RNR Real Estate Briefs from Realty News Report – HOUSTON — 1906 Heights, LLC purchased a 3,600-square-foot office at 1906 Heights Blvd. in Houston to relocate its downtown defense attorney law firm. Noah Kruger with Savills Real Estate represented the buyer. The seller, Summit Path Investments, LLC, was represented by Ryan Neyland of Davis Commercial.
STAFFORD, Texas — Edge Capital Markets brokered the sale of a Torchy’s Tacos located at 11327 Current Lane in Stafford, near Houston. Chace Henke and Ryan Holliday of Edge represented the seller. Torchy’s Tacos is planning an expansion into 10 new states and aims to open 100 additional restaurants over the next four years. The corporate lease is backed by Success Foods Management Group, LLC, which operates an 88-unit chain.
HOUSTON — BHW Capital, a boutique Houston-based multifamily developer, broke ground on Park on Napoli, a 239-unit luxury Class A apartment community at Cypresswood and Napoli drives in the Vintage Park submarket of northwest Houston. Park on Napoli is BHW’s fourth multifamily development in Texas. The property is slated to welcome its first residents in the fall of 2022 and to reach full completion in the first quarter of 2023.
KATY, Texas — Rare N Classic Video Games, a family-owned retailer specializing in retro video games, leased space in Mason Village Shopping Center at 21979 Katy Freeway in Katy. This is the store’s second Houston-area location; the business also buys and trades games. The tenant was represented by Leonel Hidalgo of Correra Properties, while the landlord was represented by Wes Miller and Kristen Barker of Wulfe & Co.
HOUSTON — Edge Capital Markets brokered the sale of 13150 Breton Ridge, a recently remodeled 52,525-square-foot freestanding building on a 4.74-acre site within the Willowbrook trade area. Micha van Marcke and Chace Henke of Edge represented the seller. The property is surrounded by approximately 6.8 million square feet of retail that draws customers from beyond a 20-mile radius.
HOUSTON — The Teahouse leased 1,499 square feet in Hedwig Village at 9412 Gaylord Drive. The company, which operates 25 locations in the Houston area, offers a range of made-to-order premium boba teas. The landlord was represented by Channing Fatjo of Fidelis Realty Partners, and the tenant was represented by Wes Miller of Wulfe & Co.
PEARLAND, Texas — NQC-VAQ Pearland Texas ORA 19, LLC acquired a 0.78-acre tract at Shadow Creek Parkway and Kingsley Drive in Pearland from A-S 143SC Ranch, LP. Brad LyBrand of NewQuest Properties represented the seller.
TEXAS — RNR Real Estate Briefs from Realty News Report
SAN ANTONIO — CBRE Capital Markets arranged construction financing for two Casey Development projects: Tacara at Dove Creek, a 321-unit apartment community in San Antonio, and Tacara at Gruene, a 300-unit rental community in New Braunfels. Both are Class A garden-style properties that broke ground this year with expected completion in the fall of 2022. Brent Crawford, David Aaronson and Frances Rogers with CBRE Debt & Structured Finance in Houston arranged the construction financing on behalf of Casey Development.
AUSTIN, Texas — Real estate investment firm DB Capital expanded its Texas portfolio by acquiring Laurel Woods, a 150-unit multifamily community in North Austin. This is DB Capital’s sixth development in Texas. Properties in the Lone Star State now make up about 40 percent of the Los Angeles-based firm’s overall portfolio. Since entering the Austin market in 2018, DB Capital has grown its local holdings to nearly 1,000 units and expects to close on another 464 units in Texas during 2021.
LIBERTY HILL, Texas — Tri Pointe Homes purchased 392 lots within the 688-acre Lariat community in Liberty Hill. The homes will sit on 40- to 60-foot lots and will feature innovative designs, multiple product choices and wide views. Lariat’s homes are offered in three collections and will range from about 1,600 to 3,000 square feet. When complete, Lariat will include 1,692 single-family homes, a resort-style amenity and activity center valued at more than $4 million, and a 12-acre elementary school.
FORT WORTH, Texas — SkyWalker Property Partners sold a fully leased medical office project in southwest Fort Worth to Ridgeline Capital Partners, LLC. Completed last spring, the 20,200-square-foot building was developed on the final commercial tract in the Edwards family’s Clearfork West development. Located at 5612 Edwards Ranch Road, the two-story medical office building was developed by SkyWalker Property.
ALLEN, Texas — Andreas Kostifos, formerly executive chef at The Palm in Dallas, is opening Andreas Prime Steak and Seafood in Allen. Andy Anderson with Restaurant Properties Group represented Andreas Steakhouse-Allen, LP, in a 10-year lease of the 6,500-square-foot restaurant space at 610 West Bethany Road. Greg Fail of McNeff Commercial Real Estate represented the landlord, Bethany Crossing, Ltd. SkyWalker’s William Welder, an acquisitions associate, represented the seller I Can See Clearfork Now, LLC, a single-purpose entity of SkyWalker’s When Opportunity Knocks investment fund. Representing the Dallas-based buyer were Elliot LaBreche and Abigail Kind of the Easton Group.
NATIONAL — RNR Real Estate Briefs from Realty News Report
EL SEGUNDO, Calif. — Haven Realty Capital leased 100 percent of its first four completed build-to-rent (BTR) communities—304 homes total—in the greater Atlanta metro in less than 12 months. The communities included Bella View in Snellville, Trickum Hills in Lawrenceville, The Reserve in Dallas, and Moss Pointe in Canton. These were part of a six-community, 537-home BTR portfolio acquired by Haven Realty Capital in partnership with an affiliate of Walton Street Capital, LLC from developer ResiBuilt in October 2020 for $133.7 million. The remaining two subdivisions, Macland in Dallas and Magnolia Trace in Holly Springs, are in the final phases of construction.
ETC. — RNR Real Estate Briefs from Realty News Report
HOUSTON — Rising Realty Partners acquired Commerce Center Stafford, a high-quality multi-use/light industrial park made up of 16 buildings totaling 245,495 square feet in southwest Houston. Built between 1996 and 2004 and currently about 90 percent occupied, the property has seen notable leasing activity and rent growth thanks to its strategic location. This represents Rising’s first Texas asset and the firm’s third industrial acquisition in the past 12 months. The company also owns or manages more than 5 million square feet of space across California, Colorado and Nevada.
“We remain bullish on light, multi-use industrial and logistics spaces in Sun Belt markets from California to Texas,” said Christopher Rising, the firm’s co-founder and CEO.
Capital for the acquisition was primarily sourced through the Rising Investor Platform, the company’s internal vehicle that enables accredited investors to partner with Rising through limited partnership investments. Additional funding came from Realty Mogul, a real estate investment platform. Commerce Center Stafford is the third asset acquired via the Rising Investor Platform, joining Cheyenne Airport Center in North Las Vegas and 9320 Telstar in El Monte, California.
Charlie Strauss, Trent Agnew, Katherine Miller and Jack Moody of JLL Capital Markets represented the seller in the transaction.
Nov. 13, 2021 Realty News Report Copyright 2021
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
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