RNR Real Estate Briefs from Realty News Report – WILLIS – MRSS Partners Ltd., a partnership between Satya Inc. and Stolz Partners, sold 31.6 acres of undeveloped land near Willis to a Fidelis Realty affiliate, Market at Willis Associates, for future retail development. The parcel is part of Satya’s 500-acre Moran Ranch development located on the east side of Interstate 45 North and FM 1097.
HOUSTON – Miami-based Elandis, which recently acquired Waters at Westchase, a 260-unit multifamily community in Houston, now owns around 1,000 units in the Bayou City and plans further acquisitions. Waters at Westchase, built in 1979, is located at 11490 Harwin Drive. This acquisition was completed through an Elandis joint venture with London-based M&G Investments and the Libra Group. Ted Lawson serves as COO of Elandis.
HOUSTON – Chicago-based Dayton Street Partners has appointed NAI Partners as the exclusive leasing agent for a recently acquired 90-acre truck terminal at 5800 Mesa Drive. Brokers John Simons, Chris Haro and Jack Gilbert of NAI Partners are marketing the 500,000-SF property, which DSP acquired in January.
HOUSTON – A medical office building at 11301 Fallbrook Drive in the Cypress-Fairbanks community has increased occupancy by 33 percent since its acquisition by Partners Capital, the investment arm of NAI Partners. Recent leases include 6,293 SF to Texas Orthodontic Specialists and 6,983 SF to Touchstone Medical Imaging. Leasing efforts are largely led by women: Kelli Walter of Partners Capital and Lesley Rice of NAI Partners lead the team, supported by Andy Parrish and Samantha Doty from NAI Partners’ Landlord Services Division.
HOUSTON – Archway Properties sold two development sites in Park Air 59 in northeast Houston. Enterprise Holdings purchased 4.9 acres for a truck rental and used car sales lot. Greater Houston Kidney Clinic acquired 1.4 acres to build a 20,000 SF medical office adjacent to the recently opened 22,016 SF Northern Tool + Equipment. Austin Alvis of NewQuest Properties and Preston Cunningham of Cunningham Ventures represented Archway Properties, while Neal Thomson of NewQuest handled negotiations for Enterprise.
HOUSTON – Satya sold a final 1.2-acre undeveloped parcel in Cinco Ranch to buyer Xuyen Trang for future development. The site, at the intersection of Mason Road and Fry Road, was the last parcel Satya retained in Cinco Ranch after acquiring 8 acres in 2008. Joshua Jacobs of Blue Ox Group represented the seller; Lily Loh of LV Realty represented the buyer.
HOUSTON – Harper Brothers Construction leased office space at 2401 Fountainview. The transaction was facilitated by Chase Tucker and John Buckley with Finial Group.
SPRING – A-1 Mini Storage, a 280-unit self-storage facility at 17536 Stuebner Airline Road—largely climate-controlled—has been sold, according to Marcus & Millichap.
HOUSTON – NAI Partners arranged the sale of 13744 Pike Road, a 15,525 SF industrial building in Missouri City. Travis Land and AJ Williams of NAI Partners represented the seller, Adkisson Group; the buyer was represented by Sam Chang of Henry S. Miller.
TEXAS RNR Real Estate Briefs
LEANDER – Cushman & Wakefield arranged the sale of The Conley, a 259-unit apartment community in Leander within the Austin MSA. John Carr and Ben Fuller of Cushman & Wakefield represented seller Stillwater Capital Investments, LLC. Beacon Real Estate Group acquired the property.
ROUND ROCK – NAI Partners brokered a 12,946 SF retail lease for Genuine Parts Company at 2000 Mays St. North. NAI Partners’ Joe DeCola represented the landlord.
FORT WORTH – AK Leasing Inc. leased its industrial complex in west Fort Worth to Trucks & Parts of Texas, LLC, marking the company’s third location nationwide. The Tampa-based firm signed a long-term lease for a 16,825 SF industrial complex on nearly 3.7 acres at 6300 Interstate 20 in Aledo. Trucks & Parts is a major dealer of refuse trucks and related equipment.
NATIONAL – RNR Real Estate Briefs
SAVANNAH, Ga. – Feit Electric, a global smart-home and lighting manufacturer, expanded on the East Coast by acquiring a 268,940 SF logistics center at 255 Declaration Drive in Henry County. Lee & Associates’ Craig Viergerver and Tyler Flemming represented Feit in the purchase of Declaration Logistics Center. The facility, completed in February 2021, was developed by Crow Holdings and represented by Strategic Real Estate Partners’ JR Wright during the transaction.
NASHVILLE – Commercial real estate firm Lee & Associates opened a new satellite office in Nashville to focus on industrial, office, investment and land brokerage. The office plans to recruit teams to expand market capabilities. The Lee & Associates Nashville team includes William Sisk, Brett Wallach and Chad Matthews, with support from Lee & Associates’ Atlanta office during the start-up period.
MIAMI – After launching BulkCondoDeals in November 2020, the bulk condo marketplace entered its first international joint venture to address rising seller inventory and investor demand for bulk condo portfolios in Canada. The company formed an exclusive partnership with PMA Capital Solutions, the capital markets division of PMA Brethour Realty Group.
PHOENIX – Pathway Partners sold the 117-unit Avalon Apartments in Phoenix for $23 million. Steven Nicoluzakis and David Fogler of Cushman & Wakefield brokered the deal. Pathway Partners is headquartered in San Diego and was founded by Lorne Polger and Mitch Siegler.
CLEARWATER, Fla. – Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Bay Vista Gardens, a two-property, five-building office/flex portfolio in Clearwater. Douglas Mandel and Jaclyn Blair of Marcus & Millichap’s Tampa office represented the seller, a joint venture led by Ryan Companies US, Inc., and procured the buyer, GBA 135 LLC, a joint venture between Genet Property Group and Biscayne Atlantic.
March 27, 2021 Realty News Report Copyright 2021
File: RNR Real Estate Briefs 2021
Photo: Waters at Westchase apartments in West Houston. Courtesy Elandis, a joint venture involving London-based M&G Investments and the Libra Group.
For more about Texas development, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon.