RNR Real Estate Briefs from Realty News Report — THE WOODLANDS — Obagi Cosmeceuticals, a global specialty pharmaceutical company, has leased 16,470 SF in The Woodlands Towers at The Waterway. The transaction brings the combined occupancy rate to 82 percent, representing strong leasing momentum since The Howard Hughes Corp. purchased the Class AAA towers in late 2019. Obagi Cosmeceuticals, LLC, was represented by Parker Kink of Kink Commercial. Robert S. Parsley, Norman V. Munoz and Jillian Fredericks with Colliers represented the Howard Hughes Corp.Obagi will relocate its corporate headquarters from California to The Woodlands this fall. Obagi will occupy space in the 31-story 9950 Woodloch Forest Tower, which along with the 30-story 1201 Lake Robbins Drive make up the iconic The Woodlands Towers at The Waterway.
HOUSTON — SMBC Leasing and Finance purchased the 100 percent-leased dialysis center in southwest Houston at 8303 Creekbend Drive. Beth Young of the Young Healthcare Team at Colliers represented the seller, SWD Property Development. Fresenius Medical Care occupies the facility. The Houston area contains 43.4 million SF of medical office building space which is currently 87.9 percent occupied, Colliers reports.
THE HEIGHTS — A 10,549 SF retail property at 742 E. 20th St. has been sold, Marcus & Millichap reported.
HOUSTON – Berkadia arranged the sale and financing of 5 Oaks, a 228-unit, multifamily community at 18203 Westfield Place in Houston. Berkadia’s Jeffrey Skipworth, Chris Curry and Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of Berkadia Houston represented the seller, Haven Realty Capital, a Los Angeles-based real estate investment firm. Johnny King of Berkadia Houston secured debt on behalf of the buyer, Lone Star Capital of New York.
HOUSTON — Boomerang Interests, CenterSquare Investment Management and Lineage Logistics have entered into a full-building lease for Houston ColdPort, a 315,111 SF cold storage warehouse speculatively developed by Boomerang. Houston ColdPort, a joint venture of Boomerang and CenterSquare, is built on a 22.5-acre site at the northwest corner of Beltway 8 and US-90.
ROSENBERG, Texas — Partners arranged the sale of 866.7 acres of land at Highway 59 and Finney Vallet Road in Rosenberg. The property was purchased by Hines with partners Trez Capital, Caravel Ventures and Sumitomo Forestry, which will develop a 2,400-home, master planned community called Brookewater. Phase 1 will have 400 homes, built by Highland, Perry, David Weekley, Gehan, Chesmar and Westin Homes. Partners’ Alex Makris, Patrick Keegan and Zach Leger represented the seller.
SPRING, Texas — SVN | J. Beard Real Estate – Greater Houston recently completed the sale of a 5.5-acre tract at the northwest corner of Spring Stuebner Road and Frassati Way to Fortra Ignition for an undisclosed price. It is located 1.5 miles from Grand Parkway. Jackson Cain represented the seller, North Houston Catholic High School. Juan Sanchezof Sendero Real Estate represented the buyer.
HOUSTON – Wolff Companies acquired an additional 22.7 acres of land along U.S. 290 from the McCaig Family Limited Partnership. The property will add to Wolff’s Beacon Hill project in Waller County. With recent acquisitions, Beacon Hill now totals 587 acres. Hines purchased 80 acres there earlier this year for industrial development.
WILLIS, Texas – Dutch Bros. Coffee has ground-leased a 25,147 SF pad site in Willis Town Center at Interstate 45 and FM 1097 in Willis, from NewQuest Properties. Kevin Sims of NewQuest represented the landlord. Greg Slusky of Sluco Realty represented the tenant.
FORT WORTH – Asana Partners acquired The Foundry District, a mixed-use development in Fort Worth’s Cultural District, from M2G Ventures, a North Texas-based real estate company. Cushman & Wakefield’sChris Harden and Kris Von Hohn brokered the transaction. Named the Foundry for its industrial roots, this six-acre adaptive reuse district features 98,000 SF of redeveloped mid-century warehouses and is anchored by Inspiration Alley, Texas’ largest outdoor art gallery.
DALLAS — Stream Realty Partners signed its first tenant in The QUAD office and retail development in Uptown Dallas. Chicago Title will lease 20,000 SF in the 345,000 SF, 12-story tower set to deliver in the first quarter of 2024. Stream’s Ryan Evanich and Marissa Parkin will lease the office space at The QUAD.
AUSTIN — GID acquired 4201 Supply Court, a Class A industrial warehouse in Austin. The 62,496 SF building is a mile west of Austin-Bergstrom International Airport.
DALLAS — Reliable Dental Laboratory renewed a lease for 21,929 SF of flex space in Park Forest Business Center. Jason Finch of Bradford Commercial Real Estate Services represented the landlord, Tyler Family Real Estate Investments.
SAN ANTONIO — Partners recently arranged a 40,800 SF lease with VeriTrust at 5410 Dietrich Road in San Antonio. Partners’ Chris Kugle, Carlos Marquez and Caleb Horton represented the landlord.
EL SEGUNDO, Calif. — An investment group led by Ocean West Capital Partners and Tiger Alternative Investors Ltd. announced the sale of a seven-property industrial portfolio for more than $900 million. The portfolio totals more than seven million SF of industrial properties net leased to nationally recognized investment grade tenants. K&L Gates, LLP represented Ocean West and Tiger. The buyer was represented by Alvarez & Diaz-Silveira, LLP.
NORTHBROOK, Ill. — Hilco JCP, LLC, an affiliate of Hilco Real Estate, LLC, and manager of Copper Property CTL Pass Through Trust announced that the trust has sold seven of its JCPenney retail locations for $65.2 Million.
Arch-Con Building Major Project in Denver
DENVER, Colo. – In a joint venture, developers Clarion Partners and Colorado-based PAULS are breaking ground for a 512,720 SF, build-to-suit rapid distribution center for a national retailer within Gateway Park on the border of Denver and Aurora, Colo.
Arch-Con Corporation is general contractor and Macgregor Associates is architect for the building located on a 43-acre industrial site. It will be one of the largest industrial structures within Gateway Park’s 1,200-acre mixed-use development.
The building will be LEED (Leadership in Energy and Environmental Design) certified and will help fulfill the national retailer’s goal of creating efficient same-day/next-day deliveries. The tilt-up facility features 18,700 SF of office space and a 34-foot clear height.
“We are excited to host this new tenant and look forward to enhancing Gateway Park with this substantial addition,” said Andrew Sturno, PAULS managing director of commercial investments.
Developed by PAULS in 1993, Gateway Park houses nearly 2.2 million SF of industrial space, 600,000 SF of office space, 586,000 SF of retail space and 918 multifamily units.
Clarion, the developer, is headquartered in New York City with offices across the globe. Clarion and PAULS began collaborating in 2018 when Clarion acquired industrial space in Gateway Park. The project signifies their continued partnership with this joint venture.
“We’ve moved dirt to get the site ready, permits are in hand, and we are ready to go,” said Arch-Con Founder and CEO Michael G. Scheurich.
Arch-Con opened a Denver office in the fall of 2020, and this will mark the firm’s third build-to-suit project for this retailer. Since Scheurich founded Arch-Con in 2000, the company has grown to revenues exceeding $600 million, an employee base of more than 200, has been listed in the Inc. 5000 seven times and listed in the ENR Top 400 contractors the last seven consecutive years.
Nitya Capital Expands to United Arab Emirates (UAE)
HOUSTON — Nitya Capital, a U.S. real estate investment firm based in Houston, is expanding to the United Arab Emirates (UAE) to reach a newer, locally sourced investor base, specifically family offices, institutions and high-net-worth investors. The expansion underscores the increase in global demand for reliable alternative investment opportunities found in U.S. real estate, particularly multifamily.
“Opening our first branch in the Middle East is an exciting steppingstone in Nitya’s growth,” said Swapnil Agarwal, the company’s CEO. Nitya’s Middle East partner and managing director for the new UAE location, Rasheed Chahal, will oversee all internal and regional developments
Sept. 25, 2022 Realty News Report Copyright 2022
Photo: Courtesy Howard Hughes Corp.
Caption: Obagi will occupy space in the 31-story 9950 Woodloch Forest Tower, which along with the 30-story 1201 Lake Robbins Drive make up the iconic The Woodlands Towers at The Waterway. #Colliers
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