RNR Real Estate Briefs – HOU, AUS, DAL & more

 RNR Real Estate Briefs from Realty News Report— HOUSTON — Colliers  announced the sale of 450 Gears Road, a Class A, multi-tenant office building with 158,666 SF of office per HCAD on 4.5 acres in Greens Crossing at Interstate 45 and Sam Houston Parkway. Evens Grandoit represented the buyer. The seller was represented by David CarterDoug Pack  and Sam Hansen  of Colliers. The eight-story office building, constructed in 1984, has an adjacent four-story parking garage.

SPRING, Texas — Greg Usher of Cypressbrook Company represented the tenant, FCC Environmental Services, LLC, in the leasing of 19,074 SF of office space at 460 Wildwood Forest Drive in Spring. Steve Rocher of CBRE  represented the landlord, GeoSouthern Wildwood, LLC.

HOUSTON – Lee & Associates – Houston represented Lake Davidson Village, LLC in the sale of an 88,000-SF manufacturing building on 6.3 acres at 701 Plastics Avenue in Houston.C.E. “Trey” Erwin III of Lee & Associates – Houston represented the seller.

LEAGUE CITY, Texas – Memphis-based Fogelman Properties recently acquired The Moorings, a 201-unit apartment community in the Houston submarket of League City. The Moorings offers newly upgraded one- and two-bedroom apartment homes with rental rates ranging from $897 to $1,565.

HOUSTON – Brookfield Properties announced that Macquarie Group renewed its  56,000-SF lease at One Allen Center at 500 Dallas St. in downtown Houston.

BAYTOWN, Texas –Dayton Street Partners bought 47.4 acres in TGS Cedar Port Industrial Park. DSP will develop a spec truck terminal  with 164,640 SF. NAI Partners’ Gray Gilbert, Chris Haro  and Jack Gilbert  will lease the property.

HOUSTON – Lee & Associates – Houston represented Moore Living Trust in the sale of a 22,867-SF distribution building on 1.8 acres at 11550 Dumas St. John Gazzola and Drew Aston of Lee & Associates – Houston represented the seller.

LIBERTY, Texas — NAI Partners  arranged the sale of Liberty Shopping Center, an 8,120 SF multi-tenant retail center at 800 Main St. in Liberty. NAI Partners’ Davis Amanyisye represented the seller, Lillas Investments.

HOUSTON – Tooba Patoli and Rafael Melara of Hunington Properties represented Crave Restaurant and Lounge, which leased 4,614 SF at 516 Westheimer in the Montrose area.

CYPRESS, Texas — Colliers announced the sale of a 4,527 SF Torchy’s Tacos property on the Boardwalk at Towne Lake on Barker Cypress Road. The buyer, Melcher Investments, represented themselves in a 1031 Exchange. Todd Moore  and Connor Duffy  of Colliers represented the seller, CC Boardwalk I, LP.

HOUSTON – A 9-unit multifamily property in 1810-1812 W Alabama St .sold to 1992 Partners LLC, .The seller was represented by Cotton Munson of  Davis Commercial Real Estate.

HOUSTON Berkadia arranged the sale of The Life at Spring Estates, a 372-unit apartment community at 16112 North Freeway. Berkadia’s Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Todd Marix and Chris Curry represented the seller, Olive Tree Holdings, based in New York City. Inman Equities, a multifamily investment company based in Nashville, acquired the property.

SPRING, Texas — Greg Usher of Cypressbrook Company represented the tenant, FCC Environmental Services, LLC, in the leasing of 19,074 SF of office space at 460 Wildwood Forest Drive in Spring. Steve Rocher of CBRE  represented the landlord, GeoSouthern Wildwood, LLC.

KATY, TexasPartners Capital has sold its Royal Montreal Plaza, a 40,094-SF shopping center at 2004 S Mason Road. Partners Capital acquired it in August 2018 through its Fund II investment vehicle. Partners Capital was represented by Josh Lass-Sughrue and Davis Amanyisye of NAI Partners, the real estate services business of Partners. Andrew Pappas, President of Partners Capital, said: “We are pleased to identify an attractive exit opportunity for our investors.”

HOUSTON — John Hornbuckle of Cypressbrook Company represented the tenant, Nuo Therapeutics, Inc., in the leasing of 4,865 SF at 8285 El Rio Plaza in the Plaza del Oro Research Park. Lane Travis with CBRE  represented the landlord, El Rio, LLC.

SUGAR LAND, Texas — PJ’s Coffee of New Orleans has leased 1,800 SF in the Grand Parkway Center. The tenant was represented by Eric Broussard of RESOLUT RE and the landlord was represented by Kristen Barker of Wulfe & Co.

MAGNOLIA, Texas – Kimberly DeVos of Cypressbrook Company  represented the tenant, Trels Home for Children, in leasing 2,673 SF at 33210 Magnolia Circle. The landlord, Sherry Barker, was represented by Chase Barker.

FULSHEAR, Texas – L3 Craft Coffee leased space at the Cross Creek Retail Center in Fulshear. The tenant was represented by Jason Smith of Archway Advisors and the landlord was represented by Kristen Barker of Wulfe & Co.

 PASADENA, Texas  -C.E. “Trey” Erwin III of  Lee & Associates – Houston handled the purchase of a 4,750-SF distribution building on 6.5 acres at 6110 Red Bluff Road in Pasadena.

KATY, Texas – FIG Flower Boutique leased retail space in Shops at Katy Reserve at FM 1463 and Spring Green Boulevard, Katy, from NewQuest Properties. Lara Lee LaMendola and Kevin Sims of NewQuest represented the landlord.

TEXASRNR Real Estate Briefs from Realty News Report

AUSTIN – Disrupt Equity has completed a $30,146,330  acquisition of The Cascade, a 198-unit multifamily community built in 1971. Renovations on the property were completed in 2016 on the apartments at 1221 Algarita Ave. in Austin.

SAN ANTONIO — Cottonwood Group , a private equity real estate investment firm, has acquired a 636-unit multifamily portfolio in San Antonio with Dallas-based Texsun Holdings for ownership and investment in San Mateo Apartments, 3787 Perrin Central Blvd. and Heights on Perrin Apartments, 2555 NE Interstate 410 Loop.

CARROLLTON, Texas – Multifamily investor, developer and manager MC Companies acquired the 238-unit Briarcrest Apartments, a value-add multifamily community just north of Dallas. Built in 1983, the property’s apartment units have never been renovated.

CEDAR HILL, Texas –– Zamir Equities  announced the sale of its 187,770 SF shopping center, Cedar Hill Crossing, southwest of downtown Dallas. The center was acquired by a Dallas-based investor led by Tom Salanty. NAI’s Robert Lynn  represented the seller.

NATIONALRNR Real Estate Briefs from Realty News Report

DENVER, Colo. – A joint venture comprised of Patrinely Group and USAA Real Estate announced an office lease at Block 162 with Moss Adams, LLP, a major accounting, consulting and wealth management firm. Located at 675 15th St., between Welton and California streets downtown Denver, Block 162 is a 30-story, 596,295 SF, spec office building certified as LEED Gold core and shell.

ATLANTA, Ga. — TerraCap Management, LLC,  a privately held investment firm with headquarters in Naples, Fla., acquired Eleven 85, a 288-unit apartment complex in Atlanta built in 2014.

PHILADELPHIA, Pa. –PREIT  announced it has sold two additional assets for $14.2 million. The Moorestown Mall land went for about $12 million and will be the site of 375 residential units. This transaction represents PREIT’s second multifamily land sale following an Exton Square Mall transaction that yielded some 350 units. In addition, the company has closed on the sale of an outparcel to Four Corners Property Trust for $2.4 million.  PREIT expects to close on six additional outparcels for $22 million in the coming weeks.

SALT LAKE CITY, Utah — Capstone Companies,  based in Charlotte, N.C., announced the launch of the brokerage firm’s new regional office in Salt Lake City. The new office is led by investment sales advisor, William Moss.

SACRAMENTO, Calif. — Dalfen Industrial  has acquired Belvedere Logistics Center, a Sacramento industrial property at 8301 Belvedere Ave. The 348,000 SF property is 100 percent occupied by River City Storage and American Furniture Warehouse.

WESTMINSTER, Colo. — NewPoint Real Estate Capital, LLC, provided a $69 million HUD 223(f) loan on behalf of Ascent Westminster, LLC, to refinance a multifamily property in Westminster, Colo. The 255-unit property, called Ascent, is an urban-style, mixed-use community with 25,625 SF of retail space. The loan was originated by NewPoint Senior Managing Director John D. Motzel. Loan proceeds were used to pay off a two-year lease-up bridge loan provided by Barings, a subsidiary of MassMutual.

ETC.RNR Real Estate Briefs from Realty News Report

HOUSTON— NAI Partners arranged 20 leases totaling 31,149 SF at Atrium 2656 at 2656 South Loop West in Houston. NAI Partners’ Michael Sieger  represented the landlord, Forbes Land Corp., in all 20 transactions. The  leased included:

  • A 5,710 SF lease with Journey Through Life, which was represented by Wyatt McCullouch with
  • Precision Sleep Solutions inked a 3,040 SF lease and was represented by Steve Burkett with JLL.
  • Staffmark Group signed a lease for 1,922 SF of space and was represented by Alex Coe and Gary Lawless with Cresa.
  • The Law Office of Shartory Brown signed a lease for 915 SF.
  • Bayou City Operations leased 589 SF.

Renewals recently completed by NAI at 2656 South Loop West  include:

  • Primesource RX leased 5,020 SF
  • Minivasive Pain Specialists leased 4,647 SF
  • MD Services leased 2,067 SF
  • Therapy for Kidz leased 1,326 SF
  • Medvalt Pharmacy leased 1,261 SF
  • Easy Speech and Language leased 836 SF
  • Telmart LP leased 775 SF
  • Colores Adoptions leased 749 SF
  • Upshift Work, LLC, leased 719 SF

An additional six coworking deals totaling 1,573 SF of space were  completed.

July 9, 2022 Realty News Report Copyright 2022

File: RNR Real Estate Briefs

Image: 450 Gears Road office building. Courtesy Colliers

RNR Real Estate Briefs are published by Realty News Report


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RNR Real Estate Briefs  reported June 25, 2022

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