RNR Real Estate Briefs from Realty News Report
HOUSTON — Colliers announced the sale of a 25,992-square-foot industrial building on 2.2 acres at 4303 South Drive. Michael Stavinoha of Dominion International Group | EXP Realty represented the buyer. Christopher D. Winter and Walter Menuet of Colliers represented the seller, Glenmorangie, LLC. The property sits in Houston’s Southwest Far industrial submarket, which comprises 25.6 million square feet of industrial inventory and is approximately 90.6% occupied.
HOUSTON — Lee & Associates – Houston announced a new lease: Xavier Academy, a private educational institution, signed for 29,373 square feet and will occupy a floor and a half at 6100 Hillcroft Ave. The seven-story office building lies adjacent to the Southwest Freeway. Bill Insull and Blake R. Virgilio of Lee & Associates – Houston represented the landlord, Tenant Managers Hillcroft, LLC. Robby Winston of Savills represented the tenant.
CONROE, Texas — STRIVE, a Dallas-based commercial real estate investment sales firm, announced the sale of Teas Crossing, a 57,612-square-foot retail center that is currently 70% occupied. The center is located at the northwest corner of Interstate 45 and FM 3083. Jake Dutson and Adam Gottschalk of STRIVE exclusively represented the Houston-based seller, Read King Commercial. John Harry of John Harry Realty Advisors represented the Houston-based 1031 exchange buyer.
HOUSTON — Prenuvo, a company focused on proactive whole-body MRI imaging for early detection of cancer and other diseases, is the newest tenant at 3720 Westheimer, a six-story medical office building totaling 52,342 square feet. JLL’s Chris Wadley and Madeline Cleary manage leasing at 3720 Westheimer on behalf of building owner Ancorian.
HOUSTON — Nourish and Thrive Resource Center will open at Providence Plaza off Highway 6 in West Houston. The non-profit, which teaches baking and culinary arts to under-resourced youth ages 12–18, will occupy 3,300 square feet. Whitestone REIT, owner of Providence Plaza, handled lease negotiations for the landlord, while Keller Williams Realty represented Nourish and Thrive Resource Center.
HOUSTON — A ribbon-cutting is scheduled for Aug. 15 at The Lawndale, a new 106-unit housing development at 8225 Lawndale in the East End. The project was developed by Lovett Group in partnership with the Houston Housing Authority.
HOUSTON — Lee & Associates – Houston has expanded its service offerings by acquiring Commercial Resource Capital, a Houston-based mortgage banking and real estate investment services firm. The acquisition adds financial advisory and investment brokerage capabilities to Lee & Associates – Houston’s platform. “By integrating CRC’s expertise in capital markets and investment brokerage, Lee & Associates – Houston is poised to offer a more comprehensive suite of services to our clients, including investment sales, debt and equity placement, and structured finance,” said Mike Spears, Managing Principal, Lee & Associates – Houston.
TEXAS — RNR Real Estate Briefs from Realty News Report
DALLAS — Waterford Property Company, in a joint venture with The Vistria Group, acquired a 299-unit garden-style Class A multifamily community at 2400 Fort Worth Ave. in Dallas. The property, known as Axis Kessler Park, was purchased in partnership with the City of Dallas Housing Finance Corporation for $67 million. The new owners will convert the property to essential workforce housing by restricting rents for new qualified residents.
SAN ANTONIO — DryPort Capital, LLC, a Texas-based real estate and logistics firm, announced that US Foods has taken occupancy of a 2.66-acre leased area at Riggy’s Foster Ridge, a new 10-acre industrial outdoor storage facility on Lancer Blvd. DryPort acquired the site in 2023 and developed it as a truck parking and outdoor storage facility to be managed by its Riggy’s company. DryPort now owns and operates 108 acres with approximately 2,000 truck parking spaces across seven facilities in Dallas, Houston, San Antonio and Memphis.
IRVING — KDFW-TV and KDFI-TV, the FOX-owned and operated television stations serving Dallas–Fort Worth, will build a new television studio at 2203 West Royal Lane in the Irving–Las Colinas area. The two-story facility will broadcast via fiber with no tower or antennas and minimal satellite dishes. All 170 current station staff will relocate to the new 50,000-square-foot facility, which will include studios, a newsroom, offices, technical suites and podcast studios. Groundbreaking is scheduled for Q4 2024, with operations expected to begin in 2026.
EL PASO — BH Properties, a Los Angeles-based real estate investment company with regional offices in Dallas and Houston, expanded its Texas footprint with the acquisition of a 203,499-square-foot industrial facility on Esther Lama Drive near the U.S.–Mexico border crossing. Brett Preston and David Hingst of Cushman & Wakefield/PIRES International represented the seller. The property was originally built in 1986 by the Tony Lama boot company as a manufacturing and warehouse facility.
DALLAS — Bridgeview Real Estate, a veteran-owned Delaware statutory trust sponsor and developer, launched a $27.2 million DST offering focused on student housing projects at Texas Christian University and the University of Texas at Arlington. The BV Student Housing Texas Portfolio DST includes the 55-unit Liberty Lofts at 3517 S. University Dr. in Fort Worth, master-leased to TCU, and the 70-unit Midtown Urban at 1121 UTA Blvd. in Arlington.
NATIONAL — RNR Real Estate Briefs from Realty News Report
PHOENIX, Ariz. — JLL Capital Markets arranged financing for Dignity Health Micro-Hospital, a 38,900-square-foot multi-specialty hospital with an emergency room and imaging center in Phoenix. JLL represented the borrower, HPA Exchange LLC, a healthcare real estate investment sponsor formed by the executive team of Healthcare Property Advisors, to secure a five-year fixed-rate acquisition loan.
OAKLAND, Calif. — SVA Architects joined Berkeley-based non-profit developer Resources for Community Development at the groundbreaking for Longfellow Corner. The project will redevelop a vacant lot into service-enriched housing with community-focused commercial space. Located at the northwest corner of Martin Luther King Jr. Way and W. MacArthur Boulevard, the transit-oriented community sits three blocks from the MacArthur BART station.
ETC. — RNR Real Estate Briefs from Realty News Report
Partners Completes 50,000 SF in Office Leasing
HOUSTON — Partners Real Estate arranged multiple office leases totaling 50,914 square feet across Greater Houston.
In one transaction, Partners’ office tenant representative Dan Boyles and CEO Jon Silberman secured a 25,368-square-foot renewal for Lexicon Pharmaceuticals’ headquarters at 2445 Technology Forest Blvd. in The Woodlands. “Relationships are the bedrock of our business, and it’s been a privilege to work with Lexicon for many years,” Boyles said. “Retaining this high-profile space at Research Forest Lakeside was important since Lexicon has maintained its headquarters in The Woodlands for nearly 30 years.”
In another deal, Boyles arranged an 18,015-square-foot sublease for Patterson-UTI Energy at Remington Square Building III at 10713 W Sam Houston Parkway N. The sublandlord is Acclara, a healthcare revenue cycle management company. Boyles worked with John Ferruzzo of KBC Advisors. Kevin Saxe and Jon Williams of CBRE represented Acclara.
The third transaction was a 7,531-square-foot sublease for The Orchard | Houston at 1775 St. James Place, arranged by Partners’ Dan Boyles and Patrick Keegan, senior vice president. The sublandlord, Ashling Partners, LLC, was represented by Cooper Bagheri and Jeffery Skender of Cushman & Wakefield.
Aug. 10, 2024 Realty News Report. Copyright 2024.
Photo credit: Cynthia Lescalleet, CALPix. Copyright 2024, Realty News Report.
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