RNR Real Estate Briefs from Realty News Report – HOUSTON – Electra Capital, a boutique lender specializing in flexible, short-term multifamily financing solutions, has closed on a $5.25 million preferred equity investment in The Aubrey, a 436-unit multifamily community in the Westchase submarket of Houston. TruePoint Capital, based in Katy, acquired the property, 2310 Crescent Park Drive.
HOUSTON – Peri Peri restaurant, an eatery specializing in Portuguese flame-grilled chicken with sauces of varying heat levels, has leased space at 4436 Dowlen Road in Houston. The space was formerly a Freebirds restaurant. NAI Partners’ Patrick Keegan and Jason Gaines represented the landlord, OI Management.
HOUSTON – Sushi Rebel, the newest concept from veteran Houston-based husband and wife culinary duo Daniel and Peggy Chang of acclaimed Uptown Sushi, is now open at City Place. The nearly 3,800 SF restaurant and bar at 1700 Lake Plaza Drive is in the urban core of the rapidly growing north side community, steps from central Plaza, waterfront park and major employers.
HOUSTON – Alvarez & Marsal Property Solutions completed a 4,400 SF lease agreement on behalf of Bluestone Lane, an Australian-inspired, premium coffee roaster, café and lifestyle brand, at 115 West 19th St. in Houston Heights. The site is Bluestone Lane’s first Texas location and is expected to open early in 2022. The 115 West 19th St. location is owned by Wolf Capital Partners. Daniel Bodner from AMPS and Chris Reyes and Tyler Trevino of Shop Companies represented the tenant.
THE WOODLANDS, Texas — The Howard Hughes Corporation announced that Semper Laser, a laser hair removal company, is now open at 25 Waterway Ave. in The Woodlands. It joins a selection of retailers in that neighborhood.
HOUSTON — NAI Partners’ Chad Khan arranged a 3,000 SF industrial lease for Lyon Construction Group at 5829 W Sam Houston Parkway. Chad Khan represented the tenant, and the property owner was represented by Chris Beggins with Lee & Associates.
HOUSTON — Sharkey’s Cuts for Kids has leased 900 SF at The Shops at Memorial City I, 12357 Kingsride Lane in Houston. Sharkey’s is specially designed to create an enjoyable environment for kids while getting their hair cut. These include options for both young and older kids. The tenant was represented by Bunny McLeod of Wulfe & Co.
HOUSTON – Stan Johnson Company, a commercial real estate investment sales brokerage firm, has completed the sales of two single-tenant net lease drugstores leased to CVS Pharmacy. The properties are at 322 Cane Island Parkway in Katy and 1802 West Mount Houston Road in Houston. The drugstores total 14,698 and 9,656 SF, respectively. Zach Harris of Stan Johnson Company represented the sellers, WA Mount Houston, LLC, and WA Cane Island, LLC, for both transactions. The properties were purchased by separate, non-1031 exchange-driven private investors with a 4.50 percent cap rate.
CYPRESS, Texas — KidStrong has leased 3,360 SF in the HEB Grant Shopping Center at 14041 Grant Road in Cypress. KidStrong helps children become strong physically, mentally and socially. Each location has options for weekly classes, brain and body camps and birthday parties. The tenant was represented by Chris Burns of JLL while Kristen Barker of Wulfe & Co. represented the landlord.
GALVESTON, Texas — Nan and Company Properties Christie’s International Real Estate announced its newest developer services project in Galveston – Tiara on the Beach. Slated for development by Satya, the condominium will be located on the West End of the island adjacent to Diamond Beach Condominiums on San Luis Pass Road. The 66-unit condo will be the second Galveston development added to the Nan Properties Developer Services portfolio in less than two months. The project will be marketed by Nan and Company Properties.
HOUSTON — Walker & Dunlop has completed the sale of The Co-Op at the Med Center, a 200-unit, garden-style property in the heart of the Texas Medical Center in Houston. Originally built as a hotel, it was converted to a multifamily community in 2018 with a significant capital investment.
SEGUIN, Texas – Eighty-eight acres of land near Seguin, Texas, has been sold. NAI Partners’ Brett Lum represented the buyer in the Guadalupe County sale. The seller, MLM Trust, was self-represented.
DALLAS – Henry S. Miller has recently closed transactions on three industrial/warehouse sales in the Dallas-Fort Worth area: A 37-acre land sale in Saginaw where a 320,760 SF warehouse is planned; a 72,000 SF office warehouse in Carrollton and a 13,000 SF warehouse in Royse City.
PFLUGERVILLE, Texas – As part of its Operation 25K expansion, multifamily investor, manager and developer MC Companies has purchased its third Texas multifamily community this year – The Sage at 1825, along with Sage Cottages, two adjacent properties totaling 455 units in the northeast Austin suburb of Pflugerville. As part of its value-add investment approach, the firm will extensively renovate The Sage and rebrand the properties as The Place at 1825.
DALLAS — CBRE announced that evolv consulting, a management and technology consulting firm, has leased 24,928 SF of office space for its headquarters at Tollway Plaza in Dallas.Tommy and Shannon Brown with CBRE in Dallas represented the landlord, Buchanan Street Partners, in lease negotiations. Sebastian Sheetz with Sheetz Realty Advisors represented evolv.
ROUND ROCK, Texas – Newmark handled the sale of Cordevalle, a 280-unit luxury multifamily asset at 650 Louis Henna Blvd. in Round Rock, Texas. Newmark’s Patton Jones and Andrew Dickson represented the seller, Internacional, in the sale.
DALLAS – Colliers Houston has negotiated the sale of a single-family rental home portfolio in the heart of the East Dallas neighborhood within the 635 Loop and Lyndon B. Johnson Freeway, between Interstate 30 and 45. The portfolio was a listing of 35 homes with two additional duplexes. The 100 percent occupied portfolio contains homes that were built circa 1967.
| CARROLLTON, Texas — Mohr Capital, a Dallas-based real estate investment firm, has sold an industrial flex building occupied by Frontier Communications and Trancendia in Carrollton, Texas. The 113,786 SF building at 2001 Westgate Drive is in the northwest Dallas submarket. Cabot Properties acquired the building through its Cabot Industrial Value Fund VI Operating Partnership, LP. JLL’s Dustin Volz and Stephen Bailey represented Mohr Capital. |
SAN DIEGO, Calif. – Cushman & Wakefield advised Murphy Development Company in the disposition sale of a 665,229 SF, Class A industrial campus on nearly 37 acres in the Otay Mesa submarket of San Diego, Calif. Known as The Campus at San Diego Business Park, the project consists of three freestanding buildings at 2001, 2055 and 2065 Sanyo Ave., and was nearly 98 percent leased to eight tenants at time of sale. The asset sold for $158.5 million to LaSalle Investment Management. Jeff Chiate, Jeffrey Cole, Bryce Aberg, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller.
LAS VEGAS, Nev. — Cushman and Wakefield brokered the sale of the newly developed Elysian at The Palms apartment community in Las Vegas. Built in 2021, the 286-unit, Class A multifamily asset is at 3850 West Nevso Drive, adjacent to the Las Vegas Strip. Acquired by Chicago-based Walton Street Capital, the property was originally developed and sold by The Calida Group.
PERRIS, Calif. — Dalfen Industrial closed on a southern California acquisition with the purchase of Markham Distribution Center at 212 Markham St. in Perris, Calif. The 80,527 SF building was constructed in 2019 and is in Inland Empire.
Stream Realty Tapped for Energy Corridor Office Project
HOUSTON – Stream Realty Partners, a national real estate services, development and investment company, has been engaged by Broadshore Capital Partners, a real estate investment firm, to lease and manage Eldridge Oaks, a 14-story, 350,000 SF office building at 1080 Eldridge Parkway in Houston.
An affiliate of Broadshore Capital Partners, through its Special Situations Debt Group, recently acquired the Class A, office asset located within the Energy Corridor. Ownership plans a comprehensive renovation and spec suite program to upgrade the space offering and add to the property’s on-site amenities.
Stream’s Senior Associate, Matthew Asvestas, said, “Eldridge Oaks is a premier, Class A office property being repositioned to provide a compelling option in West Houston. Overall, the Energy Corridor currently sits at a 22.6 percent vacancy rate while Class A Tier I properties in the submarket have a 13.8 percent vacancy rate. Tenants are eagerly looking to elevate their work environments and return to the office by relocating to premier properties.”
This LEED Gold certified property affords building and monument signage opportunities, with available suites ranging from 2,000 SF to 310,000 SF on 26,000 SF, rectangular floor plates. The anticipated renovations will include a conference/training facility, improved fitness center, outdoor patio space and enhanced connectivity to Terry Hershey Park.
James Pomeranz, senior vice president at Broadshore Capital Partners, said, “Eldrige Oaks is a quality property in a desirable location that will benefit from the program of improvements we are undertaking to enhance its appeal as a Tier I West Houston office destination.
Matthew Asvestas, Brad Fricks and Mathew Volz with Stream will lead the leasing efforts at Eldridge Oaks.
Nov. 6, 2021 Realty News Report Copyright 2021
For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available on Amazon http://tiny.cc/4a2g6y
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