Author: Benton

Ridgemont Commercial Construction Announces Wes Grant as the Newest Member of the Ownership Team

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Ridgemont Commercial Construction is honored to announce Wes Grant as the newest member of the ownership team.
Grant brings more than ten years’ experience in the industry. In his current position as Director of Preconstruction, Grant is responsible for spearheading Ridgemont’s preconstruction efforts, elevating efficiency and accuracy, and maximizing productivity across the entire department. “Wes has worked incessantly during his tenure at Ridgemont to transform our preconstruction group into a ‘best-in-class’ business unit that can handle all of our client’s needs and expectations. His unwavering commitment to making us the best general contractor in North Texas is obvious, internally and externally, and we have no doubt that this trend will only continue in his new leadership role” said Jason Lillard, President and Principal of Ridgemont Commercial Construction.

Finial Group facilitates a lease at 26440 FM 1093, Suites 430 & 420, in Richmond, Texas

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Jason Gibbons and John Buckley of Finial Group recently secured a lease at 26440 FM 1093, Suites 430 and 420, in Richmond, Texas.

The combined suite space is a total of 2,625 square feet with direct access off FM 1093.

The property’s surrounding neighborhoods and demographics strategically places it in a high-visibility area. The tenant, Next Level Jiu Jitsu, provides jiu jitsu classes to both adults and kids of all ages.

Jason Gibbons and John Buckley represented the landlord in this transaction.

Berkadia arranges sale of Houston value-add garden-style multifamily community

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Berkadia has arranged the sale of Edgewater Apartments, a 228-unit, Class A garden-style multifamily apartment community located in Lake Jackson, Texas, a suburb of Houston.

Senior Managing Directors Chris Curry and Todd Marix, Managing Director Jeffrey Skipworth, Managing Directors Chris Young and Joey Rippel, and Director Kyle Whitney of Berkadia Houston, along with Director Adam Sumrall, Senior Managing Director Kelly Witherspoon, Senior Directors Justin Cole and Michael Gonzalez of Berkadia Austin represented the seller, Redwood Capital Group out of Chicago. A New York-based buyer acquired the property for an undisclosed price. 

“Edgewater is consistently one of the top-performing multifamily assets in Lake Jackson with limited competition. The regional economy is anchored by a healthy and expanding petrochemical industry and will drive new housing demand and strong fundamentals,” said Curry. “Edgewater will continue to perform well and drive cash flow for the new owner.”   

Completed in 2005 and located at 514 That Way St., Edgewater consists of 19 two-story residential buildings and one one-story clubhouse on a 12-acre site. The pet-friendly, gated community offers one- and two-bedroom floor plans ranging from 742 square feet to 1,319 square feet. Individual units feature built-in desks and bookshelves, garden-style bathtubs, expansive walk-in closets and private patios and balconies. 

Community amenities include beautifully landscaped social areas, a pool, an elegant clubhouse with a business center, picnic arbor with gas grills, an enclosed pet park with agility equipment and a fully equipped 24-hour fitness center. Reserved parking, detached garages and storage units are available. 

Edgewater is located approximately 45 minutes south of Houston in Lake Jackson in Brazoria County, consistently ranked one of the best places to live in Texas, and within a short drive to two of the major petrochemical companies, Dow Chemical and BASF. Other major employers nearby include Olin, Wood, Brazos Mall and St. Luke’s Health- Brazosport Hospital. 

The New Class A Office: How to Reposition Assets to Remain Competitive in Today’s Market

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As more people return to the office, we are seeing certain pandemic era
predictions come to pass. There is a renewed focus on wellness, hybrid work
in one form or another is here to stay, outdoor space is highly valued, and
experiential work destinations are winning tenants.
The flight to quality, or more appropriately, the flight to experience, where
tenants flock to Class A assets, leaving behind outdated buildings, is a
common theme in most of our cities. Owners of Class A assets cannot rest on
their laurels: empty downtowns have deprived even marquee assets of the
kind of vibrancy that made such destinations special.
Now more than ever buildings need to earn the commute, those 40 minutes a
day on average that people gain when they work from home. People are using
that time to connect with family and improve their health, so workplaces
must respond with amenities that deliver the comforts of home, foster
wellness, increase productivity, and nurture social connection. Click to read more at www.rednews.com.

Cresa acquires Elevate Growth Partners in Austin

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Cresa has acquired Elevate Growth Partners (Elevate), Austin’s premier tenant representation firm.

The firm’s staff of 12 makes the move and will immediately operate under the Cresa banner. Leading the new team will be Principals Scott Studzinski and Logan Dalgleish, while Founder Chris Skyles shifts his focus away from the firm to oversee active development projects and AnthemIQ, a proptech company started by Elevate, which is not part of the acquisition. Karra Guess will join Studzinski and Dalgleish to help lead and grow the office. 

Founded in 2018, Elevate provides tenant representation services with a focus on serving companies in the tech space. The team is comprised of entrepreneurs and industry experts with a powerful understanding of how the right space can inspire innovation and growth. Notable clients include: FloSports, F45, Buc-ee’s, Virtex, Front Gate Tickets, Silverton Partners, Hippo Insurance, Babson Diagnostic, CORT Furniture, Walmart Technologies and Nulo. 

The acquisition fortifies Cresa’s presence and capabilities in Texas. The cultural alignment allows for a seamless integration, one based upon a strategic and consultative approach to supporting only occupiers, rather than a transactional model. 

This is Cresa’s second major acquisition in Texas this year. In March the firm acquired esrp, a leading tenant representation firm based in Dallas, growing their ranks by more than 50+ advisors and staff.

Sale of two Class A industrial buildings in North Fort Worth closes

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JLL Capital Markets has closed the sale of Westside 35, a two-building industrial park totaling 540,324 square feet in Fort Worth, Texas.

JLL represented the seller in the sale to CBRE Investment Management. 

The recently completed industrial park is fully leased to three tenants, Gulf Relay, Mattel Sales Corp. and Texas Corrugated Box and Packaging. Westside 35 comprises two front-load warehouses with 36-foot clear heights. Building A offers 59 dock doors, two oversized doors, a 185-foot truck court, 54 trailer parking spaces and 188 auto spaces. Building B features 50 dock-high doors, two oversized doors, a 185-foot truck court, 53 trailer parking spaces and 185 auto spaces.

Located at 2555 and 2575 Downing Drive, Westside 35 is proximate to Interstates 35 and 820, essential transportation routes for local and regional distribution. The property is 10 minutes from Downtown Fort Worth, 18 minutes from Alliance Airport, 25 minutes from Dallas-Fort Worth Airport and 40 minutes from Downtown Dallas. Furthermore, the Dallas-Fort Worth Metroplex ranks as the fourth largest metro area in the country with over 7.9 million residents. The region’s low cost of living and pro-business environment has people and corporations relocating to the area, making it the No. 1 MSA for projected population growth.

The JLL Capital Markets Industrial team representing the seller was led by Senior Managing Directors Dustin Volz and Stephen Bailey, Directors Dom Espinosa and Zach Riebe and Analysts Matthew Barge and Jake Benalloul.