in financing for The Jax, a 322-unit multifamily property in Northwest San Antonio. JLL worked on behalf of borrower Casoro Group to secure a five-year, floating-rate acquisition loan through NexBank. The Jax is a recently renovated garden-style community. The JLL team representing the borrower was led by Mark Brandenburg.
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NAI Partners recently completed a 17,621-square-foot office sale for an undisclosed buyer in San Antonio. NAI Partners’ Mitchell Lyons, Sean McDonald and Joshua Swank represented the purchaser.
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AUSTIN – Patrinely Group and USAA Real Estate announced that Q2 Holdings, Inc. will occupy the entire Aspen Lake Three office development. Located in North Austin’s growing tech corridor near Apple’s new campus, Aspen Lake Three will total 128,990 square feet of Class A office space when completed. The lease continues a long-term relationship between Q2 and Patrinely Group; Q2 previously leased Aspen Lake One in 2011 and Patrinely developed Aspen Lake Two for Q2 in 2015.
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BEAUMONT – Paul A. Lynn & Associates has been hired by the Beaumont Housing Authority to conduct a live auction of approximately 100 houses and four vacant lots located throughout Beaumont, Texas. The auction will be held Saturday, February 29, at the Beaumont Civic Center, 701 Main St.; free parking is available via the north entry.
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DALLAS – Optima Business Park, a 200,000-square-foot office complex in Northwest Dallas, has been acquired by Ricchi Group, a local real estate developer, which has started an extensive renovation of the towers. Located at 8777 N. Stemmons Freeway, the property previously served as the headquarters for Mary Kay. Optima Business Park includes the eight-story Tower I (built in 1976) and the five-story Tower II (added in 1985).
Jay Lucas of Cushman & Wakefield represented the seller, Optima Stemmons LLC.
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National Real Estate Briefs
The Boeing Oklahoma City campus was sold by Gardner Tanenbaum Holdings for $124,735,000 to OKC Aerospace 1, LLC, according to Richard Tanenbaum, CEO of GTH. The sale took effect Jan. 7 and includes an entire campus of three office buildings located directly west of Tinker Air Force Base. Mark Beffort and Brett Price, of the Newmark Grubb Levy Strange Beffort brokerage team, represented both buyer and seller.
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Hand surgeon and entrepreneur Eric George acquired the property at 321 Saint Charles Ave., New Orleans—a historic 1920 building that once served as headquarters for the United Fruit Company, which dominated New Orleans’ banana trade. The purchase continues George’s commitment to preserving historic properties in the Crescent City.
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Newmark Knight Frank Multifamily announced the $55,250,000 sale of Polo Glen, a 252-unit garden-style community in Rockledge on Florida’s Space Coast. Scott Ramey, Patrick Dufour and Erik Bjornson represented the seller, Continental Realty Corporation of Baltimore, in the transaction with an undisclosed buyer.
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Pearlmark closed on a $16.2 million investment for the development of Niumalu Marketplace in Kailua-Kona, Hawaii. The project will include retail and commercial space totaling 204,275 square feet.
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Hunter Hotel Advisors, an investment advisory firm focused exclusively on the hotel industry, reported 2019 year-end results totaling $1.2 billion in transaction volume across 137 property sales. The year marked a 35% increase in transaction volume and a 20% rise in the number of properties handled, with transactions spanning the U.S., including significant activity in Florida, Georgia, Texas, Colorado and California.
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After five years of strategic planning by city leadership, Sterling Heights, Mich., secured new ownership for Lakeside Mall. Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, closed on the property Dec. 19 and now owns and manages the mall. Long-term plans call for adding uses beyond retail; Lakeside Mall includes more than 1.5 million square feet of retail space.
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Jan. 13, 2020 Realty News Report Copyright 2020
A BOOK FOR THE NEW YEAR – by Ralph Bivins, Editor of Realty News Report
Houston 2020: America’s Boom Town – An Extreme Close Up
Available on Amazon