RNR Real Estate Briefs – Texas & more

RNR Real Estate Briefs from Realty News Report  — MISSOURI CITY, Texas — Colliers  announced the sale of 12.5 undeveloped acres on Knights Court, across from Elkins High School. The buyer plans to develop an office condominium park on the site less than a half-mile from Highway 6. The seller was represented by Chris HutchesonHarrison Kane   and James Kadlick  of Colliers. “This development will bring many new small office buildings to the area,” said Harrison Kane of Colliers.

HOUSTON – Triten Real Estate Partners  completed construction of the Northwest Distribution Center, 7810 Fairbanks North Houston Road. The 357,570-SF project is being leased by Jim Foreman  and Allison Bergman  of Cushman & Wakefield. 

HOUSTON – Partners Real Estate,  a major independent commercial real estate firm, arranged the sale of a 6,600 SF  industrial property at 6758 Bourgeois Road in Houston. Partners’ Cary Latham  and Wyatt Huff  represented the seller, Big Hambone, LLC. Partners’ A.J. Williams  represented the buyer, Peter Ghan.

HOUSTON – Johnson Development,  the developer of Jubilee — a new 1,662-acre community in Hockley — selected eight home builders for Phase 1. Highland Homes  and Coventry Homes  will build on 40-foot lots while David Weekley Homes  and Newmark Homes  will have 45-foot lots. Chesmar Homes   and Tri Pointe Homes  will build on 50-foot homesites. Building on 60-foot lots will be Perry Homes  and Westin Homes. 

HOUSTON — Partners Real Estate  arranged a 12,082 SF office lease with Guntermann & Drunck at 4540 Kendrick Plaza Drive in Houston. Guntermann & Drunck is a leading KVM manufacturer for control room applications. Partners’ John Zivley  represented the tenant. The landlord, EastGroup Properties, was represented by Logan S. Greer  with Insite Realty Partners.

BAYTOWN, Texas – Gong Cha leased retail space in Chambers Town Center at Interstate 10 and TX 146 from NewQuest Properties. Bob Conwell  and Austen Baldridge  of NewQuest represented the landlord.

HOUSTON – Brenda’s Fashion Boutique leased 1,200 SF in the Howard/Winkler Center at 8406 Winkler Drive. The landlord was represented by Cameron Free  of Wulfe & Co.

HOUSTON — Oxford Partners  represented Wartsila North America in the lease renewal of 41,920 SF at 11710 N. Gessner Road, Houston. Oxford Partners’ Ryan Hartsell  and Matt Rogers  represented the tenant. The landlord, Beltway Crossing (Carl Panattoni), was represented by William Carpenter  and Jeremy Lumbreras  of Stream Realty Partners.

HOUSTON – Oxford Partners  represented Kaeser Compressors in leasing 6,150 SF at 3955 World Houston Parkway. Oxford Partners’ D. J. Hale  represented the tenant, Kaeser Compressors, Inc. The landlord is EastGroup.

TEXAS — RNR Real Estate Briefs from Realty News Report

AUSTIN – Dallas-based SPI Advisory  acquired the Parkview Terraces (formerly known as Cortland Southpark Terraces), a newly-renovated 244-unit apartment community built in 2009 at 10101 South First St., south of downtown Austin. Parkview Terraces represents SPI’s eighth property (2,500 units) under management in the Austin area.

CELINA, Texas – Centurion American Development Group  announced plans to create a large-lot development, Harper Estates, north of Dallas. Located along FM 2478, Harper Estates will be a residential community on 100 acres and with 76 lots of more than one acre. Builders will include Olivia Clarke HomesPartners in Building  and Wyatt James.   

CEDAR PARK, Texas – Three Austin real estate firms have formed a joint venture and begun a large, multi-phased, mixed-use project in the Austin suburb of Cedar Park. Cordova Real Estate Ventures  and Riverside  assembled six parcels totaling 95 acres in the northeast quadrant of U.S. Highway 183-A and New Hope Drive. A third real estate group, Live Oak,  has joined the joint venture partnership that’s developing the first industrial phase.

SAN ANTONIO — Partners Real Estate  arranged a one-acre land lease with Shell Tap Up at 7300 FM 1346 in San Antonio. Partners’ Brian Heines   represented the landlord, Stephen Garcia. Sam Pouns  with Cushman & Wakefield  represented the tenant.

AUSTIN — Newmark  has completed the sale and financing of Villas Tech Ridge, a 350-unit, value-add multifamily asset in Pflugerville. Newmark’s Patton Jones  and Andrew Dickson  represented the seller, an institutional client of New York Life Real Estate Investors. The buyer was Pegasus Real Estate.

GREENVILLE, Texas — LGI Homes,  headquartered in The Woodlands, has opened Delano Estates in the town of Greenville. The community offers new homes starting in the $260s.

IRVING, Texas – Haraz Coffee House leased retail space at 10009 N MacArthur Blvd. in Irving. Partners’ Ranjin Mathew  represented the tenant. The landlord was represented by Derek Anthony,  also of Partners.

CARROLLTON, Texas – Royce Chocolates leased 1,042 SF in Carrollton Town Center from NewQuest Properties,  which was represented by Heather Nguyen   and Cobo Fajardo.

GRAPEVINE,  Texas – American Orthodontic Society leased 4,296 SF of office space in Silverlake Crossings from Supreme Bright Grapevine VII. Jared Laake   and Leigh Richter  of Bradford Commercial  represented the tenant. Chris Taylor  and John Francher  of Cushman & Wakefield  represented the landlord.

EULESS, Texas – Knightvest Capital,  a multifamily investment company, has sold its Reagan at Bear Creek, a 216-unit garden-style housing asset in the North Texas suburb of Euless.

ROUND ROCK, Texas – Partners Capital,  the investment platform of Partners Real Estate, has sold Triangle Center, a 58,929 SF retail center in Round Rock. Partners Capital originally acquired the property in November 2019 through its Fund III investment vehicle. Cathy Nabours  and Kyle Shaffer  with SRS represented Partners Capital

NATIONAL — RNR Real Estate Briefs from Realty News Report

St. PAUL, Minn. – An office-to-residential conversion is planned in Minnesota. Transwestern Real Estate Services announced the sale of the Landmark Towers, a 200,000 SF office building at 345 Saint Peter St. in St. Paul. Transwestern’s Capital Markets and Asset Services team of Mike Salmen  and Erik Coglianese  assisted the seller. The buyer, Sherman Associates, intends to convert the office building into a multifamily property.

BOSTON, Mass. – JLL Capital Markets  has closed the $41 million sale of 7 Post Office Square, a seven-story, 64,246 SF office building in Boston’s Financial District. JLL represented the seller, Nuveen Real Estate, and identified the buyer, Azora Exan Capital. The sale represents the first office trade in the Boston market since January 2022.

PHILADELPHIA, Pa. — Portman  acquired 169 acres to construct I-76 Trade Center, an industrial campus spanning 1.9 million SF in Philadelphia.  l. Scheduled for development in two phases, I-76 Trade Center will be a three-building logistics campus. Phase I will encompass a 636,120 SF building. Phase II includes a 1.1 million SF facility and a 154,440 SF building.

NEW YORK — Kimco Realty,  a publicly traded owner and operator of open-air, grocery-anchored shopping centers and mixed-use assets, and RPT Realty, a publicly traded firm with a national portfolio of open-air shopping centers announced a merger agreement in which RPT will be acquired by Kimco in an all-stock transaction valued at $2 billion. In 2021, Kimco acquired Weingarten Realty Investors  of Houston.

SILICON VALLEY, Calif. – JLL Capital Markets  announced the sale of 825 Stewart Drive, an R&D facility totaling 75,350 SF in Sunnyvale, Calif. JLL represented the seller, GI Partners, and procured the buyer, BGO. It is 100 percent leased to Apple.

ETC —  RNR Real Estate Briefs from Realty News Report

Austin Leads Nation in Workforce Migration, says CBRE Report

AUSTIN – The city of Austin led all U.S. markets in net migration percentage (4.1 percent of total workforce) between February 2020 and February 2023, according to a new report from CBRE.  

Austin also led the country in net migration percentage for three categories of tech employees, including young professionals, (8.6 percent), rising professionals (6 percent) and mid-late career employees (2 percent).

Century Communities, Partners Break Ground on Home for Veteran in The Woodlands Hills in Willis

WILLIS, Texas – Century Communities,  a top 10 homebuilder – along with the Houston Texans, The Howard Hughes Corp., Greater Houston Builders Association  and Operation Finally Home,  celebrated the groundbreaking of a custom-built, mortgage-free home for U.S. Army Sergeant Joanna Ellenbeck.

Century Communities is building the home for Ellenbeck and her daughter on a lot donated by The Howard Hughes Corp. in The Woodlands Hills in Willis.

The groundbreaking ceremony for the 2,012 SF home was held in August. Slated for completion in spring 2024, the four-bedroom, three-bath home features an open-concept design. The home was custom designed for Ellenbeck, who enlisted in the U.S. Army after 9/11 and served for more than eight years, including three combat deployments: one to Afghanistan and two to Iraq.

She carries visible and invisible scars from her service, including a debilitating back injury sustained from her 2004 deployment. Ellenbeck’s doctors believe her service-related injuries will require her to use a wheelchair in the future.

Currently residing in Arizona, Ellenbeck plans to move to Houston to be closer to family and friends and provide her daughter with the medical, therapeutic and educational support she needs. Ellenbeck’s daughter was born blind, has cerebral palsy and uses a wheelchair.

Hines and the Digital Journey

Hines,  the global real estate investment, development and property management firm, is embarking on an ambitious digital journey to unite the technology that connects property operations, amenities, services and building automation to enhance the workplace experience.

The firm is investing in a new digital ecosystem that makes it easier to access buildings, amenities and experiences while generating more in-depth insights about building utilization and client satisfaction.

Centering around employee experience, the platform gives users the ability to access the building via a mobile pass on their smartphones or smartwatches, book meeting and event spaces or desks, order food at cafes and restaurants, reserve on-site fitness classes, receive information about the building and events and more via a new Hines app.

The digital platform also gives clients and investors a dashboard with insights into building performance and satisfaction via occupancy data, employee satisfaction surveys and ESG metrics.

The new technology is being launched this fall at eight buildings across five cities: Salesforce Tower in Chicago; 1144 15th St. in Denver; 717 Texas Ave. in Houston; the Kearns Building in Salt Lake City; CIBC Square, T3 Bayside and two buildings at T3 Sterling Road in Toronto, Canada. Hines plans to add more locations across its global portfolio.

“We’re committed to a people-centric experience and this investment takes that commitment to the next level,” said Ilene Goldfine, chief digital strategy officer at Hines. “The traditional systems were managed building by building and made it difficult or impossible to track performance across a portfolio.

This new digital ecosystem, which unites back-end technology with front-end experiences, will deliver long-term cost savings to our investors and clients.”

Sept. 9, 2023 Realty News Report Copyright 2023

Photo by Ralph Bivins, Realty News Report, Copyright 2023  File: RNR Real Estate Briefs

RNR Real Estate Briefs are published by Realty News Report


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RNR Real Estate Briefs are published by Realty News Report

Additional news briefs

RNR Real Estate Briefs Reported  Aug. 26, 2023

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