Author: Sarah

CBRE Arranges Sale of Six-property Industrial Portfolio in Spring on Behalf of AEW

Posted on by Sarah

CBRE announced the sale of The Pines Business Park I & II, a six-building logistics portfolio totaling 281,481 square feet. The property is located at 600-608 and 612-620 Spring Hill Drive, respectively, in Spring, Texas. Nuveen purchased the portfolio from AEW for an undisclosed price.

Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.

Strategically located in the growing city of Spring, the property has direct access to I-45 and is less than five miles from The Woodlands, a key industrial hub in Houston. The property was 100% occupied at the time of sale with an average remaining lease term of 3.66 years.

According to CBRE’s Q2 2022 Houston MarketView, Houston had its second-largest quarter in over 20 years with 7.8 million square feet of positive net absorption in Q2. In the North Houston submarket alone, there were nearly 2.3 million square feet of net absorption alone, bring the vacancy rate to 5%.

Stryker Properties to Develop 300-Unit Garden Style Apartments in Celina

Posted on by Sarah

Stryker Properties has closed on a 23-acre multifamily zoned parcel, located close to Celina High School at the SE corner of Legacy and Preston Streets in Celina, Texas.

Stryker is developing the 300-unit market rate garden style apartments as Phase I and is expected to break ground my Q2 of 2023. The project will aid in alleviating housing shortage in Collin County close to a plethora of job opportunities along DNT.

SVN | J. Beard Real Estate – Greater Houston completes sale of Baseball Facility

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SVN | J. Beard Real Estate – Greater Houston has recently completed the sale of a seven-acre tract of land in Tomball, Texas at the corner of Rudolph Road and E. Hufsmith Road to Equalizer USA Inc., owned by Adam Vetter and Joseph Vetter, for an undisclosed price. Currently being used as a baseball training complex, the special-use property includes indoor training facilities, along with two baseball fields and associated practice facilities.

Jeff Beard, CCIM, of SVN | J. Beard Real Estate – Greater Houston represented the sellers, High Heater LLC. Jacqelyn Prosch of Alpha Commercial Group represented the buyer in the transaction.

“The baseball facility has been a long-time fixture in Tomball for many years and was previously home to Banditos Baseball Club, which recently announced a relocation to Premiere Baseball at 2020 Cypress Rosehill Dr. in Tomball,” said Beard. “Generating multiple offers, the buying interest was strong as a result of the property’s Tomball location and surrounding growth.”

Molto Properties Breaks Ground on Speculative Industrial Development in Grand Prairie

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On behalf of Molto Properties, CBRE announced construction has started on two speculative distribution buildings at GSW Commerce Center at 161, a Class A+ logistics park in DFW’s Great Southwest/Arlington (GSW) industrial submarket. Both rear load buildings are the initial phase of development and will total 464,495 square feet. They are expected to deliver in Summer 2023.

The industrial park is situated south of DFW airport and offers tenants highly desirable visibility on President George Bush Tollway (PGBT) and provides convenient access to robust transportation routes in I-30, SH-183, and I-20 just minutes away. More than half of the DFW metroplex — a total of 3.8 million people — can be reached within a 30-minute drive. The GSW submarket, the second-largest industrial submarket in the metroplex, contains approximately 115.5 million square feet of total inventory and encompasses approximately 13.1% of the overall market supply.

Located between E. Rock Island Rd. and E. Shady Grove Rd. in Grand Prairie, the first phase of construction offers two rear load buildings ranging in size from 211,940 to 252,555 square feet, 36-foot clear heights, 180 feet truck court aprons, ESFR sprinklers, dock high doors, grade level ramps, and a combined 116 trailer parking spaces and 410 standard parking spaces. The design and layout of the property includes three points of ingress and egress along Highway 161 and two points along E. Rock Island Road. It can accommodate a variety of industrial user demands including bulk distribution, shallow-bay or office/showroom. GSW Commerce Center will ultimately consist of multiple phases spanning across 145 acres total. Phase I and subsequent phases, which will be announced in more detail in Q4 2022, will total approximately two million square feet across multiple buildings in a diverse building configuration.

CBRE’s Brian Gilchrist, Steve Koldyke and Kacy Jones oversee the marketing and leasing of the business park on behalf of the developer.