MISSOURI CITY, TEXAS — Stream Realty Partners has negotiated a 68,342-square-foot industrial lease in Missouri City, a southwestern suburb of Houston. According to LoopNet Inc., the building at 411 Cravens Road was built in 2020 and totals 290,373 square feet. Jeremy Lumbreras and Woody Hillyer of Stream represented the landlord, a partnership between New York-based Clarion Partners and 4M Investments, in the lease negotiations. Hunter Johnston of Bridge Commercial Real Estate represented the tenant, Jelly Comb Corp., a provider of computer keyboards and other office communications devices.
HOUSTON — Hanwha Power Systems Americas, which serves the oil and gas industry, has signed a 27,500-square-foot industrial lease in northwest Houston. The space is located at 8810 Wendigo Place. Ryan Hartsell and Austen Buckalew of locally based brokerage firm Oxford Partners represented the tenant in the lease negotiations. Travis Land and Braedon Emde of Partners Real Estate represented the landlord, United Equities.
NEW YORK CITY — Newmark Group has brokered the sale of a student housing portfolio situated across four states. Located near major public universities in Florida, Texas, Indiana and North Carolina, the portfolio comprises five properties housing 3,693 beds across 1,248 units. A joint venture between Nuveen and The Preiss Co. was the seller. The buyer and sales price were not disclosed, though Newmark states the transaction represents the largest U.S. student housing portfolio sale this year. The undisclosed communities serve students attending the University of Texas at Austin, North Carolina State University, Texas State University, the University of Florida and Indiana University. Each property is situated an average of roughly 0.9 miles within its respective campus. Amenities at the communities include swimming pools, grilling stations, fitness centers, outdoor recreation areas and study rooms. The Preiss Co. recently closed on the recapitalization of the portfolio, which Newmark also arranged. As part of the recapitalization, all five properties will undergo renovations to shared amenity spaces. Planned upgrades include the addition of modern furniture, updated finishes and state-of-the-art fitness equipment. Several properties will also receive unit interior renovations including the addition of modern cabinetry, updated flooring, contemporary fixtures and hardware, new lighting …
HOUSTON — JLL has brokered the sale of Ashford 5, a portfolio of three office buildings totaling 570,045 square feet in West Houston. The eight-story buildings are situated on a 12.2-acre site adjacent to I-10 in the Energy Corridor area. Renovated between 2014 and 2016, the portfolio offers amenities such as a fitness center, tenant lounges and separate parking garages for each building. Marty Hogan, Kevin McConn, Rick Goings, John Ream and Clay Anderson of JLL represented the seller, a court-appointed receiver, in the transaction. The team also assisted the buyer, an entity doing business as LFFP Ashford Portfolio, in the assumption and modification of the seller’s in-place loan. At the time of sale, the portfolio had an occupancy rate of 58 percent and a tenant roster with a weighted average remaining lease term (WALT) of 4.7 years.
PEARLAND, TEXAS — Houston-based developer Pelican Builders has broken ground on a 380-unit multifamily project within Pearland Town Center on the southern outskirts of Houston. Pelican Builders purchased the site at 3200 Business Center Drive from Tennessee-based REIT CBL Properties, the master developer of Pearland Town Center, about two years ago. Units at the yet-to-be named apartment community will come in one- and two-bedroom floor plans and will range in size from 604 to 1,196 square feet. Amenities will include a pool, dog park, children’s play area, fitness center, business center and access to walking trails. Meeks + Partners is the project architect, and OHT Partners is the general contractor. Construction is slated for a second-quarter 2026 completion.
SAN ANTONIO — Locally based investment and development firm EMBREY has refinanced 7600 Broadway, a 340,814-square-foot mixed-use property in San Antonio’s Alamo Heights neighborhood. Completed in 2023, 7600 Broadway consists of 287,605 square feet of residential space across 216 units and 53,209 square feet of office space. The residential component, which features one-, two- and three-bedroom units, as well as a pool, fitness center and demonstration kitchen, was 96 percent occupied at the time of the loan closing. The office space is fully leased to EMBREY and Morgan Stanley. Robert Wooten, Jackson Finch and Meredith Sheeder of JLL arranged the refinancing, the amount of which was not disclosed, through Blackstone Mortgage Trust (NYSE: BXMT) on behalf of EMBREY.
BROOKSHIRE, TEXAS — Cotton Commercial USA, a division of Houston-based Cotton Holdings Inc. that provides home restoration and similar services, has signed a 124,000-square-foot industrial lease in Brookshire, a western suburb of Houston. The space is located within Empire West Business Park, a 2.3 million-square-foot development. Jeremy Lumbreras, Matteson Hamilton and Justin Robinson of Stream Realty Partners internally represented the landlord in the lease negotiations. David Buescher and Jeff Cairns of JLL represented the tenant.
SELMA, TEXAS — Houston-based investment firm Triten Real Estate Partners has purchased a 4.5-acre industrial outdoor storage (IOS) facility in Selma, a northeastern suburb of San Antonio. The IOS facility at 16915 Alamo Parkway houses a 6,556-square-foot warehouse and office building with five dock doors. The seller and sales price were not disclosed.
DALLAS — Xenia Hotels & Resorts (NYSE: XHR) has sold the 545-room Fairmont Dallas hotel for $111 million. The sales price equates to approximately $204,000 per room and represents a cap rate of 10 percent. The pet-friendly hotel, which opened in 1969, is located at 1717 N. Akard St. in the downtown area and offers both traditional guestrooms and suites. Amenities include a pool, meeting and event space and multiple onsite food-and-beverage options. The buyer was not disclosed. Xenia acquired the property in 2011 for $69 million.
HOUSTON — Local investment firm Braun Enterprises has purchased 3040 Post Oak, a 426,000-square-foot office building in Houston’s Galleria district. The building is situated adjacent to the Galleria Mall and offers amenities such as a tenant lounge and grab-and-go market. Braun plans to implement a capital improvement program that will include the addition of a modern fitness center, a new coffee bar and comprehensive lobby and exterior upgrades. Stream Realty Partners leases and manages the building. The sales price was not disclosed.