Texas

JLL Brokers Sale of River Oaks Bank Building in Houston

by John Nelson January 13, 2020

HOUSTON — JLL has brokered the sale of The River Oaks Bank Building, a 170,233-square-foot office building located at 2001 Kirby Drive in Houston’s River Oaks District. A client of L&B Realty Advisors LLP sold the 14-story building to a joint venture between Houston-based Fuller Realty Partners and Independencia Asset Management for an undisclosed price. The recently renovated property features 185 surface parking spaces and an attached garage holding 323 spaces. Kevin McConn, Rudy Hubbard and Rick Goings of JLL represented the seller in the transaction. John Ream, Wally Reid and Cameron Cureton of JLL arranged acquisition financing on behalf of the joint venture.

January 13, 2020

Acquisitions Seniors Housing Texas

Ensign Group Buys 217-Unit Seniors Housing Community in San Antonio

by John Nelson January 13, 2020

SAN ANTONIO — The Ensign Group Inc. has purchased the real estate and operations of The Healthcare Center at Patriot Heights, a seniors housing campus located at 5000 Fawn Meadow in San Antonio. The property features 59 skilled nursing beds and 158 independent living units. The seller and sales price were not disclosed. The acquisition brings Ensign’s portfolio to 214 skilled nursing operations, 23 of which also include assisted living, across 13 states. Ensign owns the real estate at 90 of those properties.

January 13, 2020

Leasing Activity Retail Texas

CityRow to Open First Texas Fitness Studio in Allen

by John Nelson January 13, 2020

ALLEN, TEXAS — CityRow, a boutique fitness concept based in New York, plans to open its first Texas studio at 1314 W. McDermott Drive in Allen. Set to open on Feb. 8, CityRow Allen will feature personal instructors leading 50-minute classes that utilize water-based rowing machines and weighted strength training. David Regelean is the owner of CityRow Allen. The studio will be situated within McDermott Towne Crossing, a Kroger-anchored shopping center.

January 13, 2020

Development Multifamily Texas

Atlantic | Pacific Delivers 96-Unit Multifamily Community in San Antonio

by John Nelson January 10, 2020

SAN ANTONIO — Atlantic | Pacific Communities (A|P Communities) has completed The Bristol, a new 96-unit multifamily community located at 7810 Old Tezel Road in San Antonio. The property features a mix of affordable and market-rate units with rents ranging from $316 to $996 per month, depending on unit type and income qualifications. Community amenities include a clubhouse, playground and a swimming pool. The Bristol is the fourth A|P Communities property in the metro San Antonio area, and the company is planning to break ground on a fifth project early this year. The company’s operating division, Atlantic | Pacific Management, will manage The Bristol.

January 10, 2020

Acquisitions Industrial Texas

JLL, NAI Arrange Sale of 124,000 SF Harms Road Business Park in Northwest Houston

by John Nelson January 10, 2020

HOUSTON — JLL and NAI Partners have arranged the sale of Harms Road Business Park, a 124,000-square-foot industrial park located at 7204-7214 Harms Road in Houston’s Northwest submarket. The five single-tenant buildings were constructed between 2014 and 2018 and feature clear heights ranging from 28 to 30 feet, 22 overhead doors, office space and overhead cranes with capacities ranging between 10 and 20 tons. Trent Agnew, Charlie Strauss and Ethan Goldberg of JLL and Travis Land of NAI Partners represented the seller, United Equities Inc., in the transaction. A partnership between Finial Group and Senterra LLC purchased the industrial park for an undisclosed price.

January 10, 2020

Acquisitions Retail Texas

Matthews Brokers $5.5M Sale of New Retail Property in Houston Leased to Regions Bank

by John Nelson January 10, 2020

HOUSTON — Matthews Real Estate Investment Services has brokered the $5.5 million sale of a newly built retail property located at 10803 Westheimer Road in Houston’s Westchase District. Regions Bank occupies the 2,140-square-foot property on a 20-year triple-net ground lease. Joseph Nelson and Gary Chou of Matthews represented the seller, an unnamed developer, in the transaction. The duo also procured the buyer, a high-net-worth individual who purchased the bank branch at a 4.4 percent cap rate, the lowest cap rate for a Regions Bank retail branch on record, according to Matthews. The company also says the purchase price was the highest for a Regions location at $2,547 per square foot.

January 10, 2020

Acquisitions Lee & Associates Retail Texas

Lee & Associates Negotiates Sale of Retail Center in Sherman, Texas

by John Nelson January 10, 2020

SHERMAN, TEXAS — Lee & Associates has brokered the sale of a 25,000-square-foot retail center located at 5629 Texoma Parkway in Sherman. As of October 2018, the shopping center’s tenants included Allstate, Chef Angel, TTS E-Cig & Vape and Mac’s Tax & Bookkeeping Service. Matt Thompson and Phil Rosenfeld of Lee & Associates Dallas/Fort Worth represented the buyer, Bemisal Enterprises, in the transaction. Sangha Enterprises LLC sold the center for an undisclosed price.

January 10, 2020

Industrial Leasing Activity Retail Texas

Levey Group Signs Victory Wine to 23,000 SF Lease at Northwest Place Industrial Park in Houston

by John Nelson January 10, 2020

HOUSTON — Levey Group has signed Victory Wine Group to a 23,000-square-foot lease at Northwest Place Industrial Park, Levey’s seven-acre business park in Houston’s Northwest submarket. Victory Wine is a wholesale wine distributor with locations in Houston, Dallas and Austin. The company’s newest location at Northwest Place features a storefront entrance and an air-conditioned warehouse. David Lester of Lester & Lester Realty Advisors represented Victory Wine Group in the lease transaction, and Carlton Anderson and Joseph Smith of CBRE represented Levey Group.

January 10, 2020

Development Multifamily Texas

Wayfinder Breaks Ground on 321-Unit Apartment Community Near Downtown Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Wayfinder Real Estate has begun construction on The Troubadour, a 321-unit apartment community located within the University Park master-planned development in Austin. The six-story property will be situated one mile north of downtown at the southwest corner of Concordia Avenue and Interstate 35, the former site of Concordia University. Set to open in late 2021, The Troubadour will offer one-, two- and three-bedroom floor plans, as well as a resort-style pool, 24-hour fitness center, indoor bike storage and maintenance facility and two rooftop decks, one of which will be equipped for outdoor movie screenings. The Troubadour represents the first development for Wayfinder, an Austin-based firm founded by real estate veterans Mac McElwrath and Chris Sipes. The project team includes general contractor Oden Hughes Construction, architect Davies Collaborative, civil engineer Jones Carter, landscape architect Blu Fish Collaborative, MEP engineer MEP Delta Design and interior designer PPDS. Vantage Bank provided construction financing on behalf of Wayfinder.

January 9, 2020

Acquisitions Multifamily Texas

Waterton Acquires 809-Unit Multifamily Portfolio in Metro Houston

by John Nelson January 9, 2020

HOUSTON — Waterton, a multifamily and hospitality owner and operator based in Chicago, has nearly doubled its multifamily holdings in the Houston area with the purchase of three apartment communities totaling 809 units. The properties include Reserve by the Lake in Houston, Madison on the Meadow in Stafford and Summerwind in Pearland. Waterton plans to make capital improvements at all three properties, including all unit interiors, existing clubhouses and common areas. Each unit will be upgraded with new stainless steel appliances, cabinet resurfacing and hardware, as well as upgraded lighting and plumbing packages. Exterior upgrades will include new paint and modernized clubhouses, pool areas and other common area amenities. The seller(s) and sales price were not disclosed.

January 9, 2020

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