RNR Real Estate Briefs from Realty News Report – HOUSTON – NAI Partners’ Retail Services’ Jason Gaines recently arranged the following three restaurant transactions: The first was a 10,000-SF retail lease renewal for Happy Family Chinese Buffet at 3101 FM 1960 East in Humble. Gaines also represented the tenant in leasing a 1,400-SF lease for Wingstop at 14119 Grant Rd in Cypress, Texas; and a 1,625-SF Wingstop lease in Crosby.
BEAUMONT, Texas – The Estes Companies continue growing their multifamily portfolio with the acquisition of the newly named Verandas of Beaumont Apartments at 2020 Cottonwood, Beaumont. Formerly the Concord Home Apartments owned by the Beaumont Housing Authority, Houston-based real estate veteran Andrew Estes will completely renovate the 100-unit property.
HOUSTON – Gorham Export Packing, LLC, has renewed the lease for its 13,860 SF office/warehouse at 1020 Fennell St. in Lawndale. Broker David Gerber of Gerber Realty represented the landlord, ACC 2320 Congress, LLC.
HOUSTON — Jack Gaffney and Jack Callaghan with Finial Group facilitated a sale at 8713 Fallbrook Drive in Houston. Finial Group represented the seller, ASAP Real Estate, LLC. The buyer, ICS Management Corporation, purchased the 12,087 SF industrial building in Northwest Houston.
HOUSTON – Asset Living, a Houston-based property management firm, has acquired three different organizations, including Poetic, a digital focused creative agency; Shelton Residential, an Arizona-based property management firm and Alpha Barnes Real Estate, a Dallas-based property management company. Ryan McGrath is CEO of Asset Living.
SPRING, Texas – Elite Dry Cleaners has leased 1,500 SF in the Kleinwood Shopping Center at 7310 Louetta Road in Spring, Texas. The landlord was represented by Josh O’Toole of Phillips Edison & Co. and the tenant was represented by Wes Miller of Wulfe & Co.
HOUSTON – VA Electrical Contractors, LLC, leased 13,450 SF of dock high industrial warehouse space at 906 Witter St. in Pasadena, Texas. Ed A. Ayres with Houston Realty Advisors, Inc. represented the landlord, Witter Property, LLC. Chase McAteer and Taylor Stoute with Oxford RE Services represented the tenant.
SPRING, Texas – Diana Gaines of The J. Beard Real Estate Company has represented the seller, Estancia, LLC, in the sale of 24.74 acres to an undisclosed buyer. The property is at 5807 Spring Stuebner Road, Spring, Texas, just east of Gosling Road. The land was purchased for future development. Brad Dill with BD Realty Advisors represented the buyer.
HOUSTON – Houston Realty Advisory, Inc. has negotiated the sale of 10,800 SF of newly renovated warehouse at 2614 Carrolton St., Houston. The buyer was All Industrial Electrical Supply of California. Jay Shaw of Shaw Real Estate in the firm’s Houston office represented the seller, F.& J. Crowley. Ed A. Ayres, president of HRA, Inc. said most smaller industrial warehouse buildings for sale are becoming nearly impossible to find due to the increased prices on current construction materials, making the economy of scale for smaller warehouse construction costs prohibitive.
HOUSTON – S&P Wholesaling leased 14,750 SF at 4240 Lockfield St. The warehouse/office space is in Northwest Houston off Highway 290 at W 43rd Street and Lockfield Street. Sam Rayburn and Jim Autenreith with Moody Rambin represented the owner.
BRENHAM – Baker Katz is developing Brenham Crossing, a 164,000-SF center on US 290 in Brenham. Hobby Lobby, Marshall’s and other tenants have been signed.
TEXAS – RNR Real Estate Briefs
NEW BRAUNFELS, Texas – Brett Lum of NAI Partners arranged a 69-acre land sale to Highbridge Investments near FM 1102 in New Braunfels.
FORNEY, Texas – VanTrust Real Estate is developing the Forney Distribution Center, a 622,000 SF speculative project near U.S. Highway 80. Nathan Lawrence and Krista Clark of CBRE are leasing it.
EDINBURGH, Texas — Kevin Murphy of NAI Partners arranged a 4,305 SF office lease for South Texas Vascular at 2511 Cornerstone Boulevard in Edinburgh in South Texas.
DALLAS — KBS, a major investor in commercial real estate property, in a joint venture with the Southern Land Company, has announced the completion of the first phase of a ground-up development: Novē at Knox, a 309-unit, Class A multifamily complex in the Knox/Henderson district near Downtown Dallas. Final completion is expected in March 2021.
DALLAS — Churchill Mortgage Corp. has added 3,725 SF of office space to take its total to 8,628 SF in Merit Tower, 12222 Merit Drive, Dallas. Jared Laake of Bradford Commercial Real Estate Services represented the landlord, LLL Four Forest.
PLANO, Texas – The Dallas/Plano Marriott at Legacy Town Center, Plano’s largest hotel, has completed a $3.6 million meeting space renovation with Roch Capital. It was designed by C+TC Design Studio. The hotel has 417 guest rooms and 35,000 SF of event space.
GEORGETOWN, Texas – Trez Capital announced the closing of $12.7 million in financing for phase one of Owen Holdings Inc.’s new 454-acre mixed-use community, Parmer Ranch, near Austin. Upon completion, Parmer Ranch will have more than 1,000 single-family homes, 100 acres of mixed-use commercial space including multifamily, retail, office and medical, schools and 47 acres of open space.
ROUND ROCK, Texas – NAI Partners recently arranged a 23,172 SF industrial lease for Westwinds Wholesale Doors at Settlers Crossing in Round Rock, Texas. NAI Partners’ Troy Martin represented the tenant. Adam Green with Stream Realty represent the landlord.
DALLAS – Emergency Room of Texas, LLC, has leased a 6,710 SF freestanding medical office project at 4535 Frankford Road, Dallas, from Wenzhold LP. Leigh Richter of Bradford Commercial Real Estate Services represented the landlord.
SAN MARCOS, Texas – Joe DeCola of NAI Partners recently arranged a 4,867 SF retail lease for Plato’s Closet at 900 Bugg Lane in San Marcos.
GARLAND, Texas – Pulte Homes purchased 18 acres at 5001 Zion Road in Garland from Oasis Church with plans to create 90 single-family lots in a project called Bridgewater. Younger Partners’ Jack Gail represented the buyer. Church Realty’s John Muzyka represented the seller.
HORSESHOE BAY, Texas – Harbor Custom Development, based in Gig Harbor, Wash., has contracted to acquire 30 developed single-family lots for $2.5 million in the Siena Creek subdivision in Horseshoe Bay, 53 miles west of Austin. Harbor Custom Homes will construct four- and five-bedroom homes priced from $600,000 to $1 million.
DALLAS — WALO Creative, LLC, has leased 3,236 SF of office space in Merit Tower, 12222 Merit Drive, Dallas, from LLL Four Forest, LLC. Jared Laake of Bradford Commercial Real Estate Services represented the landlord. Jayson Montoya of NAI Robert Lynn represented the tenant.
HEATH, Texas – JLL Capital Markets closed the sale of Heath Town Center, a new, 77,699-SF neighborhood shopping center anchored by a top-performing Tom Thumb in the Dallas-Fort Worth area community of Heath. JLL represented the seller, Malouf Interests, Inc. Local Dallas buyer Younger Partners Investments acquired the asset.
NATIONAL – RNR Real Estate Briefs
BALTIMORE, Md. – Houston-based LGI Homes announced the grand opening of Quarry Oaks at Cambrian Hills, the builder’s first community in the Baltimore metropolitan area. LGI will construct 78 homes at Quarry Oaks at Cambrian Hills, priced from the $280s.
PHOENIX, Ariz. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Montreux, a 335-unit, mid-rise apartment asset in the Desert Ridge master-planned community of Phoenix, Ariz. The property sold for $117 million, which breaks down to $349,254 per unit.
DENVER – KKR, a global investment firm, announced the acquisition of Park 12 Hundred, a three-building industrial park totaling 290,000 SF in Westminster, Colo. KKR acquired the asset from the developers, Conor Commercial Real Estate and WHI Real Estate Partners. Will Strong of Cushman & Wakefield assisted.
ST. PETE BEACH, Fla. – Marcus & Millichap announced the sale of Mulligan’s Plaza, a 18,750 SF retail property in St. Pete Beach, Fla. The asset sold for $2,572,000.
BOSTON — VineBrook Homes acquired a portfolio of 2,267 single-family rental homes across multiple markets. The acquisition further expands the company’s presence in the Midwest, Heartland and Southeast. The homes were originally aggregated, renovated and managed by Conrex Homes.
PHOENIX, Ariz. — San Antonio-based Embrey Partners acquired land in Arizona where it will develop The Quincy at Kierland, a 266-unit, multifamily project on Scottsdale Road in Phoenix. The first units will be available in early 2023.
SAVANNAH, Ga. – JLL Capital Markets closed the sale of Victory Station, a 64,146-SF neighborhood retail center anchored by a Whole Foods Market in Savannah. JLL represented the seller, Clarion Partners. Rothenberg-Rosenfield Inc. purchased the property.
March 13, 2021 Realty News Report Copyright 2021
File: RNR Real Estate Briefs
Photo credit: Ralph Bivins Realty News Report Copyright 2021