RNR Real Estate Briefs from Realty News Report– HOUSTON – Luby’s, which is in the process of selling its assets for the benefit of its shareholders, completed its previously announced sale of 26 real estate properties to STORE Capital for $88 million.
CONROE, Texas – Marcel Boulevard, the new shopping, dining and office destination within the master-planned community of Conroe’s Grand Central Park, has signed leases with its first two tenants as construction nears completion. The tenants include debut locations of Voodoo Grille, an upscale, casual Cajun/Creole-inspired restaurant by southern Louisiana natives and now Conroe residents Scott and Aubrey Elias, and Perfect Round, a family-friendly sports bar with four golf simulation bays.
HOUSTON – Starbucks has leased a pad site located at the corner of Post Oak Boulevard and Post Oak Park Drive in Houston’s Inner Loop. The tenant, Starbucks, was represented by Lasater Miller with The Retail Connection. Kim Lenardson and Hannah Tosch of Colliers represented the owner, Regent Properties.
KATY – Partners Capital—the investment and development platform of Partners Real Estate Company leased 2,880 SF to Acme Dental at its Royal Montreal Plaza retail shopping center in Katy. The lease brings the center’s occupancy rate to 82 percent, from 75 percent. Partners Capital owns a real estate portfolio totaling more than 1.3 million SF and has completed over $230 million in transactions.
SUGAR LAND, Texas — Riverstone Place, at 18802 University Blvd., Sugar Land, a development of Wulfe & Co., will have three new tenants by early spring 2022. Postal Plus repair leased 1,200 SF, Icebox Cryotherapy leased 1,635 SF and Dorado Nail Bar leased 4,621 SF. The landlord was represented by Kristen Barker of Wulfe & Co.
KATY, Texas — Brett’s BBQ leased 4,248 SF of retail space in Boardwalk Crossing, at Kingsland Boulevard and AMC Drive, Katy, from Boardwalk Crossing, LLC. Bob Conwell of New Quest Properties represented the landlord. Jeff Goldberg of Gold Key Properties represented the tenant.
HOUSTON – Belvoir Real Estate Group, LLC, in late August, completed the sale of a multi-tenant industrial facility at 430 E. Helms Road. The property features a 36,000 SF building with a mix of warehouse and office space. Belvoir’s Kyle Fischer represented the seller.
MANVEL, Texas — EasyJet leased retail space in Shops at Sedona Lakes near Highway 288 and Baile in Manvel from NewQuest Properties., represented by Travis Waltmon. Kevin Sims and Nick Ramsey of NewQuest represented the landlord.
KATY, Texas — B-12 Store leased retail space in Boardwalk Crossing, at Kingsland Boulevard and AMC Drive, Katy, from Boardwalk Crossing, LLC. Bob Conwell of NewQuest Properties represented the landlord. Brian Varvel of Avenue Property Group represented the tenant.
DENTON, Texas — CBRE National Partners announced the sale of Denton Crossing 3 & 4, a two-building, Class A+ industrial portfolio at 900 & 920 S. Western Blvd. in Denton. James Campbell Company purchased the property from Scannell Properties. Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE arranged the transaction on behalf of the seller. Both buildings were completed in 2020. Denton Crossing 3 is a 398,442 SF, fully leased warehouse while Denton Crossing 4 offers 126,890 SF of fully vacant warehouse space.
IRVING – Stream Realty Partners has been awarded the leasing and management of Freeport Business Center I and III and Beltline Office Center located in the Irving. These assets, totaling 354,000 SF of premier office space will be overseen by Stream’s Tim Terrell and Rhett Miller.
AUSTIN – Cushman & Wakefield arranged the sale of The Plaza at Windsor Hills, a 200-unit apartment community in Austin. John Carr and Ben Fuller of Cushman & Wakefield represented the seller, One Real Estate Investment. ComunidadPartners acquired the property out of its fully discretionary fund focused on acquiring workforce housing across the Sunbelt.
CARROLLTON, Texas — Western Wealth Capital announced the closing on its 106th multifamily real estate acquisition – The Carling on Frankford Apartment Homes in Carrollton. This is the firm’s 14th acquisition in the Dallas-Fort Worth metroplex and 28th multifamily procurement in Texas. The 274-unit apartment community was constructed in 1983.
SOUTHLAKE, Texas – CBRE announced that Lender Compliance Technologiessigned a lease for their new corporate headquarters at Champion Crossing at 930 S. Kimball Avenue in Southlake..CBRE’s Noreen Mehdi Weathers represented the tenant. The landlord Denmiss LLC was represented by Debra Perryman with Silver Oak Commercial Realty.
ARLINGTON, Texas — Edge Capital Markets brokered the sale of Pottery Barn Outlet at 459 E. Interstate 20 in Arlington, the third largest city within the Dallas-Fort Worth metroplex. Micha van Marcie and Chace Henke of Edge represented the seller. Pottery Barn Outlet is a national credit tenant and a leading home furnishing retailer.
PORT ARANSAS, Texas—Continued interest in Cinnamon Shore’s newest village has prompted this Gulf Coast community’s upcoming property release, with 40 homesites becoming available for the first time on Oct. 9.
AUSTIN – NAI Partners recently arranged the sale of 14425 Falcon Head Blvd., an 8,000 SF ambulatory surgery center in Austin. The property is brand new construction and includes five class ‘C’ operating rooms. The sale broke a record high for price per square foot and a record low for CAP rate in the Lakeway submarket. NAI Partners’ Tyler Jaynes and Ryan McCullough represented the seller, Icarus, LLC.
SAN ANTONIO – Cadence McShane Construction Company has commenced renovations to the 12-story Granada Homes Senior Living Apartments, an age-restricted, low-income housing property at 311 S. St. Mary’s Street on the San Antonio River Walk.
FORT WORTH, Texas – Custom Sleep Mattress, LLC, has leased a 43,909 SF warehouse at 900 S. Haltom Road, Fort Worth, from MG Real Estate, LLC. Nick Talley of Bradford Commercial Real Estate Services represented the landlord.
ALLEN, Texas – Spice Creations Fine Indian Kitchen has leased 2,800 SF of retail space in McDermott Towne Crossing, 1328 W. McDermott Drive in Allen, from CH Retail Fund III/Allen McDermott LP. Kyle Espie of Bradford Commercial Real Estate Services represented the tenant. Jordan Prescott of Edge Realty Partners represented the landlord.
EL PASO, Texas – JMK5 Holdings, LLC, has acquired Sunrise Center, a 186,880 SF retail center on 15 acres at 8500 Dyer St., El Paso, from T-Sunrise Village, Ltd. David Luther, Kelley Workman and Dakota Workman of New Quest Properties represented buyer and seller.
AUSTIN – Cadence McShane Construction Co. broke ground on the 128,000-SF Anthology of Austin, a ground-up assisted living and memory care facility near The Domain in north Austin.
DALLAS – US LBM, a distributor of building materials acquired the Oldham Lumber Co. which serves home builders in North Texas,
GREENSBORO, N.C.- Bell Partners Inc. has sold 23 of its apartment communities for more than $1.8 billion. In addition to the recent dispositions, Bell Partners has been actively investing capital on behalf of Bell Value-Add Fund VII and Bell Core Fund I in high-quality apartment communities throughout the company’s target markets, including recently purchased assets in Seattle, San Francisco, Los Angeles, Dallas, Austin, Fort Lauderdale, Atlanta, Charlotte, Raleigh, Washington, D.C. and Boston.
St. PAUL, Minn. – Eagle Pointe, a 216-unit, garden-style, multibooting community in the Twin Cities suburb of West Saint Paul, has been sold for $30.3 million. The JLL Capital Markets Investment Sales Advisory Team representing the seller, Timberland Partners, was led by JLL’s Josh Talberg, Dan Linnell, Mox Gunderson and Adam Haydon.
LOS ANGELES — Bell Partners acquired Hanover Warner Center, a 395-unit apartment community in Los Angeles.
CARLSBAD, Calif. – Elion Partners, a private investment firm based in Miami, continues to grow their presence in San Diego county with the recent closingof an 71,602-SF industrial property in Carlsbad at 5803 Newton Ave. Marko Dragovic and Isaac Little of Lee & Associates, and Ryan Plummer of Newmark represented the seller, Rexford Industrial. The buyer, Elion ACQ, LLC, was represented by Greg Pieratt of Lee.
Stream Realty Expands Occupier Business
DALLAS – Stream Realty Partners announced the expansion of its national occupier platform by launching Program Management Services. Joe Iatauro, an 18-year industry veteran, has been recruited to lead the new service as Executive Managing Director.
Stream’s enhanced offering is designed to align an occupier’s full spectrum of business needs with their real estate. This offering will encompass services, including supply chain, business and economic incentives, development, design and construction, technology, security and loss prevention, FF&E, material handling, and racking, that provide flexibility to occupier business growth and achieve greater financial returns.
Under Iatauro’s leadership, the group will complement Stream’s leasing, site selection, investment sales and property management services, with a priority focus on the industrial sector. With specialty expertise in food processing, cold storage, manufacturing and distribution facilities, future expansion plans include retail and office.
“As business becomes more sophisticated, real estate efficiencies and speed-to-market are critical to an occupier’s overall business success,” said Stream President Chris Jackson.“Our occupier clients need partners who understand their operational and supply chain requirements in addition to the real estate to provide a competitive advantage.”
Iatauro comes to Stream from JLL, where he served as Senior Vice President and Business Unit Lead of the Industrial Project and Development Services Group in Atlanta, Georgia. He led a team in the development of more than 20 million SF of manufacturing, warehouse, distribution, cold storage, and office.
“With this offering, Stream will set the bar for occupier-focused business optimization and real estate strategies, raising client expectations throughout the industry,” said Iatauro. “This is an evolutionary venture for Stream and the commercial real estate industry.”
Oct. 2, 2021 Realty News Report Copyright 2021
For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y
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Austin Photo credit Ralph Bivins for Realty News Report Copyright 2021