HOUSTON – (Realty News Report) – Lee & Associates – Houston announces five new office leasing and management assignments across the Greater Houston area. The landlord agency team will handle Class A and B spaces at the following properties: 550 Westcott, 83,366 SF; 4101 Interwood, 80,000 SF; 1505 S. Highway 6, 63,487 SF; 16430 Park Ten Place, 110,408 SF; and 10101 Southwest Freeway, 102,292 SF.
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JLL Capital Markets closed financing for 336 Marketplace, a newly built, grocery-anchored retail center totaling 471,752 SF on 72 acres in Conroe, a Houston-area community. Acting for borrower Fidelis Realty Partners, JLL placed a 10-year, fixed-rate, non-recourse loan with The Guardian Life Insurance Company of America.
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CityCentre, Houston’s award-winning mixed-use district spanning 47 acres of office, multifamily and retail, has reached 94.4% occupancy following the addition of four new tenants and two lease expansions. New arrivals include Warby Parker, Yi Peng Restaurant, Jeni’s Splendid Ice Creams and Sapphire Smiles Dentistry. Freedom Supercars and Lululemon expanded their footprints.
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Kalidwal Investment, LP leased 81,250 SF at 4545 Eastpark Drive in the Eastwood Industrial Park subdivision. Zack Taylor, Doyle Toups and Tommy Erwin of Moody Rambin represented the building owner in the transaction.
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Advance Energy Partners expanded to a total of 13,817 SF at Royal Oaks Centre, located at 11490 Westheimer Road. Kurt Kistler of Moody Rambin represented the owner, while Dan Boyles and Liz Wescott-Brown of NAI Partners represented the tenant.
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Kimberly DeVos of Cypressbrook Company represented sellers Greg and Lynne Villarreal in the sale of Shady Oaks Events, LLC, a six-acre wedding and event venue at 909 Lemm Road 1 in Spring, Texas. The buyer, Grand Oaks Venue and Events, LLC, was represented by Ramin Almassi of Summit Realty.
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Rice Village reports several new retailers preparing to open after the recent arrival of Tecovas, the Texas-born handcrafted boot maker. According to Burdette Huffman of Edge Realty Partners, incoming tenants include tascPerformance, MYX Blend Bar, Face Haus, Madison Reed Color Bar and Paddywax Candle Bar.
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Marcus & Millichap announced the sale of The Springs of Lake Jackson, a 153-unit apartment community in Lake Jackson, Texas. Christian Mazzini and Jeffrey Fript of Marcus & Millichap’s Houston office sourced the buyer for the off-market transaction.
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Ubreakwefix leased 1,040 SF at the Commons at Willowbrook, located at FM 1960 and SH 249 in Houston. Kathy King and Debbie Adams of Edge Realty Partners represented the landlord; Bruce Frankel of Frankel Development Group represented the tenant.
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Spring Branch Independent School District purchased a 22,381 SF warehouse on 4.73 acres at 2425 Campbell Road in Houston from Camnora Ltd. Brad Elmore of NewQuest Properties represented the seller in the direct sale.
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John Hornbuckle of Cypressbrook Company represented tenant Syzygy Plasmonics in leasing 8,535 SF at 9000 Kirby. Nathan Wynne of Cushman & Wakefield represented the landlord, Meme Properties Ltd.
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Newcor Commercial Real Estate represented an investor in the sale of two multifamily sites in Livingston, Texas. David Alexander of Newcor represented seller Wesley Baron in the sales of FM 350 S., a mobile home park, and 400 Leopard, a five-plex residential property.
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Riverstone Property Management, LLC purchased an 18,643 SF office building at 1000 FM 1960 W. in Houston from A-K Texas Venture Capital. David K. Meyers of NewQuest Properties represented the seller; Friedman Real Estate represented the buyer.
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Stonemont Financial Group launched the Southwest International Gateway Business Park, a 540-acre, rail-served industrial park tailored for cross-border shippers. Located about 60 miles southwest of Houston in El Campo, the park will be leased by Houston-based NAI Partners.
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Zack Wheeler of Newcor Commercial Real Estate represented JobSparx in renewing its lease for 2,655 SF of office space at 14500 Torrey Chase. The landlord, 14500 Torrey Chase LLC, was represented by Jason Gibbons of The Finial Group.
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The Howard Hughes Corporation announced that Edward Jones, the Fortune 500 financial services firm, will lease 1,226 SF at Lakeland Village Center in Bridgeland, the master-planned community in Cypress. The space is located at 10519 Fry Rd.
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Real Estate News Elsewhere in Texas
Uplands Corporate Center Phase I, a 167,369 SF Class-A office building at 5301 Southwest Parkway in Austin, is now fully leased after securing a national credit tenant. The campus hosts professional firms from energy, financial services, legal and technology sectors. With Phase I fully leased, construction has begun on Phase II, a three-story, 124,405 SF office building, plus an expanded parking garage to serve the two-building, 291,774 SF campus. Groundbreaking for Phase II took place in December, and the building is expected to be ready for tenant improvements by Q4 2020. Troy Holme and Casey Ford of CBRE represent the landlord, Drawbridge Realty, in leasing both phases.
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Winston Hotels, LLC purchased Riverview Towers, a former office building in downtown San Antonio, as part of a joint venture. The 20-story asset previously totaled roughly 298,000 SF and will be reconfigured to include 342 hotel rooms, 60,000 SF of office space, approximately 3,000 SF of ground-floor retail and a rooftop bar on the 14th floor. The redevelopment will introduce dual-branded hotels—AC Hotel by Marriott and Element by Westin—marking both brands’ San Antonio debuts. Whit Jordan of CBRE’s San Antonio office represented Winston Hotels; Bart Wilson of Primera Partners represented the seller.
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Hanover Property Company acquired 966 acres for a $950 million master-planned development in Midlothian, Texas, at Highway 287 and Walnut Grove Road, roughly 30 minutes from downtown Dallas. The JLL team of Michael Swaldi, Larry McCorkle and Nick Hayden marketed the property for the seller, and JLL International Director Paul Whitman represented Hanover.
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NAI Partners San Antonio’s Industrial Group arranged the lease of a 24,068 SF distribution center at 5001 George McVay to Consolidated Electrical Distributors (CED) in McAllen, Texas. Carlos Marquez of NAI Partners represented the landlord, Killam Development; Carlos Telles of CBRE represented the tenant.
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Civitas Senior Living celebrated the grand opening of Alexis Pointe Senior Living in Wimberley, Texas. The approximately 55,000 SF community includes 49 assisted living apartments, 24 memory care suites and 10 independent living cottages.
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Younger Partners’ Michael Ytem and Robert Grunnah represented the seller in the sale of 3.53 acres at Lake Highlands Drive and Easton Road in Dallas to AAA Homebuilder LLC. The development will yield 18 townhomes slated for release later this year.
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Driven by strong economic fundamentals and rent growth across Texas, Mesa West Capital continued expanding its loan portfolio in the Lone Star State, originating a record $350 million in commercial real estate debt in 2019. That volume represented nearly 10% of Mesa West’s $4 billion in loan commitments that year. Notable acquisition financings ranged from $45 million to $122 million and supported transactions including:
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Chardonnay at Wells Branch, a 504-unit multifamily community in Austin acquired by Veritas Multifamily and Platform Ventures;
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Legacy Place, a 300,000 SF office property in Plano acquired by Equus Capital Partners;
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Premier Place, a 451,000 SF office tower in Dallas acquired by GlenStar Properties.
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MDM Permian leased 3,674 SF at Avion Business Center, Building 300 in Carrollton. The landlord, Capital Commercial, Inc., was represented by Trae Anderson and Garrett Marler of Younger Partners.
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Zee Agency, doing business as Allstate Insurance, leased 1,291 SF at 1200 Commerce Drive in Plano. The landlord was represented by Byron McCoy of Younger Partners.
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Metro Tax Association of Realtors Inc. renewed 1,901 SF of space at the Atrium on Collins, 1701 N. Collins Blvd., Richardson. Jared Laake, vice president of Bradford Commercial Real Estate Services, and Richmond Collinsworth, first vice president, represented the landlord, Centenario Realty LLC, in the direct transaction.
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Real Estate Transactions Elsewhere in the Nation
Simon Property Group, Inc. and Taubman Centers, Inc. entered a definitive agreement in which Simon will acquire an 80% ownership interest in The Taubman Realty Group Limited. Simon, through its operating partnership Simon Property Group, L.P., will acquire Taubman common stock for $52.50 per share in cash. The Taubman family will sell roughly one-third of its ownership stake at the transaction price and will remain a 20% partner in TRG.
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Shorenstein Properties, LLC, in a joint venture with Nichols Partnership, Inc., announced the development of One Platte, a five-story mixed-use project at 1701 Platte Street in Denver’s Central Platte Valley neighborhood.
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Marcus & Millichap announced the sale of Sanctuary Lofts, a 36-unit apartment property in Tampa, for $5 million.
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Greystone Bel closed the sale of Country Village Apartments, an 84-unit garden-style multifamily property in Durand, Michigan.
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Blue Atlantic Partners Fund III announced an investment partnership with Wells Fargo. The fund focuses on acquiring existing multifamily communities across the Southern United States.
Feb. 18, 2020 Realty News Report Copyright 2020
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