RNR Real Estate Briefs from Realty News Report – HOUSTON — Global asset manager AllianceBernstein, LP, signed a new long-term office lease for its new local private wealth office, Bernstein Private Wealth Management, to occupy 11,241 SF at Bank of America Tower in downtown Houston. The firm plans to move in spring 2022 from its current Houston office at Wells Fargo Plaza, 1000 Louisiana. CBRE’s Kristen Rabel and Parker Duffie represented the landlord, Beacon Capitol Partners. Steve Biegel with Newmark represented AllianceBernstein.
HOUSTON – Advanced Power Services subleased a Class A office space within River Oaks at 2323 South Shepherd Drive. Jack Callaghan and William McCarthy with Finial Group represented the landlord.
HOUSTON — Colliers announced that National Property Holdings hosted its grand opening Sept. 1 for Republic Business Center at 11333 North Gessner Road in Houston. Republic is a 157-acre, master planned industrial development situated in Houston’s northwest distribution submarket. The project is nearing completion with its tenants, Amazon and The Home Depot, bringing in more than 1,000 new jobs. The developer, National Property Holdings, is represented by Robert Alinger of Colliers.
SUGAR LAND, Texas — Ori’Zaba’s leased 2,204 SF in the University Commons Shopping Center at 13513 University Blvd. in Sugar Land. Las Vegas-based Ori’Zaba’s is a fast casual, scratch kitchen bringing old-world Mexican flavors to their restaurants. The landlord was represented by Brad Ryan of Capital Retail Partners and the tenant was represented by Kristen Barker of Wulfe & Co.
HOUSTON — Bellomy & Co. announced the sale of Houston Mini Storage, four miles north of downtown Houston. The Class B property has 256 units totaling 34,660 NRSF. Bill Bellomy and Michael Johnson of Bellomy & Co. represented TPH SPE, LLC, the Salt Lake City-based seller. The team also procured the Houston-based buyer, Houston Mini Storage, LLC.
HOUSTON – Colliers announced the sale of a 3.7-acre stabilized storage yard, at 605 North Wayside Drive, Houston. The seller, RYCO Real Estate #1, was represented by Jason Ryan and Webb Melder of Melder Real Estate. Zack Taylor of Colliers represented the buyer, 605 Wayside LP, and has been retained to lease the property on behalf of the investment group.
THE WOODLANDS — Greg Usher of Cypressbrook Company represented the landlord, Vista Woodlands Partners, Ltd., in the leasing of 5,469 SF of lab space at 8701 New Trails in The Woodlands. Christian Connell withTranswestern represented the tenant, Messogen, Inc.
HOUSTON – George Montes of Cypressbrook Company acted as intermediary between the landlord, RASC Investments LP, and the tenant, City Balloons Distribution LLC, in the leasing of 4,200 SF of warehouse space at 16721 Hollister St.
HOUSTON – Kimberly DeVos of Cypressbrook Company represented Noe’s Cafe, which leased retail space in Springwoods Village at 2120 Spring Stuebner Road. Lauren Heimann with Regency Centers represented the landlord, Spring Stuebner RRC I Inc.
IRVING, Texas — CT Realty has leased Stadium Logistics Center, a new Class A 329,358 SF industrial building, to Dallas-based Total Office Solutions, a longtime provider of office furniture. Craig Jones and Randy Touchstone at JLL represented CT while Total Office was represented by Robert Deptula and Collin Rock from Transwestern.
AUSTIN, Texas — Bell Partners acquired Lenox Boardwalk, a 339-unit apartment community in Austin, two miles from the city’s central business district, adjacent to Oracle’s 40-acre campus.
SAN ANTONIO, Texas — The previously named Vistana, a 17-story, 247-unit downtown San Antonio apartment community, has rebranded itself as Inspire Downtown following a renovation.
ATHENS, Texas — The Multifamily Group, a Dallas-based commercial real estate brokerage firm, facilitated the sale of the former Quality Inn & Suites in Athens. Advisor Greg Miller represented the buyer. Profectus Multifamily Capital, a Dallas-based, privately held real estate investment company, worked with the City of Athens during the due diligence period to get the re-zoning and hotel conversion plan approved, which converts the former vacant hotel into 122 modern efficiency apartments.
CARROLLTON, Texas -– JB Hudco, a third-party logistics firm managing clients’ warehousing, fulfillment and distribution needs, has expanded to a new industrial space in Carrollton, Texas, at 4717 Plano Parkway. NAI Robert Lynn’sChad Albert represented the tenant, providing 162,000 SF of additional warehouse space for its current expansion needs.
AUSTIN, Texas — In one of the largest value-add multifamily transactions by unit count in Austin this year, Archway Equities and CAF Capital Partners acquired The Morgan, a 504-unit community in that city. It is the first time Archway and CAF, each of which controls about 1,000 multifamily units in that market, have partnered on an investment in the Texas capital.
FORT WORTH, Texas – M2G Ventures, a North Texas-based real estate investment and development company, announced the acquisition of 3500 Avenue E, a 141,658 SF urban industrial project as well as construction of 3101 Pinewood, a 100,100 SF urban industrial redevelopment, both located within the Great Southwest Industrial submarket. Cameron Deptula and David Guinn of Davidson Bogel Real Estate represented M2G Ventures on the Avenue E acquisition. Stephen Williamson andAdam Graham of Lee & Associates represented M2G Ventures in the Pinewood contract.
DALLAS — TruAmerica Multifamily has doubled its portfolio in Texas with the acquisition of The Heights and Mission Ranch apartments. The two Dallas-area properties, acquired in separate transactions, total more than 500 rental homes and represent the Los Angeles-based, value-add multifamily investment firm’s third and fourth ventures in Texas since entering the market in December 2020. Mission Ranch Apartments is a 295-unit Class-B property of one-, two-, and three-bedroom apartment homes. The Heights is a 35-acre property of 162 single-family townhomes and 84 apartments. With these, TruAmerica has acquired 1,300 units in Texas in the last eight months.
FORT WORTH, Texas — The historic Atelier Building, tucked into downtown Fort Worth, has been sold in a short-term sale-leaseback between law firms, setting the stage for the seller’s expansion and the Austin-based buyer’s fourth office in Texas. Built around 1905, the two-story structure totaling 2,500 SF is located at 209 W. 8th St., within walking distance of all that Fort Worth’s vibrant downtown has to offer, including the Tarrant County Courthouse. Seller BWHC Properties, LLC, was represented by Nick Talley of Bradford Commercial Real Estate Services, who is now searching for downtown office space for the law firm of Barnett Williams & Howard. The incoming occupant is O’Hanlon, Demerath & Castillo, a 12-attorney firm with offices in San Antonio, the Rio Grande Valley and its headquarters in the City of Austin. Partner Kevin O’Hanlon and Priscilla Lozano are the buyers of record.
ATLANTA, Ga. — CatchMark Timber Trust, Inc. announced that TexMark Timber Treasury, LP, (Triple T), has completed the sale of 300,000 acres of East Texas timberlands for $497 million in cash, or approximately $1,656 per acre, to a client of Hancock Natural Resource Group, Inc., a Manulife Investment Management company. The sold property represents a portion of the 1.1 million acres in East Texas owned by Triple T.
LAS VEGAS, Nev. — Avison Young has brokered the $21.75 million sale ($192,477 per door) of the Mark I Apartments, a 113-unit apartment property at 1020 E. Desert Inn Road in Las Vegas (Clark County). Avison Young’s Pat Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Team exclusively represented the seller, a Calabasas-based LLC.
MIAMI, Fla. – Befeler Group, through its affiliate, BG Hospitality of Port St. Lucie, Fla., a real estate investment company based in Coconut Grove, Fla., acquired the 93-key Holiday Inn Express & Suites Hotel in Port St. Lucie. The hotel, located near I-95, sold for $8.9 million.
OAKLAND, Calif. – Riaz Capital, a fully integrated development, construction and property management company, has acquired the Z Hotel in Oakland and will transform the 102-door hostelry into workforce housing apartments with added density as part of the company’s innovative approach to the Bay Area housing crisis. Located at 233 Broadway in Jack London Square, the property was acquired during the COVID-19 pandemic at the value price of $18.15 million.
BOCA RATON, Fla. — JLL Capital Markets has closed the sale of 1905 Clint Moore Road., a 102,186 SF medical office building in Boca Raton. JLL brokered the sale between the seller, 1905 Associates, LLC, and the buyer, a publicly traded real estate investment firm. The JLL Capital Markets team was led by Chris Drew, Matthew McCormack, Hermen Rodriguez and Ike Ojala, with analytical support from Max Lescano.
HOUSTON – Transwestern Real Estate Services and J.P. Morgan Global Alternatives announced four new leases that have brought Sam Houston Distribution Center, a Class A, 833,720 SF speculative industrial project, to 100 percent occupancy. The Transwestern team of Brian Gammill, Darryl Noon, Jude Filippone and Carter Thurmond provided leasing and marketing services on behalf of the owners. Located at 9625 Fallbrook Pines and 8828 Taub Road near Beltway 8, the property is in Houston’s Northwest submarket. Developed as a joint venture between Transwestern Development Company and J.P. Morgan Global Alternatives, construction was completed in 2020. “We were confident that the location and flexible building design of this speculative project would perform well, but the strong interest in the property and rapid execution of leases with high-quality tenants exceeded our expectations,” said Doug Schwartz, CIO of Real Estate Americas at J.P. Morgan Global Alternatives.
The transactions also included.
- A 494,800 SF lease with Goodman Manufacturing Company, a worldwide leader in residential and commercial HVAC systems, represented by Seth Koschak of Stream Realty Partners.
- A 200,200 SF lease with Foxconn Assembly LLC, a computer and peripheral equipment manufacturing company, represented by Reggie Beavan and Joshua Brown of Newmark Knight Frank.
- A 97,440 SF lease with Freeway Logistics, a company specializing in warehousing, e-commerce fulfillment and supply chain solutions, represented by Beau Kaleel and Michael Foreman of Cushman and Wakefield.
- A 41,280 SF lease with Thunder Logistics, a freight transportation company, represented by David Buescher.
Sept. 12, 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 credit: Ralph Bivins, Realty News Report Copyright 2021
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