HOUSTON — Spicy World of USA Inc., a family-owned distributor of ethnic foods, has sold its 32,554-square-foot industrial facility located at 10421 SW Plaza Drive in Houston. According to LoopNet Inc., the property was built in 2004 and features 26-foot clear heights. Sam Chang of Henry S. Miller Brokerage represented Spicy World, which will relocate to a 68,000-square-foot distribution center in Stafford, in the deal. Bryan Tran with BHW Capital represented the buyer, Red Sea Properties LLC.
NORTH RICHLAND HILLS, TEXAS — Centurion American Development Group has broken ground on City Point, a 52-acre mixed-use development in the Dallas suburb of North Richland Hills. Development costs were not disclosed, but D Magazine reports it will cost the Farmers Branch, Texas-based developer $300 million. City Point will comprise 400 to 600 multifamily units, 60,000 square feet of commercial space, a trail system, outdoor greenspace and 366 single-family homes, including bungalows and townhomes. The commercial space will include office, retail and restaurant space. The City of North Richland Hills and Tarrant County each contributed a cap of $4.2 million and $1.7 million, respectively, through a Tax Increment Financing District (TIF) for infrastructure improvements surrounding the development. Cleveland-based NRP Group will build the apartment units, Plano, Texas-based CB Jeni Homes will construct the townhomes and Gunter, Texas-based New Synergy Homes will build the bungalow homes portion of the development. A developer for the commercial space was not disclosed. City Point is situated at the former site of North Mills Mall, which closed in 2004 and was torn down in 2007, according to D Magazine. The site has sat vacant since. The property is located along Grapevine Highway near Interstate 280, …
Landlords, users and brokers throughout the Houston retail market are re-tooling their properties and operating practices to stay afloat amid the COVID-19 pandemic, introducing ways of doing business that may persist long after the public health crisis has subsided. A panel comprising retail leasing, development and investment sales professionals in Houston convened on Tuesday, Oct. 6 to discuss specific ideas and methodologies that have been put into practice as COVID-19 rocks the world of brick-and-mortar retail. Shopping Center Business and Texas Real Estate Business, two magazines published by Atlanta-based France Media Inc., hosted the event. Prior to the pandemic, social events that activated open public spaces helped landlords to promote their tenants’ businesses and to bring traffic to their centers. With public health protocols precluding many of these events from happening, owners and tenants alike have had to think outside the box. New Practices Sustain Business No retail category has seen this trend displayed more visibly than the restaurant sector. Emily Durham, partner and director of hospitality services at Waterman Steele Real Estate Advisors and a longtime tenant rep specialist for restaurant owners, identified several new practices that have helped restaurants stay above water. “The sit-down and fine dining restaurants have had the …
HOUSTON — Associated Bank has provided a $34.3 million loan for the rehabilitation of Pinewood Apartments, a 240-unit affordable housing community in Houston that was built in 2001. The borrower, Minnesota-based Dominium Management Services LLC, acquired the property earlier this year. Renovations will preserve the affordability of all units for renters earning 60 percent or less of the area median income and will include new lighting, appliances and countertops, as well as the addition of in-unit washers and dryers. In addition, Dominium will upgrade amenity spaces, including the dog park, outdoor grilling area and pavilion. Renovations are expected to be complete in the second quarter of next year.
HOUSTON — Common Desk, a Texas-based provider of flexible office solutions, will open a 24,140-square-foot coworking space at 2500 CityWest, a 578,284-square-foot office building in Houston’s Westchase neighborhood. The space will be Common Desk’s third in the Houston area. Win Haggard Jr. and Vince Strake of Cushman & Wakefield, along with internal representative Dennis Tarro, represented the landlord, a partnership between Patrinely Group and USAA Real Estate, in the lease negotiations.
WHITE SETTLEMENT, TEXAS — Marcus & Millichap has brokered the sale of the Comfort Inn & Suites Fort Worth West, a 65-room hotel located on the western outskirts of Fort Worth in White Settlement. The property was built in 2014. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap represented the Dallas-based seller in the transaction. Gomes also procured the buyer. Both parties were limited liability companies that requested anonymity.
HOUSTON — NAI Partners has negotiated a 17,210-square-foot office lease for Aegis Chemical Solutions, a provider of water treatment solutions, at 4560 Kendrick Plaza Drive in North Houston. Jason Whittington of NAI Partners represented the tenant in the lease negotiations. Logan Greer of Insite Realty Partners represented the landlord, EastGroup Properties LP.
SAN ANTONIO — Cano Health, a provider of healthcare services for seniors that is owned by Humana, has signed a 14,938-square-foot medical office lease at Buena Vista Plaza in San Antonio. The property is located at 100 S. Zarzamora St., just west of downtown. Shawn Ackerman of Henry S. Miller Brokerage represented the landlord, Fallas Borrower IV LLC, in the lease negotiations. Aamil Safani of Cushman & Wakefield represented the tenant.
LEWISVILLE, TEXAS — A joint venture between real estate services firm BRES and New York-based investment firm Advalurem Group has received a $60.5 million Freddie Mac loan for the refinancing of Bella Madera, a 612-unit apartment community in the northern Dallas suburb of Lewisville. Bella Madera features one- and two-bedroom units and amenities such as a pool, fitness center, two dog parks, a volleyball court and a tanning studio. The Class A property was 97 percent occupied at the time of the loan closing. The loan was structured with a 10-year term and a sub-3 percent fixed interest rate. The lender was not disclosed.
HARLINGEN, TEXAS — Coldwell Banker Commercial has arranged the sale of the former Sears department store at the Valle Vista Mall, a 739,000-square-foot retail property located in the Rio Grande Valley city of Harlingen. Sears, which had been one of the mall’s anchor tenants without owning the space since its construction in 1984, vacated the 90,000-square-foot space in 2018 as part of a larger series of store closures. New York-based Valle Vista Mall Holdings LLC sold the asset to ZE Valle Vista Realty LLC for an undisclosed price. The new ownership will redevelop the space but did not release specific plans.