Read the New Book by Ralph Bivins, Editor of Realty News Report
Houston 2020: America’s Boom Town – An Extreme Close Up
HOUSTON BRIEFS – NewQuest Properties reports nearly full occupancy at Fairfield Marketplace in northwest Harris County after leasing its final pad site to Jason’s Deli. The new 4,600-square-foot restaurant will occupy a 1.04-acre lot at the Highway 290 and Mason Road intersection in Cypress. Bob Conwell and J.J. McDermott of NewQuest handled leasing; Jason’s Deli was represented by Brad Sondock of Retail Properties Group and Raymond Begnaud.
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Zion Investments purchased the property at 22309 Gosling from Texas Lone Star Cheer Company. The 22,300-square-foot building sits on two acres in Spring, north of Houston. JLL’s Kevin Erck and John Talhelm represented the seller; ReMax represented the buyer.
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NAI Partners arranged a 21,000-square-foot industrial lease for Andrews Fabrication at 1524 and 1528 Mooney Road in Houston. Jake Wilkinson of NAI Partners represented the tenant. Andrews Fabrication is a certified manufacturer of commercial electrical service entrance enclosures and related products.
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Diana Gaines of The J. Beard Real Estate Company represented Grace Crossing, a Community Church of Christ, in the sale of 16.9 vacant acres to Responsive Education Solutions, a Texas nonprofit. David Buttecali of Andora Real Estate represented the buyer. The land adjacent to the church at I‑45 and FM 1488 in Conroe will become a new K‑12 charter school campus slated to open in August 2021.
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ASD Lighting leased 29,390 square feet at 9159 Wallisville Road. David Holland and Geoff Perrott of JLL represented the tenant. Jim Autenreith and Samuel Rayburn of Moody Rambin represented the landlord, Ivest, LP.
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Kimberly DeVos of Cypressbrook Company represented the seller, Spirit of Texas Bank, SSB, in the sale of Woodlands Parkway Shopping Center at 6886 Woodlands Parkway in The Woodlands to SC Woodlands, LLC. Jared Pruett with Century 21 Mike Bowman, Inc. represented the buyer.
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Richards Packaging renewed a lease for 13,860 square feet at 3870 West 11th Street in Houston. Mark Nicholas and David Holland of JLL represented the tenant; landlord Blackstone was represented by Bridge Commercial Real Estate.
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John Hornbuckle of Cypressbrook Company represented the tenant, Global Information Systems, LLC, in leasing 10,248 square feet at 10777 Northwest Freeway. Andy Parrish of NAI Partners represented the landlord, Manhattan Life Assurance Company of America.
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Merih Cotton Corporation renewed and expanded its lease for 67,427 square feet at Cedar Crossing Distribution Center, 3710 Cedar Blvd. Richard Quarles and David Holland of JLL represented landlord Mountain West in the direct lease with the tenant.
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Los Angeles-based contemporary denim brand Frame Denim will open its first Houston store in River Oaks District in early December. The multiuse development—operated by Festival Companies and located near the Galleria—features dining and entertainment across more than 14 acres.
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KM Realty, a Houston commercial real estate firm, leased 1,075 square feet at Memorial Shopping Center to a new independent coffee shop, Verbena Coffee, at 14029 Memorial Drive. Verbena was founded by Ignacio Navarro and Yngvil Schiager; Steven Stone of KM Realty acted as broker.
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Toasted Yolk Café announced plans to open 14 breakfast and lunch locations in and around Houston. Paul Vernon and Campbell Vise of Henry S. Miller Brokerage are negotiating leases and supporting the brand’s Texas expansion. Before the end of 2019, a franchise will open inside Houston’s North Loop 610 Heights neighborhood at 4601 Washington Ave.; three more Greater Houston sites are scheduled for the new year.
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Shimadzu Scientific Instruments leased 8,320 square feet of industrial space at Park 8Ninety in Missouri City. Kevin Erck and Jordan Rainey of JLL represented the tenant; Boyd Commercial represented landlord Trammell Crow.
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George Montes of Cypressbrook Company represented seller Beltway 8 Realty, LP, in the sale of 29,400 square feet of industrial space at 10770 Moss Ridge Drive. Matt Rogers and Garth Plyler of Oxford Partners represented the buyer, Frank & Grace Holdings LLC.
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Zion Investments purchased 22309 Gosling from Texas Lone Star Cheer Company. The 22,300-square-foot building on two acres in Spring was represented by JLL’s Kevin Erck and John Talhelm for the seller and ReMax for the buyer.
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Newcor Commercial Real Estate completed the purchase of a suburban ranch estate that will be converted into an adolescent behavioral rehabilitation facility. Rob Banzhaf and Mikale Vadell of Newcor represented the purchaser, TBH Holding Group, LLC, property-holding entity for Alara Health, LLC. Mark Robertson of Bridgecrest Properties represented the seller. The new facility will sit on 12.26 acres and serve teens and young adults with behavioral and social challenges.
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Elsewhere in Texas…
Cushman & Wakefield announced that Southwest Transplant Alliance, a nonprofit organ recovery organization, sold its 33,561-square-foot headquarters building at 5489 Blair Road as it prepares to relocate. The five-story office was acquired by the Fears Nachawati Law Firm of Dallas. Mike Gosslee of Cushman & Wakefield represented the seller.
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Astura Medical acquired Commerce Park, a 68,981-square-foot office complex at 4929 and 4949 Royal Lane in Irving. Adam Curran of Cushman & Wakefield represented the buyer; Ben Sumner and Keith Fischer of Centurion Real Estate Partners represented seller Charter Holdings.
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NAI Partners Austin arranged a 4,062-square-foot retail lease renewal for Dental Republic at 2015 E. Riverside Drive in Austin. Todd Mahler and Joe DeCola of NAI Partners represented the landlord.
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Dallas-based StreetLights Residential, a national, design-driven developer of multifamily and mixed-use communities, broke ground on The Jackson, its first luxury multifamily project in Arlington. The 340-unit community will be part of the larger Viridian master-planned development. Leasing and amenity spaces will be designed by Ink + Oro; WDG Architecture is the designer and SLR Construction, LLC, is general contractor.
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Gartner Inc. signed a 54,920-square-foot expansion lease in Las Colinas Connection 1 at 6031 Connection Drive in Irving. Randy Cooper, Matt Heidelbaugh, Amber Roberts, Lou D’Avanzo and Andy May of Cushman & Wakefield represented the tenant. Sarah Hinkley of Thirty-Four Commercial and Joel Pustmueller of JLL represented landlord Piedmont Office Realty Trust.
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Rockefeller Capital Management signed an 8,099-square-foot lease in The Crescent at 200 Crescent Court in Dallas. Mike Wyatt, Barrett Jones and Jonathan Serko of Cushman & Wakefield represented the tenant; Tony Click of Crescent Real Estate represented landlord Crescent TC Investors, LP.
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National News
The Armed Forces Retirement Home selected Madison Marquette and Urban Atlantic as development partners for an 80-acre portion of its historic Washington, D.C., campus. Following a review led by the General Services Administration, the winning proposal calls for about 4.3 million square feet of mixed-use development combining new construction with adaptive reuse of historic buildings. Plans include residential, retail, recreation, arts and wellness uses, along with 20 acres of public green space featuring pedestrian and bike paths. AFRH intends to negotiate a long-term ground lease with the development team.
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Newmark Knight Frank Multifamily Capital Markets announced the sale of ICON Harbor Island, a 340-unit, 21-story high-rise apartment community in Tampa Bay, for $131.5 million—approximately $387,000 per unit—the largest multifamily transaction in Tampa Bay history. Patrick DuFour, Richard Donnellan and Ryan Crowley assisted The Related Group in the disposition to buyer Olympus Property.
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Square Mile Capital Management, LLC originated a $67 million loan secured by Signature Exchange, a 454,000-square-foot office building in Dallas. The loan was made to America’s Capital Partners, which acquired the property in 2015. Square Mile Principal Tom Burns noted the financing supports Signature Exchange as the Preston/Belt Line area’s only LEED-certified Class A office property.
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JLL closed the $193 million sale and $160 million financing of The Pasadena Collection, a three-property, institutional-quality office portfolio totaling 516,890 square feet in Pasadena, California. JLL represented the seller, a global investment manager, procured buyer Swift Real Estate Partners, and secured a three-year floating-rate acquisition loan through Nuveen Real Estate on Swift’s behalf.
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Welltower Inc. entered a definitive agreement to acquire a 29-property, Class A medical office portfolio from Hammes Partners for $787 million. The portfolio is concentrated in the New York and Boston metropolitan areas, and includes assets in Massachusetts, California, Texas and Maryland. With an economic occupancy of 97%, the portfolio is affiliated with Baylor Scott & White, Providence St. Joseph, Trinity Health, MedStar and other not-for-profit health systems and multi-specialty physician groups.
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Nov. 14, 2019 Realty News Report Copyright 2019
