RNR Real Estate Briefs from Realty News Report – – HOUSTON — Pelican Builders completed construction at its 33-residence Upper Kirby mid-rise called Westmore at 2323 W. Main St. Designed by Mirador Group, Westmore has a mid-century modern architectural style. Derek Darnell is president of Pelican Builders, founded by Robert Bland. Douglas Elliman is handling the marketing. Residences start at $995,000.
HOUSTON — Partners Real Estate arranged a 23,100 SF sale at 18315 Aldine Westfield Road to close out a three-building industrial spec development project totaling 93,350 SF for TNRG Development at Intercontinental Crossing Business Park. Partners’ Clay Pritchett and Zane Carman represented the seller.
HOUSTON – Austin-based OHT Partners has broken ground on Lenox Heights, a 359-unit apartment community with homes ranging in size from one to two-bedroom units with floor plans from 629 to 1,247 SF. The five-story complex at 333 W. 24th St. in The Heights will welcome its first residents in early 2025. Architecture is by Steinberg Dickey Collaborative, LLP.
CYPRESS, Texas — Colliers announced the industrial lease of 46,614 SF at the 290 Northwest Business Center at 21420 Northwest Freeway in Cypress. The tenant, Premier Stair & Door, was represented by The Lish Company. The landlord, KBUSA Properties, was represented by Jason Tangen and Barrett Gibson of Colliers. The 290 Northwest Business Center is off Highway 290 near Huffmeister Road. This industrial property was built in 2019.
HOUSTON — Noble 33, the global hospitality group, will debut in Houston this fall with the openings of Toca Madera and Meduza Mediterrania at The Pavilion at The Allen, a DC Partners development just west of downtown near Allen Parkway. The unique and immersive dining experiences are helmed by Noble 33 Co-Founders Tosh Berman and Mikey Tanha.
HOUSTON — Adam Ross Bespoke & Custom Clothiers leased a 5,692 SF building at 5709 Val Verde St. Adam Ross is a luxury brand providing custom garments through expert design, impeccable craftsmanship and fine quality fabrics. Nick Bergman with CBRE represented the tenant and the landlord was represented by Ashley Casterlin of Davis Commercial.
HOUSTON – Michael Moulton of Partners Real Estate represented Hair By Katherine, which leased space at Cornerstone Shopping Center on FM 1960 Road W.
HOUSTON — Oxford Partners recently represented Prestige Care Health in the lease renewal of 2,705 SF at 8303 Southwest Freeway. Oxford Partners’ Vincent Vega represented the tenant, Prestige Care Health. The Landlord Realty.com was represented by Candice Hathway of Oxley Leasing.
SUGAR LAND, Texas — Oxford Partners recently represented Buchanan, James & Associates in the new lease and relocation of 2,130 SF at 3 Sugar Creek Center Blvd., Sugar Land. Oxford Partners’ Vincent Vega represented the tenant, Buchanan, James & Associates. The Landlord Wedge Commercial Properties was represented by Brian Strait of Stream Realty.
HOUSTON – Partners Real Estate arranged the sale of a 15,696 SF multifamily property at 4525 Weaver Road. Partners’ Ryan DeGennaro represented the seller, Mell Investment Group. Enrique Moreno Jr. of eXp Commercial represented the buyer.
TEXAS — RNR Real Estate Briefs from Realty News Report
FARMERS BRANCH, Texas – Partners Real Estate arranged a 19,000 SF industrial lease with Executive Refreshments on Gamma Road in Farmers Branch. Partners’ Jeff McVaney represented the tenant. The landlord was represented by Chad Albert and DJ Draper from Stoic Real Estate Partners.
ARLINGTON, Texas – Partners Real Estate arranged the sale of a 6,146-SF medical office building located at 1001 W Mitchell St in Arlington. This was a two-tenant net leased asset. Partners’ Ryan McCullough represented the buyer.
NATIONAL — RNR Real Estate Briefs from Realty News Report
PHOENIX, Ariz. – Cushman & Wakefield has advised US Capital Development in the sale of a newly constructed 599,486 SF industrial building in Glendale (Phoenix), Arizona. Built on a spec basis in 2022, it is 100 percent leased. Falcon Park 303 – Phase I was acquired for $81.7 million by an affiliate of Cohen Asset Management, one the most active industrial investors in the Phoenix area.
CHICAGO, Ill. – KCB Real Estate of Pasadena, Calif., acquired a 26-unit multifamily property on West Hubbard Street in Chicago’s Fulton Market District.
PHOENIX, Ariz. — Mohr Capital and Rosewood Property Company kicked off construction on the West Summit Logistics Park in Surprise, Ariz. West Summit Logistics Park consists of two industrial buildings totaling 704,472 SF on 46 acres.
SAN DIEGO, Calif. — MG Properties, a San Diego-based real estate investment company, has acquired the 192-unit Artesia Apartments in the Silver Lake neighborhood of Everett, Wash. for a purchase price of $61.6 million. The seller, RISE Properties Trust, was represented by Philip Assouad, Giovanni Napoli, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino from Institutional Property Advisors. Financing was provided by Freddie Mac and arranged by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of Institutional Property Advisors.
ETC – RNR Real Estate Briefs from Realty News Report
Northmarq Arranges Financing
HOUSTON — Northmarq’s Warren Hitchcock and Emily Zarcaro secured an equity capitalization for the Port 99 industrial project, a to-be-built 1.2 million SF property site at the Grand Parkway 99 on FM 2354 Road in Baytown. Northmarq arranged the equity through a discretionary private equity fund that specializes in joint venture and preferred equity across North America in industrial, multifamily and life sciences.
“Through a very difficult and volatile market we successfully cleared the capital markets while strategically leveraging Northmarq’s relationships in order to procure the unique terms this sponsor and development required to be successful, considering the changing market fundamentals. Ultimately, we were able to accommodate a quick closing timeline inside 30 days and provide a win-win-win for the client, equity partner and senior lender,” said Warren Hitchcock, managing director.
“We believe the demand for this industrial product is very strong in this submarket. Therefore, this development will be very successful with leasing interest occurring already. Finding this type of capital is extremely important to our clients today, with banks and investors on the sidelines, so we must stay persistent.”
The industrial development site is in southeast Houston near the Port of Houston, the No. 1 port for exports in the nation, the largest port on the Gulf Coast and the largest port in Texas. The Houston Ship Channel is 52-miles long and is a vital economic engine for the Houston region.
Port 99 will consist of a large cross dock facility with the ability to expand, as well as a smaller front load building. The structures will also have 437 parking stalls, 1,184 trailer parking stalls and have a clearance height of 32 to 40 feet.
GTIS Partners Buys Site
HOUSTON — GTIS Partners, a New York-based global real estate investment firm managing $4.3 billion in gross assets with a U.S. focus on residential and industrial/logistics investments, acquired 26 acres near Beltway 8 to develop a 484,000 SF industrial project in southeast Houston.
The site is in the port-centric southeast submarket, one of the most in-demand submarkets in Houston. GTIS will develop this project itself in the fourth quarter of 2023 by constructing two buildings, a 355,000 SF cross dock and a 129,000 SF rear load, totaling 484,000 SF. The firm will capitalize on the increasing container traffic at the port.
“This transaction aligns well with our plans for purposeful expansion in MSAs across the U.S., and we look forward to breaking ground later this year so that we can provide two high-quality properties to future tenants,” said Robert McCall, partner and head of U.S. Industrial and Brazil Acquisitions at GTIS.
Gaurav Sahay, managing director of Industrial and Logistics at GTIS, added: “With this acquisition, we have the unique opportunity to deliver a project to tenants who are looking to locate to or expand in the southeast submarket, in an infill site that offers proximity to the Port of Houston, strategic highway access and excellent visibility.”
GTIS Partners has offices in São Paulo, San Francisco, Los Angeles, Atlanta and Charlotte.
May 26, 2023 Realty News Report Copyright 2023
Photo Credit: Cynthia Lescalleet, CALpix Copyright 2023
File: RNR Real Estate Briefs
RNR Real Estate Briefs are published by Realty News Report
THE RALPH BIVINS PROJECT PODCAST
LISTEN: THE RALPH BIVINS PROJECT podcast with Mike Miller
LISTEN: THE RALPH BIVINS PROJECT podcast with Cathy Treviño, chair of HAR
LISTEN: THE RALPH BIVINS PROJECT podcast with Rusty Tamlyn of JLL Capital Markets
LISTEN: THE RALPH BIVINS PROJECT podcast with Carlos Bujosa of Transwestern
LISTEN: THE RALPH BIVINS PROJECT podcast with Mike Spears of Lee & Associates Houston
LISTEN: THE RALPH BIVINS PROJECT podcast with Michael Scheurich of Arch-Con
LISTEN: THE RALPH BIVINS PROJECT podcast with David Schwarz of Transwestern
RNR Real Estate Briefs are published by Realty News Report
RNR Real Estate Briefs Reported May 6, 2023
RNR Real Estate Briefs Reported April 29, 2023
RNR Real Estate Briefs Reported March 31, 2023
RNR Real Estate Briefs Reported March 18, 2023
RNR Real Estate Briefs Reported March 3, 2023
RNR Real Estate Briefs Reported Jan. 14, 2023
RNR Real Estate Briefs Reported Jan. 21, 2023
Follow us on Twitter @RNRBulletin
RNR Real Estate Briefs