HOUSTON — Rhone Brittmoore Logistics LP has acquired a 111,530-square-foot complex of industrial flex and manufacturing buildings in northwest Houston. The complex spans 7.9 acres and formerly served as a campus for Nabors Drilling Technologies USA Inc. Clay Pritchett and Zane Carman of NAI Partners represented Rhone Brittmoore in the transaction. Jeff Peden, Scott Miller and David Cook of Cushman & Wakefield represented Nabors, which was both the seller and former occupant.
HOUSTON — Marcus & Millichap has brokered the sale of a 37,736-square-foot industrial building located at 7200 Wynnpark Drive in Houston. The property was built on 1.3 acres in 1971 and renovated in 1979 and 1982. Adam Abushagur and Cary Latham of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not disclosed.
DALLAS — Holt Lunsford Commercial has negotiated a 73,580-square-foot industrial lease at 5200 E. Grand Ave in Dallas. According to LoopNet Inc., the property was built in 1952. Canon Shoults and Josh Barnes of Holt Lunsford represented the landlord, Frontier Equity, in the lease negotiations. The tenant was Regent Aerospace Corp.
Virtually every American mall that is struggling owes its woes to some combination of e-commerce growth and millennials’ preference for experiential retail. But the simple fact remains that e-commerce still only accounts for about 10 percent of total retail sales, according to the U.S. Department of Commerce. And while store closures are still running rampant, new retailers are rapidly backfilling those shuttered spaces and introducing new concepts to maintain consumer appeal. To that end, projects that convert enclosed malls into open-air destinations that feature local or first-to-market retail concepts, more food and beverage options, open spaces for communal events and distinct entertainment (and other) uses represent paths to salvation. These projects offer developers and landlord opportunities to restore their malls as bastions of shopping, dining and entertainment — and to address unfulfilled needs within the local retail market. While every project is different in terms of how the tenant roster is revamped and how much construction is required, all mall redevelopments share the goal of returning to relevance within the community. In this piece, we highlight four Texas malls that have or are undergoing extensive redevelopments to boost occupancy, sales, foot traffic and prestige in the eyes of consumers. Park …
DEER PARK, TEXAS — Colliers International has negotiated a 349,050-square-foot industrial lease for organic food company Wholesome Sweeteners at Victory Commons Center in Deer Park, an eastern suburb of Houston. Victory Commerce Center features a cross-dock configuration, 32-foot clear heights, 185-foot truck court depths, 256 car parking spaces, an ESFR sprinkler system and an additional acre for storage or trailer parking. In addition, the property is located within 10 miles of Beltway 8, Interstate 10 and the Barbours Cut and Bayport Container terminals at Port Houston. Jon Lindenberger, Walter Menuet and Paul Dominique of Colliers represented the landlord, Crow Holdings Industrial, in the lease negotiations. Ryan Fuselier and Carl Mueller of JLL represented Wholesome Sweeteners.
HOUSTON — Redwood Property Investors III LLC, a California-based private investment fund, has purchased the former Exterran Energy Solutions campus in northwest Houston. The property is situated on 21 acres and spans 301,127 square feet of manufacturing and office space. Clay Pritchett and Zane Carman of NAI Partners represented Redwood in the transaction. Mark Nicholas and Richard Quarles of JLL represented the seller and former occupant, Exterran. Redwood has tapped NAI Partners to market the property for lease moving forward.
SAN ANTONIO — Newmark Knight Frank (NKF) has arranged the sale of Lenox Stone Oak, a 312-unit apartment community located in north central San Antonio. Built in 2017, the property’s units feature faux wood flooring, spa-like bathrooms and full-size washers and dryers. Amenities include a pool, fitness center, outdoor entertainment area, resident clubhouse and a dog park. Patton Jones of NKF represented the seller and developer, Austin-based Oden Hughes, in the transaction. Patrick Short, also with NKF, arranged acquisition financing for the buyer, a California-based investment firm that acquired the asset via a 1031 exchange.
SEAGOVILLE, TEXAS — Marcus & Millichap has brokered the sale of Abney Industrial Warehouses, a 39,261-square-foot industrial complex in Seagoville, a southeastern suburb of Dallas. The property is situated on 4.2 acres and consists of three warehouses and an office building. Adam Abushagur and Sam Martin of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.
CONROE, TEXAS — Conroe WillIs Family Medicine has signed a 19,764-square-foot healthcare lease renewal and expansion at League Line Medical Office Building, a 59,222-square-foot property located about 40 miles north of Houston. The practice renewed its 15,055-square-foot lease and took on an additional 4,709 square feet. Sarah Carter of Transwestern represented the landlord, Diversified Healthcare Trust, in the lease negotiations.
FRISCO, TEXAS — Newland Communities has unveiled plans for Phase II of The Grove Frisco, a 735-acre mixed-use project located on the northern outskirts of Dallas. Phase II will include a 424-unit apartment community developed by JPI as well as 129 townhomes and an unspecified amount of retail and dining space. The groundbreaking is scheduled for the second quarter. Phase I of the project featured single-family homes and 25 acres of communal outdoor space that includes a fishing pond, city park and 4.5 miles of walking trails.