RNR Real Estate Briefs from Realty News Report – HOUSTON – TGS Cedar Port Partners, L.P. announced the sale of 99.3 acres to Floor & Décor Outlets of America for a 1.5 million-square-foot distribution center near the intersection of Cedar Port Parkway and Fisher Road. John Simons of NAI Partners, who handled the sale, said the transaction positions the site to serve a wide range of supply-chain needs. Houston-based Arch-Con Corp. is the general contractor for the project.
HOUSTON – JLL Capital Markets arranged acquisition financing for Chartwell Court, a multifamily property in Houston originally built in 1995. JLL originated a 12-year, fixed-rate Fannie Mae loan on behalf of the borrower, REEP Equity. REEP Equity plans to renovate about 40% of unit interiors as well as the property’s exterior to modernize the community and improve resident amenities.
HOUSTON – Serendipity Labs opened its first Houston location at 5555 San Felipe, the transformed Marathon Oil Tower. The 28,000-square-foot workspace occupies the 20th floor and features high-end private offices, team rooms, socially distanced coworking areas and meeting spaces with views of the Galleria submarket and Tanglewood.
HOUSTON – Shogun Group Corp. purchased a 4,993-square-foot former IHOP restaurant on a 1.1-acre parcel at 15444 Hwy 105 W in Montgomery from Sagamore Hill Holdings LLC. Bob Conwell and Austen Baldridge of NewQuest Properties represented the buyer. Jazz Hamilton and Rusty Lilley of CBRE represented the seller.
RICHMOND – Chicken Kitchen leased 1,400 square feet of retail space at The Grand at Aliana, located at West Grand Parkway S. and West Airport Boulevard in Richmond, from NewQuest Properties. Josh Friedlander and David Meyers of NewQuest Properties represented the landlord, while Brad Kilbride of Lee & Associates represented the tenant.
HOUSTON – Performance Wellhead & Frac Components, LLC secured a new 19,168-square-foot office sublease at Wallis State Bank, 2929 NW SH Parkway N. in Houston. Jack Brewer, Garrett Gibbons and Andy Iversen of Newmark represented the subtenant. JLL Brokerage Inc. represented the sublandlord, KW International, LLC.
HOUSTON – Pelican Builders broke ground last week on Westmore, a 33-residence luxury midrise at 2323 W. Main in Houston. During a small outdoor ceremony, Pelican Builders founder Robert Bland, President Derek Darnell, project architect Todd Blitzer of Mirador Group and general contractor Gary Leach of G.T. Leach Constructors participated in the groundbreaking for the forthcoming boutique condominium.
HOUSTON – Wells Fargo Bank and the Federal Home Loan Bank of Dallas provided a $750,000 Affordable Housing Program subsidy to New Hope Housing Inc. to support a $34.9 million supportive housing development near downtown Houston. Called New Hope Housing Avenue J, the transit-oriented, 100-unit apartment community will primarily serve families earning up to 60% of the area median income in the historic East End neighborhood.
TEXAS – RNR Real Estate Briefs
BROWNSVILLE – Phoenix JCR Brownsville Industrial Investors, LLC purchased a 1,040,904-square-foot industrial building at 6700 Paredes Line Road in Brownsville. Newmark brokers Michael Reid, Brian Cheek and John Wolf represented both the buyer and the seller, Titan Tire Brownsville, LLC. Fidelity National Title served as escrow agent.
DALLAS – Volt Lighting, a new entrant to the Texas market, leased the remaining 17,500 square feet of a four-building project in Dallas’ Brookhollow Industrial Park for its fourth U.S. distribution center. Volt Lighting’s Southwest distribution hub occupies Mockingbird Place Building 3 at 420 W. Mockingbird Lane. Brock Wilson of Bradford Commercial Real Estate Services represented the landlord, while Joe Santaularia handled tenant representation.
FRESNO – Cajun Self Storage at 2935 FM 521 Road in Fresno has been sold, according to Marcus & Millichap. The facility includes 323 climate-controlled units, 201 non-climate-controlled units, 38 enclosed parking spaces, one office and one warehouse, totaling 104,823 net rentable square feet.
FORT WORTH – Canada-based Hopewell Development LP and GTIS Partners LP of New York acquired 21 acres near State Highway 113 and AllianceTexas, where a 361,000-square-foot industrial project will be constructed. Lee & Associates and JLL participated in the transaction.
NATIONAL – RNR Real Estate Briefs
ATLANTA – Lee & Associates Atlanta completed an industrial lease for 589,680 square feet at Park 85 Business Park in Braselton, Georgia. Lee & Associates’ Billy Snowden, Rick Tumlin and Mike Sutter represented tenant Comptree Inc. in the lease of 1380 Jesse Cronic Road, a newly delivered distribution facility in the I-85 Northeast Atlanta submarket.
BRUNSWICK, Georgia – Hodges Ward Elliott, a boutique real estate capital markets advisor, represented a partnership of HOS Management and Hawkeye Hotels in the sale of the newly constructed dual-brand Home2 Suites/Hilton Garden Inn, a 175-key hotel located along Interstate 95 in Brunswick.
WAUKEGAN, Illinois – Lee & Associates closed two industrial lease transactions totaling 85,403 square feet in Waukegan. Tom Boyle of Lee & Associates of Illinois represented tenant K International, Inc. (dba Kinter) on a 55,838-square-foot lease at 3211 N. Oak Grove Ave.; Matthew Lewandowski of Darwin Realty represented the owner. Ryan Kehoe of Lee & Associates’ Illinois office represented tenant Henry Broch & Co. on a 29,565-square-foot lease at 2339 Ernie Krueger Circle; Dan Tobin of CTK represented the owner.
INTERNATIONAL
NEW DELHI – Construction has begun on the second joint-venture project between Hines and DLF. The partners formed a joint venture in 2019 to develop an office complex in Phase V, Udyog Vihar, Gurugram. The campus spans nearly 12 acres and will be developed in phases, with Phase I comprising approximately 2.5 million square feet. In August 2020, the project secured a $355 million construction loan from HDFC Ltd. for Phase I. Despite the challenges posed by COVID-19, construction is proceeding as planned, with staged completions scheduled through 2023 and 2024.
Feb 20, 2021 Realty News Report copyright 2021
Photo: credit: TGS Cedar Port Partners, L.P. and NAI Partners