Author: Mia Goulart

Newmark represents DrinkPAK in two new industrial leases in Fort Worth, totaling 2.9 million square feet

Posted on by Mia Goulart

Newmark announces that DrinkPAK, a canned beverage manufacturer headquartered in California has closed on two industrial leases totaling 2.9 million square feet in its expansion to Fort Worth, nearly tripling the company’s real estate footprint. These leases represent the largest new industrial occupier leasing commitment completed in a single market across the U.S. this year and are projected to create 1,000 full-time jobs in the area by 2026. Additionally, the city has approved a 10-year tax abatement valued at $21 million for DrinkPAK’s expansion in support of the area’s long-term development.

Newmark Executive Managing Director Patrick DuRoss, SIOR, Vice Chairman John DeGrinis, SIOR, Senior Managing Director Jeff Abraham, SIOR, and Associate Director Javier Galvan, in cooperation with Vice Chairmen Adam Faulk and James Cooksey, Director Garrison Efird and Associate Adam Faulk Jr. represented the tenant in the transaction. Newmark has played a pivotal role in aiding DrinkPAK’s expansion since 2020, securing multiple leases totaling over 1.5 million square feet in the North Los Angeles region.

As part of DrinkPAK’s $452 million investment plan to develop the advanced manufacturing assets for the production, warehousing and distribution of various alcoholic and non-alcoholic beverages, the project is expected to bring significant investment to the local community and reaffirm Fort Worth’s ongoing dedication to fostering the growth of industrial-using jobs. Encompassing approximately 1.5 million and 1.4 million square feet, the sites are located, respectively, at Trammell Crow’s development at 25001 Eagle Parkway and at Carter Park East, which is owned by Crow Holdings Capital, Rob Riner Companies and Clarion Partners.

Founded in 2020, DrinkPAK is the most technologically advanced manufacturer of canned beverages in the world, providing full-service support for procurement, batching, processing, filling, packaging, warehousing and distribution for both large, complex organizations and high-growth emerging brands.

Arden Logistics Parks selects Stream Realty Partners for North Park 34 leasing assignment in Houston

Posted on by Mia Goulart

Philadelphia-based Arden Logistics Parks (ALP), Arden Group’s national logistics real estate operating platform, has awarded Stream Realty Partners a new leasing assignment for a 34-building business park located in Houston.

Stream, a national commercial real estate firm offering an integrated platform of services, will now oversee leasing activities for the recently rebranded North Park 34, an 865,000-square-foot industrial business park located on the northwest corner of the Beltway 8 and Hardy Toll Road intersection. Stream Houston Senior Vice President Boone Smith, Senior Associate Abraham Richardson, and Associate Meg Zschappel will serve as leasing agents. Analyst Jax Rawlinson will provide leasing support.

North Park 34 provides expedited access to Interstate 45, Interstate 69, and George Bush Intercontinental Airport. The business park offers an abundance of space layouts and configurations, with made-ready suites available for immediate occupancy. Suites at North Park 34 range in size from 1,500 square feet to 40,000 square feet. Grade level, semi-dock and dock-high loading configurations are available. The business park features on-site property management and is equipped with ample surface parking.

ALP acquired the asset in November 2021 and immediately began implementing institutional-quality capital upgrades to the building exteriors and tenant suites. Such improvements include a more traditional office/warehouse configuration, exterior painting of all 34 buildings, interior/exterior lighting package upgrades to energy-efficient LED fixtures, installation of drought tolerate landscaping to reduce water consumption, and full interior renovations to 21 vacant suites. The market response to these value-add improvements has resulted in the execution of 92 leases totaling 436,000 square feet in less than 24 months.

STRIVE arranges sale in Katy

Posted on by Mia Goulart

STRIVE, a commercial real estate investment sales firm based in Dallas, recently announced the sale of Uncle Julio’s in Katy. The 10,299-square-foot restaurant was built in 2015.

Located on Katy Fwy, the restaurant is visible to over 216,600 vehicles per day with a surrounding average household income of $110,516. Surrounding national retailers include Sam’s Club, Best Buy, BJ’s Restaurant & Brew House, Olive Garden, The Home Depot, Ross, Conn’s, Target, Kohl’s, Petsmart, and many more.

Jackson Brewer and Jake Dutson of STRIVE exclusively represented the seller and sourced the buyer, both Houston area investors. Additional terms of the sale were not disclosed.

Ryan Companies tops out Rivette Tower multifamily community in Mueller

Posted on by Mia Goulart

Ryan Companies US, Inc., a national commercial real estate solutions provider, announced the topping out of Rivette Tower, a 345-unit multifamily community in Mueller. The project, which is adjacent to the former airport’s iconic control tower structure, includes two mid-rise, three- to five-story buildings with diverse exterior architectural elements, as well as approximately 2,500 square feet of ground floor retail space located near the corner of Berkman Drive and McCurdy Street.

This milestone marks the structural completion of the community’s two buildings. Construction will now be focused on finishing the remaining residences, and the amenity and landscape elements of the project. The 538,000-square-foot project will include a resort-style pool, private courtyards, thoughtfully designed gathering and co-working amenity spaces, ample outdoor private and gathering areas, a central paseo, expansive pet amenities, bike maintenance and storage facilities, and a rooftop deck overlooking the control tower and city skyline.

Rivette Tower is expected to be completed by Q3 2024, with initial residences being available for move in by Spring 2024. The community will feature one-, two- and three-bedroom apartments and 15% of the 345 residences are reserved for Mueller’s Affordable Homes Program, available to households earning up to 60% of the Austin area’s median family income.

Ryan is the developer and builder, and Ryan A+E Inc., the design studio of Ryan, is the architect of record. Ryan has partnered with Lake|Flato, GarzaEMC, Integrity Structural, Aptus Engineering, Land Design and Ink+Oro as additional design consultants. Rivette Tower will have a variety of green building elements in pursuit of the U.S. Green Building Council LEED certification and an Austin Energy Green Building (AEGB) rating.

Houston-MSA neighborhood retail center trades to DML Capital

Posted on by Mia Goulart

JLL Capital Markets announced today that it has closed the sale of The Shoppes at Kingsgate, a 156,343-square-foot, grocery-anchored neighborhood retail center located in the Kingwood master-planned community within the Houston MSA.

JLL represented the buyer, DML Capital. Chestnut Ridge Associates, LLC was the seller.

Built in 1980 and renovated from 2015 to 2017, the 95.2% occupied The Shoppes at Kingsgate is anchored by ALDI, a market leader in the grocery sector and one of America’s fastest-growing retailers. Additional tenants include Painted Tree Boutiques, Five Below and Dollar Tree. The property features a WALT of 6.6 years. Situated in the Kingwood submarket, the asset is on one of the most highly trafficked streets in the area, with 41,000 vehicles per day along Kingwood Drive. The property is at below-market vacancy, with the Kingwood submarket at an average vacancy rate of 9%.

Located 27 miles north of Downtown Houston, Kingwood is a highly sought-after, master-planned development in the Houston MSA. Spanning 14,000 acres of lush woodlands, this well-established community features over 500 acres of private parks and nature preserves, as well as 75 miles of scenic greenbelt. Renowned for its picturesque forests and excellent quality of life, the area offers top-notch schools and a wide range of outdoor and water-based recreational activities near the expansive 11,854-acre Lake Houston. With a diverse residential population of approximately 65,000, Kingwood has emerged as a vibrant commercial hub with an abundance of retail and dining opportunities.

The JLL Capital Markets Investment Advisory team was led by Senior Director John Indelli and Senior Managing Director Ryan West. Additionally, a JLL Debt Advisory team, led by Managing Director Michael Johnson and Director Michael King, sourced the financing for the buyer. JLL was able to rate lock at competitive market terms via life company financing.

Newmark arranges sale and financing of value-add multifamily asset near Downtown Austin

Posted on by Mia Goulart

Newmark has arranged the sale and financing of South Congress Commons, a 68-unit value-add multifamily asset located minutes from Downtown Austin, Texas. The asset was acquired by an affiliate of Narrow Road Group, an Austin-based investor, operator and developer of local residential real estate.

Newmark Director Chase Easley was retained by seller Firm Capital to market the sale, which resulted in Newmark’s second successful closing of this asset. Vice Chairman Anthony Tarter of Newmark’s Debt, Equity & Structured Finance group helped arrange the financing on behalf of the buyer.

Located at 126 W. Alpine Road, South Congress Commons is a garden-style property offering an array of amenities to its residents, including a fully fenced dog park, a courtyard space, an outdoor grilling and picnic area, laundry facilities and spacious studio and one-bedroom floor plans. New ownership of the property has the opportunity to revamp both unit interiors and community amenities, positioning it to compete effectively with newer properties in the market.

Situated on 1.98 acres, South Congress Commons is conveniently located just over two miles from Austin’s CBD and enjoys proximity to the city’s South Congress (SoCo) district, one of the county’s most famous corridors lined with vibrant nightlife, retail boutiques and live music venues. The property also benefits from a strong local economic landscape, with an average household income exceeding $111,800 and an average home value of $523,704 within a three-mile radius, according to the U.S. Census Bureau in 2023.