RNR Real Estate Briefs from Realty News Report – HOUSTON — Colliers announced that Woodforest National Bank has leased 16,010 SF in Park Towers North, 1233 West Loop South in Houston. The landlord, Park Towers Investment, was represented by Doug Little of Transwestern. Darren Gowell and Bob Parsley of Colliers represented Woodforest National Bank.
HOUSTON – NAI Partners, the commercial real estate services business of Partners Real Estate Company, announced that its Texas Investment Sales Division has completed the sale of Richmond Commons, a 76,847 SF retail shopping center near the Westpark Tollway and Beltway 8 in Houston. NAI Partners’ Davis Amanyisye and Ryan DeGennaro arranged the transaction.
HOUSTON — Satya, a Houston-based commercial real estate consulting firm, has sold 2.5 acres of undeveloped land at Grand Parkway and Kuykendahl Road to Smart Financial Credit Union for future development. Satya purchased the property in 2017 and sold it through its entity, GPKWY Spring Ltd. Joshua Jacobs of Blue Ox Group represented the seller and Ferguson Real Estate represented the buyer.
HOUSTON — Lee & Associates-Houston was retained to handle leasing and property management for 3200 Wilcrest, a 163,696 SF office property at 5829 W. Sam Houston Parkway, a nine-building project totaling 275,000 SF in northwest Houston. The Lee & Associates – Houston Landlord Services team consists of Jill Nesloney, Robert LaCoure, Chris Lewis and Bryce Adams. Shawn Harvey of Integrated Services will lead property management.
HOUSTON – Colliers announced the sale of a 10,020-SF building on 3 acres at 14500 North Freeway in Houston. The buyer, Cochinitos Real Estate LLC, was represented by Erica Galvez of Terraforte, LLC. Tom Condon, Jr. of Colliers represented the seller, TSC Ventures. “The building’s clear-span steel structure will enable the buyer to renovate its interior for the planned repurposing to a new Mexican food/retail use under the Cochinitos brand,” said Condon.
OAK RIDGE NORTH, Texas – Paragon Infusion Center leased 3,750 SF at Wood Ridge Plaza Shopping Center located at 27800 I-45 North across from the Woodlands Mall in the city of Oak Ridge North. The tenant was represented by Roy Reis of ESRP and the landlord was represented by Bunny McLeod and Katherine Wildman of Wulfe & Co.
BAYTOWN – Stonemark Management is now managing The Standard at Eastpoint Apartments, 7447 Eastpoint Blvd in Baytown, east of Houston. Formerly known as Ravella at Eastpoint, it has 283 one-, two- and three-bedroom apartments. “This beautifully-landscaped community has the latest amenities that give it a resort feel,” said Stonemark’s Tiffany Crutchley. The multifamily firm includes Atlanta-based Stonemark Equities and Stonemark Management.
HOUSTON — Chase Tucker with Finial Group arranged a lease at The Heights Marketplace Shopping Center in Houston. The tenant, Pips Heights, signed a long-term lease at the center in the Houston Heights neighborhood. Finial Group represented the tenant.
HOUSTON – Harris Health Systems renewed its lease for 6,760 SF of office space in Windcliff Town Center at Jones and North Cypress Houston roads, Houston. Kevin Sims and Brett Strake of NewQuest Properties represented the landlord. Nelson Udstuen of CBRE represented the tenant.
HUMBLE, Texas — Tewbeleaux Sports Bar & Grill has leased 5,861 SF of retail space in Orleans Square, 18321 W. Lake Houston Parkway, Humble, from Zenda Channing Orleans Square, LP. Austen Baldridge and Brett Strake of NewQuest Properties represented the landlord.Stelios Castillo of Atlantis Management Group represented the tenant.
TEXAS — RNR Real Estate Briefs
NEW BRAUNFELS, Texas – Brett Lum of NAI Partners, the commercial real estate services business of Partners Real Estate Company, recently arranged a 77-acre land purchase for Scott Felder Homes on Weltner Road in New Braunfels.
AUSTIN — Tishman Speyer has completed its acquisition of The Foundry, a two-building office development totaling 240,000 SF in East Austin. The property is 96% leased as the firm takes ownership of the newly completed second building. Earlier this year, Tishman Speyer closed on the Foundry I building, which had opened in 2019. The firm worked with Cielo Property Group and CBRE to complete 128,195 SF of new leasing at Foundry II, which is now 99% leased.
SAN ANTONIO — Berkadia has just arranged $15.77 million in equity for the development of Encore Lower Broadway, a new five-story, 386-unit development in San Antonio. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia JV Equity & Structured Capital secured the capital partner, which is providing the equity investment on top of a $51 million construction loan. Encore Multifamily will begin groundbreaking in August on the new project to be built on 4.2-acres near the corner of East Grayson Street and the Pearl District.
DALLAS – Atlanta-based Stonemont Financial Group, a private real estate investment firm specializing in industrial development and net lease assets, announced the completion of three high-profile distribution centers in Metro Dallas while simultaneously unveiling plans for three additional Class A speculative buildings set to get underway in the coming weeks. Totaling 1.1 million SF, the six buildings reflect accelerated growth and activity for Stonemont in the Dallas/Fort Worth metroplex and coincide with the opening of the firm’s new Dallas office.
SAN ANTONIO – Transwestern Real Estate Services announced its Healthcare Advisory Services team brokered the sale of Gastroenterology Consultants of San Antonio’s Ambulatory Surgery Center and three of its medical office buildings, totaling 55,457 SF. The three-building portfolio consists of South Texas Medical Center, Stone Oak Medical Center and Northeast Medical Center. Transwestern’s Alan Grilliette and Justin Brasell arranged the sale on behalf of Gastroenterology Consultants of San Antonio to IRA Companies for an undisclosed price.
MADISONVILLE, Texas. — D&J Storage at 1900 East Main Street in Madisonville has been sold, according to Marcus & Millichap.
AUSTIN — Bellomy & Co. announced the sale of CubeSmart in Austin, located eight miles from the downtown, and fronts Interstate 35. The Class A property has 463 units totaling 57,707 SF. Bill Bellomy and Michael Johnson of Bellomy & Co. represented Bulldog I35 South, LP, the Dallas-based seller. The team also procured the Walnut Creek-based buyer, PG Cactus Bulldog I, LLC.
FORT WORTH – Transwestern Real Estate Services announced the sale of 200 Bailey Ave., a three-story, 43,729 SF office building, to an undisclosed Fort Worth-based investor. Transwestern’s Kyle Poulson and Gibson Duwe facilitated the transaction on behalf of the seller.
TROPHY CLUB, Texas – Andy Anderson, Principal at Restaurant Properties Group, represented The Trophy Table in the 10-year lease of an 8,248-square-foot restaurant located at 3000 State Highway 114,
DALLAS – Barvin, a Houston multifamily firm, acquired the 300-unit Novel Bishop Arts development in North Oak Cliff in Dallas, the Dallas Morning News reported. The seven-story project was developed by Crescent Communities.
NATIONAL – RNR Real Estate Briefs
PORTLAND, Ore. — Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily communities, announced the acquisition of East of Eleven Apartments in the Buckman submarket of Portland for $22.3 million. East of Eleven is an 84-unit, mid-rise property built in 2019. The investment was made from Pathfinder Partners Opportunity Fund VIII, LP.
NEW YORK, N.Y. — Swinerton, a $5 billion construction services firm, recently opened its first New York City office, which is being led by Andrew Pearl.
GLENDALE, Ariz. – Transwestern Investment Group, along with its partner, Knightvest Capital, announced the sale of Paseo Park, a 35-building, garden-style apartment community at 5205 W. Thunderbird Road in Glendale, Ariz. The multifamily asset comprises 480 one-, two- and three-bedroom units and was 98.7% occupied at the time of sale
TAMPA, Fla. — B+E, a brokerage platform for net lease real estate, announced the sale of the Trulieve property on Manatee Avenue West in Bradenton, Fla., for $900,000. Selling at a 7% cap rate, the property measures +/- 1,833 SF and sits on +/- .42 acre of land. About nine years remains on the lease, with 3% rent escalations every year.
ROSEMONT, Ill.— Lee & Associates, the broker-owned commercial real estate firm, has closed an industrial lease transaction at 11230 Katherine’s Crossing in Woodridge, Ill. Walter Murphy of Lee & Associates of Illinois, represented the tenant, Dober, on its lease of 100,619 SF. Sean Henrick of Cushman & Wakefield represented the owner, Bristol Group.
July 24, 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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Photo Courtesy Colliers. (Cochinitos, North Freeway)