RNR Real Estate Briefs from Realty News Report – HOUSTON – NAI Partners recently arranged the sale of 9342 Telge Road, a 30,000 SF industrial building in Houston. NAI Partners’ Travis Land represented the buyer, United Equities. Jason English with Colliers represented the seller. The property is in Aberdeen Business Park, currently leased to Oceaneering International.
HOUSTON – Transwestern Real Estate Services has been engaged by Cousins Properties to provide office leasing services for BriarLake Plaza in Houston’s Westchase submarket. The assignment encompasses two Class A assets on W. Sam Houston Parkway South: the 502,410-SF One BriarLake Plaza; and the 333,100-SF Two BriarLake Plaza. Transwestern’s David Baker, Tyler Garrett and Katy Gragg will represent ownership. BriarLake Plaza is 84.9 percent leased.
HOUSTON– Gulf Coast Commercial Group, a Houston-based firm specializing in retail development is planning Magnolia Village, a 60-acre, mixed-use project at FM 1488 and Spur 149 in Magnolia. The 36-acre Phase I will have retail and office elements and 300 multifamily units. Gulf Coast Commercial is purchasing the property from Parkside Capital, a Houston-based land fund.
HOUSTON — A group of investors, including Sunrise Capital Group, led by David Davidenko, Julia Bykhovskaia and Merrill Kaliser, announced their first acquisition in the Katy/Houston submarket, The Gallery at Katy, a garden-style, 316-unit apartment complex built in 1983. The property was 94% occupied at the time of sale. Brett Benton of Newmark brokered the transaction.
HOUSTON — Good Spot Storage, a 30,000 SF property at 3735 Mangum Road, has been acquired by New York-based Merit Hill Capital. Marcus & Millichap’s Dave Knobler and Charles “Chico” LeClaire facilitated the transaction.
HOUSTON — REEP Equity purchased the 192-unit Savoy Manor apartments at 5915 Flintlock Road in Houston. JLL Capital Markets worked on behalf of the borrower, REEP Equity, to secure the 10-year, floating-rate loan through Freddie Mac. The JLL Capital Markets team, representing the seller, was led by Mark Brandenburg, CW Sheehan and Cort Martin.
CYPRESS – Louetta Automotive and Tire Service located at 11916 Barker Cypress Road in Cypress has been sold to Freanel and Sons LLC, a California based investment group. The site consists of a 4,000 SF building on one acre. The seller was represented by Jeff Lefko of Hanley Investment Group and the buyer was represented by Wes Miller of Wulfe & Co.
HOUSTON– Brandon Brown of Marcus & Millichap Capital Corp. arranged $7 million in refinancing for a 110-unit multifamily asset in Houston. The 10-year loan features a 3.89 percent fixed interest rate and six years of interest only.
HOUSTON – Travis Fite of NorthMarq’s Houston office completed acquisition financing of $3,825,000 for Louetta Creek Plaza. The 26,472 SF retail property is located in Spring. NorthMarq arranged the permanent, fixed-rate loan for the borrower through StanCorp, a life company lender. Tenants at the property include State Farm and Snowflake Donuts.
IRVING, Texas — Cushman & Wakefield arranged a 46,764 SF lease renewal for FleetPride Inc.’s headquarters at 600 Las Colinas in Irving. Robbie Baty and Michael Bannister of Cushman & Wakefield and Cribb Altman of JLL represented the tenant in lease talks. Duane Henley of Transwestern represented the landlord..
FORT WORTH, Texas — Flannery Inc. has leased 39,405 SF of office/warehouse space in Carter Logistics Center Building A, 7424 Oak Grove Road, Fort Worth, from BTC III Carter Logistics Center, LLC. Nick Talley of Bradford Commercial Real Estate Services represented the tenant. Scott Moore, Bob Scully and Brice Wells of CBRE represented the landlord.
FRISCO, Texas — DFW Party Rental has leased 3,000 SF of industrial flex space in Hackberry Business Park, 207 King Road in Frisco from Americo Hackberry, LP. Jason Finch of Bradford Commercial Real EstateServices represented the landlord.
DALLAS – BV Capital and Archway Properties have launched the BV Archway Real Estate Income Fund, jump-starting a $50 million equity play with the off-market acquisition of a triple net-leased asset in a 111-acre business park in the Houston market. The fund will acquire 10 to 12 single-tenant NNN-leased properties in Texas, leveraging its equity to build an institutional-quality portfolio. The fund has seeded the portfolio with its first holding – a 79,684 SF Floor & Décor showroom and warehouse in Park Air 59, a mixed-use development at the east entrance of Bush Intercontinental Airport in Houston.
HOUSTON – Douglas Elliman Real Estate isexpanding across the Texas region with new offices in Dallas and Austin. “The luxury residential market is booming,” said Jacob Sudhoff, CEO of Douglas Elliman Real Estate, Texas.
DALLAS – HSM Bonnie View purchased 7 acres of land in South Dallas for future industrial development. Located at the corner of Bonnie View and Langdon Roads, the site sits just south of I-20 between I-35 and I-45. Huntley Luna and Nick Robinson of Henry S. Miller Brokerage, brokered the transaction. Tom Pearson and Chris Teasdale with Colliers represented the seller, First United Bank. Mark Smith, Sr. of Commercial Development for HSM Equity Partners, will develop the land.
SALT LAKE CITY, Utah – A development venture comprised of Patrinely Group and USAA Real Estate has officially topped out on 650 Main, a 10-story, 332,000 SF, Class A office and retail development at the corner of Main Street and 600 South in downtown Salt Lake City.
NEW CANAAN, Conn. — NewLake Capital Partners, a provider of real estate capital to state-licensed cannabis operators, announced the acquisition of a 40,000 SF industrial property in Palmer, Mass. Concurrent with the closing, NewLake entered into a triple-net lease agreement with The Mint, a multi-state cannabis operator based in Tempe, Ariz., for a cultivation and processing facility. NewLake and The Mint also agreed to purchase a property in Phoenix for a 125,000 SF cultivation and processing facility.
MONROVIA, Calif. — The Monrovia Masonic Center, a 14,214 SF commercial property on Foothill Boulevard near Old Town Monrovia, has been sold. Dan Bacani and Jodi Shoemaker of Lee & Associates– Pasadena represented the seller, Monrovia Masonic Building Corp. Andrew Chan and Maggie Chou of Compass Commercial represented the buyer, Foothill Gym.
ROSEMONT, Ill. – Lee & Associates has closed a $4.2 million lease transaction for 45,112 SF of industrial manufacturing space at 1755 Britannia Drive in Elgin, Ill. Kenneth Franzese and John Cassidy of Lee & Associates’ Illinois office represented the owner, Scannell Properties, a privately owned real estate development and investment company. Steve Bass of NAI Hiffman represented the tenant, Hardinge, Inc.
April 18, 2021 Realty News Report Copyright 2021
Photo: BriarLake Plaza. Courtesy Transwestern
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
File: RNR Real Estate Briefs