NAI Partners recently arranged a 49,911 SF industrial lease for Commercial Resource Installation(CRI Inc.) at 3401 Navigation Blvd. in Houston. Michael Keegan and John Ferruzzo of NAI Partners represented the tenant. The landlord, Stonelake Capital Partners, LLC, was represented by Avison Young’s Bob Berry and Grant Hortenstine. CRI is an office furniture installation company serving the Gulf Coast region.
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Diaz Houston Land Co.has purchased one acre at Grand Parkway and Interstate 10, Katy, from Grand Parkway/I10 Associates LP. Andrew Alvis of NewQuest Properties represented the buyer. Jazz Hamilton of CBRE represented the seller.
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Mendocino Farms, the upscale fast-casual sandwich and salad place, has signed a lease for 2,849 SF on the ground floor of Two Allen Center, the Class A office tower at 1200 Smith St. in downtown Houston. The business is expected to open in late summer 2020. Mendocino Farms was represented in lease negotiations by Jeremy Zidell of RUE RE and Zach Hoffer of The Retail Connection. Brookfield Properties was represented by Crystal Allen and Nick Hernandez of Transwestern.
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Ulta Beautyhas leased 10,000 SF of retail space in 336 Marketplace at Interstate 45 N and South Loop 336 in Conroe,from Fidelis Realty Partners. Shireen Owlia of NewQuest Properties represented the tenant. Representing the landlord was in-house broker Carson Wilson IV
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NewQuest Properties achieved 100% occupancy in the 154,769 SF Willowbrook Pavilion, adding Art Class & Wine Glass to the northwest Houston destination’s entertainment center. Kevin Sims, an associate with NewQuest, is the project’s leasing agent.
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EDGE Realty Capital Markets brokered the sale of McDonald’sat 3535 Briarwood Bend, Mont Belvieu. Burdette Huffman and Josh Jacobs of EDGE represented the seller, Mont Belvieu 3180, Ltd. The property is located just north of Interstate 10 adjacent to an H-E-B-anchored shopping center.
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Marcus & Millichap has announced the sale of Royal Coach Village Mobile Home Park, a 194-site MHP built on 24.41 acres at 700 W. Greens Road in Houston. The asset had a listing price of $10.5 million.Jeff Taylor of M&M’s Houston office and Douglas A. Danny and Braeden C. Jehle of the firm’s San Diego office had the exclusive listing.
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NAI Partners recently arranged a 3,680 SF retail lease for Norma’s Bookkeepingat Cypress Landing at 3040 FM 1960 in Humble, Texas.
NAI Partners’ Patrick Keegan and Jason Gaines represented the tenant. The landlord was represented by David Sutton of Tarantino Properties.
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NATIONAL REAL ESTATE BRIEFS
Miami-based Atlantic | Pacific Companies announcedthe acquisition of the 240-unit City View Apartments in Atlanta, Ga. The property marked A|P’s second acquisition within the company’s third private equity fund, Blue Atlantic Partners Fund III.
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JLL arranged construction financing for the development of The MillPondApartments, a 214-unit, Class-A, $44 million multi-housing property in the Salt Lake community of American Fork, Utah.
JLL worked on behalf of the borrower, Rockworth Companies, to place the three-year, limited-recourse construction loan with one of the largest debt funds in the country. It was the fund’s first-ever financing in Utah and the transaction was closed within 65 days.
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JLL has arranged a $140 million refinancing for Gallagher Way, a recently completed lifestyle mixed-use development of more than 93,000 SF of office space, 85,100 SF of retail space, the 173-room Hotel Zachary and an open-air entertainment plaza adjacent to Wrigley Field in Chicago’s Wrigleyville neighborhood. JLL worked on behalf of the borrower, Hickory Street Capital, the real estate arm of the Ricketts family, to place the 30-year, fixed-rate loan with Barings.
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Hunt Real Estate Capital has provided a Fannie Mae conventional $31.96 million multifamily loan to finance the acquisition of a multifamily property located in Lake Worth, Fla. The 214-unit property at 7132 Colony Club Drive is 95% occupied. The seller has completed $2.49 million in capital improvements since the acquisition as well as landscaping improvements, common area upgrades and asphalt repairs.
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CBRE handled the sale of a 27-propertyretailportfolio with locations in eight states in the Central U.S., including 14 in Texas. An undisclosed buyer purchased the asset from Dallas-based Rainier Companies.
The properties are located in Texas, Colorado, Kansas, Missouri, Montana, Oklahoma, Utah and Wyoming. The total portfolio included over 677,979 square feet of retail space with a current combined occupancy rate of 92%.
“A portfolio this size with steady income and numerous opportunities for rent increases and redevelopment is unheard of in today’s market,” said Michael Austry, First Vice President, CBRE. “We saw a tremendous amount of interest in the portfolio from both institutional and private buyers.”
Nineteen of the properties are single tenant and eight are multi-tenant with no more than three tenants. The average rent for the portfolio is $6.25 per square foot and $4.24 per square foot after expenses. The portfolio has performed at above 90% occupancy for over 20 years.
“While the appeal for value-add investments is incredibly strong, the challenge with a portfolio of this size and complexity was articulating a plan to investors on how they could unlock value and increase returns,” said Jared Aubrey, Senior Vice President, CBRE.
The portfolio is a diverse mix of stable and internet-resistant businesses including:
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Six grocery stores
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Five home improvement stores
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Three auto parts stores
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Three fitness centers
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Three dollar stores
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Two U.S. Post Offices
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One pharmacy
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One gas station