RNR Real Estate Briefs from Realty News Report HOUSTON – Global law firm Greenberg Traurig renewed a lease for 37,300 SF at Wells Fargo Plaza at 1000 Louisiana, relocating within the downtown office tower. CBRE’s Marilyn Guion and Warren Savery represented the landlord while Newmark’s Lispah Hogan and Mike Shuler represented the tenant.
HOUSTON – Syntech Chemicals purchased an 18,000 SF chemical plant at 7500 FM 1405 in Baytown from TGS Cedar Port Partners. CBRE’s Bill Rudolph and Kyle Golding represented Syntech. NAI Partners’ Joel Michael, John Simmons and Holden Rushing represented the seller.
HOUSTON – Transwestern Real Estate Services announces the redevelopment of West Medical One, a four-story, 168,790 SF medical office building at 12121 Richmond Ave., just west of Royal Oaks Country Club in Houston. Transwestern’s Ashley Cassel and Danielle Lanza provide agency leasing services for both West Medical One and neighboring West Medical Two.
HOUSTON – George Montes of Cypressbrook Company represented the tenant, Arco Iris Group in leasing 3,500 SF of office/warehouse space at 3545 O’Meara Dr. Sharon Amos represented the landlord, Houston Hashem Properties.
HOUSTON – Kelsey-Seybold Clinic has leased 7,500 sf of retail space in Shops at Stone Park, located at the intersection of Beltway 8 and Wallisville Road from NewQuest Properties. Ashley Strickland, Nick Ramsey and Kevin Sims of NewQuest Properties represented the landlord in the direct deal.
HOUSTON – OYO Townhouse Houston, a 97-room, four story hotel built in 1996 at 12701 North Freeway in Houston, has been sold. The hotel was listed for $2,250,000 by Marcus & Millichap.
HOUSTON — Chase Tucker and Jack Gaffney with Finial Group arranged a retail lease at 10750 Barker Cypress Road in the Lakes of Riata in Houston. The tenant was Walk-In Wellness Family Clinic, PLLC.
CYPRESS – Rock Creek Oral Surgery Specialist leased 2,100 SF of retail space in Shops at Rock Creek, near Spring Cypress and Grant roads, from NewQuest Properties. Andrew Alvis of NewQuest Properties represented the landlord. Alex Frias of Phelps Commercial Realty represented the tenant.
THE WOODLANDS – Greg Usher of Cypressbrook Company represented the Mitchell Minerals, in the renewal of 2,169 SF of office space at 2204 Timberloch Place,.Lisa Hughes of the Beard Company represented the landlord, Timberloch Inc.
CONROE – Kimberly DeVos of Cypressbrook Company represented Covenant Chiropractic Clinic, in leasing space at 11133 I-45 North in Conroe. The landlord, CAL-River Station was represented by Brandon Levinson of Interra Capital.
THE WOODLANDS – Patricia Chesser of Cypressbrook Company acted as intermediary between the landlord, Woodmark Capital, LP, and the tenant, Gardeaux Wigs, LLC, in leasing space at 1776 Woodstead Court.
SAN ANTONIO – NAI Partner srecently arranged an office lease for Germer Law at 14100 San Pedro in San Antonio. NAI Partners’Clare Flesher and Colten Courtney represented the tenant.
DALLAS — Crescent Real Estate, LLC, announced multiple lease expansions and renewals within The Crescent, a 1.3 million SF office/mixed-use development in Dallas’ Uptown. First Texas Homes renewed 20,585 SF in the 500 Building. The Arnold Companies expanded from 19,304 SF to a remodeled 24,577 SF in Building 100. Harold Ginsburg and Pamela Ball of Southern Asset Service Corporation represented The Arnold Companies. Tony Click and Marissa Parkin represented Crescent.
AUSTIN — L.A. Fuess Partners, Inc., a structural engineering firm, recently opened an office at 8200 North Mopac Expressway in Austin. Founded in 1979, L.A. Fuess Partners, Inc. also provides services from offices in Dallas and Boston, working with clients in cities throughout North America and overseas. LAFP Senior Associates James Kleineck and Cheryl Stewart will lead the Austin office and oversee a growing team of engineers.
DALLAS – Dallas-based Lincoln Property Company, a major property management company, will acquire the multifamily property management business of The Excelsior Group, Excelsior Multifamily, LLC. The firm is a Minneapolis-based real estate services company. Excelsior Multifamily, LLC manages a portfolio of 27 multifamily properties with 4,500 units in the Minneapolis area.
SOUTHLAKE, Texas – American Bear Logistics Corp. leased 19,451 SF of industrial space in Southlake Business Park from Southlake Industrial LP. Noah Dodge and Joe Santaularia of Bradford Commercial Real Estate Services, along with Nick Krejci of Darwin Realty represented the tenant. Hogan Harrison, Matt McCarthey and George Jennings of Holt Lunsford Commercial represented the landlord.
BURLESON, Texas – Bellomy & Co. announced the sale of I-35 Storage in Burleson, Texas. The property has 338 units in 55,531 SF.Bill Bellomy and Michael Johnson of Bellomy & Co. represented 2121 Burleson Storage, LLC, the Austin-based seller. Aaron Palmer of Modern Mountain Real Estate represented the Raleigh, NC-based buyer, 10 Federal.
DALLAS – OBM Miami Inc. leased 3,424 SF of office space in Travis Walk, 4514 Travis St., from Intercity Investment Properties. Melanie Hughes, Richmond Collinsworth and Elizabeth Hooper of Bradford Commercial Real Estate Services represented the landlord. Taylor Dickerson and Read Wyseof JLL represented the tenant.
JERSEY CITY, N.J. — Mack-Cali Realty Corp. announced the sale of its Metropark portfolio in Edison and Iselin, N.J., for $254 million to Opal Holdings. The disposition, comprising four office buildings containing 945,906 SF, represents one of the largest suburban office transactions this year.
BOCA RATON, Fla., — Harbor Group International, LLC, acquired The Heritage, a 248-unit, Class A multifamily community in Boca Raton for $81 million. The Heritage consists of four mid-rise residential buildings located a mile west of Atlantic Ocean beaches. HGI is headquartered in Norfolk, Va.
PHOENIX, Ariz. – Macerich, an owner, operator and developer of one-of-a-kind retail and mixed-use properties, has sold Paradise Valley Mall in Phoenix for $100 million to a newly formed joint venture including RED Development. The 1970s-era mall has been rezoned to better reflect local demand for a wider mix of offerings on the 92-acre site. Uses will include high-end grocery, restaurants, multi-family residences, offices, retail shops and other elements.
NASHVILLE, Tenn. — Affiliates of Starwood Capital Group, Crescent Real Estate and High Street Real Estate Partners are constructing dual hotel towers at Nashville’s Music City Convention Center (2.1 million SF). The hotels, located at Demonbreun Street and 7thAvenue South, will open later this year. The dual-branded development (Embassy Suites and 1 Hotel) will total 721 rooms with 32,200 SF of meeting space.
PORTLAND, Ore. – Pathfinder Partners, a San Diego-based private equity firm specializing in multifamily real estate investments, announced the acquisition of the 112-unit FortyOne 11 Apartments in Portland, Ore., for $27.4 million. “FortyOne 11 is a well-located, multifamily project which has struggled operationally during the pandemic,” said Mitch Siegler, co-founder and managing director of Pathfinder Partners.
ITASCA, Ill.— Lee & Associates, a broker-owned commercial real estate firm, has closed a lease and sale transaction for a 116,880 SF industrial building at 921 Ardmore Ave. in Itasca, Ill. Mark Baumhart and Jeff Janda, principals at Lee & Associates’ Illinois office, were sole brokers in the investment sale from a private investor to Exeter Property Group. Shortly before the sale, the Lee team also brokered a lease renewal for tenant 4C Logistics, LLC.
PEMBROKE PINES, Fla. – The Altman Companies, a major developer, builder and manager of rental apartment communities, announced the completion of the sale of the 280-unit Altís Pembroke Gardens community in Pembroke Pines, Fla., to Massachusetts-based GID Real Estate Investments, an equity partner in the development.
April 3, 2021 Realty News Report Copyright 2021
File: RNR Real Estate Briefs
For more about Houston development, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y
Photo credit: Ralph Bivins, Realty News Report Copyright 2021