RNR Real Estate Briefs – Texas & more

RNR Real Estate Briefs – (Realty News Report) – MISSOURI CITY, Texas — Colliers brokered the sale of 12.7 acres of raw land along Highway 6 near the Fort Bend Parkway Toll Road in Missouri City. Chris Hutcheson, James Kadlick and Harrison Kane of Colliers represented the seller. “This site presented a prime opportunity in one of Houston’s fastest-growing suburban markets,” said Chris Hutcheson of Colliers.

BAYTOWN, Texas — Welcome Group has completed the development of Phase II of Cedar Port Industrial Park consisting of two industrial buildings totaling over 40,000 SF. Now available for lease, the buildings occupy 4.28 acres out of the 23-acre development tract Welcome Group purchased on Cedar Boulevard within Baytown’s TGS Cedar Port Industrial Park in 2020. Tomorrow Planning designed the crane-ready buildings, which were constructed by KDW and financed by Simmons Bank. Ryan Wasaff, Brad Berry and Cole Bercher of Welcome Group are handling leasing. The Phase I buildings, both 22,255 SF, are now leased. A 103,000-SF design build, tilt wall storage and distribution facility is under construction on 6 acres.

HOUSTON — Houston Habitat for Humanity and Avenue celebrated the opening of Avenue Park, a new affordable housing community in Northline. A model home is open at 9905 Dipping Woods Street. The two non-profits are collaborating on the community planned for 46 homes. Avenue serves low- to moderate income residents in Harris County through its development of affordable homes, homebuyer education and financial literacy programs and comprehensive community development. Houston Habitat for Humanity’s work includes homebuilding and repair, infrastructure for new communities and helping families become homeowners.

HOUSTON — Oxford Partners represented Hernandez Office Supply in the acquisition of the 10,000-SF building located at 13233 N. Eldridge Parkway, Cypress. Oxford Partners’ Jeffery Arnaud represented the buyer. Darren O’Connor of Partners represented the seller.

HOUSTON — The Finial Group announced the sale of a 4,400-SF single-tenant industrial warehouse at 10416 Rockley Road in Houston. Jason Gibbons of Finial Group represented the seller.

NEW CANEY — East Montgomery County Improvement District (EMCID) has acquired 9 acres in the Entertainment District of the Signorelli Company’s Valley Ranch Town Center in New Caney as the site of its new 210,000-SF convention center. Construction is under way. EMCID’s convention center design includes a 55,000-SF ballroom/exhibit hall, and 20,000 SF of meeting space. The plan also includes an 813-space parking garage and space for a hotel. Located at the Grand Parkway and I-69, the convention center will accommodate corporate events, trade shows, and other large-scale gatherings. EMCID recently announced the sale of $159 million in sales tax revenue bonds to fund the construction.

MISSOURI CITY, Texas — Toll Brothers announced the opening of a new phase of 15 home sites in its Toll Brothers at Sienna – Executive Collection community in Missouri City. This new phase offers single-family homes on 70-foot-wide home sites with prices starting from the low $600,000s.

HOUSTON — Marcus & Millichap announced the sale of Beechnut Village, a 62,990-SF retail center at 8145 Highway 6 S. at Beechnut, to a local private investor. The center is anchored by La Michoacana Meat Market. Scott Abeel and Philip Levy, investment specialists in Marcus & Millichap’s Dallas office, marketed the property, while Jamie Safier, a managing director in the Houston office, secured $7.475M in financing.

Texas

SAN ANTONIO — Partners Real Estate has been selected as the exclusive leasing team for Weston Centre in downtown San Antonio. Built in 1988, the 32-story building is the tallest office tower in San Antonio and spans nearly 500,000 SF. Steve Garza, Lindsey Tucker and Amanda Powell of Partners’ Office Leasing Team will handle the assignment. The building was extensively renovated in 2019. On-site amenities include The Centre Club, a members-only dining and event center, Commonwealth Coffeehouse and Bakery, a fitness center with group classes and personal training, and tenant events.

DALLAS — Knightvest Capital acquired the SKYE of Turtle Creek, a 331-unit apartment high-rise at 2217 Ivan St. in Uptown Dallas. The property, which was built in 1998, will undergo significant renovations and has been renamed Remi.

SAN ANTONIO — Officials from Opportunity Home San Antonio, Atlantic Pacific Companies, OCI Development, the City of San Antonio, PNC Bank and Stellar Bank celebrated the grand opening of the Vista at Silver Oaks affordable housing community in North Central San Antonio. The property consists of 76 two- and three-bedroom units on Brazil Drive at Silver Oaks near the intersection of NW Military Highway and Lockhill Selma. Rents range from $597 to $1,380. The units are all set aside for residents with qualified income up to 60% of the Area Median Income (AMI).

FORT WORTH — OFCO Inc., an office furniture supplier, signed an 18,000-SF, full-building lease at 2631-39 Ludelle Industrial Park in Fort Worth. Richard Hitz and Jason Finch of Bradford Commercial Real Estate represented the landlord, Basis Industrial of Florida. Jeff Jackson of NAI Robert Lynn represented the tenant. The deal is among 60,000 SF of new and renewed leases at the Ludelle and Blue Smoke industrial parks where renovations are under way.

AUSTIN — Marcus & Millichap announced the sale and financing of Best Western Plus Executive Residency Austin – Round Rock, an 86-room hotel at 2021 Cheddar Loop Road in Austin. Chris Gomes marketed the property for the seller and procured the buyer with support from Allan Miller of the Miller-Gomes Hotel Group of Marcus & Millichap.

National

CHICAGO — Westmount Realty Capital completed the sale of a light industrial portfolio consisting of 17 flex industrial buildings totaling 925,391 SF in Chicago’s Lake County and Northern Fox Valley submarkets. Dallas-based Westmount owned and managed the portfolio for over five years. The portfolio was 94% leased to 154 tenants at the time of sale. During its ownership Westmount welcome major tenants including Volkswagen, Subaru of America, Blackjack Lighting, Nexus Pharmaceuticals and American Molecular. Westmount owns and manages 51 buildings totaling nearly 5 million SF throughout the Chicago market.

NEW YORK — JLL Capital Markets arranged a $1.125 billion refinancing for 3 Bryant Park, a 1.2 million-SF, trophy office tower in Midtown Manhattan. JLL represented the owner, Ivanhoé Cambridge (the real estate group of global investment group CDPQ), as well as Hines, who serves as the asset manager and property manager, to arrange the refinancing led by Wells Fargo, Bank of America and Bank of Montreal. The 42-story tower is 97.2% leased with tenants including Salesforce, Stifel, Dechert LLP, US Bank, Lloyds Bank, and Standard Chartered. JLL’s Christopher Peck, Drew Isaacson, Lauren Kaufman, Jennifer Zelko and Christopher Pratt represented the borrower.

OKLAHOMA CITY, Okla. — Private real estate investment management firm and fund manager Home Invest announced the acquisition of Morgan Terrace, a 100-unit multifamily complex on Ridgeway Drive in the Oklahoma City suburb of Del City, Okla. for $3.7 million from a private California investor. The property was purchased with an equity raise of $2.8 million, with a bridge loan at 10% for 12 to 24 months while Home Invest stabilizes it. Afterwards, the company will refinance it to pull most of the equity back out and secure long-term financing. The complex is 85% occupied.

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