RNR Real Estate Briefs from Realty News Report – HOUSTON — Colliers closed the sale of 1405 Cedar Port Park, a four-building industrial complex totaling 210,887 square feet in Cedar Port Industrial Park, Baytown. The buyer, Westcore CG Cedar Port, LLC, represented itself. Jason Tangen and Barrett Gibson of Colliers represented the seller, NIT Industrial. Located at Oscar Nelson Jr. Drive and FM 1405, the property was sold vacant and delivered as completed shell buildings with LED lighting and dock packages already installed. Leasing for the property will be handled by Colliers’ Ryan Byrd and Walker Barnett.
HOUSTON — A 4,813-square-foot freestanding office building in Montrose, formerly the China Visa Service Center at 711 W. Alabama St., has sold. The buyer, Cobos Law Firm, was represented by Joe Bright of NAI Partners. The seller was represented by Ashley Casterlin of Davis Commercial.
CONROE, Texas — NAI Partners arranged the sale of 1209 N FM 3083 E, a 50,240-square-foot industrial investment property in Conroe. NAI Partners’ Cary Latham and Wyatt Huff represented the seller.
HOUSTON — David Menard of The Menard Financial Group renewed his office lease at 2603 Augusta Drive, Suite 1200, near the Galleria and Uptown Park shopping center. The tenant was represented by William McCarthy with Finial Group.
HOUSTON — Simply Self-Storage completed the acquisition of a seven-property self-storage portfolio in Houston plus an additional facility in Dallas. The Houston portfolio includes seven facilities totaling nearly 620,000 net rentable square feet across more than 3,600 units, with over 207,000 square feet of climate-controlled space. Simply Self-Storage is an Orlando-based company owned by Blackstone.
HOUSTON — A 2,500-square-foot office condominium just south of The Woodlands Creekside Village in The Woodlands has sold. Rob Banzhaf of Newcor Commercial Real Estate represented the seller.
MAGNOLIA, Texas — The 25,970-square-foot Magnolia Bend Shopping Center on FM 1488 in Magnolia has been sold, according to Marcus & Millichap.
HOUSTON — Starbucks will open a new food-and-beverage location in north Houston’s City Place. The 1,726-square-foot storefront with a patio will occupy 1400 Lake Plaza Drive on the ground floor of The Mark, a luxury midrise apartment building. Bruce Frankel of Frankel Development Group served as the sole broker and represented the landlord. The Mark, developed and managed by Fein, was acquired earlier this year by an entity managed by CDC Houston, City Place’s master developer, in partnership with Fein.
TEXAS — RNR Real Estate Briefs from Realty News Report
HARLINGEN, Texas — Real estate investment firm BH Properties has completed an off-market purchase of a vacant 103,000-square-foot big-box anchor building inside the 665,000-square-foot Valle Vista Mall in Harlingen. Built in 1983 and formerly used as a clearance center by Dillard’s, the property was sold by a New York-based investment firm that was represented by Daniel Galvan with Coldwell Banker Commercial. BH Properties was represented by Octavio Guajardo with API Real Estate, and CBRE’s Carlos Telles will manage leasing for the asset.
AUSTIN — Newmark announced the sale of Estates at Bee Cave, a 316-unit luxury multifamily community at 3544 South FM 620 Road in the Hill Country west of Austin. Newmark’s Patton Jones and Andrew Dickson represented the seller, Internacional, in the transaction with an affiliate of Abacus Capital Group.
SAN ANTONIO — The Vescio Group has renewed its lease for office space at 1000 Central Parkway North. The tenant was represented by John Buckley, Anthony Certel and David Durham with Finial Group.
AUSTIN — NAI Partners arranged the sale of 3010 Bee Caves Road, a 5,460-square-foot medical office building. NAI Partners’ Tyler Jaynes represented the seller, Lonestar Apothecary, LLC.
DALLAS — CBRE announced the sale of three multifamily properties in the Dallas–Fort Worth area: Biltmore Apartments and Park Lane Apartments in Arlington, and Cedars Apartments in Cedar Hill. Legacy REI and Casa REI purchased the properties from Macdonald Realty. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Dallas Multifamily team represented the seller in lease negotiations. Together the properties comprise 466 units across the DFW area:
- Biltmore Apartments – 186 units at 2300 Misty Ridge Circle.
- Park Lane Apartments – 248 units at 3100 E. Park Row Drive.
- Cedars Apartments – 32 units at 315 Cedar St.
BOSSIER CITY, La. — SRS’ Investment Properties Group exclusively marketed and brokered the sale of Airline Retail Center, a six-tenant shopping plaza. The 12,600-square-foot center sits on two acres and was 86 percent occupied at the time of sale. The seller was the original developer of the center.
FORT WORTH, Texas — West Shore, LLC, a multifamily investment firm based in Boston, acquired The Sovereign, a 322-unit apartment community in Fort Worth. This marks West Shore’s fifth acquisition in Texas; the firm now owns and operates more than 11,000 units across seven states and plans further expansion in the Lone Star State.
NATIONAL — RNR Real Estate Briefs from Realty News Report
DURHAM, N.C. — JLL Income Property Trust acquired two life sciences properties adjacent to Research Triangle Park in Durham. The properties total approximately 375,000 square feet and are fully leased to life science tenants. The purchase price was about $67 million.
CHICAGO, Ill. — A joint venture among Pearlmark, Timberline Real Estate Ventures and Tramview Capital Management purchased two adjacent multifamily/student housing properties totaling 415 units in Wilmington, N.C.
NASHVILLE, Tenn. — Knox at MetroCenter, a 322-unit multifamily community in Nashville, was sold by San Antonio-based developer Embrey Partners. Newmark brokered the transaction.
TAMPA, Fla. — Cousins Properties acquired Heights Union, a 294,000-square-foot office building in Tampa’s historic Heights neighborhood, for $144.8 million.
Oct. 17, 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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