HOUSTON – (Realty News Report) – Lee & Associates –Houston announces five office leasing and management assignments in the Greater Houston area involving Class A to B space and Lee & Associates – Houston’s Landlord Agency Team: 550 Westcott, 83,366 SF; 4101 Interwood, 80,000 SF; 1505 S. Highway 6, 63,487 SF; 16430 Park Ten Place, 110,408 SF and 10101 Southwest Freeway, 102,292 SF.
……………………………………………………………
JLL Capital Markets hasarranged financing for 336 Marketplace, a recently constructed, 471,752 SF, grocery-anchored retail center on 72 acres in the Houston-area community of Conroe. JLL worked on behalf of the borrower, Fidelis Realty Partners, to place the 10-year, fixed-rate, non-recourse loan with The Guardian Life Insurance Company of America.
…………………………………………………………..
Houston’s award-winning CityCentre, spanning 47 acres and encompassing office, multifamily and retail space, has reached 94.4% occupancy with four new tenants and two expansions. New tenants are Warby Parker, Yi Peng Restaurant, Jeni’s Splendid Ice Creams and Sapphire Smiles Dentistry. Freedom Supercars and Lululemon expanded their leases.
…………………………………………………………..
Kalidwal Investment, LP leased 81,250 SF at 4545 Eastpark Drive, located in Eastwood Industrial Park Subdivision in Houston Texas. Zack Taylor, Doyle Toups and Tommy Erwin of Moody Rambin represented the building owner during negotiations.
…………………………………………………
Advance Energy Partners expanded for a total of 13,817 SF at Royal Oaks Centre, located at 11490 Westheimer Road in Houston Texas. Kurt Kistler of Moody Rambin represented the owner during negotiations. Dan Boylesand Liz Wescott-Brownof NAI Partnersrepresented the tenant during negotiations.
………………………………….
Kimberly DeVos of Cypressbrook Company represented the seller, Greg and Lynne Villarreal, in the sale of Shady Oaks Events, LLC, a wedding and event venue on six acres at 909 Lemm Road 1 in Spring, Texas. The buyer, Grand Oaks Venue and Events, LLC, was represented by Ramin Almassi with Summit Realty.
……………………………………………………………..
Rice Village reports a number of new retailers are ready to move in. This follows the arrival of the district’s latest retailer, Texas-bred Tecovas, a handcrafted, high-quality boot company. Burdette Huffman ofEdge Realty Partners said other new tenants include tascPerformance, MYX Blend Bar, Face Haus, Madison Reed Color Bar and Paddywax Candle Bar.
………………………………………………
Marcus & Millichap has announced the sale of The Springs of Lake Jackson, a 153-unit apartment property in Lake Jackson, Texas.
Christian Mazzini and Jeffrey Fript in Marcus & Millichap’s Houston office, sourced the buyer, a limited liability company, for the off-market transaction.
………………………………………………….
Ubreakwefix has recently leased 1,040 SF in the Commons at Willowbrook at FM 1960 and SH 249 in Houston. Kathy King and Debbie Adams of Edge Realty Partners represented the landlord and Bruce Frankel of Frankel Development Group worked on behalf of the tenant.
………………………………………………
Spring Branch Independent SchoolDistrict has purchased a 22,381 SF warehouse on 4.73 acres at 2425 Campbell Road, Houston, from Camnora Ltd. Brad Elmore of NewQuest Properties represented the seller in the direct deal.
………………………………………………………
John Hornbuckle of Cypressbrook Company represented the tenant, Syzygy Plasmonics,in the leasing of 8,535 SF at 9000 Kirby. Nathan Wynne of Cushman & Wakefield represented the landlord, Meme Properties Ltd.
………………………………………………………
Newcor Commercial Real Estate represented an investor in the sale of two multifamily sites in Livingston, Texas. David Alexander of Newcor represented the seller, Wesley Baron, with the sale of FM 350 S., a mobile home park, and 400 Leopard, a residential five-plex.
………………………………………………………..
Riverstone Property Management, LLC, has purchased an 18,643 SF office building at 1000 FM 1960 W., Houston, from A-K Texas Venture Capital. David K. Meyers of NewQuest Properties represented the seller. Friedman Real Estate represented the buyer.
……………………………………………………………
Stonemont Financial Group has announced the official launch of the Southwest International Gateway Business Park, a 540-acre, rail-served industrial park built specifically for cross-border shippers. It is located 60 miles southwest of Houston in El Campo. Houston-based NAI Partners will oversee leasing at the park.
………………………………………………………
Zack Wheeler with Newcor Commercial Real Estate represented the tenant, JobSparx, with lease renewal negotiations of the 2,655 SF office space at 14500 Torrey Chase. The landlord, 14500 Torrey Chase LLC, was represented by Jason Gibbons of the Finial Group.
……………………………………………………..
The Howard Hughes Corporation has announced that Edward Jones – a Fortune 500 financial services firm with more than $1.3 trillion in client assets in its care – will lease 1,226 SF in Bridgeland, Houston’s master planned community, at Lakeland Village Center, located at 10519 Fry Rd in Cypress.
………………………………………………………
Real Estate News Elsewhere in Texas
Uplands Corporate Center Phase I, a 167,369 SF, Class-A office building at 5301 Southwest Parkway in Austin is now 100% leased with the addition of a national credit tenant. The building now includes a tenant roster of professional firms from the energy, financial services, legal and technology industries, among others. Now that Phase I is fully leased, construction has begun on Uplands Corporate Center Phase II. It will consist of a modern, three-story, 124,405 SF office building and expansion of an existing parking garage to service the two-building, 291,774 SF campus. Groundbreaking for Uplands Corporate Center Phase II occurred in December and the building is expected to be ready for tenant improvements by Q4 2020. Troy Holme and Casey Ford with CBRE represent the landlord, Drawbridge Realty, in the leasing of both Uplands Corporate Center Phase I and II.
…………………………………………………………
Winston Hotels, LLC,has purchased in a joint-venture Riverview Towers, a former office building in downtown San Antonio. The 20-story building was formerly a 298,000 SF office structure. The property will soon undergo renovations to redistribute the space to include 342 hotel rooms, 60,000 SF of office space and about 3,000 SF of retail on the ground floor. In addition is a rooftop bar on the 14th floor. Once complete, this will be a dual-branded hotel with an AC Hotel by Marriott and Element Hotel by Westin, both making their San Antonio debut. Whit Jordan with CBRE’s San Antonio office, represented Winston Hotels in this purchase. Bart Wilson, with Primera Partners, represented the seller.
………………………………………………….….
Hanover Property Company has acquired 966 acres for a $950 million-master-planned development in Midlothian, Texas, at Highway 287 and Walnut Grove Road, about 30 minutes from downtown Dallas. The JLL team of Michael Swaldi, Larry McCorkle and Nick Hayden marketed the property on behalf of the seller. JLL International Director Paul Whitman represented Hanover.
……………………………………………………….
NAI Partners San Antonio’s Industrial Groupr ecently arranged the lease of 5001 George McVay, a 24,068 SF distribution center to Consolidated Electrical Distributors (CED) in McAllen, Texas. Partners’ Carlos Marquez represented the landlord, Killam Development, in the transaction. CBRE’s Carlos Telles represented the tenant.
………………………………………………………….
Civitas Senior Living celebrated the grand opening of its newest senior living community, Alexis Pointe Senior Living, in Wimberley, Texas. The approximately 55,000 SF community offers 49 assisted living apartments, 24 memory care suites and 10 independent living cottages.
………………………………………………………….
Younger Partners’ Michael Ytem and Robert Grunnah represented the seller in the sale of 3.53 acres at Lake Highlands Drive and Easton Road in Dallas to AAA Homebuilder LLC.The development will consist of 18 townhomes available later this year.
……………………………………………………………
Attracted by the strong economy and real estate values driven by healthy rent growth, Mesa West Capitalcontinues to build its loan portfolio in Texas, originating a record $350 million in commercial real estate debt in the Lone Star State in 2019. Representing nearly 10% of Mesa West Capital’s $4 billion in loan commitments last year, acquisition financings ranging in size from $45 million to $122 million were secured by:
-
Chardonnay at Wells Branch, a 504-unit multifamily community in Austin acquired by Veritas Multifamily and Platform Ventures;
-
Legacy Place, a 300,000-square-foot office property in Plano acquired by Equus Capital Partners; and
-
Premier Place, a 451,000-square-foot office tower in Dallas acquired by GlenStar Properties.
………………………………………………………………..
MDM Permian leased 3,674 SF at Avion Business Center, Building 300 in Carrollton. The landlord, Capital Commercial, Inc., was represented by Trae Anderson and Garrett Marler at Younger Partners.
……………………………………………………………….
Zee Agency d/b/a Allstate Insurance leased 1,291 SF at 1200 Commerce Drive in Plano. The landlord was represented by Byron McCoy at Younger Partners.
………………………………………………………….…..
Metro Tax Association of Realtors Inc. has renewed 1,901 SF of space in the Atrium on Collins, 1701 N. Collins Blvd., Richardson. Jared Laake, vice president of Bradford Commercial Real Estate Services, and Richmond Collinsworth, first vice president, represented the landlord, Centenario Realty LLC, in the direct deal.
………………………………………………………………
Real Estate Transactions Elsewhere in the Nation
Simon Property Group, Inc. and Taubman Centers, Inc. have entered into a definitive agreement in which Simon will acquire an 80% ownership interest in The Taubman Realty Group Limited. Simon, through its operating partnership, Simon Property Group, L.P., will acquire all of Taubman common stock for $52.50 per share in cash and the Taubman family will sell about a third of its ownership interest at the transaction price and remain a 20% partner in TRG.
………………………………………………..
Shorenstein Properties, LLC, an owner and operator of office, residential and mixed-use properties across the U.S., in a joint venture with Nichols Partnership, Inc.,announced the development of One Platte, a five-story mixed-use project at 1701 Platte Street in downtown Denver’s Central Platte Valley neighborhood.
………………………………………………..
Marcus & Millichap has announced the sale of Sanctuary Lofts, a 36-unit apartment property in Tampa for $5 million.
…………………………………………………
Greystone Bel recently closed the sale of Country Village Apartments, an 84-unit garden-style multifamily property in Durand, Mich.
…………………………………………………
Blue Atlantic Partners Fund III has announced an investment partnership with Wells Fargobank. Blue Atlantic Partners Fund III focuses on investing in existing multifamily communities in the Southern United States.
Feb. 18, 2020 Realty News Report Copyright 2020
Read The New Book for the New Year by Ralph Bivins, Editor of Realty News Report
Houston 2020: America’s Boom Town – An Extreme Close Up
Available on Amazon http://tiny.cc/4a2g6y
