RNR Real Estate Briefs from Realty News Report – HOUSTON – NAI Partners’ Retail Services broker Jason Gaines closed three restaurant lease deals recently. He completed a 10,000-square-foot lease renewal for Happy Family Chinese Buffet at 3101 FM 1960 East in Humble. Gaines also represented the tenant in a 1,400-square-foot Wingstop lease at 14119 Grant Rd in Cypress and a 1,625-square-foot Wingstop lease in Crosby.
BEAUMONT, Texas – The Estes Companies expanded their multifamily holdings with the acquisition of the property now named Verandas of Beaumont Apartments at 2020 Cottonwood, Beaumont. Previously operated as Concord Home Apartments by the Beaumont Housing Authority, the 100-unit community will undergo a complete renovation under Houston-based real estate veteran Andrew Estes.
HOUSTON – Gorham Export Packing, LLC renewed the lease for a 13,860-square-foot office/warehouse at 1020 Fennell St. in Lawndale. Broker David Gerber of Gerber Realty represented the landlord, ACC 2320 Congress, LLC.
HOUSTON — Jack Gaffney and Jack Callaghan of Finial Group facilitated the sale of a 12,087-square-foot industrial building at 8713 Fallbrook Drive in Northwest Houston. Finial Group represented the seller, ASAP Real Estate, LLC, and the buyer was ICS Management Corporation.
HOUSTON – Asset Living, a Houston-based property management firm led by CEO Ryan McGrath, has acquired three organizations: Poetic, a digital-focused creative agency; Shelton Residential, an Arizona-based property management company; and Alpha Barnes Real Estate, a Dallas-based property management firm.
SPRING, Texas – Elite Dry Cleaners leased 1,500 square feet in the Kleinwood Shopping Center at 7310 Louetta Road in Spring. The landlord was represented by Josh O’Toole of Phillips Edison & Co. and the tenant was represented by Wes Miller of Wulfe & Co.
HOUSTON – VA Electrical Contractors, LLC leased 13,450 square feet of dock-high industrial warehouse space at 906 Witter St. in Pasadena. Ed A. Ayres of Houston Realty Advisors, Inc. represented the landlord, Witter Property, LLC. Chase McAteer and Taylor Stoute of Oxford RE Services represented the tenant.
SPRING, Texas – Diana Gaines of The J. Beard Real Estate Company represented seller Estancia, LLC in the sale of 24.74 acres at 5807 Spring Stuebner Road, east of Gosling Road in Spring. The parcel was sold to an undisclosed buyer for future development. Brad Dill of BD Realty Advisors represented the buyer.
HOUSTON – Houston Realty Advisors, Inc. negotiated the sale of a newly renovated 10,800-square-foot warehouse at 2614 Carrolton St. The buyer was All Industrial Electrical Supply of California. Jay Shaw of Shaw Real Estate represented the seller, F. & J. Crowley. Ed A. Ayres, president of HRA, noted that rising construction material costs have made new construction of smaller industrial warehouses increasingly uneconomical.
HOUSTON – S&P Wholesaling leased 14,750 square feet at 4240 Lockfield St., a warehouse/office in Northwest Houston near Highway 290 at West 43rd Street and Lockfield Street. Sam Rayburn and Jim Autenreith of Moody Rambin represented the owner.
BRENHAM – Baker Katz is developing Brenham Crossing, a 164,000-square-foot retail center on US 290 in Brenham. Signed tenants include Hobby Lobby and Marshall’s among others.
TEXAS – RNR Real Estate Briefs
NEW BRAUNFELS, Texas – Brett Lum of NAI Partners arranged the sale of 69 acres to Highbridge Investments near FM 1102 in New Braunfels.
FORNEY, Texas – VanTrust Real Estate is developing the Forney Distribution Center, a 622,000-square-foot speculative project near U.S. Highway 80. Leasing is handled by Nathan Lawrence and Krista Clark of CBRE.
EDINBURG, Texas — Kevin Murphy of NAI Partners arranged a 4,305-square-foot office lease for South Texas Vascular at 2511 Cornerstone Boulevard in Edinburg.
DALLAS — KBS, in a joint venture with Southern Land Company, announced the completion of the first phase of Novē at Knox, a 309-unit Class A multifamily development in the Knox/Henderson district near downtown Dallas. The project’s final completion was expected in March 2021.
DALLAS — Churchill Mortgage Corp. expanded its presence in Merit Tower at 12222 Merit Drive, adding 3,725 square feet of office space for a total of 8,628 square feet. Jared Laake of Bradford Commercial Real Estate Services represented the landlord, LLL Four Forest.
PLANO, Texas – The Dallas/Plano Marriott at Legacy Town Center completed a $3.6 million renovation of its meeting space with Roch Capital and design by C+TC Design Studio. The hotel features 417 guest rooms and 35,000 square feet of event space.
GEORGETOWN, Texas – Trez Capital closed $12.7 million in financing for phase one of Parmer Ranch, a 454-acre mixed-use community by Owen Holdings Inc. Near Austin, Parmer Ranch will include more than 1,000 single-family homes, 100 acres of mixed-use commercial space, schools and 47 acres of open space upon completion.
ROUND ROCK, Texas – NAI Partners arranged a 23,172-square-foot industrial lease for Westwinds Wholesale Doors at Settlers Crossing. Troy Martin of NAI Partners represented the tenant, and Adam Green of Stream Realty represented the landlord.
DALLAS – Emergency Room of Texas, LLC leased a 6,710-square-foot freestanding medical office at 4535 Frankford Road from Wenzhold LP. Leigh Richter of Bradford Commercial Real Estate Services represented the landlord.
SAN MARCOS, Texas – Joe DeCola of NAI Partners arranged a 4,867-square-foot retail lease for Plato’s Closet at 900 Bugg Lane in San Marcos.
GARLAND, Texas – Pulte Homes purchased 18 acres at 5001 Zion Road from Oasis Church to build 90 single-family lots in a project named Bridgewater. Jack Gail of Younger Partners represented the buyer, and John Muzyka of Church Realty represented the seller.
HORSESHOE BAY, Texas – Harbor Custom Development agreed to acquire 30 developed single-family lots for $2.5 million in the Siena Creek subdivision. Harbor Custom Homes plans to build four- and five-bedroom homes priced from approximately $600,000 to $1 million.
DALLAS — WALO Creative, LLC leased 3,236 square feet of office space in Merit Tower at 12222 Merit Drive from LLL Four Forest, LLC. Jared Laake of Bradford Commercial Real Estate Services represented the landlord, and Jayson Montoya of NAI Robert Lynn represented the tenant.
HEATH, Texas – JLL Capital Markets closed the sale of Heath Town Center, a new 77,699-square-foot neighborhood shopping center anchored by a high-performing Tom Thumb. JLL represented the seller, Malouf Interests, Inc., and Younger Partners Investments acquired the asset.
NATIONAL – RNR Real Estate Briefs
BALTIMORE, Md. – Houston-based LGI Homes celebrated the grand opening of Quarry Oaks at Cambrian Hills, its first community in the Baltimore metro area. LGI will build 78 homes priced from the $280,000s.
PHOENIX, Ariz. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Montreux, a 335-unit mid-rise apartment complex in Desert Ridge, Phoenix. The property sold for $117 million, or approximately $349,254 per unit.
DENVER – KKR acquired Park 12 Hundred, a three-building industrial park totaling 290,000 square feet in Westminster, Colo., from developers Conor Commercial Real Estate and WHI Real Estate Partners. Will Strong of Cushman & Wakefield assisted with the transaction.
ST. PETE BEACH, Fla. – Marcus & Millichap announced the sale of Mulligan’s Plaza, an 18,750-square-foot retail property, for $2,572,000.
BOSTON — VineBrook Homes acquired a portfolio of 2,267 single-family rental homes across multiple markets, expanding the company’s footprint in the Midwest, Heartland and Southeast. The homes were originally assembled, renovated and managed by Conrex Homes.
PHOENIX, Ariz. — San Antonio-based Embrey Partners purchased land to develop The Quincy at Kierland, a 266-unit multifamily project on Scottsdale Road. Initial units are expected to be available in early 2023.
SAVANNAH, Ga. – JLL Capital Markets closed the sale of Victory Station, a 64,146-square-foot neighborhood retail center anchored by Whole Foods Market. JLL represented the seller, Clarion Partners, and Rothenberg-Rosenfield Inc. was the buyer.
March 13, 2021 Realty News Report Copyright 2021
File: RNR Real Estate Briefs
Photo credit: Ralph Bivins Realty News Report Copyright 2021