RNR Real Estate Briefs from Realty News Report– KATY, Texas – Reed Vestal and John Erck of Junction and Taylor Schmidt of Lee & Associates – Houston brokered the sale of 33.7 acres at the corner of FM 529 and Katy Hockley Cut Off Road in Katy. Located near the 3,600-acre Elyson master planned community, the property is about two miles west of the Grand Parkway. The sale of this site concludes the disposition of a 73.8-acre tract listed by Vestal, Erck and Schmidt.
HOUSTON —NAI Partners, recently arranged a 7,869 SF office lease for Schaffer Carter & Associates at 1001 McKinney in Houston. NAI Partners’ John Zivley represented the tenant.
HOUSTON – Lee & Associates – Houston represented Jackrabbit Road Industrial, LLC in the sale of a 33,560-SF industrial building on 26 crushed concrete stabilized acres at 9118 & 9330 Jackrabbit Road. C.E. “Trey” Erwin III of Lee & Associates – Houston represented the buyer.
WALLER COUNTY, Texas — Wolff Companies has awarded a $2.9 million contract for the construction of Beacon Hill Boulevard as well as related underground utilities in the Beacon Hill project to Beyer Construction.Beyer previously completed the paving infrastructure in the master-planned community. The street construction project will mark a total of $13 million invested in Beacon Hill infrastructure to date.
HOUSTON — Chase Tucker and John Buckley with Finial Group expanded a lease at 2401 Fountain View Drive in Houston. The tenant, the Epilepsy Foundation of Texas, enlarged its suite at the office building in the Galleria area. The Epilepsy Foundation leads the fight to overcome challenges of living with epilepsy and accelerates therapies to save lives. Finial Group represented the landlord.
HOUSTON — JLL Capital Markets has closed the sale and arranged the $55 million financing of Park 845 Crossing, a five-building industrial park totaling 757,325 SF at 1710 North Freewayin Houston. JLL represented the seller, a joint venture partnership between IDI Logistics and Heitman, and procured the buyer, an affiliate of Equus Capital Partners, Ltd. Also, JLL worked on behalf of the borrower to secure the three-year, floating-rate acquisition loan.
HOUSTON —NAI Partners, the commercial real estate services business of Partners Real Estate Company, recently arranged a 60,000 SF industrial renewal and expansion lease for Buffalo Industries at 6311 Brookhill Drive in Houston. NAI Partners’ Joel Michael represented the tenant and Ed Bane with Bridge Commercial Real Estate was the broker for the landlord.
HOUSTON – Lee & Associates – Houston represented the Plasenica family in the sale of a 4,350-SF manufacturing building on 10.46 acres at 6007 & 5927 FM 2218 Road in Richmond, Texas. Taylor Schmidt of Lee & Associates – Houston represented the seller.
SUGAR LAND, Texas — Crunch Fitness has leased 32,240 SF in the First Colony Commons Shopping Centerat 15385 Southwest Freeway in Sugar Land. Started in a small basement studio in New York in 1989, it now has more than 300 locations nationwide. The tenant was represented by Neal Thomson of NewQuest Properties and the landlord was represented by Kristen Barker and Katherine Wildman of Wulfe & Co.
CLEVELAND, Texas — T-Mobile has leased 2,508 SF of retail space in Cleveland Shopping Center, 429 W. Southline St., Cleveland, Texas, from F6 Properties Ltd. Kevin Sims and Nick Ramsey of NewQuest Properties represented the landlord. Jeff Scarborough and Chase Scarborough of Scarborough Real Estate represented the tenant.
HOUSTON –Postino Town & Country restaurant will open in Town & Country Village. 4,500 SF.
HOUSTON – Lee & Associates – Houston represented Amani Villa Senior Living Property Management, LLC in the sale of 2.8 acres on Huffmeister Road in Cypress. . Sandra Aronds of Lee & Associates – Houston represented the buyer.
BEAUMONT – The 53-room Econo Lodge Inn & Suites Beaumont, 2030 North 11th Street, was sold, said Marcus & Millichap. It listed for $3.3 million.
HOUSTON – Houston-based Levey Group sold a 65,000 SF distribution facility at 6552 West Little York Road, known as Northwest Place Industrial Park II, to Alco Designs, a California manufacturer of retail merchandise displays. Alco will occupy the vacant portion of the facility where Tytan International, a supplier of industrial and agricultural products, currently leases 28,500 SF
HOUSTON – Firas Zebian of Houston has purchased two four-unit residential complexes at 1410 W. Clay St. (.09 acre) and 1220 Waugh Drive (.11 acre) in Houston from the Richard Alan Frazier Trust and Reida Renee Kazmierski. Bob Conwell and Austen Baldridge of NewQuest Properties represented the sellers.Loren Miner of Eastwood Realty represented the buyer.
AUSTIN —Newmark announced the sale of Rio West, a 384-bed student housing property at 2704 Rio Grande St. in Austin, steps from The University of Texas at Austin. Ryan Lang and Jack Brett of Newmark represented the seller, Virginia-based ILM Capital, LLC.
DALLAS — Tampa-based American Landmark Apartments has acquired two Class A communities, with 510 units, in the Dallas-Fort Worth area, Domain at Founders Parc and Alta Spring Creek. The latter will be renamed The ReVe, and they will undergo $750,000 in capital improvements. The purchases raise the firm’s portfolio to 45 properties in Texas, with 20 in Dallas.
DALLAS — Crescent Real Estate, LLC, announced nine recent lease deals at The Crescent, bringing the total of new, expansion and renewal leases at the property so far during the first half of 2021 to 158,949 SF. In March, GPIF TC Owner, LLC, an affiliate of Crescent, purchased The Crescent.
AUSTIN – A joint venture of Patrinely Real Estate Fund II, LP, and USAA Real Estate announced the sale of Aspen Lake Three. Completed in May of 2021, the property is a Class A, 128,990 SF build-to-suit office development at 10355 Pecan Park Blvd., Austin. The building will be 100% leased by Q2 Holdings, Inc.
FARMERS BRANCH, Texas –CBRE announced the sale of Villa Creek, a 162-unit multifamily community at 2835 Villa Creek Drive in Farmers Branch, Texas. Dallas-based Blue Ocean Capital, LLC, purchased the property from Irving-based Darcorp. Chris Deuillet and William Hubbard with CBRE Capital Markets’ Investment Properties in Dallas represented the seller. William Givens and Robert Siddall with CBRE Debt & Structured Financing group arranged financing on behalf of the buyer.
AUSTIN – Mesa West Capital originated $40 million in first mortgage debt to finance the off-market acquisition of a 309-unit apartment complex in Austin. The buyer is Texas-based SPI Advisory. The five-year, floating rate loan is secured a Class A multifamily asset called Elan Parkside that is located within Highland, a large-scale redevelopment of a shuttered regional mall now under construction in central Austin. The Highland redevelopment is currently expected to include 1,200 residential units, 200 hotel rooms, 800,000 SF of office and 1.3 million SF of academic space for a new central campus for Austin Community College. Andy Scott and Michael Cosby in the Dallas office of JLL Capital Markets arranged financing.
EAST ORANGE, N.J. – Blue Onyx has broken ground on its 14 Summit multifamily complex in the heart of East Orange, N.J. In the ground-up, five-story residential building, 78 units are expected to be completed by spring 2023.
NASHVILLE, Tenn. – Pinnacle Financial Partners announced it will relocate its corporate headquarters into a to-be-constructed office tower at Nashville Yards, the 18-acre project in downtown Nashville from owner and developer Southwest Value Partners. Pinnacle will be the anchor tenant in the multi-occupant tower, the first of its kind in Nashville Yards. Standing 34 stories above Church Street, the tower will house 650,000 SF feet of office space and an additional 28,000 SF of retail space.
TORONTO — Hines and Ivanhoé Cambridge, with CIBC as administrative agent and green structuring agent, along with Desjardins Capital Markets and HSBC Bank Canada as co-leads, announced obtaining financing for construction of 141 Bay, Phase II, of CIBC SQUARE, with a $780 million green construction loan. 141 Bay reportedly received the largest green real estate construction loan in the history of the Canadian market. The developmentwill meet the newest and most innovative standards of efficiency and design to protect the environment and limit carbon emissions.
NOVA, Ohio – The Jenkins Organization Inc. has acquired Cleveland/Sandusky Jellystone Park in Nova. The acquisition marks the organization’s eighth RV resort obtained since it began its Great Escapes RV Resorts brand in 2019, and its fourth with the Jellystone Park trademark.
HUNTSVILLE, Ala. – Hunter Hotel Advisors handled the sale of four Hilton branded hotels in Alabama. This portfolio is comprised of the newly opened Hilton Garden Inn Madison Huntsville Airport and three Home2 Suites by Hilton: Madison Huntsville Airport, Decatur Ingalls Harbor, and Opelika Auburn. Hunter was represented by SVP Tim Osborne.
GAINESVILLE, Fla. – DB Capital Partners based in Miami, Fla., closed the sale of Hampton Forest Apartments, a 152-unit apartment building in Gainesville, Fla, for $13.1 Million. The property was acquired by DB for $9.5 Million in late 2017. The property was managed by Michaelson Group of Jacksonville, Fla. The transaction was brokered by Marcus & Millichap. Headquartered in Coconut Grove, Fla., DB is owned by Luis Delgado and George Befeler of The Befeler Group.
June 19, 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
Houston 2020 Ebook version https://tinyurl.com/4xm7z8b5
Houston Skyline Photo Credit: Ralph Bivins, Realty News Report Copyright 2021
File: RNR Real Estate Briefs June 2021