Real Estate Briefs: Houston, Dallas, Austin and National

HOUSTON BRIEFS – Keener Investments has acquired a 378-unit multifamily property in Spring, Texas. The Mira Bella  and San Martin apartments are garden-style units built in 1983 and 1980, respectively. “We have been targeting acquisitions in North Houston due to its strong employment base, exceptional industry growth, and significant infrastructure expansion,” said Stephen A. Smith, CEO of Keener Investments, which will manage the property.

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NAI Partners recently arranged an 8,100 SF industrial lease for BSN Sports, LLC  at 11707 S. Sam Houston Parkway West in Houston. NAI Partners’ Chris Caudill represented the tenant while Boone Smith and Garret Geaccone with Stream Realty represented the landlord, DRA, in the transaction. BSN Sports distributes athletic team apparel and equipment in the US.

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Competentia  leased 7,000 SF of office space in West Memorial Place, 15375 Memorial Drive in the Energy Corridor area. JLL represented the landlord, Skanska. Anthony Squillante and Collin Roach  of Stream Realty Partners represented the tenant, which serves the energy industry.

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The recent purchase of a suburban ranch estate was handled by Newcor Commercial Real Estate. Rob Banzhaf and Mikale Vadell of Newcor represented the purchaser, TBH Holding Group, LLC, in negotiations for the 12.26-acre site in Alvin, Texas. TBH is the property-holding entity for Alara Health, LLC, whichintends to open an adolescent behavioral rehabilitation facility to help teens and young adults with behavioral and social complexities. The seller was represented by Mark Robertson of Bridgecrest Properties.

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Pearle Vision has leased 2,800 SF of retail space in Cypress Springs Plaza, 7710 Fry Road, Cypress, Texas, from SGRE Cypress Retail I Ltd. Chris Dray and Rachael Keener of NewQuest Properties represented the landlord. Jack Burgher of Streetwise Retail Advisors represented the tenant.

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Lieven J. Van Riet, trustee, has sold 12.21 acres at the intersection of TX 6 and Oyster Creek Place, Missouri City, to LTF Real Estate Co., Inc.  J.J. McDermott and Jon Jamison of NewQuest Properties represented the seller. Shaw MacIntyre of Streetwise Retail Advisors represented the buyer.

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CBA Land Capital announced that CBA Strategic Fund, LP, has acquired 70 acres of undeveloped land in the Lago Mar  community under a long-term land bank agreement with developer Land Tejas. Lago Mar is a 2,033-acre, master-planned community in Texas City, located in the Galveston-Clear Lake corridor. The acquired land is slated for future development of single-family homes that will total some 4,000 at completion. CBA Land Capital focuses on opportunities to bank lots and land to support growth for developers and homebuilders navigating today’s lending environment.

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Mint Dentistry has leased 1,970 SF of retail space in the Baybrook Collection, 19222 Gulf Freeway, Friendswood, from Rich/Alpine, LLC. Nick Ramsey and Ashley Strickland of NewQuest Properties represented the landlord. Matt Smoot of Golden Rule Real Estate represented the tenant.

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NAI Partners recently arranged a 25,000 SF industrial manufacturing and distribution sale for Gulf Coast Athletic Supply at 120 Industrial Boulevard in Sugar Land. DetectaChem purchased the facility. NAI Partners’ Chris Caudill  represented the seller.

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Heights Endodontics has leased 1,587 SF of retail space in Heights Central Station, 1050 Yale St., Houston, from MFT Heights, LP. Chris Dray and Rachael Keener of NewQuest Properties represented the landlord.  Drew Etheridge of Xite Realty represented the tenant.

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Doc Perrier, with Finial Group, represented the buyer, MW Burkholder Properties, LLC,  in the purchase of 12989 Market Street Road in Houston. The 15,000 SF metal warehouse sits on an acre located in East Houston, just south of I-10. The building has seven overhead doors, with a stabilized and fenced outside storage area.

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As A Shelter for Cancer Families marks its fourth year, the Houston-based nonprofit founded in 2001 as Amschwand Sarcoma Cancer Foundation is also nearing another milestone: The Dec. 3 dedication of its new office and residential facility at 4115 Drake St. in the West University  area. Renovations of the roughly 11,000 SF former apartment complex are now more than 80% complete with naming opportunities for its 16 one- and two-bedroom units still available and priced at $150,000 each. Already operational, the two-story property can serve up to 13 families, employs a staff of four and welcomes 40 regular volunteers, including several College Court and West U neighbors. The renovation project should be complete in early 2020.

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Hotel Derek, considered by some  to be Houston’s first boutique hotel, has become the first Bayou City property in Evolution Hospitality’s portfolio. The private, California-based hotel management company – a subsidiary of Aimbridge Hospitality — has been selected to operate the independently owned Uptown District landmark, which debuted in 2002. The evolution of the 312-room inn, located near Westheimer and West Loop, begins with the hiring of executive team members, including hospitality veteran Christi George, appointed director of sales and marketing.

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NAI Partners recently arranged a 3,832-SF office lease for Avram Blair & Associates, P.C. at 4800 Fournace Place in Bellaire, near Loop 610. NAI Partners’ John Zivley  represented the tenant, a Texas-based law firm dedicated to defective products and serious personal injury litigation.

Elsewhere in Texas

CBRE has announced the sale of Silverado Apartments, a 185-unit multifamily community at 1319 N. Nursery Road in Irving. Legacy REI Group purchased the property from Plano-based Elmstone Group. Chris Deuillet and Chandler Sims with CBRE Capital Markets’ Investment Properties represented the seller. Built in 1970, the property has 144,258 SF of net rentable area, with an average unit size of 780 SF. Most units have seen upgrades, but the buyer has secured significant opportunities to upgrade and increase rental rates. Silverado was 97% occupied at time of sale.

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Chicago-based National Container Group, LLC, has leased the 120,960 SF Intermodal Business Center in southern Dallas County, making a 10-year commitment for the entire class A project to house its expanding manufacturing operations in Texas. The expansion is expected to be completed in Q1 of 2020 at 1704 S. Interstate 45 in Hutchins. Jean Russo of Cushman & Wakefield of Texas, working with brokers in the firm’s Atlanta office, represented National Container.

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Real estate investment and development company PMB Capital has purchased more than 3,400 acres in Wise County for a large-scale development of more than 10,000 homes and significant commercial space. Located north of Fort Worth, the projected value of the development is expected to exceed $3.5 billion at buildout. Dallas-based PMB is developing seven communities across Dallas/Fort Worth, with several more in the pipeline

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Reserve Capital Partners has acquired Two Colinas Crossing located at 11511 Luna Road in Farmers Branch, Texas. RCM will take over property and asset management. Two Colinas is home to corporate tenants such as IBM, S&P Global, BBVA and Home Point Financial. The debt and sale of the property were brokered by Clint Coe, Jason Piering and Jack Crews at JLL. 2GR Equity of Dallas partnered with Reserve Capital to acquire the asset.

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Trendmaker Homes, a member of the TRI Pointe Group, broke ground recently for a new section of homes at Meyer Ranch, a new roughly 700-acre master-planned community in the Northeast San Antonio metro city of New Braunfels. Trendmaker will build 47 single-family homes on 55-foot lots, with a grand opening anticipated for April 2020.

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Cadence McShane Construction has broken ground on 401 Hemphill Apartments, a new multifamily housing complex to be located on two acres in the Near Southside neighborhood of Fort Worth.Being built are a five-story, 242-unit building and a five-story, pre-cast parking garage that will connect to the apartment building, providing 277 parking spaces.   The developer is CRG Development.

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With an additional one million residents expected in San Antonio by 2040, a group of local developers led by Ed Cross is pursuing the city’s first ground-up new urbanist project called Vicinia.The project will be a 97-acre mixed-use, infill development on the west side at the intersection of Military and Potranco. Vicinia will offer residences that include townhomes, condos and mixed-use buildings, many with ground-floor retail spaces.

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East Commerce Realty, LLC, has announced the rebrand of the historic Sunset Station to The Espee at St. Paul Square. The property is undergoing renovations to transform its once-thriving live music event spaces into a premier entertainment venue. This rebrand is part of the realty firm’s plans to promote economic growth and prosperity in the historic St. Paul Square District, and by extension, the city’s East Side. The building’s new name is derived from the former Southern Pacific Railroad and pays homage to the area’s significant history. East Commerce Realty’s team of real estate professionals includes Michael Jersin, Don Thomas and David Adelman, and the marketing team behind Estudio Bradlio.

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NAI Partners recently arranged a 2,532 SF office lease for Open Sky Media at 1712 Rio Grande Street in Austin. NAI  Partners’ Todd Mahler represented the tenant in the transaction.

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Construction of Phase I of The Realm at Castle Hills is complete, announce Bright Realty and Hill & Wilkinson General Contractors. Offices at The Realm is a nine-story, Class AA building with 235,000 square feet of offices and an additional 16,000 SF of first-floor restaurant space. The development team includes architect BOKA Powell; design architect/interior designer 505 Design; landscape architect Land Design and lender Southwest Bank, a division of Simmons Bank. Phase II will be Valor at The Realm, a 260-unit, five-story, apartment community expected to deliver in the fall of 2020.

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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.

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Around the Nation

Cushman & Wakefield has arranged the $51.5 million sale of Lively Indigo Run, a 302-unit multifamily property in Ladson, S.C., near Charleston. Cushman & Wakefield’s Tai Cohen, Jordan McCarley and Marc Robinson represented Orange Capital Advisors in the sale. ……………………………………………………………

Hunter Hotel Advisors announced the sale of the TownePlace Suites by Marriott Fort Lauderdale Weston to GB Companies, LLC,  a real estate investment group with property holdings in Florida, Georgia, Nevada and Colorado. The seller is an institutional client. Trey Scott and Shamir Patel led the Hunter team in the valuation and sale of the property. This is the 14^th hotel the firm has sold for this client this year.

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JLL has arranged $42 million in senior financing for the western portion of Rio,  a 700,000-square-foot, lifestyle-oriented retail property in the suburban Washington, D.C. community of Gaithersburg, Md. JLL worked on behalf of the borrower, Peterson Companies, to place the 12-year, fixed-rate senior loan with MetLife Investment Management.

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Dec. 2, 2019 – Realty News Report Copyright 2019