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HOUSTON – Splendora Trust has acquired 199.4 acres along FM 2090 in Splendora, northeast of The Woodlands, from JM Texas Land Fund No. 5 LP. The buyer was represented by Jeff Lokey and Dave Ramsey of NewQuest Properties. Michael Ross of Rockspring Capital and James Kadlick, Matt Herring and Chris Hutcheson of McAlister Real Estate represented the seller.
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AIV and Gulf Coast Modification have opened a new 320,000-square-foot warehouse, manufacturing and office headquarters at 22806 Northwest Lake Drive. Custom-designed and built by KDW, a Houston design/build firm, the facility near Telge Road and Highway 290 consolidates three separate properties previously used by the two companies. The complex includes two stories of Class A office space, a dedicated warehouse operated by AIV and a separate manufacturing area for Gulf Coast Modification.
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PCCP, LLC provided a $36.5 million senior loan to refinance Bayou on the Bend, a multifamily asset in the Inner Loop/River Oaks submarket of Houston. The 241-unit Class A property, adjacent to Buffalo Bayou Park, is 87% occupied and was acquired by Arel Capital in mid-2017. The financing was arranged by Adam Allen and Ben Johnson of Newmark Knight Frank.
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Lee & Associates – Houston represented Equity Resource Partners – Houston, LLC in the sale of a 65,250-square-foot industrial property at 14549 Minetta St. Trey Erwin and Robert McGee of Lee & Associates – Houston represented the seller.
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Holliday Fenoglio Fowler, LP arranged $92 million in financing for a three-property, 1,653-bed student housing portfolio located in Iowa, Texas and South Carolina. HFF worked on behalf of Austin-based Aspen Heights and Safanad to secure a three-year, floating-rate loan from a large institutional lender. The proceeds were used to refinance existing construction financing. The Texas property, Aspen Houston, includes 717 beds across two four-story, wrap-style buildings at 4971 Martin Luther King Boulevard serving the University of Houston.
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NAI Partners recently arranged a 3,342-square-foot office lease at 3 Riverway for the law firm Sico Hoelscher Harris LLP. NAI’s Alex Taghi represented the tenant. Sico Hoelscher Harris LLP specializes in injury and contingency-fee litigation.
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Jianna Jewelers, a third-generation jewelry retailer and custom manufacturer focused on ethically sourced stones, has opened in the Kirby Collection at 3300 Kirby Drive. The 1,400-square-foot retail space features a 750-square-foot display case.
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The LeClaire Group of Marcus & Millichap announced the sale of Storage Place of Katy, a 131,003 net rentable-square-foot storage facility in Katy. The property sits on about 8.58 acres and comprises 19 single-story buildings. Dave Knobler and Charles “Chico” LeClaire of Marcus & Millichap handled the transaction.
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Texas real estate briefs
Finial Group and TriGate Capital, LLC closed on the acquisition of Westwood Business Park in Dallas, located southwest of the I-635 and I-35 intersection. The park is a 12-building development composed of grade-level flex, dock-high flex and high-finish flex spaces totaling 227,709 square feet.
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Eataly, the Italian marketplace offering restaurants, cafés, fresh counters and to-go options, has leased 48,000 square feet in NorthPark Center in Dallas for its first Texas location. The lease was negotiated by Scott Muller, Katie Rambie, Kiley Pipkin, Zach Ballenger, Justin Rasansky, Sydney Muller and Jack Gosnell of CBRE.
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CBRE announced the sale of Treymore Eastfield, a 196-unit multifamily community at 2631 John West Road in Dallas, near the Mesquite city line. Peak Capital Partners, a Utah-based firm, purchased the asset from Dallas-based Carlton Laprada Ltd. Chris Deuillet and Chandler Sims with CBRE Capital Markets’ Investment Properties in Dallas and Jeff Kunitz and Alex Medeiros with CBRE Affordable Housing in Seattle represented the seller.
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Billingsley Company, a Dallas developer, announced that Blucora has signed a lease in the office building currently under construction at Cypress Waters. Blucora Inc., a provider of financial solutions, will consolidate two area offices into one, occupying multiple floors of 3200 Olympus Boulevard, a 250,000-square-foot multi-tenant building adjacent to the retail and outdoor venue The Sound at Cypress Waters.
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Taylor Schmidt and Reed Vestal of Lee & Associates – Houston represented Waterworld USA, Inc. in the purchase of a 29,325-square-foot industrial property at 13550 South Gessner Road in Missouri City. Lee & Associates – Houston represented the buyer, while Amy Silvey with Clay & Company represented the seller, Star Gessner Properties, LLC.
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Lee & Associates – Houston represented both the seller and buyer in the sale of 10 acres near the corner of FM 529 and Katy Hockley Cutoff Road in Katy. Reed Vestal, Taylor Schmidt and John Erck of Lee & Associates – Houston brokered the deal.
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Newmark Knight Frank signed an 8,454-square-foot lease for its new Northern Dallas office at 5201 Tennyson Parkway in Legacy Business Park, Plano. The new location nearly doubles the firm’s previous office space. John Wolf represented Newmark Knight Frank. The Plano office will house operations, corporate revenue teams and specialists from several company service lines.
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Point of Rental Software plans to relocate this summer to a newly acquired 35,000-square-foot building at 14401 Statler Blvd. in Fort Worth for its North American headquarters, less than four miles from its current site. Point of Rental has tripled its global staff over the past three years and opened offices in the UK and Australia. Charlie Beck and Cribb Altman of Cushman & Wakefield represented Point of Rental, while Sam Franklin of Peak CRE represented the seller, Corporate Statler LTD.
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NAI Partners San Antonio arranged a 6,480-square-foot retail lease for the U.S. Postal Service at 900 Bugg Lane in San Marcos. NAI Partners’ Joe DeCola and Todd Mahler represented the landlord.
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NAI Partners arranged a 3,294-square-foot retail lease for Modern Affinity Bridal Couture at the Shoppes at FM 646 in League City. Jason Gaines of NAI Partners represented the landlord and Melissa Gerber-Braum represented the tenant.
May 29, 2019 Realty News Report Copyright 2019
