RNR Real Estate Briefs from Realty News Report
HOUSTON – Global law firm Greenberg Traurig renewed a lease for 37,300 square feet at Wells Fargo Plaza, located at 1000 Louisiana, moving to a new space within the downtown office tower. CBRE’s Marilyn Guion and Warren Savery represented the landlord, while Newmark’s Lispah Hogan and Mike Shuler represented the tenant.
HOUSTON – Syntech Chemicals purchased an 18,000-square-foot chemical plant at 7500 FM 1405 in Baytown from TGS Cedar Port Partners. CBRE’s Bill Rudolph and Kyle Golding represented Syntech. NAI Partners’ Joel Michael, John Simmons and Holden Rushing represented the seller.
HOUSTON – Transwestern Real Estate Services announced the redevelopment of West Medical One, a four-story, 168,790-square-foot medical office building at 12121 Richmond Avenue, just west of Royal Oaks Country Club. Transwestern’s Ashley Cassel and Danielle Lanza will provide agency leasing services for both West Medical One and the adjacent West Medical Two.
HOUSTON – Cypressbrook Company’s George Montes represented tenant Arco Iris Group in leasing 3,500 square feet of office/warehouse space at 3545 O’Meara Drive. Sharon Amos represented the landlord, Houston Hashem Properties.
HOUSTON – Kelsey-Seybold Clinic has leased 7,500 square feet of retail space at Shops at Stone Park, located at the intersection of Beltway 8 and Wallisville Road, from NewQuest Properties. Ashley Strickland, Nick Ramsey and Kevin Sims of NewQuest Properties represented the landlord in the direct lease.
HOUSTON – OYO Townhouse Houston, a 97-room, four-story hotel built in 1996 at 12701 North Freeway, has been sold. The hotel had been listed for $2,250,000 by Marcus & Millichap.
HOUSTON — Chase Tucker and Jack Gaffney with Finial Group arranged a retail lease at 10750 Barker Cypress Road in the Lakes of Riata. The tenant is Walk-In Wellness Family Clinic, PLLC.
CYPRESS – Rock Creek Oral Surgery Specialist leased 2,100 square feet of retail space in Shops at Rock Creek, near Spring Cypress and Grant roads, from NewQuest Properties. Andrew Alvis of NewQuest Properties represented the landlord. Alex Frias of Phelps Commercial Realty represented the tenant.
THE WOODLANDS – Greg Usher of Cypressbrook Company represented Mitchell Minerals in renewing 2,169 square feet of office space at 2204 Timberloch Place. Lisa Hughes of The Beard Company represented the landlord, Timberloch Inc.
CONROE – Kimberly DeVos of Cypressbrook Company represented Covenant Chiropractic Clinic in leasing space at 11133 I-45 North in Conroe. The landlord, CAL-River Station, was represented by Brandon Levinson of Interra Capital.
THE WOODLANDS – Patricia Chesser of Cypressbrook Company acted as intermediary between landlord Woodmark Capital, LP, and tenant Gardeaux Wigs, LLC, for a lease at 1776 Woodstead Court.
TEXAS – RNR Real Estate Briefs
SAN ANTONIO – NAI Partners arranged an office lease for Germer Law at 14100 San Pedro in San Antonio. NAI Partners’ Clare Flesher and Colten Courtney represented the tenant.
DALLAS — Crescent Real Estate, LLC announced several lease expansions and renewals within The Crescent, a 1.3 million-square-foot mixed-use development in Dallas’ Uptown. First Texas Homes renewed 20,585 square feet in the 500 Building. The Arnold Companies expanded from 19,304 to a remodeled 24,577 square feet in Building 100. Harold Ginsburg and Pamela Ball of Southern Asset Service Corporation represented The Arnold Companies. Tony Click and Marissa Parkin represented Crescent.
AUSTIN — L.A. Fuess Partners, Inc., a structural engineering firm founded in 1979, opened an office at 8200 North Mopac Expressway in Austin. The firm also serves clients from offices in Dallas and Boston. LAFP Senior Associates James Kleineck and Cheryl Stewart will lead the Austin office and oversee a growing engineering team.
DALLAS – Lincoln Property Company, a national property management and development firm based in Dallas, will acquire the multifamily property management business of The Excelsior Group, Excelsior Multifamily, LLC. Excelsior manages a portfolio of 27 multifamily properties totaling roughly 4,500 units in the Minneapolis area.
SOUTHLAKE – American Bear Logistics Corp. leased 19,451 square feet of industrial space in Southlake Business Park from Southlake Industrial LP. Noah Dodge and Joe Santaularia of Bradford Commercial Real Estate Services, along with Nick Krejci of Darwin Realty, represented the tenant. Hogan Harrison, Matt McCarthey and George Jennings of Holt Lunsford Commercial represented the landlord.
BURLESON – Bellomy & Co. announced the sale of I-35 Storage in Burleson, Texas. The property includes 338 units totaling 55,531 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented seller 2121 Burleson Storage, LLC. Aaron Palmer of Modern Mountain Real Estate represented the buyer, 10 Federal, based in Raleigh, North Carolina.
DALLAS – OBM Miami Inc. leased 3,424 square feet of office space in Travis Walk at 4514 Travis Street from Intercity Investment Properties. Melanie Hughes, Richmond Collinsworth and Elizabeth Hooper of Bradford Commercial Real Estate Services represented the landlord. Taylor Dickerson and Read Wyse of JLL represented the tenant.
NATIONAL – RNR Real Estate Briefs
JERSEY CITY, N.J. — Mack-Cali Realty Corp. announced the sale of its Metropark portfolio in Edison and Iselin, New Jersey, for $254 million to Opal Holdings. The sale included four office buildings totaling 945,906 square feet, marking one of the largest suburban office transactions this year.
BOCA RATON, Fla. — Harbor Group International, LLC acquired The Heritage, a 248-unit, Class A multifamily property in Boca Raton, for $81 million. The Heritage comprises four mid-rise residential buildings located about a mile west of the Atlantic beaches. Harbor Group International is headquartered in Norfolk, Virginia.
PHOENIX, Ariz. – Macerich sold Paradise Valley Mall in Phoenix for $100 million to a new joint venture that includes RED Development. The 1970s-era mall sits on a 92-acre site that has been rezoned to accommodate a broader mix of uses, including a high-end grocery, restaurants, multifamily residences, offices and retail.
NASHVILLE, Tenn. — Affiliates of Starwood Capital Group, Crescent Real Estate and High Street Real Estate Partners are constructing two hotel towers at Nashville’s Music City Convention Center (2.1 million square feet). Located at Demonbreun Street and 7th Avenue South, the dual-branded development (Embassy Suites and 1 Hotel) will total 721 rooms and about 32,200 square feet of meeting space and is scheduled to open later this year.
PORTLAND, Ore. — Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily investments, acquired the 112-unit FortyOne 11 Apartments in Portland for $27.4 million. Mitch Siegler, co-founder and managing director of Pathfinder Partners, said the asset had underperformed operationally during the pandemic and the firm plans to stabilize the property.
ITASCA, Ill. — Lee & Associates, a broker-owned commercial real estate firm, closed the sale and lease transaction for a 116,880-square-foot industrial building at 921 Ardmore Avenue in Itasca. Mark Baumhart and Jeff Janda, principals in Lee & Associates’ Illinois office, served as sole brokers on the investment sale to Exeter Property Group and also brokered a lease renewal for tenant 4C Logistics, LLC shortly before the sale.
PEMBROKE PINES, Fla. — The Altman Companies completed the sale of the 280-unit Altís Pembroke Gardens community in Pembroke Pines to Massachusetts-based GID Real Estate Investments, an equity partner in the development.
April 3, 2021 Realty News Report. Copyright 2021
File: RNR Real Estate Briefs
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Photo credit: Ralph Bivins, Realty News Report. Copyright 2021