RNR Real Estate Briefs from Realty News Report –HOUSTON –TGS Cedar Port Partners, L.P., announced the sale of 99.3 acres to Floor and Décor Outlets of America for a 1.5 million SF distribution center near the intersection of Cedar Port Parkway and Fisher Road. John Simons, with NAI Partners, which handled the sale, said, “We are now in a position to create development solutions for a wide range of links in the supply chain.” Houston-based Arch-Con Corp. is general contractor,
HOUSTON– JLL Capital Markets announced it has arranged acquisition financing for Chartwell Court, a multi-housing property in Houston that was originally built in 1995. JLL worked on behalf of the borrower, REEP Equity, to originate the 12-year, fixed-rate Fannie Mae loan. REEP Equity plans to renovate 40% of unit interiors and the property’s exterior.
HOUSTON – Serendipity Labs has opened its first Houston location at 5555 San Felipe, the transformed Marathon Oil Tower. The 28,000 SF lab is located on the 20th floor. It offers offices with high-end finishes, private offices and team rooms, socially distanced coworking and meeting space with views of the Galleria Submarket and Tanglewood.
HOUSTON – Shogun Group Corp. has purchased a 4,993 SF former IHOP restaurant on 1.1 acres at 15444 Hwy 105 W. in Montgomery from Sagamore Hill Holdings LLC. Bob Conwell and Austen Baldridge of NewQuest Properties represented the buyer. Jazz Hamiltona nd Rusty Lilley of CBRE represented the seller.
RICHMOND – Chicken Kitchen has leased 1,400 SF of retail space at the Grand at Aliana, located at West Grand Parkway S. and West Airport Boulevard, Richmond, from NewQuest Properties. JoshFriedlander and David Meyers of NewQuest Properties represented the landlord. Brad Kilbride of Lee & Associates represented the tenant.
HOUSTON – Performance Wellhead & Frac Components, LLC has obtained a new, 19,168 SF office sublease at Wallis State Bank, 2929 NW SH Parkway N. in Houston. Jack Brewer, Garrett Gibbons and Andy Iversen of Newmark represented the subtenant. JLL Brokerage Inc. represented the sublandlord, KW International, LLC.
HOUSTON — Pelican Builders announced that ground was broken last week for its 33-residence luxury midrise, Westmore, at 2323 W. Main, Houston, During a small outdoor ceremony, Pelican Builders Founder Robert Bland, President Derek Darnell, project architect Todd Blitzer of Mirador Group and project general contractor Gary Leach of G. T. Leach Constructors placed shovels into the ground at the site of the forthcoming boutique condominium.
HOUSTON — Wells Fargo Bank and the Federal Home Loan Bank of Dallas have joined together to provide a $750,000 Affordable Housing Program subsidy to New Hope Housing Inc. to help fund a $34.9 million supportive housing development near downtown Houston. Called New Hope Housing Avenue J, the 100-unit, transit-oriented apartment community targets families earning 60% of the area’s median income in a neighborhood known as the historic East End.
TEXAS – RNR Real Estate Briefs
BROWNSVILLE, Texas – Phoenix JCR Brownsville Industrial Investors, LLC, has purchased a 1,040,904 SF industrial building at 6700 Paredes Line Road in Brownsville. Newmark’s Michael Reid, Brian Cheek and John Wolf represented the buyer and the seller, Titan Tire Brownsville, LLC. Fidelity National Title, escrow agent, also assisted.
DALLAS – Texas newcomer Volt Lighting has leased the 17,500 SF balance of a four-building project in Dallas’ Brookhollow Industrial Park for its fourth distribution center in the U.S. Volt Lighting’s Southwest Region distribution center has been set up in Mockingbird Place Building 3, 420 W. Mockingbird Lane, backfilling a spot with just one month of down time for the leasing team. Brock Wilson of Dallas-based Bradford Commercial Real Estate Services represented the landlord while colleague Joe Santaularia handled the tenant side of the talks.
FRESNO, Texas – Cajun Self Storage, 2935 FM 521 Road in Fresno, has been sold, reports Marcus & Millichap. The facility features 323 climate-controlled units, 201 non-climate-controlled units, 38 enclosed parking spaces, one office, and one warehouse, totaling 104,823 net rentable SF.
FORT WORTH, Texas – Canada-based Hopewell Development LP and GTIS Partners LP of New York acquired 21 acres near State Highway 113 and Alliance Texas, reports the Dallas Morning News. A 361,000-SF industrial project will be constructed. Lee & Associates and JLL were involved.
NATIONAL – RNR Real Estate Briefs
ATLANTA – Lee & Associates Atlanta recently completed the industrial lease for 589,680 SF at Park 85 Business Park in Braselton, Ga. Lee & Associates’ Billy Snowden, Rick Tumlin and Mike Sutter represented the tenant, Comptree Inc., in the leasing of 1380 Jesse Cronic Road, a newly delivered, distribution facility in the I-85 Northeast Atlanta submarket.
BRUNSWICK, Georgia— Hodges Ward Elliott, a boutique real estate capital markets advisor, represented a partnership of HOS Management and Hawkeye Hotels in the sale of the 175-key dual-brand Home2 Suites/Hilton Garden Inn, a newly constructed hotel in Brunswick, Ga., along Interstate 95
WAUKEGAN, Ill.— Broker-owned commercial real estate firmLee & Associateshas closed a pair of lease transactions totaling 85,403 SF of industrial property in Waukegan, Ill. Tom Boyle of Lee & Associates of Illinois represented tenant K International, Inc. (dba Kinter) on a lease of 55,838 SF at 3211 N. Oak Grove Ave. Matthew Lewandowski of Darwin Realt yrepresented the owner. Ryan Kehoe of Lee & Associates’ Illinois office represented the tenant, Henry Broch & Co, on a lease of 29,565 SF at 2339 Ernie Krueger Circle. Dan Tobin of CTK represented the owner.
INTERNATIONAL
NEW DELHI – Construction has begun on the second joint venture project between Hines, the international real estate firm, and DLF, a major publicly listed real estate company in India. Hines and DLF formed a joint venture in 2019 to develop an office complex in Phase V, Udyog Vihar, Gurugram. Spread across nearly 12 acres, the project will be developed in phases, with Phase I comprised of 2.5 million SF. In August 2020, the project secured a construction loan of $355 million from HDFC Ltd. for the development of Phase I. Unimpeded by COVID, the project’s construction will move forward as scheduled and will be completed in stages throughout 2023 and 2024.
Feb 20, 2021 Realty News Report copyright 2021
Photo: credit: TGS Cedar Port Partners, L.P. and NAI Partners