Real Estate Briefs – Texas & more

RNR Real Estate Briefs from Realty News Report —HOUSTON — Colliers announced the sale of a 25,992 SF industrial building on 2.2 acres at 4303 South Drive. Michael Stavinoha with Dominion International Group | EXP Realty represented the buyer. Christopher D. Winter and Walter Menuet of Colliers represented the seller, Glenmorangie, LLC. The property is in Houston’s Southwest Far industrial submarket, which contains 25.6 million SF of industrial inventory that is 90.6 percent occupied.

HOUSTON – Lee & Associates – Houston announced the lease of 29,373 SF to Xavier Academy, a private educational institution that will occupy a floor and a half at 6100 Hillcroft Ave. The seven-story office building is near the Southwest Freeway. Bill Insull and Blake R. Virgilio of Lee & Associates — Houston represented the landlord, Tenant Managers Hillcroft, LLC. Robby Winston with Savills represented the tenant.

CONROE, Texas — STRIVE, a commercial real estate investment sales firm based in Dallas, announced the sale of Teas Crossing. The 70 percent occupied, 57,612 SF retail center is at the Northwest corner of Interstate 45 and FM 3083. Jake Dutson and Adam Gottschalk of STRIVE exclusively represented the Houston-based seller, Read King Commercial. John Harry of John Harry Realty Advisors represented the Houston-based 1031 exchange buyer.

HOUSTON – Prenuvo, the company pioneering proactive whole-body MRI imaging for the early detection of cancer and diseases, is the newest tenant at 3720 Westheimer, a six-story, 52,342 SF medical office building. JLL’s Chris Wadley and Madeline Cleary handle leasing at 3720 Westheimer on behalf of building owner, Ancorian.

HOUSTON — Nourish and Thrive Resource Center is opening at the Providence Plaza center off Highway 6 in West Houston. The non-profit, which is committed to enriching the lives of under-resourced youth aged 12-18 by teaching the skills of baking and culinary arts, will occupy 3,300 SF. Whitestone REIT, owner of Providence Plaza, acted as its own agent in lease negotiations while Keller Williams Realty represented NTRC.

HOUSTON – A ribbon-cutting is scheduled on Aug. 15 for The Lawndale housing complex at 8225 Lawndale in the East End. The 106-unit project was developed by Lovett Group in collaboration with the Houston Housing Authority.

HOUSTON – Lee & Associates – Houston has expanded its service offerings to include financial advisory and investment brokerage, with the acquisition of Commercial Resource Capital, a Houston-based mortgage banking and real estate investment services firm. “By integrating CRC’s expertise in capital markets and investment brokerage, Lee & Associates – Houston is poised to offer a more comprehensive suite of services to its clients, which includes investment sales, debt and equity placement, and structured finance,” said Mike Spears, Managing Principal, Lee & Associates – Houston.

TEXAS — RNR Real Estate Briefs from Realty News Report

DALLAS — Waterford Property Company, in a joint venture with The Vistria Group, bought a 299-unit, garden-style Class A multifamily community at 2400 Fort Worth Ave. in Dallas. The joint venture purchased the property, called Axis Kessler Park, in partnership with the City of Dallas Housing Finance Corporation, for $67 million. With this acquisition, the owners will immediately restrict rents for new qualified residents, converting the property into essential workforce housing.

SAN ANTONIO – DryPort Capital, LLC, a Texas-based real estate and logistics firm, announced that US Foods took occupancy of the 2.66-acre leased area at Riggy’s Foster Ridge, a new 10-acre industrial outdoor storage facility on Lancer Blvd. in San Antonio. DryPort acquired the property in 2023 and developed a truck parking and outdoor storage facility to be managed by its Riggy’s company. DryPort owns and operates on 108 acres, with 2,000 truck parking spaces across seven parking facilities in Dallas, Houston, San Antonio and Memphis.

IRVING – KDFW-TV and KDFI-TV, Dallas-Fort Worth’s FOX-owned and-operated television station, will construct a television studio in Irving-Las Colinas area at 2203 West Royal Lane. The two-story building will broadcast via fiber using no tower or antennas and minimal satellite dishes. All 170 current station staff will relocate to Irving to occupy 50,000 SF facility including studios, a newsroom, offices, technical suites, and podcasting studios. Groundbreaking will be in Q4 2024, with operations starting in 2026.

EL PASO — BH Properties, a Los Angeles-based real estate investment company with regional offices in Dallas and Houston, expanded its Texas footprint with the acquisition of a 203,499 SF industrial facility on Esther Lama Drive near the US/Mexico border crossing. Brett Preston and David Hingst of Cushman & Wakefield/PIRES International represented the seller. The property was originally built by the Tony Lama boot company in 1986 as a manufacturing and warehouse facility.

DALLAS – Veteran-owned Bridgeview Real Estate, a Delaware statutory trust sponsor company and developer, has launched a $27.2 million DST offering with student housing projects at Texas Christian University and University of Texas at Arlington. The BV Student Housing Texas Portfolio DST consists of the 55-unit Liberty Lofts at 3517 S. University Dr. in Fort Worth, which is currently master-leased to TCU, and 70-unit Midtown Urban at 1121 UTA Blvd. in Arlington.

NATIONAL — RNR Real Estate Briefs from Realty News Report

PHOENIX, Ariz. –  JLL Capital Markets arranged financing for Dignity Health Micro-Hospital, a 38,900 SF multi-specialty hospital with an emergency room and imaging center in Phoenix. JLL represented the borrower, HPA Exchange LLC, a healthcare real estate investment sponsor created by the executive team of Healthcare Property Advisors to secure the five-year, fixed-rate acquisition loan.

OAKLAND, Calif. — SVA Architects joined Berkeley-based developer Resources for Community Development at the groundbreaking of Longfellow Corner. The development will transform a vacant, blighted lot into service-enriched housing with community-focused commercial space. Located in Oakland at the Northwest corner of Martin Luther King Jr. Way and W. MacArthur Boulevard, the transit-oriented community is three blocks from the MacArthur BART station.

ETC. — RNR Real Estate Briefs from Realty News Report

Partners Completes 50,000 SF in Office Leasing

HOUSTON – Partners Real Estate has arranged multiple office leases totaling 50,914 SF on behalf of several clients across the Greater Houston area.

In the first transaction, Partners’ Office Tenant Rep Broker Dan Boyles and CEO Jon Silberman arranged a 25,368 SF renewal for Lexicon Pharmaceuticals’ headquarters at 2445 Technology Forest Blvd. in The Woodlands.

“Relationships are the bedrock of our business, and it’s been a privilege to be able to work with Lexicon for many years as we’ve assisted them with a wide range of their real estate requirements,” said Boyles. “Retaining this high-profile quality space at Research Forest Lakeside was very important to Lexicon since it has had its headquarters in The Woodlands for almost 30 years.”

In the second deal, Boyles completed an 18,015 SF sublease for Patterson-UTI Energy at Remington Square Building III at 10713 W Sam Houston Parkway N. The sublandlord is Acclara, a major healthcare revenue cycle management company. Boyles worked with KBC Advisors’ John Ferruzzo. Kevin Saxe and Jon Williams of CBRE represented Acclara.

The third transaction was a sublease comprised of 7,531 SF for The Orchard | Houston at 1775 St. James Place, in a transaction arranged by Partners’ Boyles and Patrick Keegan, senior vice president. The sublandlord, Ashling Partners, LLC, was represented by Cooper Bagheri and Jeffery Skender of Cushman & Wakefield.

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