RNR Real Estate Briefs from Realty News Report – HOUSTON — Colliers handled the sale of 1405 Cedar Port Park, a 210,887 SF, four-building industrial site in Cedar Port Industrial Park, Baytown. The buyer, Westcore CG Cedar Port, LLC, represented itself. Jason Tangen and Barrett Gibson of Colliers represented the seller, NIT Industrial. The property, located at Oscar Nelson Jr. Drive and FM 1405, was sold vacant as completed shells that include LED lighting and dock packages installed. Ryan Byrd and Walker Barnett of Colliers will handle leasing for the property.
HOUSTON — A 4,813 SF freestanding Montrose office building, previously home to the China Visa Service Center at 711 W Alabama St., Houston, recently sold. The buyer, Cobos Law Firm, was represented by Joe Bright with NAI Partners. The seller was represented by Ashley Casterlin of Davis Commercial.
CONROE, Texas – NAI Partners recently arranged the sale of 1209 N FM 3083 E, a 50,240 SF industrial investment property in Conroe. NAI Partners’ Cary Latham and Wyatt Huff represented the seller
HOUSTON – David Menard with The Menard Financial Group renewed their office space lease at 2603 Augusta Drive, Suite 1200, near the Galleria and Uptown Park Shopping Center. William McCarthy with Finial Group represented the tenant.
HOUSTON – Simply Self-Storage bought a seven-property, self-storage portfolio in Houston and a self-storage property in Dallas. Comprising seven facilities totaling nearly 620,000 net rentable SF across more than 3,600 units, the Houston portfolio includes more than 207,000 SF of climate-controlled space. Based in Orlando, Simply Self-Storage is a Blackstone company.
HOUSTON – A 2,500 SF Woodlands office condominium has traded hands. The building is just south of The Woodlands Creekside Village. Rob Banzhaf of Newcor Commercial Real Estate represented the seller.
MAGNOLIA, Texas – The 25,970 SF Magnolia Bend Shopping Center on FM 1488 in Magnolia has been sold, according to Marcus & Millichap.
HOUSTON — Starbucks will soon open a new food-and-beverage spot in north Houston’s City Place. The premier roaster and retailer of specialty coffee is bringing a 1,726 SF storefront with patio to 1400 Lake Plaza Drive on the ground floor of The Mark, a luxury, midrise apartment building. Bruce Frankelof Frankel Development Group was the sole broker and represented the landlord. The Mark, developed and managed by Fein, was acquired earlier this year by an entity managed by CDC Houston, the master developer of City Place, in partnership with Fein.
HARLINGEN, Texas — Real estate investment firm BH Properties in an off-market transaction, has acquired a vacant 103,000 SF big box anchor building within the 665,000 SF Valle Vista Mall in the Rio Grande Valley city of Harlingen. Built in 1983, the facility was formerly occupied as a clearance center for Little Rock, Ark.-based retailer Dillard’s. The seller, a New York-based real estate investment firm, was represented by Daniel Galvan with Coldwell Banker Commercial. BH Properties was represented by Octavio Guajardo with API Real Estate. CBRE’s Carlos Telles will manage leasing of the property.
AUSTIN – Newmark announced the sale of Estates at Bee Cave, a 316-unit luxury multifamily asset in suburban Austin, at 3544 South FM 620 Road in Texas’ Hill Country. Newmark’s Patton Jones and Andrew Dickson represented the seller, Internacional, in the sale to an affiliate of Abacus Capital Group
SAN ANTONIO – The Vescio Group renewed its lease for office space at 1000 Central Parkway North. John Buckley, Anthony Certel and David Durham with Finial Group represented the tenant.
AUSTIN — NAI Partners recently arranged the sale of 3010 Bee Caves Road, a 5,460 SF medical office building in Austin. NAI Partners’ Tyler Jaynes represented the seller, Lonestar Apothecary, LLC.
DALLAS – CBRE announced the sale of three multifamily properties in the Dallas-Fort Worth metroplex: Biltmore Apartments and Park Lane Apartments, both in Arlington, and Cedars Apartments in Cedar Hill. Legacy REI and Casa REI purchased the properties from Macdonald Realty. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Dallas Multifamily team represented the seller in lease negotiations. The properties account for a total of 466 multifamily units across DFW:
- Biltmore Apartments – 186 units at 2300 Misty Ridge Circle.
- Park Lane Apartments – 248 units at 3100 E. Park Row Drive.
- Cedars Apartments – 32 units at 315 Cedar St.
BOSSIER CITY, La. — SRS’ Investment Properties Group exclusively marketed and brokered the sale of Airline Retail Center, a six-tenant shopping plaza in Bossier City. The 12,600 SF center sits on two acres of land and was 86 percent occupied at time of sale. The owner was the original developer of the center.
FORT WORTH, Texas — West Shore, LLC, a multifamily real estate investment firm, acquired The Sovereign, a 322-unit apartment community in Fort Worth. This is Boston-based West Shore’s fifth acquisition in Texas, having previously obtained properties in College Station. West Shore now owns and operates more than 11,000 units in seven states and intends to acquire more assets in the Lone Star State.
DURHAM, N.C. — JLL Income Property Trust acquired two life sciences properties in Durham. The properties total some 375,000 SF and each is 100 percent leased to life science tenants. The purchase price was approximately $67 million. The properties are located adjacent to Research Triangle Park
CHICAGO, Ill. – A joint venture among Pearlmark, Timberline Real Estate Ventures and Tramview Capital Management bought two adjacent multifamily / student housing assets totaling 415 units in Wilmington, N.C.
NASHVILLE, Tenn. — Knox at MetroCenter, a 322-unit multifamily community in Nashville has been sold by Embrey Partners, a San Antonio-based apartment developer. Newmark brokered the sale.
TAMPA, Fla. — Cousins Properties has acquired Heights Union, a 294,000 SF office property in the historic Heights neighborhood of downtown Tampa for $144.8 million.
Oct. 17, 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
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
File: RNR Real Estate Briefs
RNR Real Estate Briefs are published by Realty News Report
Photo credit: Ralph Bivins for Realty News Report Copyright 2021