Real Estate Briefs: Presented by “Houston 2020: America’s Boom Town” – The New Book by Ralph Bivins
Read The New Book by Ralph Bivins, Editor of Realty News Report
Houston 2020: America’s Boom Town – An Extreme Close Up
HOUSTON BRIEFS
Keener Investments has acquired a 378-unit multifamily portfolio in Spring, Texas, consisting of the Mira Bella and San Martin garden-style apartment communities built in 1983 and 1980, respectively. Stephen A. Smith, CEO of Keener Investments, said the firm targeted North Houston for its robust employment base, strong industry growth and expanding infrastructure. Keener Investments will manage the properties.
NAI Partners arranged an 8,100-square-foot industrial lease for BSN Sports, LLC at 11707 S. Sam Houston Parkway West in Houston. Chris Caudill of NAI Partners represented the tenant. Boone Smith and Garret Geaccone with Stream Realty represented the landlord, DRA. BSN Sports distributes athletic team apparel and equipment across the U.S.
Competentia leased 7,000 square feet of office space at West Memorial Place, 15375 Memorial Drive in the Energy Corridor. JLL represented the landlord, Skanska. Anthony Squillante and Collin Roach of Stream Realty Partners represented the tenant, which provides services to the energy industry.
Newcor Commercial Real Estate represented the buyer, TBH Holding Group, LLC, in the purchase of a 12.26-acre suburban ranch estate in Alvin, Texas. TBH, the holding entity for Alara Health, LLC, plans to develop an adolescent behavioral rehabilitation facility serving teens and young adults. The seller was represented by Mark Robertson of Bridgecrest Properties.
Pearle Vision leased 2,800 square feet of retail space in Cypress Springs Plaza at 7710 Fry Road in Cypress, Texas, from SGRE Cypress Retail I Ltd. Chris Dray and Rachael Keener of NewQuest Properties represented the landlord. Jack Burgher of Streetwise Retail Advisors represented the tenant.
Trustee Lieven J. Van Riet sold 12.21 acres at the intersection of TX 6 and Oyster Creek Place in Missouri City to LTF Real Estate Co., Inc. J.J. McDermott and Jon Jamison of NewQuest Properties represented the seller. Shaw MacIntyre of Streetwise Retail Advisors represented the buyer.
CBA Land Capital announced that CBA Strategic Fund, LP acquired 70 acres of undeveloped land in the Lago Mar community under a long-term land bank agreement with developer Land Tejas. Lago Mar is a 2,033-acre master-planned community in Texas City in the Galveston–Clear Lake corridor. The land is planned for future single-family development projected to total about 4,000 homes at buildout. CBA Land Capital focuses on land and lot-banking opportunities to support developers and homebuilders navigating current lending conditions.
Mint Dentistry leased 1,970 square feet of retail space in the Baybrook Collection at 19222 Gulf Freeway in Friendswood from Rich/Alpine, LLC. Nick Ramsey and Ashley Strickland of NewQuest Properties represented the landlord. Matt Smoot of Golden Rule Real Estate represented the tenant.
NAI Partners arranged the sale of a 25,000-square-foot industrial manufacturing and distribution facility at 120 Industrial Boulevard in Sugar Land, formerly occupied by Gulf Coast Athletic Supply. DetectaChem purchased the property. Chris Caudill of NAI Partners represented the seller.
Heights Endodontics leased 1,587 square feet of retail space in Heights Central Station at 1050 Yale St., Houston, from MFT Heights, LP. Chris Dray and Rachael Keener of NewQuest Properties represented the landlord. Drew Etheridge of Xite Realty represented the tenant.
Doc Perrier of Finial Group represented buyer MW Burkholder Properties, LLC in the purchase of 12989 Market Street Road in East Houston. The one-acre site includes a 15,000-square-foot metal warehouse with seven overhead doors, a stabilized, fenced outside storage area and convenient access just south of I-10.
A Shelter for Cancer Families, founded in 2001 as the Amschwand Sarcoma Cancer Foundation, is approaching its fourth anniversary and preparing to dedicate a new office and residential facility at 4115 Drake St. in the West University area on Dec. 3. Renovations of the roughly 11,000-square-foot former apartment complex are over 80% complete. Naming opportunities remain for 16 one- and two-bedroom units priced at $150,000 each. The two-story property is already operational and can serve up to 13 families. The organization employs four staff members and works with about 40 regular volunteers. Renovations are expected to finish in early 2020.
Hotel Derek, often cited as Houston’s first boutique hotel and located near Westheimer and the West Loop, has become the first Bayou City property in Evolution Hospitality’s portfolio. The California-based management firm, a subsidiary of Aimbridge Hospitality, will operate the independently owned Uptown District landmark that opened in 2002. Evolution Hospitality has begun assembling the executive team, including hospitality veteran Christi George as director of sales and marketing.
NAI Partners arranged a 3,832-square-foot office lease for Avram Blair & Associates, P.C. at 4800 Fournace Place in Bellaire near Loop 610. John Zivley of NAI Partners represented the tenant, a Texas-based law firm focused on defective products and serious personal injury litigation.
Elsewhere in Texas
CBRE announced the sale of Silverado Apartments, a 185-unit multifamily community at 1319 N. Nursery Road in Irving. Legacy REI Group purchased the property from the Elmstone Group of Plano. CBRE Capital Markets’ Chris Deuillet and Chandler Sims represented the seller. Built in 1970, the community offers 144,258 square feet of net rentable area with an average unit size of about 780 square feet. Most units have received upgrades, and the buyer identified additional opportunities to renovate units and raise rents. Silverado was 97% occupied at the time of sale.
National Container Group, LLC, based in Chicago, leased the 120,960-square-foot Intermodal Business Center in southern Dallas County with a 10-year commitment for the entire Class A project to expand its manufacturing operations. The expansion at 1704 S. Interstate 45 in Hutchins is expected to be completed in Q1 2020. Jean Russo of Cushman & Wakefield of Texas, working with the firm’s Atlanta brokers, represented National Container.
Real estate investment and development firm PMB Capital purchased more than 3,400 acres in Wise County for a large-scale development planned to include more than 10,000 homes and substantial commercial space. Located north of Fort Worth, the development’s projected value at buildout is expected to exceed $3.5 billion. Dallas-based PMB is active across the Dallas–Fort Worth area with multiple communities in development and more planned.
Reserve Capital Partners acquired Two Colinas Crossing at 11511 Luna Road in Farmers Branch. Reserve Capital will assume property and asset management responsibilities. The complex houses corporate tenants including IBM, S&P Global, BBVA and Home Point Financial. Clint Coe, Jason Piering and Jack Crews of JLL brokered the debt and sale. 2GR Equity of Dallas partnered with Reserve Capital on the acquisition.
Trendmaker Homes, part of TRI Pointe Group, broke ground on a new section at Meyer Ranch, a roughly 700-acre master-planned community in New Braunfels in the Northeast San Antonio area. Trendmaker will build 47 single-family homes on 55-foot lots, with a grand opening anticipated in April 2020.
Cadence McShane Construction has broken ground on 401 Hemphill Apartments, a multifamily complex on two acres in Fort Worth’s Near Southside neighborhood. The project will include a five-story, 242-unit building and a five-story precast parking garage that connects to the apartment building, providing 277 parking spaces. The developer is CRG Development.
A group of local developers led by Ed Cross is pursuing Vicinia, San Antonio’s first ground-up new urbanist project. Vicinia is a 97-acre mixed-use infill development on the city’s west side at Military and Potranco, planned to include townhomes, condominiums and mixed-use buildings with ground-floor retail.
East Commerce Realty, LLC announced rebranding of the historic Sunset Station to The Espee at St. Paul Square. The property will be renovated to transform its live music and event spaces into a premier entertainment venue as part of plans to stimulate economic growth in the St. Paul Square District and the city’s East Side. The new name references the former Southern Pacific Railroad and honors the area’s history. East Commerce Realty’s team includes Michael Jersin, Don Thomas and David Adelman.
NAI Partners arranged a 2,532-square-foot office lease for Open Sky Media at 1712 Rio Grande Street in Austin. Todd Mahler of NAI Partners represented the tenant.
Construction of Phase I of The Realm at Castle Hills is complete, announced Bright Realty and Hill & Wilkinson General Contractors. The Realm’s Offices is a nine-story, Class AA building with 235,000 square feet of office space and an additional 16,000 square feet of first-floor restaurant space. The development team includes architect BOKA Powell, design architect and interior designer 505 Design, landscape architect Land Design, and lender Southwest Bank, a division of Simmons Bank. Phase II, Valor at The Realm, is a 260-unit, five-story apartment community expected to deliver in fall 2020.
NAI Partners Austin arranged a 4,062-square-foot retail lease renewal for Dental Republic at 2015 E. Riverside Street in Austin. Todd Mahler and Joe DeCola of NAI Partners represented the landlord.
Around the Nation
Cushman & Wakefield arranged the $51.5 million sale of Lively Indigo Run, a 302-unit multifamily community in Ladson, S.C., near Charleston. Cushman & Wakefield’s Tai Cohen, Jordan McCarley and Marc Robinson represented Orange Capital Advisors in the transaction.
Hunter Hotel Advisors announced the sale of the TownePlace Suites by Marriott Fort Lauderdale Weston to GB Companies, LLC, a real estate investment group with holdings in Florida, Georgia, Nevada and Colorado. The seller was an institutional client. Trey Scott and Shamir Patel led the Hunter team on valuation and sale. This marks the 14th hotel the firm has sold for this client this year.
JLL arranged $42 million in senior financing for the western portion of Rio, a 700,000-square-foot lifestyle-focused retail development in Gaithersburg, Maryland. Working on behalf of borrower Peterson Companies, JLL placed a 12-year fixed-rate senior loan with MetLife Investment Management.
Dec. 2, 2019 – Realty News Report Copyright 2019