RNR Real Estate Briefs from Realty News Report – CONROE, Texas — Colliers announced the sale of a 43,200 SF industrial building on 9.9 acres along Interstate 45 South in Conroe. The buyer, Spring Glass & Mirror Ltd., was represented by Wade Nelson of Nelson Properties. The seller, JMBG, Ltd., was represented by Michelle Soderberg of Colliers. The property will become the new headquarters of Spring Glass & Mirror, which was founded in 1981.
SPRING, Texas — Edge Capital Markets brokered the sale of Shops at Cypresswood on Interstate 45 in Spring. Micha van Marcke and Chace Henke of Edge represented the seller and Vonn Tran of Edge represented the buyer. Shops at Cypresswood is a 106,896 SF retail center with tenants that include Ulta, Petco, Kirkland’s and dd’s Discounts. The center is near many corporate campuses, including the global headquarters of Exxon Mobil, resulting in a total daytime population of 212,000 people within a five-mile radius.
HOUSTON — Partners Real Estate, a large independent commercial real estate firm in Texas, arranged the sale of 9.16 acres of land on Greensmark Drive in Houston. Partners’ Alex Makris and Patrick Keegan represented the seller. Craig Bean of Transwestern represented the buyer.
LEAGUE CITY, Texas — Amalfi at Tuscan Lakes and Sorrento at Tuscan Lakes, two multifamily communities in League City, have been sold. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller, Sachs Companies. Amalfi Tuscan Lakes and Sorrento Tuscan Lakes have 328 and 204 units, respectively. Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 110-person investment sales team covering 11 states with No. 1 multifamily market share in that region.
BAYTOWN, Texas — Newmark has arranged the sale and financing of Stone Brook, a 376-unit multifamily asset at 619 Rollingbrook Drive. Newmark’s Zach Springer represented the seller, Knightvest Capital, of Dallas. Newmark’s Tip Strickland helped arrange the 10-year permanent fixed-rate loan on behalf of the buyer, Bluebird, a multifamily investment firm.
HOUSTON — Caldwell Communities has opened the Cypress area’s newest residential rental 55-plus community, Cadence Creek at Towne Lake, featuring apartment homes and lifestyle cottages. Located at 11411 Greenhouse Road, Cadence Creek at Towne Lake offers apartment homes as well as cottage homes for those seeking a single-story rental home with a yard.
HOUSTON — C & C Furniture Manufacturing has leased 57,346 SF in Megacenter Willowbrook Business Park, 7075 FM 1960 West. Melissa Gerber Brams of Gerber Realty represented the tenant and Rod Allub of Texas Management Partners represented the landlord, Megacenter Willowbrook, LLC.
HOUSTON — Partners Real Estate arranged the sale of 3.5 acres of land at 3430 Rogerdale Road. Partners’ Hunter Stockard, Alex Makris and Patrick Keegan represented the seller, Corey Foresteen M 2023 Trust. Dakota Workman of NewQuest represented the buyer.
HOUSTON — Oxford Partners recently represented Drop of the Creator, LLC, in the purchase of the 6,789 SF building at 10929 Chimney Rock Road. Oxford Partners’ Perry Mazzone and Ryan Hartsell represented the buyer.
HOUSTON — John Hornbuckle of Cypressbrook Company represented EN Group Corporation in the leasing of 18,502 SF of office and warehouse distribution space at 9364 Wallisville Road. John Kruse and Carter Holmes of Cushman & Wakefield represented the landlord, MacArthur 4500, LLC.
THE WOODLANDS — Kimberly DeVos of Cypressbrook Company represented the tenant, Mark W. Todd Architects, in the expansion of its location, bringing the total area to 8,565 SF of office space at 1440 Lake Front Circle. The landlord, Woodlands-Sarofim #1, LTD, was represented by Jillian Fredericks with Colliers.
MAGNOLIA, Texas – Hollywood Feed has leased 3,500 SF of retail space in Shoppes at Magnolia Circle on FM 1488 in Magnolia, from NewQuest Properties. Lara Lee LaMendola and Andrew Alvis of NewQuest Properties represented the landlord. Blair Golden of Evergreen Commercial Realty represented the tenant.
THE WOODLANDS – Howard Hughes announced J. Patrick Homes will be the ninth homebuilder in The Woodlands Hills, a master planned community 13 miles north of The Woodlands in Conroe and Willis.
ROSENBURG, Texas – RapidCare Emergency Room has leased from NewQuest Properties a 7,032 SF medical office building in Brazos Town Center at US Highway 59 and FM 762. Bob Conwell and Austen Baldridge of NewQuest Properties represented the landlord. Gloria Ilochonwu of Keller Williams Real Estate represented the tenant.
NEW BRAUNFELS, Texas – Multifamily private equity firm SPI Advisory, based in Texas, acquired Riverbend Apartments (formerly known as “Hawthorne Riverside”), a 164-unit apartment community built in 1995.
AUSTIN – Transwestern Real Estate Services announced that House of Gainz has signed a new 41,000 SF lease at a retail facility at 235 Canyon Ridge Drive in the Northeast submarket. Transwestern Managing Director Bryan McMurrey represented the landlord, BAFCO III.
FORT WORTH – Trademark Property Co. will assume leasing and property management for the 114,000 SF retail district at Left Bank, a popular mixed-use community in the heart of Fort Worth’s West 7th Street Urban Village, near the Cultural Arts District. It is anchored by Tom Thumb grocery.
AUSTIN — Partners Real Estate arranged a 2,284 SF retail lease with Saturn Cocktails at 906 Congress Avenue. Partners’ Kevin Murphy represented the landlord, Congress Avenue Block 110, LLC.
ARLINGTON, Texas — Newmark arranged the sale and financing of Maverick Place, a 117-unit, 382-bed student housing asset serving the University of Texas at Arlington. Newmark’s Ryan Lang, Jack Brett and Ben Harkrider represented the seller, Waypoint UTA Maverick Place Owner, LLC, and Waypoint Maverick Land Owner, LLC.
EULESS, Texas — STRIVE, a commercial real estate investment sales firm based in Dallas, announced the sale of Euless Town Center, a Ross- and ALDI-anchored shopping center. The 85.6-percent occupied, 239,610 SF retail center is located on Airport Freeway near Dallas Fort Worth Airport.
SAN ANTONIO — Partners Real Estate arranged a 3,825 SF lease with IDN Global Acme, Inc. at 1031 East Nakoma Drive in San Antonio. Partners’ Phil Crane represented the tenant. The landlord was represented by Justin Roberts with CBRE.
SAN ANTONIO — Partners Real Estate arranged a 2,200 SF office lease with Auravia Wellness and Positive Soul Holistic Therapy at 14701 San Pedro Ave. Partners’ Lindsey Tucker and Kyle Kennan represented the landlord, Grand Slam Holdings, Ltd. The tenant was represented by Melissa Serrano with Uriah.
SCHERTZ, Texas – Rosewood Property Company recently purchased Four Oaks Distribution Center, a Class A, 170,000 SF speculative industrial development. Rosewood and Phelan Bennett Development partnered to build the facility and Rosewood bought Phelan Bennett’s interest in the fully leased industrial building just outside of San Antonio. “This is our re-entry into the industrial sector and reaching 100 percent leased demonstrates the appeal of this location and this facility, in particular,” said Rick Perdue, president of Rosewood Property Company.
CONVERSE, Texas — Partners Real Estate arranged the sale of a 7,380 SF industrial property on five acres of land on IH-10. Partners’ Carlos Marquez and Colten Courtney represented the seller, B-29 Investments, LP. Partners’ Brett Lum and Travis Land represented the buyer
LOS ANGELES, Calif. – Cushman & Wakefield served as the advisor to the joint venture of LaTerra Development and Clarion Partners to procure $90 million in financing for The Louise, a new multifamily mixed-use property with 246 units and 20,487 SF of retail along Hollywood Boulevard in Los Feliz and directly connected to Barnsdall Art Park. A Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, Brian Share, Max Schafer and Becca Tse represented the borrower in the refinancing transaction. The loan was provided by PGIM Real Estate.
BOSTON and MINNEAPOLIS — Freehold Capital Management, a developer of master-planned communities and build-to-rent neighborhoods, and Värde Partners, a leading global alternative investment firm, formed a partnership to acquire two master-planned communities: Savannah Quarters in Pooler, Ga. and Grande Dunes in Myrtle Beach, S.C. Savannah Quarters is a 2,600-acre mixed-use master-planned community. Located 14 miles from Savannah, the community is home to more than 2,800 families with about 700 homes remaining. Grande Dunes is a 2,200-acre community.
HOUSTON – Concourse Development, LLC – a privately held real estate company specializing in land assembly, community design and residential development – recently merged with its U.S. sister company to create the international real estate investment and development firm Maquina Holdings. The two companies are now operating under the moniker of Ember.
The combined entity will leverage the deep-rooted expertise of Concourse co-founders Harry Masterson and Jordan Mack in large-scale land development with the successful track record of Maquina President and CEO Vicente Rangel in industrial, infrastructure, commercial and luxury residential projects to create a multi-platform real estate titan under the leadership of managing principals Masterson, Mack and Rangel. The seed for the newly formed company was first planted after Rangel relocated from Mexico to Houston in 2012 to launch the U.S.-based sister firm.
RCLCO and CEL Compensation Advisors Partnership
BETHESDA, Md. – RCLCO Real Estate Consulting announced a new partnership with CEL Compensation Advisors, LLC to expand and enhance its industry-leading talent management practice, building on the CEL annual Real Estate Compensation & Benefits Survey and its compensation consulting practice, and RCLCO’s management consulting and executive search practices. “This partnership expands upon RCLCO’s mission of helping clients make strategic, effective, and enduring decisions about real estate,” said Adam Ducker, Chief Executive Officer of RCLCO. “As we expand our broad spectrum of organizational development resources, we are excited to meet our clients’ full set of talent management needs with comprehensive compensation resources and solutions. Retaining and attracting talent is a cornerstone of the real estate industry, and by integrating CEL Compensation Advisors on this important matter, we can be much more impactful for our clients.”
Oct. 14, 2023 Realty News Report Copyright 2023
Photo: Cynthia Lescalleet, CALpix Copyright 2023
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