RNR Real Estate Briefs from Realty News Report – HOUSTON— NAI Partners — the commercial real estate services business of Partners Real Estate Company— recently arranged the sale of 1560 Industrial Drive, a 21,000 SF industrial building on 1.16 acres, on behalf of TJD Properties Inc. in Missouri City, Texas. NAI Partners’ Cary Latham and Wyatt Huff represented the seller and David Buescher of JLL procured the buyer, Wolf Capital Partners.
KATY, Texas—Westmount Realty Capital announced the acquisition of Station at Mason Creek, a Class-A, garden-style apartment community at 21500 Park Row in the Katy submarket of Houston. The 291-unit community consists of one-, two-, and three-bedroom units averaging 772 SF. Westmount plans to rebrand the property as Westmount at Mason Creek, its sixth property in the Houston area.
HOUSTON— JJH Group, LLC, purchased a 2.9-acre parcel for a future shopping center development at 10000 Tidwell Road in Houston. The purchaser was represented by Hyon Sook Lee of R. Alexa Group. The seller, Banani Investments LLC, a land holdings company, was represented by Cotton Munson of Davis Commercial.
THE WOODLANDS – Greg Usher of Cypressbrook Company represented the landlord, Vista Woodlands Partners, Ltd., in the lease renewal of 14,507 SF of flex/office space at 8701 New Trails Drive in The Woodlands. David Guion of Cushman Wakefield represented the tenant, SGS North America, Inc.
HOUSTON — Finial Group assisted Herin Family Investments, the parent company of Three Diamond Capital Holdings, in kicking off its new real estate investment fund by completing five acquisitions and one disposition. “We were able to achieve roughly $50 million in transactions in just three months, with the entire process starting and ending in Q4 2021,” said Jason Herin of Herin Family Investments.
FRIENDSWOOD, Texas — Kimberly DeVos of Cypressbrook Company represented Pelican Grill, in leasing 2,100 SF of retail space for its third restaurant location, at 802 South Friendswood Dr. in Friendswood. The landlord, Tannos Land Holdings II, was represented by Sharon Rowsey with UTR Texas Realtors.
PEARLAND — R3 Wound Care and Hyperbarics, a non-hospital provider of advanced wound care and hyperbaric oxygen therapy, has entered the Houston market by opening wound care clinics in Kingwood and Pearland. They offer physicians and their patients with chronic wounds convenient access to hyperbaric oxygen therapy and other wound services in an outpatient setting. The Pearland Clinic is at 8540 Broadway St. while the Kingwood Clinic is at 215 Kingwood Executive Drive.
SUGAR LAND, Texas – Zeeneez, a retail store selling high-end sunglasses, has leased 1,050 SF in the First Colony Commons Shopping Center at 15425 Southwest Freeway and Williams Trace Boulevard in Sugar Land. The landlord was represented by Kristen Barker and Katherine Wildman of Wulfe & Co.
ROSENBERG, Texas — Aina Poke has leased 1,820 SF of retail space in Brazos Town Center, at I-69/US 59 and FM 762 Reading Road, Rosenberg, from NewQuest Properties. Austen Baldridge and Bob Conwell of NewQuest represented the landlord.
HOUSTON – Orangetheory Fitness has leased 3,425 SF at 7205 Fannin in Houston. The business offers a heart rate-based total body group workout focusing on rowing, cardio and strength training. The tenant was represented by Bruce Frankel of Frankel Development Group and the landlord was represented by Katherine Wildman of Wulfe & Co.
FRIENDSWOOD, Texas — Gold’s Gym has leased 34,776 SF of retail space in Friendswood Crossing, at FM 528 and FM 518, Friendswood, from NewQuest Properties. David Meyers of NewQuest Properties represented the landlord.
AUSTIN – Austin-based Inspire Development just broke ground on Pearson Ranch, a large, mixed-use development in Williamson County, in Northwest Austin’s new technology corridor. Once complete, Pearson Ranch will include 2.6 million SF of Class A office space, 200,000 SF of retail, restaurant, and community and cultural spaces, two hotels, thousands of upscale residences and 30 acres of parkland. Designed with high-end features and finishes, the project is expected to have a value exceeding $2 billion upon buildout.
MELISSA, Texas – Taylor Morrison Home Company, in partnership with Build-To-Rent specialist Christopher Todd Communities, bought 20 acres in the City of Melissa. Ryan Turner, Collins Meier, David Davidson, Jr. and Edward Bogel of Davidson Bogel Real Estate brokered the transaction.
AUSTIN — Dallas-based CONTI Capital has acquired the 300-unit Pioneer Hill apartments in northeast Austin.
SAN ANTONIO – Newmark completed the sale of Augusta Flats, a newly constructed, 260-unit multifamily asset in downtown San Antonio. The property traded from private Texas-based real estate development and management firm Stillwater Capital to buyer, Lakewood, NJ-based real estate investment firm Strategic Properties of North America and their joint venture partner Benefit Street Partners Multifamily Trust.Newmark’s Patton Jones and Matt Michelson represented Stillwater Capital.
LUMBERTON, Texas – NewQuest Properties acquired 5.72 acres at 115 S. LHS Drive, Lumberton, from GreenTree Enterprises, LP. Andrew Alvis of NewQuest Properties represented the buyer.
GARLAND, Texas – Darrell Hurmis of Henry S. Miller Brokerage, and Chris Storm of Sable Realty, brokered the sale of a 103,570 SF self-storage building at 1010 Hebron Drive in Garland.
GRAND PRAIRIE, Texas – Ascend Distribution, LLC, has leased 11,595 SF of distribution space at 1925-39 N. Great Southwest Parkway, Grand Prairie, from TX 1925 N. Great Southwest Parkway, LLC. Jason Finch of Bradford Commercial Real Estate Services represented the tenant. Canon Shoults and Maddy Canty of Holt Lunsford Commercial represented the landlord.
SAN ANTONIO – Newmark handled the sale of The Joseph at Huebner, a 192-unit value-add multifamily community in North Central San Antonio. A partnership between RSN Property Group and Wildhorn Capital sold the apartments to First Capital Advisors, a real estate investment and management firm with offices in Austin and Chicago. Newmark’s Matt Michelson and Patton Jones represented the sellers.
DELRAY BEACH, Fla– Sleiman Enterprises acquired the 160,000 SF Delray Square shopping centerat the intersection of W. Atlantic Avenue and S. Military Trail in Delray Beach. The plaza is anchored by Publix and Hobby Lobby.
SEATTLE, Wash. — Kennedy Wilson and the real estate business within Goldman Sachs Asset Management have acquired Coppins Well, a 236-unit high-rise apartment community in Seattle for $106.5 million, excluding closing costs. Completed in 2012, the 17-story building complements Kennedy Wilson’s significant multifamily presence in Washington, which now exceeds 10,000 market rate and affordable units.
Cushman & Wakefield: Full Floor Downtown Lease
HOUSTON– –Cushman & Wakefield arranged a new full floor lease totaling 18,380 SF at 1415 Louisiana, a Class A office building located in the Central Business District.
Legacy Trust, a national trust bank, entered a long-term lease for the entirety of the 19thfloor. Connor Saxe and Vince Strake of Cushman & Wakefield represented the landlord, WEDGE Group, in the lease negotiations. Tommy Wilson of Fritsche Anderson Realty Partners represented Legacy Trust.
“We are delighted to continue being part of the vibrant downtown business community,” states Cullen Powell, CEO of Legacy Trust. “We were drawn to 1415 Louisiana for its convenience for our clients and employees, attractive renovations, and its amenities including its restaurant and conference center, as well as its tunnel access.”
The 43-story tower totals 520,000 SF. The building features a brand-new full floor 8,000 square foot fitness center, and the Strato 550 Restaurant and Conference Center on the 43rd floor.
“We are excited to have Legacy Trust as a new tenant in our building, and we are confident in our ability to meet the needs of this dynamic organization and ensure they will love our new amenities,” said Brett Scholz, Chief Executive Officer and President of WEDGE Group. “We have positioned ourselves to attract and retain top tier customers like Legacy and are proud to have them on the team.”
Morgan Partners with Project Destined
HOUSTON— Morgan, a major multifamily development, construction, acquisitions and property management firm, has partnered with Project Destined to help develop a more diverse and inclusive next generation of leaders in the real estate industry.
“Morgan Group is very proud of our culture, which is centered around family values and our unwavering commitment to a brighter future,” said CEO Philip Morgan. “As part of our investment in the future, we are excited about this partnership with Project Destined.”
Founded by Cedric Bobo, a former Carlyle Group executive, Project Destined partners with real estate firms to enable and encourage a diverse group of underrepresented students to explore the industry through internships and analyzing live local real estate deals.
TruAmerica Jumps into BTR Fray
LOS ANGELES, Calif. — TruAmerica Multifamily has launched a Build-For-Rent development division to construct townhome and single-family rental communities in suburban submarkets, according to CEO and founder Robert Hart. Veteran BFR executive Mitch Rotta has joined the firm as senior managing director to lead the new initiative. The initial roll-out of TruAmerica’s in-house BFR platform will be in high growth Southwest, Southeast and Texas suburban markets.
Gulf Coast Building Conroe Center
CONROE — Gulf Coast Commercial Group has begun construction on The Grove at Harper’s Preserve in Conroe, north of The Woodlands. A fall 2022 turnover for tenant buildout is projected for the upscale retail center that will encompass 21,500 square feet of multi-use, street level space, as well as two pad sites.
The four-acre property is located on the southwest quadrant of State Highway 242 and Harper’s Trace at the East Village gateway to the fast-growing, 880-acre Harper’s Preserve master-planned community. It is adjacent to a CVS and across Harper’s Trace from H-E-B anchored The Market at Harper’s Preserve. Anderson Smith and Brett Levinson of Main Street Commercial Partners are overseeing leasing.
Designed by Identity Architects, the retail center has LSI as the general contractor.
Tenants recently committed to the project, which is expected to debut in the first quarter of 2023, include Jersey Mike’s Subs, Freebirds World Burrito, AT&T and Dutch Bros. Coffee. Jersey Mike’s Subs has leased 1,407 SF. They were represented by Lane Zieben and Lasater Miller of The Retail Connection.
Santa Barbara, CA-born and Texas grown Freebirds World Burrito, a fast casual joint with crave-able proteins grilled in-house, plus customizable bowls, salads, nachos, quesadillas and tacos, has leased a 2,500-square-foot endcap and was represented by Greg Stanislawski of The Retail Strategy.
Represented by Elliott Bridger of Streetwise Retail Advisors, AT&T has leased 1,800-SF.
The Grove at Harper’s Preserve will be the first Conroe location for Dutch Bros. Coffee, a nationwide chain that first began in 1992 as a pushcart business in Oregon. Dutch Bros. Coffee has leased a pad site for a storefront with drive-thru and was represented by Greg Slusky of Sluco Realty Services.
Feb. 5, 2022 Realty News Report Copyright 2022
The RALPH BIVINS PROJECT podcast welcomed guest Frank Nothaft, chief economist of CoreLogic. LISTEN:
File: RNR Real Estate Briefs
RNR Real Estate Briefs are published by Realty News Report