RNR Real Estate Briefs from Realty News Report -HOUSTON – Seven City, a Houston-based commercial real estate investment firm, acquired a 90,000 SF industrial park at 2511 W. Mount Houston Road. Stacey Saathoff of Belvoir represented the buyer and Kyle Fischer of Alpine Partners Real Estate, LLC, represented the seller.
BELLAIRE, Texas – Transwestern Real Estate will lease Bellaire Park I & II by Los Angeles-based Pacific Oak Capital Advisors. The two Class A office-medical buildings, a total of 319, 504 SF at 6565 & 6575 West Loop South, are less than five miles from the Texas Medical Center. Transwestern leasing agents Christian Connell, Louann Pereira, Rachel Glass, Justin Brasell and Doug Little will lease the recently renovated property.
HOUSTON — Acme Brick Company leased 30,000 SF at 9342 Telge Road in Houston. NAI Partners’ Travis Land and A.J. Williams represented the landlord, 9342 Telge, LLC. Paul Dominique and Jon Lindenberger of Colliers represented Acme Brick.
CONROE, Texas — The Howard Hughes Corporation sold an eight-acre site to the Texas Annual Conference of the United Methodist Church for the first place of worship in The Woodlands Hills master planned community. The church will be located off FM 830 and marks the start of commercial development activity in The Woodlands Hills. A groundbreaking ceremony is expected in 2023.
CONROE,Texas — NAI Partners arranged the sale of a 23,000 SF industrial building at 7185 Old Highway 105 in Conroe, representing the second sale of the asset in a 12-month period. The property was leased to Cathedral Energy Services, a Canadian publicly traded corporation. NAI Partners’Cary Latham, Wyatt Huff and Hunter Stockard represented the seller.
HUMBLE, Texas — Dallas-based developer, GenCap Partners, sold its luxury apartment development, The Sarah at Lake Houston, to a group led by New York’s SunSail Capital. The transaction of this 350-unit Class A+ property in the northeast Houston suburb of Humble was brokered by Zach Springer of Newmark. Construction began in mid-2019 and the first units were delivered in November 2020 while the COVID pandemic halted in-person touring in Houston.
HOUSTON – Ryan Dierker of Newcor Commercial Real Estate represented the tenant, Conceptum Logistics, in the expansion and renewal of its U.S. office headquarters. Conceptum initially occupied 3,844 SF and enlarged into an additional 3,421 rentable SF, creating a total of 7,265 SF of office space at 25700 Interstate 45 North.
KATY, Texas — Partners Capital has sold its Royal Montreal Plaza, a 40,094 SF, multi-tenant retail shopping center at 2004 S. Mason Road in Katy. Partners was represented by Josh Lass-Sughrue and Davis Amanyisye of NAI Partners
HOUSTON – NAI Partners arranged the sale of a 26,160 SF industrial property at 105 Riley Road in Houston. NAI Partners’ Zane Carman and Clay Pritchett represented the seller. Collin Rock of Cushman & Wakefield represented the buyer.
HOUSTON – Mabry Development has purchased a 3.4-acre parcel of unimproved land at 13426 Perry Road on the northeast corner of Perry and Grant roads in northwest Houston. The seller was Perry Grant, LLC. Greg Shaw with Shaw Commercial Properties represented the seller while Robert Alinger withColliers International Houston represented the buyer.
LEAGUE CITY, Texas — Salad and Go has signed a ground lease in South Shore Harbour at the northwest corner of League City Parkway and South Shore Boulevard. The tenant was represented by Traci Holman of Baker Katz and the landlord was represented by Kristen Barker of Wulfe & Co.
FORT WORTH, Texas – Transwestern Real Estate Services announced FTW Investment Group, LLC, has purchased 3880 Hulen, a six-story, 70,000 SF office building in Fort Worth. Transwestern’s Kyle Poulson and Gibson Duwe facilitated the transaction on behalf of the seller.Casey Tounget and Theron Bryant, also of Transwestern, represented the buyer.
CARROLLTON, Texas — Western Wealth Capital of Canada bought the 151-unit Embry Apartment Homes in Carrollton. This is Western Wealth Capital’s 21st multifamily acquisition in the Dallas/Fort Worth market.
MEDLEY, Fla. – Transwestern Real Estate Services’ South Florida industrial team has facilitated the sale of a 6.2-acre industrial property with a 55,000 SF warehouse at 8050 NW 90th St. in Medley. Ben Eisenberg, Walter Byrd, Thomas Kresse and Carlos Gaviria represented the buyer, Terreno Realty Corp. Terreno purchased the asset for $20 million, or $2.97 million per acre.
WASHINGTON, D.C. — Perseus TDC, an affiliate of Transwestern Development Company, and its investment partner, Griffin Capital of El Segundo, Calif., began construction on a multifamily project in Prince George’s County, Maryland. Residences at The Six will be located at 6400 America Blvd. in Hyattsville, Md. It will include 316 units plus 2,052 SF of ground-level retail and a 276-vehicle structured parking garage.
DENVER, Colo. — Hines, along with investment partner, Cresset Real Estate Partners, purchased 2.4 acres from Westfield, with plans to develop a 10-story, 392-unit multifamily building. The site was purchased from a joint venture controlled by Denver-based Westfield Co. This marks the second acquisition of land for Hines and Cresset Real Estate Partners in the North Wynkoop 14-acre master planned project in the River North Arts District neighborhood of Denver. Mica RiNo, the partners’ other multifamily project, is currently under construction a block away and will feature 397 units. The first units are due for delivery at the end of this year. Additionally, Hines’ T3 office building is under construction in the neighborhood.
NASHVILLE, Tenn. — Hines, the global real estate firm, announced that Hines Global Income Trust has acquired a self-storage portfolio consisting of five Class A, climate-controlled, self-storage properties in greater Nashville. The portfolio consists of more than 3,200 storage units and 341,000 SF across four different locations in greater Nashville. The sites include one in urban Nashville, one in Franklin, one in Hendersonville and two in the Murfreesboro area.
UPLAND, Calif. – Clear Capital in Irvine acquired a 232-unit multifamily complex in Upland. The asset will be rebranded as Aspire Upland.
DALLAS and HOUSTON — S2 Capital, LLC, acquired a 14-property apartment portfolio across Dallas/Fort Worth and Houston. The portfolio totals 4,455 units built during the period 1979-1987. S2, a national multifamily investor with more than $10 billion in transaction volume, is making this investment from its S2 Multifamily Value-Add Fund 1.
With this transaction, S2 overtakes Blackstone as the Number 1 most active buyer of multifamily in Dallas/Fort Worth for the past five years, according to Real Capital Analytics.
During the next two years, S2 plans to renovate the exterior and interior of each project. The properties include:
Dallas/Fort Worth metro area
- 800 Link – A 440-unit, Class B garden-style apartment building in Dallas
- Canyon Ridge – A 164-unit, Class B garden-style complex in Rockwall
- Casa Valley – A 150-unit, Class B garden-style community in Irving
- Cinnamon Park – A 272-unit, Class B garden-style development in Arlington
- Huntington Lakes — A 405-unit, Class B garden-style complex in Dallas/Fort Worth
- Lincoln Crossing – A 532-unit, Class-B garden-style community in Dallas/Fort Worth
- Preslee – A 290-unit, Class B garden-style building in Dallas/Fort Worth
- Preston Greens – A 257-unit, Class B garden-style complex in Dallas/Fort Worth
- Spring Creek – A 236-unit, Class B garden-style development in Garland
- Springfield – A 264-unit, Class B garden-style complex in Mesquite
- Summer Meadows – A 389-unit, Class B garden-style community in the Plano-Houston metro area
- Cimarron Parkway – A 272-unit, Class B garden-style apartment building in Katy
- Hidden Lake – A 440-unit, Class B garden-style community in Houston
- Silverado – A 344-unit, Class B garden-style property in Houston
“The run-up in mortgage rates for the single-family market has exacerbated a broader affordability issue, leaving a lot of people looking to rent as the more affordable option,” said Ryan Everett, VP of Acquisitions at S2.
“We are excited about this portfolio because while people begin searching for affordable housing options, we don’t believe that should be associated with an outdated community experience.”
Mark Brandenburg, Lauren Dow and Michael Cosby with JLL and Lauren Bresky and Loren Heikenfeld with NorthMarq helped secure the debt financing. The investment sales were led by Roberto Casas, Rob Key, Matthew Lawton and Dustin Selzer with JLL,as well as Taylor Snoddy with NorthMarq.
July 19, 2022 Realty News Report Copyright 2022
File: RNR Real Estate Briefs
Image:Bellaire Park I & II. Photo: Courtesy Transwestern
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RNR Real Estate Briefs reported June 25, 2022