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Real Estate Briefs: Presented by “Houston 2020: America’s Boom Town” – The New Book by Ralph Bivins

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HOUSTON BRIEFS – NewQuest Properties is nearly 100% occupied at Fairfield Marketplace in northwest Harris County after ground-leasing its last pad site to Jason’s Deli. The 4,600 SF restaurant will occupy a 1.04-acre tract in the development at the US Highway 290-Mason Road junction in Cypress. Bob Conwell partnered with J.J. McDermott of NewQuest to lease Fairfield Marketplace. Jason’s Deli was represented by Brad Sondock of Retail Properties Group and Raymond Begnaud.

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Zion Investments purchased 22309 Gosling from Texas Lone Star Cheer Company. The 22,300 SF building sits on two acres in Spring, Texas, north of Houston. JLL’s Kevin Erck and John Talhelm represented the seller and ReMax represented the buyer.

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NAI Partners recently arranged a 21,000 SF industrial lease for Andrews Fabrication at 1524 and 1528 Mooney Road in Houston. NAI Partners’ Jake Wilkinson represented the tenant in the transaction. Andrews Fabrication is a certified fabricator of commercial electrical service entrance enclosures and related accommodations.

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Diana Gaines of The J. Beard Real Estate Company represented Grace Crossing, a Community Church of Christ, in the sale of 16.9 vacant acres to Responsive Education Solutions, a Texas nonprofit corporation. The buyer was represented by David Buttecali of Andora Real Estate. The land adjacent to the church at I-45 and FM 1488 in Conroe will be home to a new K-12 charter school campus set to open in August 2021.

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ASD Lighting has leased 29,390 SF at 9159 Wallisville Road. JLL’s David Holland and Geoff Perrott represented the tenant. Moody Rambin’s Jim Autenreith and Samuel Rayburn represented the landlord, Ivest, LP.

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Kimberly DeVos of Cypressbrook Company represented the seller, Spirit of Texas Bank, SSB, in the sale of Woodlands Parkway Shopping Center at 6886 Woodlands Parkway, The Woodlands, to SC Woodlands, LLC. The buyer was represented by Jared Pruett with Century 21 Mike Bowman, Inc.

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Richards Packaging renewed a lease for 13,860 SF at 3870 West 11th St. in Houston. JLL’s Mark Nicholas and David Holland represented the tenant. Landlord Blackstone was represented by Bridge Commercial Real Estate.

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John Hornbuckle of Cypressbrook Company represented the tenant, Global Information Systems, LLC,in the leasing of 10,248 SF at 10777 Northwest Freeway. Andy Parrish of NAI Partners represented the landlord, Manhattan Life Assurance Company of America,

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Merih Cotton Corporation renewed and expanded a lease for 67,427 SF at Cedar Crossing Distribution Center, 3710 Cedar Blvd. JLL’s Richard Quarles and David Holland represented landlord Mountain West in the direct lease with tenant.

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Los Angeles-based contemporary denim atelier, Frame Denim, is set to open its first Houston location in River Oaks District in early December. The multi-use development set on more than 14 acres consists of restaurants and entertainment spaces. Operated by Festival Companies, it is located in the Galleria area.

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KM Realty, a Houston-based commercial estate firm, has leased 1,075 SF at Memorial Shopping Center to a new independent coffee shop, Verbena Coffee.Located at 14029 Memorial Drive, Verbena was founded by husband-and-wife team Ignacio Navarro and Yngvil Schiager. KM Realty’s Steven Stone was the acting broker.

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Toasted Yolk Café has announced plans to open 14 of its breakfast and lunch specialty restaurants in and around Houston. Paul Vernon and Campbell Vise at the Henry S. Miller Brokerage are negotiating leases and helping the company expand throughout Texas. Before the end of 2019, another franchise location will be the first inside Houston’s North Loop 610 Heights neighborhood at 4601 Washington Ave. In the New Year, three more franchise sites are scheduled to open in the Greater Houston area.

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Shimadzu Scientific Instruments leased 8,320 SF of industrial space at Park 8Ninety in Missouri City. JLL’s Kevin Erck and Jordan Rainey represented the tenant. Landlord Trammell Crow was represented by Boyd Commercial.

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George Montes of Cypressbrook Company represented the seller, Beltway 8 Realty, LP, in the sale of 29,400 SF of industrial space at 10770 Moss Ridge Drive. Matt Rogers and Garth Plyler of Oxford Partners represented the buyer, Frank & Grace Holdings LLC.

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Zion Investments has purchased 22309 Gosling from Texas Lone Star Cheer Company. The 22,300 SF building sits on two acres in Spring, north of Houston. JLL’s Kevin Erck and John Talhelm represented the seller and ReMax represented the buyer.

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Newcor Commercial Real Estate handled the purchase of a suburban ranch estate that will become an adolescent behavioral rehabilitation facility. The sale was handled by Newcor’s Rob Banzhaf and Mikale Vadell who represented the purchaser, TBH Holding Group, LLC, property-holding entity for Alara Health, LLC. The seller was represented by Mark Robertson of Bridgecrest Properties. The new facility on 12.26 acres will help teens and young adults with behavioral and social complexities.

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Elsewhere in Texas….

Cushman & Wakefield announced that Southwest Transplant Alliance, a nonprofit organ recovery organization, has sold the 33,561 SF office building that has served as its headquarters for 10 years as it prepares to move to a new head office. The five-story structure at 5489 Blair Road was acquired by the Fears Nachawati Law Firm, based in Dallas. Mike Gosslee from Cushman & Wakefield represented the seller during sales talks.

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Astura Medical acquired Commerce Park, a 68,981 SF office complex at 4929 and 4949 Royal Lane in Irving. Adam Curran of Cushman & Wakefield represented the buyer. Ben Sumner and Keith Fischer of Centurion Real Estate Partners represented the seller, Charter Holdings.

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NAI Partners Austin recently arranged a 4,062 SF retail lease renewal for Dental Republic at 2015 E. Riverside Street in Austin.  NAI Partners’ Todd Mahler and Joe DeCola represented the landlord in the transaction.

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Dallas-based  StreetLights Residential,  a national, design-driven developer of multifamily and mixed-use communities, recently broke ground on The Jackson, its first luxury multifamily community in Arlington. The 340-unit complex will be part of Viridian, a larger master-planned community.

Leasing and amenity spaces will be designed by Ink + Oro. Design was by WDG Architecture. SLR Construction, LLC, is general contractor.

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Gartner Inc. signed a 54,920 SF lease expansion in Las Colinas Connection 1 at 6031 Connection Drive in Irving. Randy Cooper, Matt Heidelbaugh, Amber Roberts, Lou D’Avanzo and Andy May of Cushman & Wakefield represented the tenant. Sarah Hinkley of Thirty-Four Commercial and Joel Pustmueller of JLL represented the landlord, Piedmont Office Realty Trust.

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Rockefeller Capital Managementhas signed an 8,099SF lease in The Crescent at 200 Crescent Court in Dallas. Mike Wyatt, Barrett Jones and Jonathan Serko of Cushman & Wakefield represented the tenant. Tony Click of Crescent Real Estate represented the landlord, Crescent TC Investors, LP.

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National News…. 

The Armed Forces Retirement Home has announced the selection of Madison Marquetteand Urban Atlanticas partners for the redevelopment of an 80-acre segment of its historic campus in Washington, D.C. The firms were recommended after a rigorous review process led the General Services Administration. Their winning proposal shows 4.3 million SF of mixed-use development combining new facilities and adaptive re-use of historic buildings. The revamped campus will host residential, retail, recreational, arts and wellness uses among 20 acres of public green space with pedestrian and bike paths. AFRH plans to negotiate a long-term ground lease with the development team.

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Newmark Knight Frank Multifamily Capital Markets has announced the sale of a 340-unit, 21-story high-rise apartment community, ICON Harbor Island, in Tampa Bay. At a price of$131.5 million — $387,000 per unit — it is the largest multifamily transaction in Tampa Bay’s history. Patrick DuFour, Richard Donnellan and Ryan Crowley assisted The Related Group in the disposition to the buyer, Olympus Property.

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Square Mile Capital Management, LLC, has originated a $67 million loan, secured by Signature Exchange, a 454,000 SF office building in Dallas. The loan was made to America’s Capital Partners, which acquired the property in 2015. “We are delighted to provide financing for Signature Exchange, the Preston/Belt Line area’s sole LEED-(Leadership in Energy and Environmental Design)-certified, Class A office property,” said Square Mile Capital Management Principal Tom Burns.Pre

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JLL has closed the $193 million sale and $160 million financing of The Pasadena Collection, an institutional-quality, three-property office portfolio totaling 516,890 SF in Pasadena, Calif.JLL represented the seller, a global investment manager, and procured the buyer, Swift Real Estate Partners. In addition, JLL worked on behalf of Swift to secure the three-year, floating-rate acquisition loan through Nuveen Real Estate.

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Welltower Inc. has entered into a definitive agreement to acquire a 29-property, Class-A medical office building portfolio from Hammes Partners for $787 million. The portfolio’s assets are concentrated in the New York and Boston metropolitan areas along with other densely populated centers in Massachusetts, California, Texas and Maryland. With an economic occupancy of 97%, the portfolio is affiliated with Baylor Scott & White, Providence St. Joseph, Trinity Health, Medstar and other not-for-profit health systems and multi-specialty physician organizations.

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Nov. 14, 2019 Realty News Report Copyright 2019

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