RNR Real Estate Briefs from Realty News Report –CONROE, Texas — An investment group headed by The Vista Companies has acquired Montgomery Crossing, a 70,000 SF retail center at the northwest quadrant of I-45 and Highway 105 in Conroe. The center is 70 percent occupied with tenants including Dollar Tree, Toasted Yolk, Whataburger and Mattress Firm. Veritex Bank provided acquisition financing. The buyer was represented by Rob Kilcrease and Matt Berry of CBRE. Vista Management will provide property management services.Courtney Lavender of Vista will lead leasing.
HOUSTON – GFL Environmental Inc. formerly known as Waste Corporation of Texas subleased 5,901 SF at Two BriarLake Plaza, 2050 West Sam Houston Parkway South.NAI Partners’ Dan Boyles and Michael Mannella, represented the subtenant GFL Environmental in the transaction. The sub-landlord was represented by Wyatt McCulloch and Lucian Bukowski with CBRE.
RICHMOND, Texas — Camden Property Trust acquired 16 acres in the Grand Center at Long Meadow Farms, at Grand Parkway/TX 99 and West Belfort Street in Richmond, from POG Kosmos LMC 2 LP (CJ Development). Ashley Strickland of NewQuest Properties represented the seller. Kenneth Danna of Dosch Marshall Real Estate represented the buyer. Camden will construct a build-to-rent single-family project.
PASADENA, Texas – Reed Vestal of Junction Commercial Real Estate brokered the sale of a 133,040-SF, Class-A industrial distribution facility at 4116 Pasadena Boulevard in Pasadena. Vestal and Taylor Schmidt of Lee & Associates – Houston represented the seller, Vigavi Realty. The buyer was represented by Vestal and Larry Kliger of Lawrence Allen & Associates. Vestal and Schmidt were also responsible for Vigavi’s initial acquisition of the 9.59 acres where the facility sits.
HOUSTON — NAI Partners arranged a 7,700 SF industrial lease for Xcalibur MPH Inc. at West Little York Trade Park, 11755 W. Little York Road. NAI Partners’ Alex Taghi and Holden Rushing represented the tenant. Joshua Lass-Sughrue, also of NAI Partners, represented the landlord, JLS 11755 W. Little York Road, LLC.
HOUSTON – Eleox, a software company reimagining natural gas post-trade processing, leased 4,300 SF at the Heights Clock Tower. The tower, owned by Radom Capital, has been remodeled into creative office space and retail. Located at 611 West 22nd St., the Heights Clock Tower dates to 1894 and is listed on the National Register of Historic Places. JLL’s Bryant Lach represented the tenant. Russell Hodges and Jenny Mueller of CBRE represented the landlord, Radom Capital.
RICHMOND, Texas — Fat Boys Pizza has leased 4,800 SF of retail space in The Grand at Aliana, located at West Grand Parkway S and West Airport Boulevard, Richmond, from NewQuest Properties.Josh Friedlander and David Meyers of NewQuest Properties represented the landlord. Thomas Nguyen and Brian Ashby of CBRE represented the tenant.
HOUSTON – NAI Partners arranged a 7,454 SF office lease for Datagration at the Marathon Oil Tower, 5555 San Felipe St. NAI Partners’ Dan Boyles, Chris Haro and John Simons represented the tenant. The landlord, MMP 5555 San Felipe, LLC, was represented by Elliott Hirshfeld with CBRE.
SUGAR LAND, Texas – Dickey’s Barbecue leased space in the First Colony Commons Shopping Center at 15425 Southwest Freeway and Williams Trace Boulevard. The tenant was represented by Kyle Knight of Weitzman Group and the landlord was represented by Katherine Wildman and Kristen Barker of Wulfe & Co.
HOUSTON – Cushman & Wakefield arranged a 1,300-SF lease for Three Brothers Bakery at Tanglewood Center.Michael Burgower and Eric H. Lestin of Cushman & Wakefield represented the tenant in the lease negotiations. Kathy King of Edge Realty Partners represented the landlord, Unilev Capital.
WEBSTER, Texas – Image Studios leased 6,291 SF in the Baybrook Village Shopping Center in Webster. Carlie Wilmes of Fischer Company represented the tenant and Elise Weatherall of Wulfe & Co represented the landlord.
LEAGUE CITY, Texas – Crust Pizza leased 2,925 SF of retail space in Marketplace at Ninety-Six, at League City Parkway and Hobbs Road, League City, from NewQuest Properties. Rebecca Le and Heather Nguyen of NewQuest Properties represented the landlord. Brett Strake, also with NewQuest Properties, represented the tenant.
ARLINGTON, Texas – Modoc Properties, LLC, has sold a fully leased office building in The Medical Centre in central Arlington at 911 Medical Centre Drive. MaRuk Investment, LLC, was the buyer. Shane Benner of Dallas-based Bradford Commercial Real Estate Services represented the seller.
AUSTIN, Texas — Silverstone Partners acquired SeventyTwo 27 Apartments, a 160-unit value-add multifamily community in the Windsor Park neighborhood of Austin. Constructed in 1984, the property has 10 garden-style buildings on five acres.
PLANO, Texas – Philadelphia-based Rubenstein Partners bought the 250,000-SF 5600 Headquarters Drive office building in Plano. “Favorable market dynamics have created compelling opportunities in several of the Western and Southern MSAs, including Dallas,” said David Rubenstein, founder. Campbell Henry and Jake Young of Lincoln Property Company will lease the building. Cresa’s Vicki Keenan, Adam Subber, Dan Sullivan, David Stringfield, and Brant Bryanmarketed the building for the seller.
PLANO, Texas – Dallas-based S2 Capital acquired Residences at Preston Park, a 266-unit multifamily community in Plano. Ryan Everettis VP of Acquisitions at S2. Henry Stimler, Bill Weber, and Ari Schwartzbard of Newmark helped secure financing for S2. Brian O’Boyle Jr. at Newmark represented the seller.
LAS VEGAS, Nev. — Oak View Group announced plans for an entertainment district, including an arena, in Las Vegas. Groundbreaking and construction for the $3 billion point of destination entertainment district and arena are scheduled for 2023. It will feature an 850,000 SF-arena, a casino, a hotel, and an additional entertainment venue amphitheater near the intersection of two major freeways, I-15 and I-215.
KANSAS CITY, Mo. — JLL Income Property Trust acquired the Kansas City Medical Office Portfolio, a 50,000 SF, three-property medical office building collection of properties in and around Kansas City, Mo. The purchase price was $22.2 million.
LAS VEGAS– Avison Young Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat handled the sale of two Las Vegas projects: Viridian Apartments (456 units) and the Topaz Apartments (252 units). The price was $129.7 million, or $183,192 per unit.
ATLANTA – RADCO acquired The American Hotel, a historically significant 315-room hotel in Downtown Atlanta from Legacy Ventures. Known as a significant multifamily investor, RADCO created a hotel division in 2021.
HOUSTON – Nitya Capital, a privately-owned real estate investment firm and operating company, announced the acquisition of 11 multifamily properties across five major cities – Dallas, Las Vegas, Indianapolis, Nashville, and Los Angeles, and in North Carolina. The deal is valued at nearly half a billion dollars.
This deal is the largest in the company’s history and a major expansion into high-growth cities in the Sunbelt and beyond.
“About this time in 2021, we were excited to announce our then-largest deal of nine properties in Dallas,” said Swapnil Agarwal, CEO and founder of Nitya Capital. “With this new portfolio, we intentionally expand into several high-growth markets where jobs are plentiful, occupancy is stable and growing and the business outlook is strong.”
As Houston-based Nitya Capital takes ownership of the 11-property portfolio, its sister company, KPM Property Management, becomes the manager of each location. The transaction includes nearly 3,000 units.
April 3, 2022 Realty News Report Copyright 2022
File: RNR Real Estate Briefs
RNR Real Estate Briefs are published by Realty News Report
Photo: Courtesy Vista Companies. Caption: An investment group headed by The Vista Companies has acquired Montgomery Crossing, a 70,000 SF retail center at the northwest quadrant of I-45 and Highway 105 in Conroe.