HOUSTON — NAI Partners has negotiated a 21,263-square-foot office lease renewal at Brookhollow Central II, located at 2900 N. Loop West in Houston. Dan Boyles and Liz Westcott-Brown of NAI Partners represented the tenant, Houston-based law firm Lorance & Thompson PC. Brian Strait of Lincoln Property Co. represented the landlord, Parmenter Brookhollow LLC, during the negotiations.
DESOTO, TEXAS — Dallas-based construction firm ARCO/Murray has completed a 145,000-square-foot warehouse project in the Dallas metro of DeSoto for SEW Eurodrive, a South Carolina-based motor manufacturing firm. Construction on the $10 million facility, which also includes 20,000 square feet of office space, began in June 2016. The property is a fully conditioned tilt-wall assembly plant with 28-foot clear heights, including bridge cranes, paint booths and mezzanine storage.
SUGAR LAND, TEXAS — Greystar has completed Overture Sugar Land, a 55-and-older multifamily rental community located in the Houston metro of Sugar Land. The property offers a mix of one- and two-bedroom units ranging in size from 676 to 1,215 square feet. Amenities of the four-story facility include a coffee bar and bistro, fitness center with yoga studio, a gaming room and a resort-style pool.
TULSA, OKLA. — CBRE has brokered the $4.1 million sale of Town West Shopping Center, a 162,396-square-foot retail development located at the intersection of South 49th West Avenue and West Skelly Drive in Tulsa. The property was 93 percent leased at the time of sale to tenants such as Big Lots, Dollar General and Harbor Freight Tools. Austin-based Freestar Investments LLC purchased the property from Tulsa-based Case & Associates. Jason Little and Justin Brannon of CBRE represented the seller in the transaction.
PLANO, TEXAS — Marcus & Millichap has arranged the sale of Interface Security Systems Office, a 30,100-square-foot, Class B office property situated on 2.5 acres at 6340 International Parkway in Plano. Built in 1999, the property was 100 percent leased at the time of sale. Ron Hebert of Marcus & Millichap represented the seller and procured the buyer, both private investors, in the transaction.
WACO, TEXAS — A partnership between Civitas Capital Group and Atlantic Hotels Group has purchased the 120-room Holiday Inn Express & Suites in Waco. The property is situated within Legends Crossing, a 150-acre mixed-use development near Baylor University’s campus. Hotel amenities include 1,922 square feet of meeting space, an indoor pool and a business center. The seller and sales price were not disclosed.
These days, first-time investors in the Rio Grande Valley (RGV) multifamily market are in for a bit of education. Misconceptions about the RGV are common due to the market’s actual proximity to the Mexican border and lack of proximity to other major metros, as well as the Trump administration’s dicey relationship with our neighbor to the south. In reality, the area is an attractive, stand-alone market filled with growth potential. Education, healthcare, retail, international trade, agriculture, oil & gas, port activity — the RGV has it all. Hidalgo and Cameron counties make up the fifth- and ninth-largest MSAs in Texas with a combined population in excess of 1.2 million. As a result, numerous investors from larger Texas MSAs, as well as out-of-state investors, are targeting multifamily opportunities in the RGV. ARA Newmark is currently marketing an 84-unit asset at a high-density intersection in the South Texas market. This metro is awash with high-end retail, healthcare and single-family developments and is thus attracting residents from a variety of backgrounds. Within the first two weeks of marketing, the asset drew six preemptive offers from a diverse buyer base that included two out-of-state buyers. The volume of retail growth in the Rio Grande Valley in recent …
HOUSTON AND DALLAS — Gramercy Property Trust, a New York-based, publicly traded REIT, has entered into an agreement to buy nine industrial properties located throughout the Houston and Dallas areas. The assets are part of a 41-property, 7.8 million-square-foot portfolio purchased from Core Logistics for approximately $479.1 million. The 41 properties, which are also located in Chicago, Atlanta, Memphis and Columbus, are 93 percent leased collectively.
CONROE, TEXAS — The Woodlands-based Pisula Development Co. has acquired Brightpointe at Rivershire, a 62,000-square-foot healthcare facility situated on three acres at 601 S. Conroe Medical Drive in Conroe. Completed in 2016 and financed by Woodforest National Bank, the facility offers 150 beds for patients requiring medical and physical rehabilitation after being hospitalized.
SUGAR LAND, TEXAS — JLL has negotiated a 37,715-square-foot office/industrial lease at 13000 Executive Drive in Sugar Land for INOVA Geophysical, a Houston-based seismic equipment and systems provider. The property offers 42,000 square feet of office space and 12,000 square feet of warehouse space, as well as 15-ton crane capability and 24-foot clear heights. David Buescher and Jeff Venghaus of JLL represented the tenant in the lease negotiations. Ryan Wasaff of The Welcome Group represented the landlord. The space will serve as INOVA Geophysical’s new headquarters.