HOUSTON — Stream Realty Partners has negotiated a 432,316-square-foot industrial lease near Port Houston. The tenant, Gulf Coast Crating, is taking space at Portside Logistics Center, a two-building, 1 million-square-foot speculative development on Houston’s southeast side. Jeremy Lumbreras and Tyler Maner of Stream, which owns the property in a joint venture with Principal Asset Management, represented ownership in the lease negotiations on an internal basis. Patrick McKiernan and James Mashni of First Houston Properties Inc. represented the tenant. The deal brings Building 1 at Portside Logistics Center to full occupancy.
Property Type
FRISCO, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has arranged the sale of Main Marketplace, a 115,736-square-foot shopping center located north of Dallas in Frisco. The center comprises nine buildings on a 14.6-acre site. At the time of sale, Main Marketplace was 97 percent leased to tenants such as Capriotti’s Sandwich Shop, Flix Brewhouse and Texas Family Fitness. Baylor Worman and Grayson Duyck of Matthews represented the buyer, a Texas-based private investor, in the all-cash transaction. Michael Austry and Jared Aubrey of CBRE represented the seller.
HOUSTON — Drilling Tools International has signed a 16,988-square-foot office lease in Houston’s Westchase District. The provider of energy equipment is taking space at The Towers at Westchase, a two-building development that houses an onsite deli and restaurant, fitness center and a conference center. Brad Fricks and Matthew Seliger of Stream Realty Partners represented the landlord, Franklin Street Properties, in the lease negotiations. Peyton Poynter of Park Realty represented the tenant.
HOUSTON — Avison Young has secured an 11,970-square-foot office lease in West Houston. The tenant, professional services firm UHY, is relocating and expanding from an 8,158-square-foot space at 10613 W. Sam Houston Parkway N to the building at 1177 W. Loop S. Anthony Squillante and Dustin Devine of Avison Young represented the tenant in the lease negotiations. Kelli Gault and Doug Little of Transwestern represented the landlord, Hicks Ventures.
EGG HARBOR, N.J. — Developer DXD Capital has completed a 602-unit self-storage facility in Egg Harbor, located along the Jersey Shore. The facility features 76,700 net rentable square feet of both climate- and non-climate-controlled space with both multi-story and drive-up accessible unit options. Extra Space Storage will operate the facility. Storage Construction served as the general contractor for the project, construction of which was financed by Century Bank. DXD Capital first acquired the site at 6679 Black Horse Pike in November 2022.
BOSTON — Local developer Chestnut Hill Realty has delivered Franklin at Hancock Village, a 250-unit multifamily project in the Brookline area of Boston. The eight-story building houses one-, two- and three-bedroom units, and 20 percent of the residences have been reserved as affordable housing. Amenities include an outdoor putting green, grilling and picnic area, resident lounges, fitness center, café, community room, conference rooms, game and media rooms and a pet spa. Move-ins will begin in the coming weeks. Rents start at roughly $3,200 per month for a one-bedroom apartment.
BLACKWOOD, N.J. — Berkadia has arranged the $23 million sale of three multifamily properties totaling 208 units in Blackwood, a suburb of Philadelphia. Blackwood Falls, Blackwood Terrace and Foxcroft Apartments had a combined occupancy rate of 85 percent at the time of sale. Nat Gambuzza and Trevor Fiebel of Berkadia represented the seller, Penn Properties, in the transaction while also procuring the buyer, Silverstone Properties. The new ownership assumed the seller’s existing debt at Blackwood Falls and Blackwood Terrace and plans to implement capital improvements across the portfolio.
CONSHOHOCKEN, PA. — Morgan Properties has debuted its new, 70,100-square-foot office headquarters space at its Millennium Complex in Conshohocken, a northern suburb of Philadelphia. The locally based multifamily developer relocated its headquarters from its Kingswood Apartments & Townhomes development in nearby King of Prussia. The new space can support about 200 people and features tech-enabled meeting rooms and training facilities, a dining area, recreational activities, fitness center, a 9,500-square-foot event space and direct walking access to the Schuylkill River Trail.
NEW YORK CITY — Loeb Enterprises has signed an 18,056-square-foot office lease renewal in Midtown Manhattan. The venture capital firm will continue to house its corporate headquarters across the sixth and seventh floors of 712 Fifth Avenue, a 52-story, 545,000-square-foot building. Anthony Dattoma of CBRE represented Loeb Enterprises in the lease negotiations. Paramount Group owns the building.
Rockefeller Group, Matan Cos. Break Ground on 5 MSF Industrial Development in Suffolk, Virginia
by John Nelson
SUFFOLK, VA. — Rockefeller Group and Matan Cos. have broken ground on the first phase of Port 460 Logistics Center, an industrial development that will comprise 5 million square feet in Suffolk, approximately 20 miles southwest of Norfolk with direct access to the Port of Virginia. The co-developers are completing the project in a joint venture with Mitsubishi Estate New York, Chuo Nittochi and Taisei USA LLC. The first phase will comprise 2.4 million square feet of industrial space across five buildings, with the first two buildings scheduled for completion next year. A second phase will deliver 2.6 million square feet of space. Gregg Christoffersen and Kristopher Kennedy of JLL are managing leasing at Port 460.