RNR Real Estate Briefs – HOU, AUS, DAL, SAT – and more

RNR Real Estate Briefs from Realty News Report  HOUSTON– Stream Realty Partners, a national real estate services, development, and investment company, has executed a 16,135 SF lease with Shaw Systems Associates, LLC, at Westchase Oaks, 10111 Richmond Ave., Houston, on behalf of client Westchase Corporate Center Holdings, LLC, an entity controlled by AEW Capital Management. This lease marks the largest relocation into the Westchase submarket this year. Matthew Asvestas and Adam Ross of Stream represented the landlord and Scott Covington of S.E. Covington & Co. Commercial Real Estate Services represented the tenant.

PEARLAND, Texas — NAI Partners,  the commercial real estate services business of Partners Real Estate Company, arranged a 6,943 SF retail lease for Pet Supplies Plus in the Broadway Plaza Shopping Center, a 21,400 SF retail development led by Partners Capital in Pearland.

HOUSTON–– Belvoir Real Estate Group, LLC,  completed the sale of a hotel at 9041 Westheimer Road. Located on 1.6 acres, 10 minutes from Houston’s Galleria district, the property boasts easy access to major thoroughfares, popular retail and residential areas. The buyer, Sam Patel, plans to maintain the property as a hotel. Belvoir’s Kyle Fischer represented the seller.

ROSENBERG, Texas — TMH Physician Organization has leased 4,714 SF of medical office space in Brazos Town Center, at Interstate 69/US 59 and FM 762, Rosenberg, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest Properties represented the landlord. Coy Davidson of Colliers  represented the tenant.

HOUSTON – Power Temp Systems, Inc. expanded its lease by 15,000 SF, bringing its total space to 40,375 SF at 1646 Rankin Road. Transwestern Industrial Group’sNick Peterson  and John Ferruzzo represented the tenant.

HOUSTON — NAI Partners recently arranged the sale of 6614 Gant Road, a 46,000 SF industrial property. NAI Partners’ Travis Land  and AJ Williams  represented the seller, Ellisor Investments. The property was purchased by River City Land Ventures, LLC. Jeremy Roberts of JAR Real Estate represented the buyer.

HOUSTON — Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $6.2 million equity investment in the Cypress Station Portfolio — two multifamily communities located in Houston, with a total of 488 units. Strategic Realty Holdings,  a Calabasas, Calif.-based real estate investment firm, acquired the garden-style apartment communities for $34.3 million: the 252-unit Cypress Ridge Apartments at 2331 Bammelwood Drive and the 236-unit Highland Cross Apartments at 411 Highland Cross Drive.

MISSOURI CITY, Texas — Burlington Coat Factory has leased 25,015 SF of retail space in Fort Bend Town Center Phase II, at Fort Bend Parkway and TX 6, Missouri City, from NewQuest Properties. Andrew Alvis and Bob Conwell of NewQuest Properties represented the landlord. Greg Stackhouse of New Regional Planning  represented the tenant.

HOUSTON – KM Realty Investment Trust, Inc.,  a privately held real estate investment trust, unveiled proposed renovation plans for the storied Township Square development at FM 1092 and Township Lane near Highway 6 in Missouri City. Houston-based Identity Architects is planning the renovation.

SPRING, Texas — Metrospaces, Inc.,a proptech (property technology) company powered by Shokworks, has acquired a 50.6 percent equity stake in a 60,295 SF Houston office building as part of the firm’s plan to revolutionize tokenized real estate opportunities through its new blockchain-fueled platform. Located in the Houston suburb of Spring at 3303 FM 1960, the Brazos Atrium building is a Class-B space with current occupancy rate of about 99 percent.

STAFFORD, Texas – Flourseals America signed a new 29,220 SF lease at Stafford Crossing, 11325 Cash Road in Stafford. Transwestern Industrial Group’s Brian Gammill, Darryl Noon, Jude Filippone and Carter Thurmond represented the building owner. Adrian Fernandez  of Walzel Properties  represented the tenant.

 HOUSTON – Houston-based Matrix Structural Engineers has signed a 6,664 SF extension at Uptown’s 5177 Richmond Ave. The long-term commitment renews the company’s corporate headquarters presence in the office building on the southeast corner of Richmond and Sage. Senterra Real Estate Group, LLC’s Neil H. Tofsky  and Kevin D. Tofsky represented Matrix while Brad Sinclair of Madison Marquette  worked on behalf of the landlord.

STAFFORD, Texas – Biomedical Solutions, Inc. renewed its 3,333 SF lease at Greenbriar Business Center, 3727 Greenbriar Drive in Stafford. Transwestern Industrial Group’s Carter Thurmond  represented the building owner.

HOUSTON — Chase Tucker, Jack Gaffney and Jack Callaghan  of Finial Group facilitated a lease at 3335 College Park Drive. The tenant, Y.E.S. Fitness, LLC, signed a 2,646 SF lease at The College Park Village Shopping Center.

FULSHEAR, Texas — Saltgrass Steak House has leased a 5,000 SF building at 8506 Syms St., Fulshear, from QSR Real Estate Holdings LLC. J.J. McDermott and David Meyers of NewQuest Properties represented the landlord.

TEXAS – RNR Real Estate Briefs

AUSTIN — NAI Partners arranged the sale of 6800 Woodrow Ave., a 63,162 SF property in Austin. NAI Partners’ Kevin Murphy represented the seller, Intrinsic Ventures. The buyer was 6800 Woodrow, LP.

DALLAS – JLL Capital Markets closed the sale of The Hill, a 240,000 SF shopping destination at Walnut Hill and Central Expressway in Dallas. JLL represented the seller, EB Arrow. Asana Partners purchased the asset in an off-market transaction. The JLL Retail Capital Markets team representing the seller was led by Barry Brown, Ryan Shore, Chris Gerard and Jason Jacobs.  Completed in 1977 with a mid-century modern aesthetic, The Hill underwent substantial renovations to become a contemporary shopping plaza.

DALLAS – Crescent Real Estate, LLC, signed Pasaca Capital, Inc., to a 7,402 SF lease to create The Crescent Pasaca’s newest office. The Crescent will also serve as Goldenrod Companies Dallas office. Goldenrod signed a 4,357 SF lease. Derek Lewis with Lincoln Property  represented Pasaca. Wills Bauer and Dante Krieger  with Stream  represented Goldenrod. Click  and Jordyn Allen  of Crescent represented The Crescent in both lease negotiations.

AUSTIN –Austin-based Pearlstone Partners and New York-based ATCO Properties & Management announced plans for their new 41-story residential high-rise to be called “Vesper” at 84 East Ave. in Austin’s Rainey Street Historic District. The co-developers recently completed demolition of existing structures and have begun construction with units set for delivery in 2024. Vesper will offer 284 units.

AUSTIN – Stream Realty announced its Austin office represented ownership, KBS Real Estate Investment Trust III, in a 14,082 SF lease for the international digital branding company, PMG Worldwide, LLC, on the 18thfloor of the tower at 515 Congress Ave. PMG is gaining sought-after signage atop the 26-story tower that’s one of the most prominent buildings in downtown Austin. Stream’s Connor Atchley  and  Brad Philip  executed the transaction.

NATIONAL — RNR Real Estate Briefs

NORCROSS, Ga. – Dalfen Industrial  recently closed on the acquisition of the 60,000 SF 5250 Brook Hollow Parkway building in Norcross, Ga., a suburb northeast of Atlanta. This property is Dalfen seventh acquisition in the Norcross submarket

FORT LAUDERDALE, Fla. — Altman Management Company will manage New River Yacht Club in Fort Lauderdale, a luxury 26-story residential tower located high above the New River in downtown Fort Lauderdale.

NEWBURGH, N.Y. — Houston-based RCI Hospitality Holdings agreed to acquire The Mansion Gentlemen’s Club and Steakhouse of Newburgh, N.Y., and its real estate. The Mansion is the only gentlemen’s club with a liquor license in Orange County, N.Y. Consideration is $500,000 in cash, $1 million as 4 percent, seven-year seller financing for the club and $2 million for the real estate. RCI Hospitality operates under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret and Scarlett’s Cabaret and sports bars, including Bombshells Restaurant & Bar.

JACKSONVILLE, Fla. – Mayank Patel of Hunter Hotel Advisors represented BPR Properties in the sale of the Home2 Suites by Hilton Jacksonville Airport. The buyer was a large private equity group.

Aug 21, 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

Photo Credit: Ralph Bivins, Realty News Report, Copyright 2021

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