RNR Real Estate Briefs from Realty News Report HOUSTON – JLL announced that Louisiana-based Origin Bank renewed its 22,000 SF lease in the Murphy Building at 9805 Katy Freeway in Memorial City. The bank occupies the entire second floor of the Class A office building, Origin Bank’s home base in Houston, where it has nine locations. Louis Rosenthal and John Burke of JLL represented Origin Bank. Brad McDougall and Warren Alexander represented MetroNational, the landlord.
PASADENA, Texas — Reed Vestal and John Erck of Junction Commercial Real Estate represented an affiliate of Junction’s private equity division in the acquisition of 10.8 acres of land on Red Bluff Road in Pasadena. The seller, Red Bluff Development, LLC, was represented by Steven L. Dolgener of Home Smart.
SPRING, Texas — Civitas Capital Group, a Dallas-based firm, acquired Cypresswood Apartments, a three-story, 287-unit garden-style apartment community in Spring. The seller in the off-market deal was Fidelis Realty. Cypresswood is Civitas’s fifth acquisition in Houston in the past 18 months. The new property began leasing in January.
MISSOURI CITY, Texas — Petco has leased 12,598 SF of retail space in Fort Bend Town Center II at TX 6 and Fort Bend Tollway, Missouri City, from NewQuest Properties. Bob Conwell and Andrew Alvis of NewQuest represented the landlord. Matt Reed of SHOP Cos. represented the tenant.
HOUSTON – A 16,571 SF office building across from Stratford High School at 800 Tully Road, Houston, has sold. The building comprises a mix of executive suite tenants. The buyer, Advantis Investments Group, LLC, was represented by Marcela Banh. The seller, American Savings Life Insurance Co., was represented by Ashley Casterlin with Davis Commercial Real Estate.
HOUSTON — Rice Management Company and the Ion, Houston’s innovation hub, have expanded their partnership with Texas-based flexible office space provider Common Desk, which moves to the Ion’s fourth floor. This adds another 28,000 SF to Common Desk’s largest footprint and helps Houston-Galveston area entrepreneurs and startups who need flexible workspace.
HOUSTON – LSI Staffing has leased 1,400 SF in the Hollister Pointe Shopping Center at 13147 Northwest Freeway. The landlord was represented by Wes Miller of Wulfe & Co.
RICHMOND, Texas — Freebirds has ground-leased a 1.24-acre pad side (54,097 SF) in Grand at Aliana, at West Grand Parkway and West Airport Boulevard, Richmond, from NewQuest Properties. Josh Friedlander and David Meyers of NewQuest represented the landlord. Greg Stanislawski of The Retail Strategy Group represented the tenant.
GRAND PRAIRIE, Texas – Bass Pro Shops will build a 100,000-SF Outdoor World on a pad site at Mayfield Groves in Grand Prairie. The developer of the mixed-use project is TA Land Fund, a joint venture between the Dallas-based office of Trez Capital and Charlie Anderson.
DALLAS — Pratt Street Capital acquired Wellington Centre, a 210,465 SF office property at 14643 North Dallas Parkway in Dallas. Newmark’s Gary Carr, Chris Murphy, Robert Hill and Chase Tagen represented the seller, Taiwanese investment firm Fidelity Commercial. Wellington Centre is a 10-story, office tower built in 1986 on a three-acre site. The building is 91 percent leased.
DALLAS — Box Investment Group, a Dallas-based industrial real estate company founded by Todd Marchesani, announced the development of two industrial properties in North Texas: the 84,406 SF Skyway Logistics Center in Irving and the 156,000 SF M380 Business Park in Denton.
SCHERTZ, Texas – Partners Real Estate arranged two leases totaling 229,111 SF at Doerr Lane Logistics Center in Schertz, near San Antonio. Quality Custom Distribution leased 116,176 SF and MEI Rigging & Crating leased 112,935. Partners’ John Colglazier, Kyle Kennan and Carlos Marquez represented the landlord, Baltisse-Ackerman Schertz. Sergio Acosta with Cushman & Wakefield represented Quality Custom Distribution. Brad Hanagan represented MEI.
DALLAS – NexPoint Storage Partners, a self-storage platform affiliated with NexPoint Advisors, has become the sole owner of 29 new, high-quality self-storage properties developed by SAFStor. The acquisition brings NexPoint Storage to a total asset value of some $1.7 billion, with 71 properties.
ADDISON, Texas – CrossFit Addison has leased 6,451 SF of retail space at 14839 Inwood Road, Addison, from 14885 Inwood Road, LLC. Jason Finch of Bradford Commercial Real Estate Services represented the tenant. The landlord was represented by in-house broker, Bruce Juliani.
SCHERTZ, Texas – Core5 Industrial Partners, in a joint venture with MBK Industrial Properties, announced that its Core5 Logistics Center at Interstate 10 Project has broken ground. The 1.8 million SF project is being developed in two phases. It will be located at Interstate 10 and N Loop 1604 E, in Schertz, near San Antonio. Partners Real Estate was named exclusive leasing agents for Phase I.
DALLAS – Westmount Realty Capital bought a three-story townhome-style community, Premier at Prestonwood, located at 14827 Preston Road in far North Dallas. Built in 1995, the 213,640-SF project has 208 units with an average size of 1,027 SF.
SEATTLE, Wash. — Cushman & Wakefield served as the exclusive advisor to affiliates of Low Tide Properties and Continental Properties, LLC, in the procurement of $110 million in connection with the refinancing of Met Tower, a 366-unit multifamily project in Seattle. The loan was provided by Citibank. A Cushman & Wakefield Equity, Debt & Structured Finance team of Dave Karson, Alex Hernandez, Chris Moyer, Alex Lapidus and Meredith Donovan represented the borrower.
NEW YORK, N.Y. – JLL’s Hotels & Hospitality Group, which has closed the sale of Hyatt Regency Jersey City, a 351-key, full-service hotel along the Hudson River in Jersey City, N.J., represented the seller, a joint venture between affiliates of Veri’s Residential, Inc. and Hyatt Hotels Corporation. A joint venture between affiliates of Taconic Capital Advisors, LP, and HEI Hotels & Resorts acquired the hotel.
ST. LOUIS, Mo. – Commercial real estate advisory firm Mid-Markets Group brokered the disposition of Gateway at City Park, formerly known as Cityview, a major multifamily asset in St. Louis. Daniel Wiele and Tom Maloney represented the sellers.
Dec. 17, 2022 Realty News Report Copyright 2022
Photo credit: Ralph Bivins, Realty News Report Copyright 2022
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