RNR Real Estate Briefs – HOU, AUS, DAL & more

January 21, 2023January 24, 2023 Admin

RNR Real Estate Briefs from Realty News Report – (Realty News Report) –HOUSTON – Transwestern Real Estate Services has been named the exclusive leasing agent for 6624 Fannin Tower by Texas Children’s Hospital. The Class A medical office building is in the Texas Medical Center. Transwestern’s Ashley Cassel Byrd and Justin Davis have partnered to deliver leasing services for the 445,725 SF property on behalf of Texas Children’s Hospital.

STAFFORD, Texas – Colliers announced the lease of a 188,378-SF single-tenant office/warehouse at 10600 Corporate Drive in Stafford. The tenant, Texas Logistics and Fulfillment Services was represented by Justin Brasell of Transwestern. The lessor, AIC Industrial, was represented by Barkley Peschel and Jon Lindenberger. The property is located near the intersection of the Southwest Freeway and Highway 90.

HOUSTON — Partners Real Estate arranged a 15,726 SF renewal and expansion with Kinetik at 2700 Post Oak Boulevard in Houston’s Galleria submarket. Partners’ John Zivley and Griff Bandy represented the tenant. Win Haggard with Cushman & Wakefield represented the landlord.

SPRING, Texas — Newcor Commercial Real Estate handled the sale of a medical office building in Spring. Nick Childs of Newcor represented the seller, Wri 101, LLC. The site is a 1,350 SF structure at 5521 Louetta. The purchaser was represented by Monica Burca with JLA.

HOUSTON — Quick ‘N Clean Carwash has acquired a 0.74-acre tract, leased to Classic Hand Car Wash, at 4976 TX 6 N, Houston, from IPX 1031 Investment Property Exchange Services, Inc. Nick Ramsey of NewQuest Properties represented the buyer.

HOUSTON — Cadence McShane Construction, OZ Architecture and Anthology Senior Living announced the recent completion of the new Anthology of Tanglewood Senior Living Community at 502 Bering in Houston.

MISSOURI CITY, Texas — McAlister’s Deli has leased 2,800 SF of retail space in Fort Bend Town Center Phase II at Highway 6 in Missouri City, from NewQuest Properties. Andrew Alvis and Bob Conwell of NewQuest represented the landlord. Clay Graham of Fox & Graham represented the tenant.

HOUSTON — Michael Borden of Northmarq’s Houston debt/equity team, secured the refinance of a 17,520 SF office/warehouse property at 850 Little York in Houston.

HOUSTON — Origin Bank has leased 1,860 SF of retail space at 5201 W. 34th St., Houston, from Morrow Holding Co., LLC. Austen Baldridge and Bob Conwell of NewQuest Properties represented the landlord. Preston Cunningham of Cunningham Ventures represented the tenant.

HOUSTON — Matt Franke of Northmarq’s Houston debt/equity team negotiated acquisition financing of $5,504,811 for Hermann Services Office Warehouse. The 72,649 SF owner-used warehouse property is at 6410 Cavalcade St. in Houston. The transaction was structured with a five-year term on a 25-year amortization schedule.

TEXAS — RNR Real Estate Briefs from Realty News Report

ARLINGTON, Texas – K&G Fashion Superstore, a nationwide discount department store, signed a long-term lease for 31,473 SF of space at Cooper Street Plaza, 4625 S. Cooper St. in Arlington. The Cooper Street Plaza retail shopping center is operated by Hartman Income REIT Management, Inc., a commercial real estate operator of its portfolio and owned by its affiliate, Silver Star Properties REIT, headquartered in Houston. Bryan Weiss, vice president of Hilco Real Estate, LLC, represented K&G. Richard Maloof, executive vice president of leasing, represented the landlord.

GEORGETOWN, Texas – Partners Real Estate brokered the six acres at its future – and newly branded – The Commons at Rivery mixed-use project in Georgetown. The parcel, located between the intersections of Park Lane and Rivery Boulevard on Williams Drive, was purchased by Novak Commercial Development of Georgetown. With the goal of introducing a multifamily anchor at The Commons at Rivery, Novak’s plan calls for 300 upscale apartment residences in a pedestrian-oriented environment. Alex Makris of the Partners’ Houston office brokered the sale, along with buyer representative Kevin Murphy of Partners’ Austin office.

IRVING, Texas – A New York and Miami-based real estate investor has acquired an Irving office complex and announced a $2.5 million renovation project to begin this year. Sason acquired 104 and 106 Decker Court in Irving in the fourth quarter of 2022 to mark its first Dallas-area purchase. The buildings and surrounding property have been rebranded as Cascade (I & II) and are set to receive a complete facelift beginning in the first quarter of 2023. The complex offers a total of 97,855 SF. Chase Lopez and Patrick Cruz of Stream Realty Partners will provide leasing services.

ADDISON, Texas — Bowlers Deals Inc. leased 3,373 SF in Parkway Business Center in Addison. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, Kennington Parkway

NATIONAL — RNR Real Estate Briefs from Realty News Report

CHANDLER, Ariz. – Cushman & Wakefield announced the sale of Norte at Chandler, an 85,797 SF, multi-tenant Class A flex office building in Chandler Ariz., a suburb of Phoenix. The asset consists of a freestanding single-story office building that is 70 percent leased by two investment-grade tenants. United Realty M.T.A. acquired the property for $17.2 million or about $200 per square foot.

RAYMORE, Mo. – The Kansas City Area Development Council announced that URBN, a multinational lifestyle retail corporation, has selected Raymore, Mo., for its new 604,000 SF fulfillment center. The company is expected to invest $60 million in the Nuuly fulfillment center and create 750 jobs within five years. The company plans to locate its fulfillment site and laundry facility at the Raymore Commerce Center, developed by VanTrust Real Estate and marketed by Colliers.

TEMPE, Ariz. – Cushman & Wakefield has advised the seller, The Opus Group, in the sale of a newly constructed, 197,000 SF Class A industrial project known as Warner Commerce Center on an 18-acre infill site in Tempe. Located at 1300 and 1330 W. Warner Road, the site was formerly an office building which The Opus Group transformed into a new spec manufacturing or distribution (including last-mile distribution) facility. The property was acquired by Barings, a global investment management firm, for $42.4 million.

ETC — RNR Real Estate Briefs from Realty News Report

CBRE Sells 65 Hotels

CBRE has arranged the sale of a 65-property, 7,865-key hotel portfolio spread across 27 states. Service Properties Trust, a Massachusetts-based REIT, sold the portfolio to 21 separate buyers for a total consideration of about $514 million.

Al Calhoun and Mark Fair of CBRE Hotels’ Capital Markets Institutional Group represented the seller in each transaction. The list of buyers includes mostly family offices and some private equity firms.

The portfolio is comprised of 14 Sonesta Simply Suites, 32 Sonesta ES Suites and 19 Sonesta Select hotels. More than half of the portfolio’s 65 hotels are in the top 25 most populated U.S. metro areas, including Atlanta, Baltimore, Boston, Chicago, Dallas, Detroit, Houston, Minneapolis, New York City, Philadelphia, Portland, San Antonio, St. Louis and Washington DC.

By region, the Midwest has the most hotels with 20 and the most rooms with 2,364. The Northeast/Mid-Atlantic has the second highest concentration with 18 hotels and 2,347 rooms.

“This transaction represented a highly strategic disposition execution for Service Properties Trust, generating substantial sales proceeds and converting a majority of the properties from managed to long-term franchised, contributing to the growth of Sonesta’s franchise business,” said Fair, vice chairman at CBRE in Atlanta.

The last four quarters ending in Q3 2022 saw about $43.8 billion in hotel investment in the U.S., a 20.3 percent increase over Q3 2020-Q3 2021, according to a recent CBRE report. Over the last four quarters, hotel investment in the U.S. has made up 5.1 percent of total capital markets activity.

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Manufactured housing closes year on cool note, but optimism grows for 2023

COLLEGE STATION, Texas – Texas’ manufactured-housing industry ended the year on a low note, according to the latest Texas Manufactured Housing Survey (TMHS). Respondents unanimously noted a decrease in business activity relative to November. The industry extended a year-long pullback on production as higher interest rates impacted demand and reset the housing market more broadly.

“Housing manufacturers are still grappling with decreased demand, forcing them to cut payrolls and reduce workweeks,” said Wesley Miller, senior research associate at the Texas Real Estate Research Center (TRERC). “Inventories are building up on the retail side, resulting in fewer orders for manufacturers until more homes are moved.”

File: RNR Real Estate Briefs

RNR Real Estate Briefs are published by Realty News Report

Photo: 6624 Fannin Tower. Courtesy Transwestern