RNR Real Estate Briefs from Realty News Report – HOUSTON — Colliers announced that Woodforest National Bank has leased 16,010 square feet at Park Towers North, 1233 West Loop South in Houston. Park Towers Investment, the landlord, was represented by Doug Little of Transwestern. Darren Gowell and Bob Parsley of Colliers represented Woodforest National Bank in the lease negotiation.
HOUSTON – NAI Partners, the commercial real estate services arm of Partners Real Estate Company, announced that its Texas Investment Sales Division completed the sale of Richmond Commons, a 76,847-square-foot retail shopping center near the Westpark Tollway and Beltway 8. The transaction was arranged by NAI Partners’ Davis Amanyisye and Ryan DeGennaro.
HOUSTON — Satya, a Houston-based commercial real estate consulting firm, sold 2.5 acres of undeveloped land at Grand Parkway and Kuykendahl Road to Smart Financial Credit Union for future development. Satya had purchased the property in 2017 and completed the sale through its entity, GPKWY Spring Ltd. The seller was represented by Joshua Jacobs of Blue Ox Group, while Ferguson Real Estate represented the buyer.
HOUSTON — Lee & Associates‑Houston has been retained to handle leasing and property management for 3200 Wilcrest, a 163,696-square-foot office property at 5829 W. Sam Houston Parkway. The broader nine-building project totals 275,000 square feet in northwest Houston. The Lee & Associates – Houston Landlord Services team includes Jill Nesloney, Robert LaCoure, Chris Lewis and Bryce Adams. Property management will be led by Shawn Harvey of Integrated Services.
HOUSTON – Colliers announced the sale of a 10,020-square-foot building on three acres at 14500 North Freeway. The buyer, Cochinitos Real Estate LLC, was represented by Erica Galvez of Terraforte, LLC. Tom Condon, Jr. of Colliers represented the seller, TSC Ventures. Condon noted that the building’s clear-span steel structure will allow the buyer to renovate the interior for a planned conversion to a Mexican food and retail use under the Cochinitos brand.
OAK RIDGE NORTH, Texas – Paragon Infusion Center leased 3,750 square feet at Wood Ridge Plaza Shopping Center, located at 27800 I-45 North across from The Woodlands Mall in Oak Ridge North. The tenant was represented by Roy Reis of ESRP; the landlord was represented by Bunny McLeod and Katherine Wildman of Wulfe & Co.
BAYTOWN – Stonemark Management is now managing The Standard at Eastpoint Apartments at 7447 Eastpoint Blvd in Baytown, east of Houston. Formerly Ravella at Eastpoint, the community includes 283 one-, two- and three-bedroom apartments. “This beautifully landscaped community offers resort-style amenities,” said Stonemark’s Tiffany Crutchley. The multifamily operation is led by Atlanta-based Stonemark Equities and Stonemark Management.
HOUSTON — Chase Tucker of Finial Group arranged a lease at The Heights Marketplace Shopping Center. The tenant, Pips Heights, signed a long-term lease at the center in the Houston Heights neighborhood, with Finial Group representing the tenant.
HOUSTON – Harris Health Systems renewed its lease for 6,760 square feet of office space at Windcliff Town Center at the intersection of Jones and North Cypress Houston roads. Kevin Sims and Brett Strake of NewQuest Properties represented the landlord, while Nelson Udstuen of CBRE represented the tenant.
HUMBLE, Texas — Tewbeleaux Sports Bar & Grill leased 5,861 square feet of retail space in Orleans Square at 18321 W. Lake Houston Parkway in Humble from Zenda Channing Orleans Square, LP. Austen Baldridge and Brett Strake of NewQuest Properties represented the landlord; Stelios Castillo of Atlantis Management Group represented the tenant.
TEXAS — RNR Real Estate Briefs
NEW BRAUNFELS, Texas – Brett Lum of NAI Partners, the commercial real estate services business of Partners Real Estate Company, recently arranged a 77-acre land purchase for Scott Felder Homes on Weltner Road in New Braunfels.
AUSTIN — Tishman Speyer has completed its acquisition of The Foundry, a two-building office development totaling 240,000 square feet in East Austin. The property is 96% leased as the firm takes ownership of the newly completed second building. Earlier this year, Tishman Speyer closed on Foundry I, which opened in 2019. The firm worked with Cielo Property Group and CBRE to complete 128,195 square feet of new leasing at Foundry II, which is now 99% leased.
SAN ANTONIO — Berkadia arranged $15.77 million in equity for the development of Encore Lower Broadway, a new five-story, 386-unit multifamily development in San Antonio. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the capital partner providing equity in addition to a $51 million construction loan. Encore Multifamily plans to break ground in August on the project, which will be built on 4.2 acres near East Grayson Street and the Pearl District.
DALLAS – Atlanta-based Stonemont Financial Group, a private real estate investment firm focused on industrial development and net lease assets, announced the completion of three distribution centers in Metro Dallas and plans to begin three additional Class A speculative buildings in the coming weeks. Together the six buildings total 1.1 million square feet, reflecting rapid growth for Stonemont in the Dallas/Fort Worth market and coinciding with the opening of the firm’s new Dallas office.
SAN ANTONIO – Transwestern Real Estate Services reported that its Healthcare Advisory Services team brokered the sale of Gastroenterology Consultants of San Antonio’s Ambulatory Surgery Center and three medical office buildings, totaling 55,457 square feet. The portfolio includes properties in the South Texas Medical Center, Stone Oak Medical Center and Northeast Medical Center. Transwestern’s Alan Grilliette and Justin Brasell handled the sale on behalf of Gastroenterology Consultants of San Antonio to IRA Companies for an undisclosed price.
MADISONVILLE, Texas — D&J Storage at 1900 East Main Street in Madisonville has been sold, according to Marcus & Millichap.
AUSTIN — Bellomy & Co. announced the sale of CubeSmart in Austin, located about eight miles from downtown along Interstate 35. The Class A self‑storage property includes 463 units totaling 57,707 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Dallas-based seller, Bulldog I35 South, LP, and also procured the buyer, PG Cactus Bulldog I, LLC of Walnut Creek.
FORT WORTH – Transwestern Real Estate Services announced the sale of 200 Bailey Ave., a three-story, 43,729-square-foot office building, to an undisclosed Fort Worth–based investor. Transwestern’s Kyle Poulson and Gibson Duwe facilitated the transaction on behalf of the seller.
TROPHY CLUB, Texas – Andy Anderson, principal at Restaurant Properties Group, represented The Trophy Table in a 10-year lease for an 8,248-square-foot restaurant at 3000 State Highway 114.
DALLAS – Barvin, a Houston-based multifamily firm, acquired the 300-unit Novel Bishop Arts development in North Oak Cliff in Dallas. The seven‑story project was originally developed by Crescent Communities.
NATIONAL — RNR Real Estate Briefs
PORTLAND, Ore. — Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily communities, acquired East of Eleven Apartments in Portland’s Buckman submarket for $22.3 million. East of Eleven is an 84-unit mid-rise property built in 2019. The investment was made from Pathfinder Partners Opportunity Fund VIII, LP.
NEW YORK, N.Y. — Swinerton, a construction services firm with roughly $5 billion in annual revenue, recently opened its first New York City office, led by Andrew Pearl.
GLENDALE, Ariz. — Transwestern Investment Group, with partner Knightvest Capital, announced the sale of Paseo Park, a 35‑building, garden‑style apartment community at 5205 W. Thunderbird Road in Glendale. The multifamily asset includes 480 one-, two- and three-bedroom units and was 98.7% occupied at the time of sale.
TAMPA, Fla. — B+E, a brokerage platform for net lease real estate, sold the Trulieve property on Manatee Avenue West in Bradenton, Fla., for $900,000. The property, measuring approximately 1,833 square feet on about 0.42 acres, sold at a 7% cap rate. The lease has roughly nine years remaining with 3% annual rent escalations.
ROSEMONT, Ill. — Lee & Associates, the broker‑owned commercial real estate firm, closed an industrial lease at 11230 Katherine’s Crossing in Woodridge, Ill. Walter Murphy of Lee & Associates of Illinois represented tenant Dober in leasing 100,619 square feet. Sean Henrick of Cushman & Wakefield represented the owner, Bristol Group.
July 24, 2021 Realty News Report Copyright 2021
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RNR Real Estate Briefs Copyright 2021
Photo Courtesy Colliers. (Cochinitos, North Freeway)