RNR Real Estate Briefs – Texas & more

RNR Real Estate Briefs – (Realty News Report) – HOUSTON – Modular Power Solutions, a large-scale industrialized construction organization, signed a 435,680-SF single-tenant lease at Maverick Distribution, a new industrial development by Lincoln Property Co. at 18239 Aldine Westfield Road in North Houston. The company’s products are used in large scale data center projects nationwide. Kevin Wyatt and Robert Willard from Lincoln Property Co. collaborated with Mac Hall, Tyler Maner and Abraham Richardson of Stream Realty Partners on the lease.

HOUSTON – Chicago-based First Industrial Realty Trust leased the remaining 212,000 SF of its 425,000-SF First Liberty Logistics Center in Houston during the fourth quarter.

HOUSTON – Headwall Investments, a San Antonio-based commercial real estate investment and development firm, has acquired Louetta Retail Center at 10130 Louetta Road in northwest Houston. The acquisition was sourced and facilitated by Matt Maglothin of Altrue Capital. The deal is the firm’s 23rd unanchored shopping center acquisition.

HOUSTON – Austin-based Stratus Properties announced the sale of Kingwood Place, an H-E-B anchored mixed-use development in Kingwood, for $60.8 million. Stratus developed the center in 2019.

HOUSTON – Oxford Partners represented Get4 Holdings in the purchase of the 3,553-SF building at 1643-1647 Richmond Ave. Oxford Partners’ Natali Czarneski represented the buyer. Barrett Von Blon and Chris Bergmann of CBRE represented the seller.

HOUSTON – Partners Real Estate has been awarded the exclusive property management and office leasing assignment for Decorative Center Houston, a 520,000-SF design and office center at 5120 Woodway Drive in Houston’s Galleria submarket. Lesley Rice and Andy Parrish are handling leasing. Decorative Center Houston is a 10-story office tower on seven acres. The first four floors are dedicated to designer showrooms offering traditional and contemporary residential furnishings, fabrics, architectural products, and more.

HOUSTON – FCC Environmental Services expanded its office lease by 6,681 SF for a total of 25,755 SF at 460 Wildwood Forest Dr., Spring. Steve Rocher of CBRE represented the landlord, GeoSouthern Wildwood, LLC. Greg Usher of Cypressbrook Co. represented the tenant.

HOUSTON – McGrath and Co. leased 10,783 SF of office space at Brookhollow Central II, at 2900 North Loop West. Brian Strait and Parker Noble of Stream Realty represented the landlord, DM Brookhollow, LLC. John Hornbuckle of Cypressbrook Co. represented the tenant.

HOUSTON – Cole Health leased 7,611 SF of office space at 8701 New Trails, The Woodlands. Jim Cooper of Cypressbrook Co. represented the tenant. Greg Usher of Cypressbrook Co. represented the landlord.

Texas

RED OAK, Texas – Wan Bridge is developing The Reserve at Red Oak rental home community on 18 acres in Red Oak, Texas. Located 20 minutes south of Dallas along Interstate 35E, the project will consist of 166 homes with three- and four-bedroom layouts ranging from 1,501 to 1,857 SF.

DALLAS – Vail & Park has leased 5,964 SF of office space in Meadow Park Tower, 10440 N. Central Expressway, Dallas, from Bradford MPT Partners LLC. Richmond Collinsworth and Jared Laake represented the landlord. Justin Utay of Partners Real Estate represented the tenant.

LUBBOCK, Texas – Landmark Properties, a real estate firm specializing in development, construction, investment management, and operation of high-quality residential communities, expanded its presence in the Texas student housing market with the acquisition of The Bloc and Park East near Texas Tech University in the Lubbock neighborhood of Overton Park. The transaction adds 1,288 beds to Landmark’s portfolio. Built in 2017, The Bloc is a 10-building, mid-rise community at 707 Avenue T with 556 beds across 140 units. Park East, built in 2016, features 732 beds across 219 units at 1819 Glenna Goodacre Blvd. TSB Capital Advisors arranged financing.

DALLAS – Granite Properties and Highwoods Properties announced new leases at 23Springs in Uptown Dallas. The 642,000-SF complex is 74% leased. UBS, represented by Robby Baty and Bill McClung of Cushman & Wakefield, leased 26,537 SF covering the entire 20th floor. Stonelake Capital Partners, a real estate private equity firm, will more than double its current size moving from The Crescent to the 9th floor at 23Springs, covering 16,008 SF. Peery Wood of Stream Realty represented Stonelake. A confidential tenant has signed a lease for 22,099 SF on the 10th floor. Harlan Davis, Phil Puckett, and Steven Berger of CBRE represented the tenant. Granite’s inhouse leasing team, consisting of Robert Jimenez, Burson Holman, and Elizabeth Fortado, represented Granite in all three deals. In addition, the Wish You Were Here Group opened a 3,024-SF Little Ruby’s in one of 23Springs’ freestanding restaurant buildings.

DALLAS – StreetLights Residential has partnered with Mitsui Fudosan America to develop a 20-story multifamily high-rise at the southeast corner of Park Lane and US-75 in Dallas. The tower will deliver 365 residences, including studios and one-, two-, and three-bedroom homes ranging from 505 to 1,707 SF. Completion is anticipated in January 2029. This is StreetLights Residential and Mitsui Fudosan America’s second joint venture development following The Oliver, a 351-unit, 18-story high-rise near Uptown Dallas. In Houston, StreetLights Residential recently opened The Langley, an apartment high-rise near Rice University with rents starting at $9,100.

Nation

LONE TREE, Colo. – Regency Centers has acquired land along RidgeGate Parkway on the east side of I-25 in Lone Tree, Colo. for the development of Lone Tree Village, a 158,000-SF shopping center that will be anchored by a 123,000-SF King Soopers grocery store. Opening is planned in 2027.

Regency Centers has broken ground on an open-air shopping center in the RidgeGate community of Lone Tree, Colo. (Regency Centers courtesy photo)

“Lone Tree Village reflects Regency’s long-standing strategy of partnering with best-in-class grocers in high-growth, master-planned communities,” said Abe Pacetti, Senior Vice President of Investments, Regency Centers. “King Soopers is a trusted market leader, and this project fills a critical grocery and daily-needs gap for residents while creating a vibrant neighborhood destination that will serve the community for decades.”

DENVER – CP Group, a value-add owner-operator of office properties across the Sunbelt, acquired Denver Place, a 930,020-SF mixed-use office property on 18th Street in Denver’s Central Business District, in partnership with Time Equities. Denver Place is adjacent to CP Group’s Granite Tower. Tim Richey of Newmark and Jenny Knowlton and Charley Will of CBRE represented the seller.

INDIANAPOLIS – Simon, a real estate investment trust based in Indianapolis, announced a $250 million investment program to further elevate three assets in its portfolio: The Mall at Green Hills in Nashville, Cherry Creek Shopping Center in Denver, and International Plaza in Tampa. Following the full acquisition of the properties from Taubman Realty Group in November, Simon has assumed full management and leasing control and is launching a redevelopment strategy aimed at enhancing each center’s offerings in high-growth markets.

OXNARD, Calif. – Bascom Northwest Ventures announced the sale of the 235-unit Tempo at Riverpark Apartments in Oxnard, Calif. to a venture led by Hines for $105 million. Bascom Value Added Apartment Investors Fund IV, an affiliate of The Bascom Group, and a private investment group led by Bascom Northwest purchased property for $75.25 million in 2018. Brian Wirtz of Bascom Northwest worked on the deal.

ATLANTA – Toro Development Co. announced plans for Overlook, a 301-unit multifamily development within the 95-acre Cumming City Center mixed-use development. With closing on the land and financing complete, construction will begin this month. Overlook will feature a resort-style pool, fitness center, courtyard and social courtyard spaces, a sky lounge, micro-offices, and a dog park. The first units are expected to deliver in fall 2027. Pinnacle Financial Partners provided financing. EBSCO Real Estate, based in Birmingham, Ala., is the sole equity partner on this development.

SAVANNAH, Ga. – Porter Logistics, a 3PL warehousing and transportation company, has moved into 195 Nordic Way, a 230,400-SF logistics facility in Pooler, Ga. JLL’s Ryan Hoyt, Chris Tomasulo, Austin Kriz, Bennett, and Lindsey Wilmot brokered the lease. In addition to standard logistics and hazmat warehousing operations in Savannah, the 13.5-acre site will support expanded light manufacturing and repackaging activity for both liquid chemical products and solid materials such as plastics and resin.

SAN FRANCISCO – Anthropic, an AI company, has leased 300 Howard, a 466,000-SF, 25-story office tower, and 342 Howard, a historic 18,000-SF building in San Francisco. The properties are owned and managed by a joint venture between DivcoWest and Blackstone Real Estate. DivcoWest and Perform Properties, Blackstone Real Estate’s retail and office portfolio company, worked with JLL’s Chris Roeder, Ted Davies, and Carlye Parker to represent ownership in the lease negotiations. Felipe Gomez-Kraus and John Diepenbrock of JLL represented Anthropic.

CHARLOTTE, N.C. – Cousins Properties announced the acquisition of 300 South Tryon, a 638,000-SF office property in Charlotte, for $317.5 million. Located in the Uptown submarket, 300 South Tryon was built in 2017 and is 100% leased.

PHOENIX – Continuing its expansion in the Phoenix area, Dream Finders Homes is now selling homes at Apache Farms – located west of the city in Buckeye, Ariz. The homebuilder has 85 homesites at Apache Farms and will offer homes ranging from 1,556 to 2,869 SF price from the mid $300,000s.

NEW YORK – Seaport Entertainment Group has completed the sale of the mixed-use development project at 250 Water Street for $143 million to Tavros, a privately owned real estate investment management and development firm based in New York City. 250 Water Street was originally acquired by Howard Hughes Holdings, the company’s former parent, in June 2018. A JLL team led by Andrew Scandalios, Ethan Stanton, and Nicco Lupo represented the seller.

Feature Photo Caption: Maverick Distribution in North Houston has been leased by Modular Power Solutions.

Feature Photo credit: Lincoln Property Co.

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