RNR Real Estate Briefs from Realty News Report -THE WOODLANDS — Entergy, a Fortune 500 energy company, is expanding its office footprint in The Woodlands by 53,604 SF. The firm will occupy 107,614 SF of office space within the Lake Front North campus in Hughes Landing, the 79-acre, walkable, mixed-use urban center on Lake Woodlands.
CYPRESS, Texas — InvenTrust Properties Corp., a real estate investment trust, is renovating Cyfair Town Center, the 433,667 SF shopping center at US-290 Highway and Spring Cypress Road in the Houston suburb of Cypress. Kroger, JC Penney and Cinemark anchor the center. InvenTrust Properties’ Mark Vondrak and Jennifer Pollock oversee leasing at Cyfair Town Center.
BROOKSHIRE, Texas – Taylor Schmidt of Lee & Associates – Houston represented the seller of two manufacturing buildings totaling 28,200 SF on 2.3 acres at 33977 Hoff Road in Brookshire.
HOUSTON — NAI Partners— the commercial real estate services business of Partners Real Estate Company — recently arranged a 9,000 SF retail lease at Fondren Marketplace Shopping Center at 11092 Fondren Road in Houston. NAI Partners’ Jason Gaines represented the landlord, SSS Fondren Marketplace. Shop Company’s Thad Mai represented the tenant, Oak Street Health.
HOUSTON — Lee & Associates – Houston represented Smart Warehousing, LLC, in leasing two distribution buildings (163,000 SF and 63,728 SF) in the 870 block of Wallisville Road in Houston. Mike Spears and C.E. “Trey” Erwin III of Lee & Associates – Houston represented the tenant.
HOUSTON – Black Rock Coffee Bar has leased 2,782 SF in the Easton Commons Shopping Center at 8542 Highway 6 N. in Houston. The firm has coffee bar locations nationally that sell classic and specialty coffee drinks, Black Rock branded items and packaged coffee. The tenant was represented by Matthew Parsons of JLL and the landlord was represented by Wulfe & Co.
KATY, Texas — Tri Pointe Homes Texas, Inc., formerly Trendmaker Homes, has acquired 13.74 acres on Gaston Road in Katy, Texas. Paul King ofTexas Land & Commercial Properties represented the buyer. The seller, the estate of Bessie M. Robinson, was represented by David Jalowy of Front Porch Real Estate and Mark Kidd Sr. and Mark Kidd Jr. of M Kidd Properties, Inc.
HOUSTON — NAI Partners recently arranged a 13,500 SF industrial lease at 5956 Berry Brook Drive in Houston. NAI Partners’ Zane Carman, Josh Lass-Sughrue and Clay Pritchett represented the landlord, Northwest Houston Industrial, LLC. William Byrd and Patrick McKiernan of First Houston Properties represented the tenant, Quality Pump Parts.
HOUSTON – Lee & Associates – Houston represented RD LaCoure Enterprises, LLC, in the lease of a 4.79-acre yard to Werner Transportation at 1224 Normandy Street in Houston. Justin Tunnell of Lee & Associates – Houston represented the landlord.
TEXAS – RNR Real Estate Briefs
AUSTIN — Partners Capital — the investment platform of Partners Real Estate Company— has acquiredOak Hill Plaza in Austin. The 115,518 SF retail center is the second property purchased by Partners Capital through its Fund IV vehicle. Adam Hawkins of Partners Capital worked with Sam Affanhe of Hunington Properties to source the deal off-market. Financing was provided by Peyton Jones at Veritex Bank.
FRISCO, Texas – Newmark announced the sale of The Offices Two at Frisco Station, a 210,424 SF office building at 6303 Cowboys Way in Frisco, Texas. Completed in early 2020, The Offices Two is the second office building in Frisco Station, a 242-acre, mixed-use development by VanTrust Real Estate. Newmark’s Gary Carr, Robert Hill, Chris Murphy, John Alvarado and Chase Tagen represented the seller.
DALLAS — Cyber Defense Labs, which focuses on cybersecurity, leased 13,130 SF at the Crescent. Peery Wood of CBRE represented Cyber Defense Labs and Tony Click and Jordyn Allen represented The Crescent. Crescent Real Estate, LLC, was founded by Chairman John C. Goff.
SAN ANTONIO — NAI Partners’ Kyle Kennan arranged the sale of an eight-unit multifamily property on Sandmeyer Street in San Antonio.
GRAND PRAIRIE, Texas – CBRE announced the sale of Riverside Place, a 148-unit, multifamily community at 2800 NE Green Oaks Boulevard in Grand Prairie, Texas. Sausalito, Calif.-based Shore to Shore Properties purchased the development from Irving-based MPH Partners. Chris Dueillet and William Hubbard with CBRE Capital Markets’ Dallas Multifamily team represented the seller.
DALLAS — Crescent Real Estate, LLC, and J.P. Morgan Global Alternatives recently filled a vacant space at McKinney & Olive, and have resumed social events as customers began returning to the Cesar Pelli-designed office building in Uptown Dallas. Ankura Consulting Group, LLC, signed a lease for 9,689 SF in suite 320 of McKinney & Olive. JLL brokers Calvin Hull and Don Preate represented Ankura while John Zogg and Marissa Parkin represented Crescent and J.P. Morgan.
DALLAS – Banna Realty, LLC, has finalized a deal for an office relocation off LBJ Freeway and the Dallas North Tollway. The space, at 4901 LBJ Freeway, will serve as a corporate office for a local wholesale auto dealership. Dallas real estate firm NAI Robert Lynn’s Chad Albert represented the buyer while Susan Gwin Burks with Avison Young represented the seller. The move from the firm’s previous Addison headquarters will provide a more spacious, convenient, and accessible location for employees with 49,504 SF of space.
CORPUS CHRISTI, Texas — Bellomy & Co. announced the sale of Space Self Storage in Corpus Christi, Texas, 140 miles southeast of San Antonio. The Class B property has 300 units totaling 40,948 SF. Bill Bellomy and Michael Johnson of Bellomy & Co. represented Divisidero Property, LLC, the Austin, Texas-based seller. The team also procured the New York based buyer, Andover Properties.
DESOTO, Texas – Trez Capital announced the sale of The Beacon on Westmoreland in Desoto, Texas. The development was built in partnership with Thompson Realty Capital, LLC, on a 10.41-acre tract of land and offers 194 units in a Class A, garden-style apartment complex. Trez Capital provided a $6,307,385 equity investment for the acquisition and construction of the project in February 2019.
NEEDVILLE, Texas –An undisclosed buyer purchased two acres at FM 360 and Williams School Road in Needville, Texas. CMI Brokerage, an affiliate of Central Management, Inc., represented the buyer.
NATIONAL —RNR Real Estate Briefs
PHOENIX, Ariz. — Cresset Real Estate Partners and Clarius Partners have closed on a land acquisition for 303 Crossroads, a 1,758,410 SF logistics development in Glendale, Ariz. The project will consist of two buildings to be built in two phases on land fronting Loop 303 and Northern Parkway in Glendale. Building 1 will be 1,023,610 SF and is set for completion in 2022. Building 2 will be 734,800 SF and is slated for completion in 2023. Groundbreaking is scheduled for October 2021.
CHICAGO, Ill. — JLL Income Property Trust has acquired a 47% interest in a single-family rental portfolio of more than 4,000 homes assembled and managed in a venture with affiliates of Amherst Residential, an Austin, Texas-based investor and manager of rental homes and an institutional investor. Income Property Trust’s 47% stake was acquired for $560 million based on an overall portfolio valuation of $1.2 billion.
TAMPA, Fla. — MRA Capital Partners, a boutique real estate investment company, announced the relocation of its corporate headquarters from New Jersey to Tampa, Fla. “With a booming economy estimated at more than $130 billion, the Greater Tampa Bay area is ranked one of the fastest-growing regions in the country, adding more than 140,000 new jobs over the past year,” said CEO and Managing Partner Adam Anderson.
MIAMI, Fla. — Uber announced it has signed a new lease for 13,000 SF of office space at 3 MiamiCentral in downtown Miami. Scott Silversteinof Portfolio Management represented EQ Office in-house, along with Blanca CRE. Jones Lang LaSalle represented uber.
ETC: Multifamily — RNR Real Estate Briefs
HOUSTON & SAN ANTONIO — Newmark announced the sale of a four-property, 1,103-unit luxury multifamily portfolio within the major medical centers in San Antonio and Houston. Broadstone Oak Hills (7714 Louis Pasteur Drive) and Hawthorne House (7403 Wurzbach Road) are near the South Texas Medical Center in San Antonio and 5755 Hermann Park (5755 Almeda Road), and Equinox (2950 Old Spanish Trail) are within the Texas Medical Center in Houston. Newmark’s Patton Jones, Matt Michelson, Zach Springer, David Mitchell and Thomas Alleman represented the sellers: Alliance Residential, in the sale of Broadstone Oak Hills, Hawthorne House and Equinox, and M-M Properties in the sale of 5755 Hermann Park. River Rock Capital purchased Broadstone Oak Hills and Hawthorne House and Sun Holdings purchased Equinox and 5755 Hermann Park.
HOUSTON – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $6.2 million participating preferred equity investment in the Cypress Station Portfolio — two multifamily communities in Houston with a total of 488 units. Strategic Realty Holdings, a Calabasas-based, privately held, real estate investment firm, acquired the garden-style apartment communities for $34.3 million. The properties in the portfolio are the 252-unit Cypress Ridge Apartments, 2331 Bammelwood Drive and the 236-unit Highland Cross Apartments, 411 Highland Cross Drive. “Houston is enjoying strong job growth, and, likewise, apartment demand, on account of the diversification of its employment sector and in-migration from other states,” said CEO of Electra Capital Samuel J. Greenblatt.
SAN ANTONIO, Texas – The San Antonio Housing Authority in partnership with OCI Development and an affiliate of Atlantic Pacific Communities (A|P Communities), announced a groundbreaking for two new affordable housing communities in San Antonio: Vista at Everest and Vista at Interpark. The properties will address a critical need for affordable housing in their neighborhoods, where more than 45% of renter households are paying more than 30% of their income on housing costs. The two communities will offer a combined 128 affordable apartment homes. Construction is expected to be completed by fall 2022. “The San Antonio Housing Authority is proud to partner with Atlantic Pacific to provide opportunity housing to residents working on the frontline,” said Timothy Alcott, chief legal and real estate officer of the San Antonio Housing Authority
Aug 14, 2021 Realty News Report Copyright 2021
Photo courtesy HHC – Hughes Landing
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
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