RNR Real Estate Briefs from Realty News Report – KATY, Texas – Reed Vestal and John Erck of Junction and Taylor Schmidt of Lee & Associates – Houston brokered the sale of 33.7 acres at the corner of FM 529 and Katy Hockley Cut Off Road in Katy. Situated near the 3,600-acre Elyson master-planned community and approximately two miles west of the Grand Parkway, this sale completes disposition of a 73.8-acre tract previously listed by Vestal, Erck and Schmidt.
HOUSTON — NAI Partners recently arranged a 7,869-square-foot office lease at 1001 McKinney for Schaffer Carter & Associates. John Zivley of NAI Partners represented the tenant.
HOUSTON — Lee & Associates – Houston represented Jackrabbit Road Industrial, LLC in the sale of a 33,560-square-foot industrial building located on 26 acres stabilized with crushed concrete at 9118 & 9330 Jackrabbit Road. C.E. “Trey” Erwin III of Lee & Associates – Houston represented the buyer.
WALLER COUNTY, Texas — Wolff Companies has awarded a $2.9 million contract to Beyer Construction for the construction of Beacon Hill Boulevard and related underground utilities in the Beacon Hill master-planned community. Beyer previously completed paving infrastructure in the community; the new contract brings total investment in Beacon Hill infrastructure to about $13 million to date.
HOUSTON — Chase Tucker and John Buckley with Finial Group handled an expansion of the Epilepsy Foundation of Texas’ lease at 2401 Fountain View Drive in the Galleria area, enlarging the tenant’s office suite. The Epilepsy Foundation of Texas works to improve life for people living with epilepsy and to accelerate development of therapies. Finial Group represented the landlord.
HOUSTON — JLL Capital Markets closed the sale and arranged $55 million in financing for Park 845 Crossing, a five-building industrial park totaling 757,325 square feet at 1710 North Freeway in Houston. JLL represented the seller, a joint venture between IDI Logistics and Heitman, procured the buyer, an affiliate of Equus Capital Partners, Ltd., and secured a three-year, floating-rate acquisition loan for the borrower.
HOUSTON — NAI Partners, the commercial real estate services business of Partners Real Estate Company, arranged a 60,000-square-foot industrial renewal and expansion lease for Buffalo Industries at 6311 Brookhill Drive. Joel Michael of NAI Partners represented the tenant, while Ed Bane with Bridge Commercial Real Estate represented the landlord.
HOUSTON — Lee & Associates – Houston represented the Plasenica family in the sale of a 4,350-square-foot manufacturing building on 10.46 acres at 6007 & 5927 FM 2218 Road in Richmond, Texas. Taylor Schmidt of Lee & Associates – Houston represented the seller.
SUGAR LAND, Texas — Crunch Fitness has leased 32,240 square feet in First Colony Commons Shopping Center at 15385 Southwest Freeway in Sugar Land. Founded in a small New York basement studio in 1989, Crunch now operates more than 300 locations nationwide. The tenant was represented by Neal Thomson of NewQuest Properties; the landlord was represented by Kristen Barker and Katherine Wildman of Wulfe & Co.
CLEVELAND, Texas — T-Mobile leased 2,508 square feet of retail space in Cleveland Shopping Center at 429 W. Southline St., Cleveland, Texas, from F6 Properties Ltd. Kevin Sims and Nick Ramsey of NewQuest Properties represented the landlord. Jeff Scarborough and Chase Scarborough of Scarborough Real Estate represented the tenant.
HOUSTON — Postino Town & Country will open a 4,500-square-foot restaurant in Town & Country Village.
HOUSTON — Lee & Associates – Houston represented Amani Villa Senior Living Property Management, LLC in the purchase of 2.8 acres on Huffmeister Road in Cypress. Sandra Aronds of Lee & Associates – Houston represented the buyer.
BEAUMONT — The 53-room Econo Lodge Inn & Suites Beaumont at 2030 North 11th Street was sold, according to Marcus & Millichap. The property had been listed for $3.3 million.
HOUSTON — Levey Group sold a 65,000-square-foot distribution facility at 6552 West Little York Road, known as Northwest Place Industrial Park II, to Alco Designs, a California manufacturer of retail merchandise displays. Alco will occupy the previously vacant portion of the facility; Tytan International continues to lease 28,500 square feet.
HOUSTON — Firas Zebian purchased two four-unit residential buildings at 1410 W. Clay St. (0.09 acre) and 1220 Waugh Drive (0.11 acre) in Houston from the Richard Alan Frazier Trust and Reida Renee Kazmierski. Bob Conwell and Austen Baldridge of NewQuest Properties represented the sellers. Loren Miner of Eastwood Realty represented the buyer.
TEXAS – RNR Real Estate Briefs
AUSTIN — Newmark announced the sale of Rio West, a 384-bed student housing property at 2704 Rio Grande St., steps from The University of Texas at Austin. Ryan Lang and Jack Brett of Newmark represented the seller, ILM Capital, LLC of Virginia.
DALLAS — Tampa-based American Landmark Apartments acquired two Class A communities totaling 510 units in the Dallas-Fort Worth area: Domain at Founders Parc and Alta Spring Creek. Alta Spring Creek will be renamed The ReVe. Both properties will undergo approximately $750,000 in capital improvements. The acquisitions bring the firm’s Texas portfolio to 45 properties, including 20 in Dallas.
DALLAS — Crescent Real Estate, LLC announced nine recent lease transactions at The Crescent, bringing new, expansion and renewal leases during the first half of 2021 to a total of 158,949 square feet. In March, GPIF TC Owner, LLC, an affiliate of Crescent, purchased The Crescent.
AUSTIN — A joint venture of Patrinely Real Estate Fund II, LP and USAA Real Estate announced the sale of Aspen Lake Three, a Class A, 128,990-square-foot build-to-suit office development at 10355 Pecan Park Blvd. Completed in May 2021, the building will be 100% leased by Q2 Holdings, Inc.
FARMERS BRANCH, Texas — CBRE announced the sale of Villa Creek, a 162-unit multifamily community at 2835 Villa Creek Drive in Farmers Branch. Dallas-based Blue Ocean Capital, LLC purchased the property from Irving-based Darcorp. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Investment Properties in Dallas represented the seller. William Givens and Robert Siddall with CBRE Debt & Structured Financing arranged financing on behalf of the buyer.
AUSTIN — Mesa West Capital originated $40 million in first mortgage debt to finance the off-market acquisition of a 309-unit apartment complex in Austin by SPI Advisory. The five-year floating-rate loan secures Elan Parkside, a Class A multifamily asset within Highland, a major redevelopment of a former regional mall. The Highland project is expected to include 1,200 residential units, 200 hotel rooms, 800,000 square feet of office space and 1.3 million square feet of academic space for a new central campus for Austin Community College. Andy Scott and Michael Cosby in JLL Capital Markets’ Dallas office arranged the financing.
NATIONAL – RNR Real Estate Briefs
EAST ORANGE, N.J. — Blue Onyx has broken ground on 14 Summit, a five-story multifamily building in downtown East Orange. The development will include 78 units expected to be completed by spring 2023.
NASHVILLE, Tenn. — Pinnacle Financial Partners announced plans to relocate its corporate headquarters to a new office tower at Nashville Yards, an 18-acre mixed-use project developed by Southwest Value Partners. Pinnacle will be the anchor tenant in a 34-story tower above Church Street that will provide about 650,000 square feet of office space and approximately 28,000 square feet of retail space.
TORONTO — Hines and Ivanhoé Cambridge, with CIBC serving as administrative and green structuring agent and Desjardins Capital Markets and HSBC Bank Canada as co-leads, announced financing for construction of 141 Bay, Phase II of CIBC SQUARE, via a $780 million green construction loan. 141 Bay reportedly received one of the largest green real estate construction loans in the Canadian market and will incorporate advanced efficiency and design standards to limit carbon emissions.
NOVA, Ohio — The Jenkins Organization Inc. acquired Cleveland/Sandusky Jellystone Park in Nova. The purchase marks the company’s eighth RV resort acquisition since launching the Great Escapes RV Resorts brand in 2019 and its fourth under the Jellystone Park trademark.
HUNTSVILLE, Ala. — Hunter Hotel Advisors handled the sale of four Hilton-branded hotels in Alabama, including the newly opened Hilton Garden Inn Madison Huntsville Airport and three Home2 Suites by Hilton in Madison Huntsville Airport, Decatur Ingalls Harbor, and Opelika Auburn. The transaction was managed by SVP Tim Osborne.
GAINESVILLE, Fla. — DB Capital Partners of Miami closed the sale of Hampton Forest Apartments, a 152-unit complex in Gainesville, for $13.1 million. DB purchased the property for $9.5 million in late 2017. The asset was managed by Michaelson Group of Jacksonville, and the transaction was brokered by Marcus & Millichap. DB Capital Partners is led by Luis Delgado and George Befeler of The Befeler Group.
June 19, 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. Available on Amazon.
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
Houston Skyline Photo Credit: Ralph Bivins, Realty News Report Copyright 2021
File: RNR Real Estate Briefs June 2021