RNR Real Estate Briefs from Realty News Report –HOUSTON — Global asset manager AllianceBernstein, LP, has signed a long-term lease for a new local private wealth office, Bernstein Private Wealth Management, which will occupy 11,241 square feet at Bank of America Tower in downtown Houston. The firm plans to relocate in spring 2022 from its current Houston office at Wells Fargo Plaza, 1000 Louisiana. CBRE’s Kristen Rabel and Parker Duffie represented the landlord, Beacon Capitol Partners. Steve Biegel of Newmark represented AllianceBernstein.
HOUSTON — Advanced Power Services has subleased Class A office space at River Oaks, located at 2323 South Shepherd Drive. Jack Callaghan and William McCarthy of Finial Group represented the landlord.
HOUSTON — Colliers announced that National Property Holdings held the grand opening Sept. 1 for Republic Business Center at 11333 North Gessner Road. Republic Business Center is a 157-acre master-planned industrial development in Houston’s northwest distribution submarket. The project is nearing completion, with anchor tenants Amazon and The Home Depot expected to create more than 1,000 new jobs. The developer, National Property Holdings, was represented by Robert Alinger of Colliers.
SUGAR LAND — Ori’Zaba’s leased 2,204 square feet at University Commons Shopping Center, 13513 University Blvd. Ori’Zaba’s, a Las Vegas–based fast-casual scratch kitchen, brings traditional Mexican flavors to its restaurants. The landlord was represented by Brad Ryan of Capital Retail Partners; the tenant was represented by Kristen Barker of Wulfe & Co.
HOUSTON — Bellomy & Co. announced the sale of Houston Mini Storage, located four miles north of downtown. The Class B property includes 256 units totaling 34,660 rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, TPH SPE, LLC of Salt Lake City, and also procured the Houston-based buyer, Houston Mini Storage, LLC.
HOUSTON — Colliers announced the sale of a 3.7-acre stabilized storage yard at 605 North Wayside Drive. Seller RYCO Real Estate #1 was represented by Jason Ryan and Webb Melder of Melder Real Estate. Zack Taylor of Colliers represented the buyer, 605 Wayside LP, and has been retained to lease the property on behalf of the investment group.
THE WOODLANDS — Greg Usher of Cypressbrook Company represented the landlord, Vista Woodlands Partners, Ltd., in leasing 5,469 square feet of lab space at 8701 New Trails. Christian Connell with Transwestern represented the tenant, Messogen, Inc.
HOUSTON — George Montes of Cypressbrook Company served as intermediary between landlord RASC Investments LP and tenant City Balloons Distribution LLC in the lease of 4,200 square feet of warehouse space at 16721 Hollister St.
HOUSTON — Kimberly DeVos of Cypressbrook Company represented Noe’s Cafe in leasing retail space at Springwoods Village, 2120 Spring Stuebner Road. Lauren Heimann with Regency Centers represented the landlord, Spring Stuebner RRC I Inc.
TEXAS
IRVING — CT Realty has leased Stadium Logistics Center, a new Class A 329,358-square-foot industrial building, to Dallas-based Total Office Solutions, a long-established office furniture provider. Craig Jones and Randy Touchstone of JLL represented CT Realty, while Total Office Solutions was represented by Robert Deptula and Collin Rock of Transwestern.
AUSTIN — Bell Partners acquired Lenox Boardwalk, a 339-unit apartment community situated two miles from Austin’s central business district and adjacent to Oracle’s campus.
SAN ANTONIO — The former Vistana, a 17-story, 247-unit downtown apartment community, has rebranded as Inspire Downtown following a renovation.
ATHENS — The Multifamily Group, a Dallas-based brokerage, facilitated the sale of the former Quality Inn & Suites in Athens. Advisor Greg Miller represented the buyer. Profectus Multifamily Capital, a Dallas-based investment firm, worked with the City of Athens during due diligence to secure rezoning and approval for a conversion plan that will transform the vacant hotel into 122 modern efficiency apartments.
CARROLLTON — JB Hudco, a third-party logistics firm managing warehousing, fulfillment and distribution, has expanded into a new industrial facility at 4717 Plano Parkway. Chad Albert of NAI Robert Lynn represented the tenant, securing 162,000 square feet to support the company’s growth.
AUSTIN — In one of Austin’s largest value-add multifamily transactions this year by unit count, Archway Equities and CAF Capital Partners acquired The Morgan, a 504-unit apartment community. This marks the first partnership between Archway and CAF in Austin, where each firm controls roughly 1,000 multifamily units.
FORT WORTH — M2G Ventures, a North Texas–based investment and development firm, announced the acquisition of 3500 Avenue E, a 141,658-square-foot urban industrial project, and the construction of 3101 Pinewood, a 100,100-square-foot urban industrial redevelopment, both located in the Great Southwest Industrial submarket. Cameron Deptula and David Guinn of Davidson Bogel Real Estate represented M2G on the Avenue E acquisition. Stephen Williamson and Adam Graham of Lee & Associates represented M2G in the Pinewood contract.
DALLAS — TruAmerica Multifamily has doubled its Texas portfolio with acquisitions of The Heights and Mission Ranch apartments. The two Dallas-area properties total more than 500 rental homes and represent TruAmerica’s third and fourth investments in Texas since entering the market in December 2020. Mission Ranch Apartments is a 295-unit Class B community of one-, two- and three-bedroom homes. The Heights comprises 162 single-family townhomes and 84 apartments on a 35-acre site. Including recent purchases, TruAmerica has acquired 1,300 Texas units in the past eight months.
FORT WORTH — The historic Atelier Building in downtown Fort Worth has sold in a short-term sale-leaseback between law firms, enabling the seller’s expansion and establishing the Austin-based buyer’s fourth Texas office. Built around 1905, the two-story, 2,500-square-foot building at 209 W. 8th St. is within walking distance of downtown amenities, including the Tarrant County Courthouse. Seller BWHC Properties, LLC was represented by Nick Talley of Bradford Commercial Real Estate Services, who is now seeking downtown office space for law firm Barnett Williams & Howard. The incoming occupant is O’Hanlon, Demerath & Castillo, a 12-attorney firm with offices in San Antonio, the Rio Grande Valley and Austin. Partners Kevin O’Hanlon and Priscilla Lozano are the buyers of record.
NATIONAL
ATLANTA — CatchMark Timber Trust, Inc. announced that TexMark Timber Treasury, LP (Triple T) completed the sale of 300,000 acres of East Texas timberlands for $497 million in cash—about $1,656 per acre—to a client of Hancock Natural Resource Group, part of Manulife Investment Management. The sale represents a portion of Triple T’s 1.1 million acres in East Texas.
LAS VEGAS — Avison Young brokered the $21.75 million sale of the Mark I Apartments, a 113-unit property at 1020 E. Desert Inn Road. The transaction equates to approximately $192,477 per unit. Pat Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily Team exclusively represented the seller, a Calabasas-based LLC.
MIAMI — Befeler Group, through its affiliate BG Hospitality of Port St. Lucie, acquired the 93-key Holiday Inn Express & Suites in Port St. Lucie for $8.9 million. The hotel, located near I-95, was purchased by the Coconut Grove–based investment company.
OAKLAND — Riaz Capital, a fully integrated development, construction and property management firm, acquired the Z Hotel in Oakland and plans to convert the 102-room property into workforce housing apartments with increased density as part of efforts to address the Bay Area housing shortage. Located at 233 Broadway in Jack London Square, the hotel was purchased during the COVID-19 pandemic for $18.15 million.
BOCA RATON — JLL Capital Markets closed the sale of 1905 Clint Moore Road, a 102,186-square-foot medical office building in Boca Raton. JLL brokered the transaction between seller 1905 Associates, LLC and a publicly traded real estate investment firm. The JLL team was led by Chris Drew, Matthew McCormack, Hermen Rodriguez and Ike Ojala, with analytical support from Max Lescano.
ETC.
HOUSTON — Transwestern Real Estate Services and J.P. Morgan Global Alternatives announced four new leases that brought Sam Houston Distribution Center—a Class A, 833,720-square-foot speculative industrial project—to full occupancy. The Transwestern leasing team of Brian Gammill, Darryl Noon, Jude Filippone and Carter Thurmond provided leasing and marketing services for the owners. Located at 9625 Fallbrook Pines and 8828 Taub Road near Beltway 8 in Houston’s Northwest submarket, the project was developed as a joint venture between Transwestern Development Company and J.P. Morgan Global Alternatives and was completed in 2020. Doug Schwartz, CIO of Real Estate Americas at J.P. Morgan Global Alternatives, noted the project’s strong location and flexible design helped drive rapid leasing with high-quality tenants.
The new leases include:
- A 494,800-square-foot lease with Goodman Manufacturing Company, a global leader in residential and commercial HVAC systems, represented by Seth Koschak of Stream Realty Partners.
- A 200,200-square-foot lease with Foxconn Assembly LLC, represented by Reggie Beavan and Joshua Brown of Newmark Knight Frank.
- A 97,440-square-foot lease with Freeway Logistics, a warehousing, e-commerce fulfillment and supply chain solutions provider, represented by Beau Kaleel and Michael Foreman of Cushman & Wakefield.
- A 41,280-square-foot lease with Thunder Logistics, a freight transportation company, represented by David Buescher.
Sept. 12, 2021 Realty News Report Copyright 2021
For more about Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
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Photo credit: Ralph Bivins, Realty News Report Copyright 2021
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