RNR Real Estate Briefs – HOU, DAL, AUS, SAT and more

 RNR Real Estate Briefs from Realty News Report– HOUSTON — NAI Partners — the commercial real estate services business of Partners Real Estate Company — recently arranged tenancy for Bowen, Miclette & Britt, which leased 35,926 SF at 2800 N. Loop West to relocate its headquarters from 1111 N. Loop West. Jon Silberman of NAI Partners represented the tenant, an insurance agency. Brian Strait of Lincoln Property represented the landlord, Hertz Investment Group.

ROSENBERG – Lee & Associates – Houston represented CCT Sparkle Family Limited Partnership in the purchase of a 91,814-SF manufacturing building on nine acres at 1615 Spur 529 in Rosenberg. Taylor Schmidt of Lee & Associates – Houston represented the buyer. Joseph Smith and Boomer White of CBRE represented the seller.

HUMBLE – Lee & Associates – Houston represented 6750 Bender Road, LTD and Equity Resource Partners III, in the sale of an 86,122-SF manufacturing building on 30.7 acres at 6750 Bender Road in Humble. Mike Spears and Mason Alsbrooks of Lee & Associates – Houston represented the seller. Lee’s  C.E. “Trey” Erwin III  represented the buyer.

HOUSTON — NAI Partners recently arranged the sale of 5959 S Sam Houston Parkway E, a 16,000 SF industrial building in Houston. NAI Partners’ industrial brokers Jake Wilkinson and Chris Caudill represented the seller, 5959 S Sam Houston Parkway E, LLC.

HOUSTON — Dallas-based Civitas Capital Group acquired Territory at Greenhouse, a 288-unit, apartment complex in West Houston. The seller was Mayde Creek Apartments, LLC. Marcus & Millichap Capital Corporation arranged buyer financing. Rootvik Patel is the investments director for Civitas.

HOUSTON – Elite Dermatology leased 3,800 SF in the Kirby Oaks Shopping Center at 2569 Kirby Drive in Houston. The tenant was represented by Preston Cunningham of Cunningham Ventures and the landlord was represented by Elise Weatherall of Wulfe & Co.

RICHMOND, Texas — Pacific Dental leased 3,150 SF of retail space in Richmond Town Plaza at FM 762 and TX 59/69, Richmond, from NewQuest Properties. Bob Conwell and Austen Baldridge of NewQuest represented the landlord. Karla Smith of SRS Real Estate Partners represented the tenant.

HOUSTON – Warren Hitchcock of NorthMarq arranged the $32 million refinance of Gessner Apartments, a 500-unit, class C, garden-style multifamily property in southwest Houston. The transaction was structured with a seven-year term and two years of interest-only, followed by a 25-year amortization schedule. NorthMarq arranged the large cash-out, fixed-rate loan at a 3.75% interest rate.

HOUSTON — Greg Usher of Cypressbrook Company represented the tenant, Carlton Strategic Staffing, Inc., in the lease renewal for 2,356 SF of office space at 12621 Featherwood in Houston. Courtney Buckout of Madison Marquette  represented the landlord, 12621 Featherwood, LLC.

HOUSTON — NAI Partners recently arranged a 7-acre land lease for ATCO Energy on Aldine Bender road in Houston. NAI Partners’ Jake Wilkinson represented the tenant.

NEW CANEY – Lee & Associates – Houston represented Williams Brothers Construction Co. in the sale of 22.2 acres on Brook Forest Road in New Caney. Frank Blackwood of Lee & Associates – Houston represented the seller.

HOUSTON — George Montes of Cypressbrook Company represented the landlord, Kundan Greenwood, LP, in the leasing of 4,000 SF of warehouse space at 16721 Hollister Street, Building 6, Houston. The tenant is Saigon Billiards.

KATY, Texas — Kizuki Ramen & Izakaya has leased 2,467 SF of retail space in Shops at Katy Grand at Interstate 10 and Grand Parkway/TX 99, from NewQuest Properties. Heather Nguyen  and Rebecca Le of NewQuest Properties represented the landlord. Naoyuki Kondo of NewQuest Properties represented the tenant.

HOUSTON — The Shoppes at Boulder Creek at Beltway 8 and Pearland Parkway in Houston entered into a lease for 4,113 SF of retail space. Patrick Keegan of NAI Partners was broker for the tenant. Matt McKinnerney and Lane Pleason  were brokers for the landlord, Read King Commercial Real Estate.

HOUSTON — Pacific Oak Capital Advisors, LLC, bought 42 single-family homes in several Houston area suburbs for $6.45 million. Pacific Oak paid on average $153,000 per property for the portfolio which is generating average monthly rents of just over $1,300.  Most homes are located southeast and southwest of Houston in cities like Baytown, Missouri City, Pasadena and Texas City.  Pacific Oak and its affiliates now own and manage 1,850 houses.

TEXAS – RNR Real Estate Briefs

IRVING – CBRE National Partners announced the sale of Trammell Crow at Passport Park, a four-building business park totaling 2,050,474 SF of Class A+ industrial space under construction in Irving, Texas. CBRE’s Ryan ThorntonRandy Baird, Jonathan Bryan  and Eliza Bachhuber  with CBRE National Partners  represented the developers, Trammell Crow Company and CBRE Global Investors. Realty Income Corp. was the buyer.

SAN ANTONIO — NAI Partners recently arranged three leases for AeroCare Holdings, LLC, totaling more than 12,000 SF in three different Texas markets. These include 4,032 SF in Pasadena, 3,000 SF in Edinburg and 5,000 SF in Waxahachie. NAI Partners’ Jorge Martinez and Clare Flesher represented the tenant.

IRVING– Transwestern Real Estate Services announced that Multiview, a national B2B marketing agency, has renewed its 82,093 SF lease for its headquarters at 7701 Las Colinas Ridge in One Panorama Center in Irving, Texas.  Transwestern’s Nathan Durham  represented the building’s owner, Regent Properties. Robert Blount and Scott Hage with JLL represented Multiview.

SAN ANTONIO— San Antonio-based Koontz Corp., led by Bart Koontz, bought land to develop Westport Industrial Park, a 35-acre industrial project near South Callaghan Road and Highway 151 in San Antonio. Koontz Corporation purchased the site on July 26, 2021, from three sellers, two of whom were represented by Harry Leeper of Leeper Commercial Real Estate Brokerage and the other by Glen Boehm of The Boehm Team/Keller Williams Commercial Real Estate. Koontz’s in-house broker, Loren Gulley,  represented Koontz Corp.

IRVING — Bellomy & Co. announced the sale of CubeSmart Self Storage (Third Party Managed) in Irving, Texas, 14 miles from Dallas.  The property has 609 units totaling 66,698 SF.  CubeSmart Self Storage was 97% occupied at the time of closing. Bill Bellomy and Michael Johnson of Bellomy & Co. represented 3450 Willow Creek, LLC, the Southlake, Texas-based seller. The team also procured the New York based buyer, Andover Properties.

NEW BRAUNFELS, Texas — Marcus & Millichap managed the sale of Village at Creekside, a 14,674 SF retail property in New Braunfels, Texas. The asset was listed for $4.3 million.

KILLEEN, Texas – The Multifamily Group,  a Dallas-based commercial real estate brokerage firm, handled the 178-unit Century Oaks Apartments sale in Killeen. The firm’s Paul Yazbeck  represented the seller and Zach Weik procured the buyer.

FORT WORTH – Goodwill Industries of Fort Worth, Inc. has purchased the 32,256 SF Airport Freeway Plaza office complex on 2.28 acres at 4200-4304 Airport Freeway, Fort Worth, from Lakeland West Capital 37, LLC. Erik Blais of Bradford Commercial Real Estate Services  represented the seller. Sandra Chapman  of Quine & Associates  represented the buyer.

DALLAS — Westmoreland 2020 Ltd. has purchased Westmoreland Station, a 17,150 SF retail center on 7.24 acres at 2700 Westmoreland Road, Dallas, from NewQuest Properties. Meredith McLeod-Cobb of NewQuest Properties represented the seller. Michael McLeod-Cobb of McLeod Sears represented the buyer.

DALLAS – JLL just closed the sale of and arranged acquisition financing for a six-property shallow bay industrial portfolio totaling 289,225 SF in prime infill locations throughout the Dallas-Fort Worth metro area. JLL represented and marketed the portfolio on behalf of the seller, CanTex Capital, a firm led by Romit Cheema.  The Bendetti Company acquired the assets and engaged JLL Capital Markets to source acquisition financing.

NATIONAL – RNR Real Estate Briefs

MINNEAPOLIS, Minn. — Transwestern Real Estate Services arranged the sale of a three-building, 474,669 SF industrial portfolio in Plymouth, Minn. Transwestern’s Mike Salmen, Alex Baron, Frank Richie and Harrison Wagenseil,  along with Ten-X Commercial, brokered the $22.3 million sale to The Meritex Co.

MONTGOMERY, Ala. – Pennsylvania-based Odin Properties, led by Phillip Balderston, purchased the 432-unit Ravenwood Apartments in Montgomery, Ala. The seller was Blue Stream Realty Group. Phil Goldstein and Steven Vegh of Westwood Realty Associates handled the sale.

LAS VEGAS, Nev. — VICI Properties will acquire MGM Growth Properties for $17.2 billion. The Kramer Levin team represented VICI, including Todd Lenson, Jordan Rosenbaum, Tzvi Rokeach, James Godman and Nathalia Bernardo. VICI owns Caesars Entertainment anddiverse portfolios consisting of 28 gaming facilities made up of more than 47 million SF and features some 17,800 hotel rooms and more than 200 restaurants, bars, nightclubs and sportsbooks. MGM owns resorts in Las Vegas and elsewhere.

Aug 7, 2021 Realty News Report Copyright 2021

Photo: Downtown Houston By Ralph Bivins, Copyright 2021.Realty News Report –  RNR Real Estate Briefs

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    

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File: RNR Real Estate Briefs 8-7-21

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