RNR Real Estate Briefs from Realty News Report — MISSOURI CITY, Texas — Colliers announced the sale of two tracts of land totaling 13.3 acres at Highway 6 and Hurricane Lane, adjacent to Hightower High School. The buyer plans to develop a mixed-use commercial development. The sellers, local investors, were represented by James Kadlick, Chris Hutcheson and Harrison Kane of Colliers. The property has more than 1,100 feet of frontage on Highway 6.
THE WOODLANDS — Edge Capital Markets brokered the sale of College Park Plaza at 3091 College Park Drive. Chace Henke and Micha van Marcke of Edge represented the buyer, Last Mile Investments, in its first acquisition in the Houston MSA. College Park Plaza is a 70,277 SF retail center at a regional intersection near 1.2 million SF of retail and 2.4 million SF of medical and office sites.
HOUSTON — Bobby Orr has acquired a 3.24-acre development site with a 10,987 SF vacant building at 3330 Antoine Drive from Groove 34th Antoine Partners LP. Kevin Sims and Nick Ramsey of NewQuest Properties represented the seller. Bobby Orr of Orr Commercial represented the buyer.
NEW CANEY, Texas — Chuy’s restaurant has ground-leased a 1.65-acre (72,085 SF) retail pad site in Valley Ranch Town Center at US Highway 59 and Grand Parkway from NewQuest Properties. Kevin Sims and Nick Ramsey of NewQuest Properties represented the landlord. Matt Parsons of JLL represented Chuy’s.
HOUSTON – JLL Capital Markets represented the seller, Fifth Corner, and Meredith Cullen and David Cook with Cushman and Wakefield represented the buyer, in the sale of Garden Oaks Shopping Center, a 13,877-SF center at the northeast corner of Shepherd Road and 34th Street. The center, built in 1950, has a Pink’s Pizza and other tenants. The JLL Capital Markets’ team included Ryan West, John Indelli and Clay Andersen.
PEARLAND, Texas – Edge Capital Markets brokered the sale of a 14,410-SF industrial building on 2.4 acres at 14724 Almeda School Road in Pearland. Micha van Marcke and Chace Henke of Edge represented the seller, a Gulf Coast financial institution. The lender-owned property uniquely offered flexible cash flow with a lease termination right and was ultimately sold to an end-user.
MANVEL, Texas — HousKor Steeplechase, LLC, acquired the 14,487 SF Shops at Sedona Lakes on County Road 101 in Manvel from NewQuest Properties. Marc Peeler, Dakota Workman, Rick Ragan and Thomas Turner of NewQuest Properties represented the seller. Johnny Yun of HousKor Realty & Management represented the buyer.
HUMBLE, Texas – Pearlmark closed on a mezzanine debt investment for the acquisition of The Henry at Lake Houston (f/k/a The Cobalt at Lake Houston), a 296-unit, 2020-vintage, garden style multifamily property in the northeast Houston area. The property has 410 parking spaces. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V, L.P. Timbercreek Capital provided the senior loan. The property was acquired by Momentum Multifamily, based in Fort Worth and Houston. Taylor Coy of JLL represented the borrower, Momentum. Erin Sullivan is Vice President of Chicago-based Pearlmark.
ROSENBERG, Texas — KISR Properties acquired a freestanding retail building on a 0.86-acre pad site, leased to Salad and Go in Brazos Town Center Phase II near Highway 59 from NewQuest Properties. Marc Peeler, Dakota Workman, Rick Ragan and Thomas Turner of NewQuest represented the seller. Bill Pyle of Edge Capital Markets represented the buyer.
AUSTIN – JLL Capital Markets arranged construction financing for Lirica East Austin, a five-story, 338-unit apartment development three miles east of downtown Austin at 5211 E. 7th St. JLL worked on behalf of the borrower, Central Southwest Texas Development, LLC, doing business as CSW Development, and the equity partner, Blueprint Local, to secure the loan. The project will have a 496-space parking garage and a 0.25-acre pocket park. Kevin Hunter is CFO and COO of CSW Development. The JLL Capital Markets Debt Advisory team included Doug Opalka, CW Sheehan, Scott Dickey and Samantha Jay.
HUTTO, Texas — EVO Entertainment has leased 53,300 SF of retail space in Townwest Commons at U.S. Highway 79 and County Road 119, near Austin, from NewQuest Properties. David Meyers and Josh Friedlander of NewQuest Properties represented the landlord. Nate Nickerson of Primus Real Estate Services represented the tenant.
DALLAS — Taylor Team Relocation, LLC, has leased 50,070 SF of office/warehouse space in Marsh Business Park West, 2727 Realty Road, from GKI Industrial Dallas, LLC. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord. Hudson Sheets and Andrew Gilbert of Holt Lunsford Commercial represented the tenant.
DALLAS – The Main Street Lofts, a newly built, 266-unit multifamily community in Dallas’ Mansfield submarket, has been sold. Grant Raymond, Asher Hall, Robert Stickel and Alex Brown of Cushman & Wakefield represented the sellers, Realty Capital Residential and PointOne Holdings. The multifamily community was acquired by SPI Advisory.
AUSTIN — Legacy International, an international sales and marketing firm, announced Horseshoe Bay Resort’s pre-construction sellout of 60 three-bedroom condos at Waters Lakeside in the Texas Hill Country. Initial move-in is set for March. Priced from $800,000, the condos will generate more than $65 million in sales. Legacy International has been selected by Jordan Jaffe, CEO of Horseshoe Bay Resort, as the new broker for the development.
ADDISON, Texas – Lovett Industrial, the Houston-based real estate investment firm, and Rosewood Property Company, a Dallas-based real estate investment firm, recently acquired 12.2 acres in Addison to develop Addison Innovation Center with 242,062 SF in two buildings. The infill North Dallas location is near Addison Road and Excel Parkway. Marketing and leasing will be handled by Ben Wallace of Colliers International. Financing was arranged by Jarrod McCabe with JLL. LGE Design Group is the lead architect. Winkelmann & Associates is the civil engineer.
DALLAS – Crescent Communities has sold its NOVEL Turtle Creek to Goldrich Kest. The 20-story residential high-rise community located in the Turtle Creek and Oak Lawn area of Dallas opened in May 2022. The award-winning property is one of three multifamily communities that Crescent Communities developed in the Dallas market and marks the second sale to Goldrich Kest, with Atlanta’s NOVEL Midtown trading hands last month. Meaghan Kroener Janson is director of development of the Texas region for Crescent Communities. The 206-unit community’s design team included project architect WDG, experiential consultant 505 Design, landscape architect TBG Partners and interior designer Vignette Interior Design. Rogers-O’Brien Construction was general contractor. Crescent Communities, based in Charlotte, continues to grow its presence in Texas, and has more announcements planned.
FREDERICKSBURG, Texas — Kept Property Group is starting construction on The Alora Mae, a 22-condominium residential community in Fredericksburg. The condominiums will range from 920 to 1,100 SF and pricing will start in the low $300,000s. Jesse Durden is president of Kept Property Group.
FRISCO, Texas – Hillwood has opened The Casey at Frisco Station, a five-story, 300-unit apartment community in Frisco. It’s Hillwood’s third urban living apartment community inside Frisco Station, a 242-acre, mixed-use development with 650,000 SF of office and three luxury hotels. Mark McHenry is Senior Managing Director of Hillwood Multifamily, which is part of the Perot organization. The Casey, with units ranging from 513 SF to 1,375 SF, was designed by JHP Architecture/Urban Design. Construction financing was by Comerica.
CEDAR PARK, Texas – Partners Real Estate arranged a 9,011-SF lease with The Church of LDS located in the Village, a special purpose property located at 11651 West Parmer Lane in Cedar Park, near Austin.Partners’ Kevin Murphy, Ryan McCullough, and Connor Watson represented the landlord, DDG-996 GP LP in the transaction. LDS was represented by CBRE’s Caroline King in Austin and Brad Davis in Salt Lake City.
DALLAS – JLL Capital Markets has arranged the refinance of The Jones, a 224-unit, garden-style apartment community in Arlington. JLL represented the borrower, WindMass Capital, to secure a floating-rate loan through Benefit Street Partners. Notably, this refinance marks the beginning of a new relationship between both parties
RUSTON, La. — Developer KDC and JPMorgan Chase have started construction on the Chase Operations Center in Ruston, La. Sitting on five acres, the $31 million operations center will measure 50,000 SF. The Ruston facility will serve as an extension of the Chase Operations Center in Monroe, which supports the recording, archiving and custodial services for home loans, auto loans and securities. Architecture is by HKS.
HILLIARD, Ohio – Transwestern Investment Group and Washington, D.C.-based Acento Real Estate Partners announced the sale of Northwest Corporate Plaza, a 221,736 SF light industrial portfolio in Hilliard. The two-building asset is 88 percent leased.
LITTLETON, Colo. — The Connor Group, a real estate investment firm based in Dayton, Ohio, acquired Olivine, a 326-unit multifamily community in Littleton, Colo. Olivine is The Connor Group’s fifth acquisition in Colorado since entering the market in 2017.
Project Spotlight: West on West
HOUSTON – Houston-based NewQuest Properties announced redevelopment and leasing activity at West on West, a new, 90,000 SF project offering a mix of restaurants and retail. Its anchor grocer is a 33,029 SF 99 Ranch Market. The center has a series of murals from local artist Shelbi Nicole.
The 10-acre redevelopment project at 12220 Westheimer, midway between S. Dairy Ashford and S. Kirkwood roads, has executed leases with Shoo Loong Kan, Osha Thai and T Swirl Crepe. Gen Korean BBQ House was the inaugural business to open last month, and other tenants will follow early in 2024.
Sichuan-style hot pot concept Shoo Loong Kan leased 6,213 SF at West on West. Landlord NewQuest Properties was represented by Heather Nguyen while Michael Burgower, Michael Pittman II and Rachel Granstrom with Cushman & Wakefield represented the tenant.
A Japanese creperie, T Swirl Crepe, leased 1,467 SF at West on West. It uses 100 percent gluten-free rice flour batter for crepes. NewQuest was represented by Heather Nguyen and Cobo Fajardo. The tenant rep was Michelle Lin with T-Swirl.
Local restaurateur Saranya Danvetnukro of Nua Thai in Midtown will be bringing authentic Thai street food to a 2,747 SF space at West on West at Osha, which translates to “delicious.” Heather Nguyen represented NewQuest Properties and the tenant was represented by Thomas Nguyen of CBRE.
Adding flair to West on West are multiple murals, including a nearly 400-foot-long art crosswalk, a large wall piece facing Westheimer on Teso Life, a “hidden” emoji meant for discovery along a sidewalk, another small piece on the steps of Teso Life, a substantial wall logo on 99 Ranch and a wall element near Paris Baguette.
Jan 6, 2024 Realty News Report Copyright 2024
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Caption: Reflections of Uptown Houston
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