RNR Real Estate Briefs from Realty News Report – HOUSTON – Electra Capital, a boutique lender focused on flexible, short-term multifamily financing, closed a $5.25 million preferred equity investment in The Aubrey, a 436-unit multifamily community in Houston’s Westchase submarket. The property at 2310 Crescent Park Drive was acquired by TruePoint Capital, based in Katy.
HOUSTON – Peri Peri restaurant, known for Portuguese flame-grilled chicken with a variety of sauces and heat levels, has leased the former Freebirds space at 4436 Dowlen Road. NAI Partners’ Patrick Keegan and Jason Gaines represented the landlord, OI Management.
HOUSTON – Sushi Rebel, the newest concept from veteran Houston restaurateurs Daniel and Peggy Chang of Uptown Sushi, has opened at City Place. The nearly 3,800-square-foot restaurant and bar is located at 1700 Lake Plaza Drive in the urban core of the rapidly growing north-side community, within walking distance of the central plaza, waterfront park and nearby employers.
HOUSTON – Alvarez & Marsal Property Solutions completed a 4,400-square-foot lease for Bluestone Lane, an Australian-inspired premium coffee roaster, café and lifestyle brand, at 115 West 19th Street in Houston Heights. This will be Bluestone Lane’s first Texas location, slated to open in early 2022. The site at 115 West 19th Street is owned by Wolf Capital Partners. Daniel Bodner from AMPS and Chris Reyes and Tyler Trevino of Shop Companies represented the tenant.
THE WOODLANDS, Texas – The Howard Hughes Corporation announced that Semper Laser, a laser hair removal provider, is open at 25 Waterway Ave. in The Woodlands, joining other retailers in the neighborhood.
HOUSTON – NAI Partners’ Chad Khan arranged a 3,000-square-foot industrial lease for Lyon Construction Group at 5829 W Sam Houston Parkway. Chad Khan represented the tenant; the property owner was represented by Chris Beggins with Lee & Associates.
HOUSTON – Sharkey’s Cuts for Kids signed a 900-square-foot lease at The Shops at Memorial City I, 12357 Kingsride Lane. The children’s salon offers an engaging environment and services tailored for young and older kids. The tenant was represented by Bunny McLeod of Wulfe & Co.
HOUSTON – Stan Johnson Company completed sales of two single-tenant, net-lease drugstores leased to CVS Pharmacy: one at 322 Cane Island Parkway in Katy (14,698 square feet) and another at 1802 West Mount Houston Road in Houston (9,656 square feet). Zach Harris of Stan Johnson Company represented the sellers, WA Mount Houston, LLC and WA Cane Island, LLC. Each property was purchased by separate private investors at a 4.50 percent cap rate.
CYPRESS, Texas – KidStrong leased 3,360 square feet in the HEB Grant Shopping Center at 14041 Grant Road. KidStrong offers programs that build children’s physical, mental and social strength, including weekly classes, camps and birthday parties. The tenant was represented by Chris Burns of JLL, while Kristen Barker of Wulfe & Co. represented the landlord.
GALVESTON, Texas – Nan and Company Properties Christie’s International Real Estate announced a new developer services assignment in Galveston: Tiara on the Beach. Planned by developer Satya, the 66-unit condominium will be located on the West End of the island adjacent to Diamond Beach Condominiums on San Luis Pass Road. This becomes the second Galveston development added to Nan Properties’ Developer Services portfolio in under two months; Nan and Company will market the project.
HOUSTON – Walker & Dunlop completed the sale of The Co-Op at the Med Center, a 200-unit, garden-style property located in the Texas Medical Center. Originally built as a hotel, the property was converted to multifamily in 2018 following a substantial capital investment.
TEXAS — RNR Real Estate Briefs from Realty News Report
SEGUIN, Texas – An 88-acre parcel near Seguin sold in Guadalupe County. NAI Partners’ Brett Lum represented the buyer; the seller, MLM Trust, was self-represented.
DALLAS – Henry S. Miller closed three industrial and warehouse transactions in the Dallas–Fort Worth area: a 37-acre land sale in Saginaw planned for a 320,760-square-foot warehouse, a 72,000-square-foot office-warehouse in Carrollton, and a 13,000-square-foot warehouse in Royse City.
PFLUGERVILLE, Texas – As part of its Operation 25K expansion, MC Companies acquired its third Texas multifamily community this year: The Sage at 1825 and adjacent Sage Cottages, two adjacent properties totaling 455 units in Pflugerville. The firm plans extensive renovations and will rebrand the assets as The Place at 1825 under its value-add strategy.
DALLAS – CBRE announced that evolv consulting, a management and technology consulting firm, leased 24,928 square feet for its headquarters at Tollway Plaza in Dallas. Tommy and Shannon Brown with CBRE represented landlord Buchanan Street Partners, while Sebastian Sheetz with Sheetz Realty Advisors represented evolv.
ROUND ROCK, Texas – Newmark handled the sale of Cordevalle, a 280-unit luxury multifamily community at 650 Louis Henna Blvd. Newmark’s Patton Jones and Andrew Dickson represented the seller, Internacional, in the transaction.
DALLAS – Colliers Houston negotiated the sale of a single-family rental home portfolio in East Dallas, inside the 635 Loop and Lyndon B. Johnson Freeway, between Interstates 30 and 45. The listing included 35 homes plus two duplexes, a 100 percent occupied portfolio of homes built around 1967.
CARROLLTON, Texas – Mohr Capital, a Dallas-based investment firm, sold an industrial flex building at 2001 Westgate Drive, occupied by Frontier Communications and Trancendia. The 113,786-square-foot property in northwest Dallas was acquired by Cabot Properties through its Cabot Industrial Value Fund VI Operating Partnership, LP. JLL’s Dustin Volz and Stephen Bailey represented Mohr Capital.
NATIONAL — RNR Real Estate Briefs from Realty News Report |
SAN DIEGO, Calif. – Cushman & Wakefield advised Murphy Development Company on the disposition of a 665,229-square-foot, Class A industrial campus on nearly 37 acres in Otay Mesa. Known as The Campus at San Diego Business Park, the project includes three buildings at 2001, 2055 and 2065 Sanyo Ave. and was nearly 98 percent leased to eight tenants at sale. The asset sold to LaSalle Investment Management for $158.5 million. Jeff Chiate, Jeffrey Cole, Bryce Aberg, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller.
LAS VEGAS, Nev. – Cushman & Wakefield brokered the sale of Elysian at The Palms, a newly developed, 286-unit Class A apartment community at 3850 West Nevso Drive adjacent to the Las Vegas Strip. Built in 2021, the property was acquired by Chicago-based Walton Street Capital and was originally developed and sold by The Calida Group.
PERRIS, Calif. – Dalfen Industrial closed on the acquisition of Markham Distribution Center at 212 Markham St. in Perris. The 80,527-square-foot facility, constructed in 2019, is located in the Inland Empire.
ETC. — RNR Real Estate Briefs from Realty News Report
Stream Realty Tapped for Energy Corridor Office Project
HOUSTON – Stream Realty Partners, a national real estate services, development and investment firm, was engaged by Broadshore Capital Partners to lease and manage Eldridge Oaks, a 14-story, 350,000-square-foot office building at 1080 Eldridge Parkway in the Energy Corridor. Broadshore’s affiliate, through its Special Situations Debt Group, recently acquired the Class A asset and plans a comprehensive renovation and a spec suite program to upgrade tenant offerings and enhance on-site amenities.
Stream’s Senior Associate Matthew Asvestas noted that Eldridge Oaks is a premier Class A property being repositioned to offer a compelling option in West Houston. The Energy Corridor faces a higher overall vacancy, while Class A Tier I properties in the submarket show lower vacancy rates. The repositioning aims to attract tenants seeking elevated work environments.
The LEED Gold–certified building offers building and monument signage and available suites from 2,000 to 310,000 square feet on 26,000-square-foot, rectangular floor plates. Planned renovations include a conference and training facility, an upgraded fitness center, outdoor patio space and improved connectivity to Terry Hershey Park.
James Pomeranz, senior vice president at Broadshore Capital Partners, said Eldridge Oaks will benefit from the planned improvements to enhance its appeal as a Tier I West Houston office destination.
Leasing efforts for Eldridge Oaks will be led by Matthew Asvestas, Brad Fricks and Mathew Volz with Stream Realty Partners.
Nov. 6, 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. Available on Amazon.
Houston 2020 Ebook version
File: RNR Real Estate Briefs
RNR Real Estate Briefs are published by Realty News Report
Recent: RNR Real Estate Briefs
Photo credit: Ralph Bivins for Realty News Report. Copyright 2021.