RNR Real Estate Briefs from Realty News Report – SUGAR LAND — Vista Sugar Land III, a real estate investment partnership sponsored by The Vista Companies, has broken ground on an 8,400 SF retail center at U.S. Highway 59 and University Boulevard in Sugar Land. The center is 83 percent pre-leased with one remaining lease space available. Financing is provided by James Coleman with Stellar Bank, and closing of the construction loan was handled by Lesley Mann with Charter Title. The general contractor is United Constructors with construction management by Dana Garnett of Vista Equities Group. Completion is scheduled for late 2023.
TOMBALL, Texas — Colliers announced Tomball Economic Development Corporation’s sale of 17.7 acres (Lot 308) at the southeast corner of Spell and South Persimmon roads in the Tomball Business & Technology Park. The buyer, Chrismas Interests, LLC, was represented by Will Condrey with Cresa Global. The seller was represented by Tom Condon Jr. and John Grimsley of Colliers. The closing was coordinated by Jane Mathews and Erin O’Neal of Stewart Title – Tomball. Chrismas Interests plans to develop the property for Walsh & Albert and Metal Zinc.
THE WOODLANDS – SVN J. Beard Real Estate – Greater Houston completed the sale of the inline retail portion of Grogan’s Mill Village Center in The Woodlands to The Howard Hughes Corporation. The retail center is in the heart of The Woodlands’ first residential enclave, the Village of Grogan’s Mill. Built in 1974, the 10,406 SF buildings are designed in the traditional style with brick, wood and glass storefronts. Jeff Beard of SVN | J. Beard Real Estate – Greater Houston represented the seller, Grogans Mill Retail Center, LLC.
HOUSTON – Partners Real Estate arranged a 7,050 SF lease expansion with Bakers Crating Services, LLC, at 15911 Morales Road. Partners’ Devin Hawkins represented the tenant. Hunter Johnson with Bridge Commercial represented the landlord, Atlas Greens Road Industrial, LLC.
HOUSTON – Oxford Partners represented Workplace Safety Screenings in the new lease and relocation of 3,911 SF at 1140 Westmont Drive. Oxford Partners’ Ryan Hartsell represented the tenant, Workplace Safety Screenings. The landlord, Altera Development, was represented by Sam Hansen of Colliers.
LA MARQUE, Texas – Partners Real Estate arranged the sale of a 43,000 SF fabrication and distribution building at 4725 Lawndale St. Partners’ Cary Latham and Wyatt Huff represented the seller, Baucom Property Leasing, LLC, in the sale leaseback to Bebco Environmental Controls Corp., a manufacturer of industrial and hazardous location climate control products. Anthony Heins of Heins Properties represented the buyer, Wolf Capital Partners.
NEW CANEY, Texas – LensCrafters leased 3,500 SF in Valley Ranch Town Center at 21539 Market Place Drive in New Caney. The landlord was represented by Brody Farris of Signorelli Co. and the tenant was represented by Katherine Wildman and Bunny McLeod of Wulfe & Co.
HOUSTON — Texas Furniture Installations, a company that provides services for commercial furniture connections, signed a 9,430 SF lease at 9777 W Gulf Bank Road in Houston. Ed Ayres of Houston Realty Advisors represented the tenant. Rycore Brookhollow Property was represented by Carter Holmes and John Kruse, formerly with Holt Lunsford, now with Cushman & Wakefield.
HOUSTON – Oxford Partners represented Source Vital in the lease renewal of 7,892 SF at 1291 N Post Oak Road. Oxford Partners’ Ryan Hartsell represented the tenant, Source Vital. The landlord, Liberty Property Limited Partnership, was represented by Kyle Whieldon of Prologis.
HOUSTON – CareNow Urgent Care has leased 4,043 SF in the Easton Commons Shopping Center at 8470 Highway 6 N in Houston. The tenant was represented by Scott Gardner of Main Street Commercial Partners and the landlord was represented by Bunny McLeod and Katherine Wildman of Wulfe & Co.
WILLIS, Texas – Lone Star Community Health Center has sold 2.3 acres at the intersection of the Interstate 45 feeder road and Lincoln Ridge in Willis to Cross Development CC Willis, LLC. Kevin Sims and Nick Ramsey of NewQuest Properties represented the seller. Preston Wolfe of Independence Commercial Real Estate represented the buyer.
DALLAS – Cushman & Wakefield secured a 28,366 SF lease for Simon Greenstone Panatier, PC, at Bank of America Plaza, 901 Main St. in downtown Dallas. Ryan Hoopes, Tom Sutherland and Dean Dahlsten of Cushman & Wakefield represented the tenant. Russ Johnson and Joel Pustmueller of JLL represented the ownership, Metropolis Investment Holdings. The 72-story, 1.84 million SF Bank of America Plaza is the tallest building in Dallas.
CORINTH, Texas — Florida-based Landmark Cos. secured $45 million in construction financing for Arden at Corinth, a multifamily project at 3451 FM 2181 in Corinth. The 296-unit multifamily development is scheduled to deliver its first phase by the first quarter of 2024. CEO Julia Baytler leads Landmark.
SEGUIN, Texas – Partners Real Estate arranged the sale of 119.3 acres of land along Interstate 10 in Seguin. Partners’ John Colglazier and Kyle Kennan represented the buyer, Baltisse-Ackerman Seguin. David Orr with Rockspring represented the seller. The buyer is planning to develop up to 1.6 million SF of industrial space on the land.
HELOTES, Texas – The Woodmont Company announced the groundbreaking of Kiddie Academy of Helotes, a premier child development center in Helotes, near San Antonio.
ROCKWALL, Texas – The Dallas-based office of Trez Capital provided a $24 million loan to Provident Realty Advisors to develop 281 single-family lots in phase one of the community called Hillstead. Upon completion, Hillstead will have approximately 1,000 single-family homes.
CARROLLTON, Texas – Spilled Ink, LLC, has leased 2,330 SF of flex space in Valwood Business Center from B9 Sequoia Valwood Owner LP. Kyle Espie of Bradford Commercial Real Estate Services represented the tenant. Sloan Teegarden of Link Logistics Real Estate represented the landlord.
ROUND ROCK, Texas – Partners Real Estate announced the grand openings of two new tenants, Action Behavior Center and TSO Chinese, at The Triangle Center in Round Rock.
LAREDO, Texas – Partners Real Estate arranged the sale of a 37,500 SF industrial building on Atlanta Drive in Laredo. Partners’ Gustavo Torres represented the seller, Richard G. Boswell,
BETHESDA, Md. – Transwestern Real Estate Services has been selected to lease Avocet Tower, a 370,000 SF, 22-story office building at 7373 Wisconsin Ave. in Bethesda. Transwestern’s Phil McCarthy, Keith Foery, Mark Boyce, Karla Rivera and Chris Coccaro will provide agency leasing services on behalf of the owner, Stonebridge.
SCOTTSDALE, Ariz. – Tower Capital arranged $120.5 million in financing for two build-to-rent communities in the Phoenix market. The lease-up bridge and construction financing is for the newly developed Village at Pioneer Park, a 332-unit project, and Village at Skyline Ranch, a 167-unit project. Tower Capital’s Kyle McDonough and George Maravilla arranged the financing.
NEW YORK, N.Y. – NewPoint Real Estate Capital announced that its bridge lending affiliate has completed a $199 million securitization of eight floating-rate first-mortgage bridge loans secured by multifamily properties through a Freddie Mac-sponsored Q-Deal transaction. This is NewPoint’s first Q-Deal since launch and the first Freddie Mac Q-Deal to be issued in 2023. The securitization was co-led by Barclays and Wells Fargo, with additional support from Citigroup and Drexel Hamilton.
Transwestern in DC
WASHINGTON – Transwestern Development Company announced Perseus TDC, its development arm in the Mid-Atlantic region, is rebranding under the TDC name. The regional office will continue investing alongside its financial partners in premier properties, adding value through skilled entitlement planning, design, risk management and operations.
Perseus TDC was founded as Perseus Realty in 2004 by Robert Cohen, president and CEO, whose retirement coincides with the name change. In 2017, the regional company partnered with TDC and became Transwestern’s Mid-Atlantic development operation. In 2020, Perseus TDC became a wholly owned entity of Transwestern Development Company.
Since its inception, Perseus has acquired and developed 3.75 million SF of mixed-use, multifamily, office, hotel and retail properties in the Washington metro and core suburban markets of Virginia and Maryland. Notable projects include NoMaCNTR, The Six and The Foundry, an award-winning development that received NAIOP’s 2021 Best Building in Adaptive Reuse award.
Hines Mixed-Use in Downtown Minneapolis
MINNEAPOLIS, Minn. – Hines, along with partners AFL-CIO Building Investment Trust and Marquee Development, announced that Värde Partners, a leading global alternative investment firm, has signed a 12-year lease for a full floor, totaling approximately 28,000 SF at North Loop Green, a mixed-use development under construction in the North Loop Neighborhood of downtown Minneapolis. The investment firm will relocate its office from AT&T Tower in March 2025.
“Leasing velocity remains strong as North Loop Green continues to attract industry-leading companies seeking a distinct destination for their employees to collaborate and build community,” said Bob Pfefferle, managing director at Hines.
Opening in the first quarter of 2024, North Loop Green will redefine the office experience in downtown Minneapolis. Designed by ESG Architects, the development will offer 350,000 SF of next-generation office space, including exclusive terraces on every floor, flexible workspaces, optimized indoor air quality and a rooftop amenity terrace.
The development will also comprise 350 residential apartments, 100 hospitality units and 15,000 SF of premier food and beverage offerings. Värde was represented in lease negotiations by JLL. Ownership was represented by Hines and JLL. The development of North Loop Green was partially funded through Hines U.S. Direct Investments (HUSDI).
June 17, 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
Clarification: Rycore Brookhollow Property was represented by Carter Holmes and John Kruse, now with Cushman & Wakefield.
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