RNR Real Estate Briefs – Texas & more

RNR Real Estate Briefs – (Realty News Report) – MISSOURI CITY, Texas – Jamaica Pon Di Road, a locally based Jamaican restaurant, leased space at Township Square Shopping Plaza at 3424 FM 1092 in Missouri City for second Houston-area location. Siree Jones and Eric Lestin of Cushman & Wakefield represented Jamaica Pon Di Road in site selection, market analysis, and lease negotiations with landlord KM Realty, which was represented internally by David Oliphant and Steven Stone. Opening is planned in early August. The restaurant’s flagship store opened at 2213 South Victory St. in Houston in 2021. The new location will feature an expanded menu, a full-service bar, catering services, and a private dining room.

HOUSTON – Houston Bank & Trust has selected 2603 Augusta as the home of its banking headquarters, trust department, and flagship retail banking branch in the Galleria area. The newly formed bank is led by CEO Mark Simmons, President Mark Jacobs, Chief Financial Officer Jerry Cooksey, and Trust President Adam Suhr. The company will occupy the entire 6^th floor and have a full-service retail banking presence within the lobby. The 244,804-SF office tower is owned by a partnership between LandPark Advisors and Porter Law Firm. LandPark Commercial handles leasing.

THE WOODLANDS – Howard Hughes Communities announced the opening of Charolais by Chef Austin Simmons in Hughes Landing in The Woodlands. The new steakhouse serves beef from Chef & Rancher, Chef Simmons’ venture with Texas rancher Larry Ludeke. Designed by gin design group and built by Texana Builders, the 200-seat restaurant features a main dining room with an open kitchen, a social bar, and an open-air patio. Two private dining rooms accommodate 24 and 36 guests. It is adjacent to the Chef & Rancher Market butcher shop.

HOUSTON – Finial Group announced the launch of its Eighth Single Tenant Industrial Aggregation Fund, marked by the acquisition of 15375 Vantage Parkway East in Houston. The 21,500-SF tilt-wall industrial facility continues Finial Group’s strategy of acquiring high-quality freestanding industrial assets throughout the Sun Belt. The property is fully leased to a long-term national tenant.

HOUSTON – Blanton Advisors extended a lease for 771 SF at 19221 I-45 South, Shenandoah. Terri Torregrossa of Moody Rambin Interests represented the landlord, RP Southwood, L.P. Greg Usher of Cypressbrook Co. represented the tenant.

TOMBALL – Chick-fil-A has ground-leased a 1.57-acre retail pad site in the Grand at 249 in Tomball, from NewQuest. Andrew Alvis and David Meyers of NewQuest represented the landlord. Eric Walker of Capital Retail represented the tenant.

WEBSTER – Openland Credit Union leased 3,319 SF in Webster Town Center, at Interstate 45 and South Texas Avenue, Webster, from NewQuest. Leni Sandoval of NewQuest represented the landlord. Nick Corkill of eXp Realty LLC represented the tenant.

DEER PARK – Zaap Thai Street Food leased 2,647 SF at 8035 Spencer Highway, Deer Park. Kimberly DeVos of Cypressbrook Co. represented the tenant. Ronald Patrice of KM Realty represented the landlord, Sunflower Shine Properties.

Texas

DALLAS – Newmark has arranged refinancing for Oxenfree Princeton, a new build-to-rent community in Princeton, Texas, on behalf of a JV between Core Spaces and Harrison Street Asset Management. Newmark’s Jonathan Firestone, Blake Thompson, Clint Frease, Travis Bailey, and Josh Francis secured the financing, provided by GID. Oxenfree Princeton is a 408-home rental community located along the U.S. 380 corridor in North Dallas.

AUSTIN – Kent Companies, a Michigan-based provider of specialty concrete services to the commercial sector, leased a 39,894-SF industrial building in Tuscany X Crossing Business Park in northeast Austin for the relocation of its Central Texas regional headquarters and operations hub. Kent will nearly triple the size of its local operations when it relocates in the fall to 2328 Ambition Way in Austin from Pflugerville. Luke Clardy of Bradford Commercial Real Estate Services represented the tenant. Blake Patterson of Aquila Commercial represented the landlord, Brookfield Properties.

CANYON LAKE, Texas – Limestone Landing, a reimagined 72-residence condominium community developed by KC Hospitality in Canyon Lake, will open an on-site sales center and model residence in early August. The community at 417 April Drive will offer 800-SF, two-bedroom, two-bath condominiums starting at $99,000. The first phase includes 24 residences. The property was originally developed as a Holiday Inn Club Vacations Hill Country Resort. Amenities include a swimming pool, pickleball, volleyball and basketball courts, playground, and barbecue area. Projex is handling construction. Compass Development Marketing Group is handling sales and marketing.

Limestone Landing will offer 72 condominium units in Canyon Lake. KC Hospitality courtesy photo

McALLEN, Texas – Edge Capital Markets announced the sale of Colonnade of McAllen, a 41,041-SF neighborhood retail center at 6500 N. 10th Street in McAllen. Micha van Marcke represented the seller.

CARROLLTON, Texas – Molly Tea leased 1,600 sf SF in Carrollton Town Center. NewQuest’s Heather Nguyen of represented the landlord, while Rebecca Le represented the tenant.

CORPUS CHRISTI – Next Level Urgent Care has leased 3,199 SF in Island Gate Plaza, 4717 S. Padre Island Dr., Corpus Christi, from NewQuest. Nina Kuhn-Irwin of NewQuest represented the landlord. Brett Strake of NewQuest represented the tenant.

CORPUS CHRISTI – Cabinet IQ of Corpus Christi has leased 2,450 SF in Saratoga Town Center, located at Saratoga Boulevard and Staples Road, Corpus Christi, from NewQuest. Nina Kuhn-Irwin of NewQuest represented the landlord. James Magill of SH Realty Partners represented the tenant.

Nation

ATLANTA – Austin-based Buchanan Capital Partners announced its recent capitalization of a 397,556-SF industrial development in the Northwest Atlanta / I-75 North Corridor of Georgia. The Cass White Business Center project will be developed by a joint venture with Dallas-based Crow Holdings Development. Nathan Anderson of NAI Brannen Goddard will lead leasing efforts.

SAN BERNARDINO, Calif. – EQT has acquired a three-building industrial portfolio totaling 667,024 SF at Interchange Logistics Center in San Bernardino, Calif. Jeff Chiate, Rick Ellison, Matt Leupold, and Aubrie Monahan of Cushman & Wakefield represented both the seller, Cabot Properties, and the buyer. The buildings are at 3392 and 3524 Mike Daley Dr. and 1651 Interchange Dr. in the Inland Empire East submarket.

NEW YORK – Bayview Commercial Mortgage Finance, a subsidiary of Bayview Asset Management, announced the closing of a $240 million net asset value (NAV) term loan facility for Link Apartments REIT, a Grubb Properties-managed REIT formed to consolidate several legacy real estate funds and ownership interests across 47 properties while also providing equity to complete the construction of a 462-unit tower in New York City’s Financial District. The facility will be funded in two tranches and supports the creation of a larger “super” REIT structure through the planned addition of a second Grubb Properties-managed REIT (“OZ REIT”). The facility includes a $110 million initial tranche and $130 million to be funded within 60 days. Grubb Properties, a multifamily company based in Charlotte, N.C., delivers housing through its Link Apartment brand. JLL advised.

CARLE PLACE, N.Y. – The Department of War has signed a 10-year lease for 23,600 SF at 1 Old Country Rd. in Carle Place, Long Island. The agency will establish a regional office in the building in early 2027. Kelly Koukou of Lee & Associates NYC represented the landlord, DBD Realty Group. Ralph Guiffre, Vince Lamatta, and Richard Freel of CBRE represented the tenant. The five-story, 320,000-SF building recently underwent a $22 million repositioning. The Federal Aviation Administration signed a 15-year lease in 2023 for 74,000 SF.

REDWOOD CITY, Calif. – Shorenstein Investment Advisers has acquired 550 Allerton, a 76,649-SF Class A office building in Downtown Redwood City, Calif.

THE RALPH BIVINS PROJECT PODCAST

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LISTEN: THE RALPH BIVINS PROJECT with Jim Carman of Howard Hughes Holdings