Category: News

Sale of neighborhood power retail center in Houston closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Steeplechase Center, a 195,575-square-foot neighborhood power retail center in Northwest Houston, Texas.

JLL represented the seller, Jones 1960 Crossroads, LLC, and Highland Capital acquired the asset.

The 82% occupied Steeplechase Center is leased to Goodwill, Melrose, Citi Trends, Uptown Beauty, Dollar Tree, dd’s Discounts, 99 Cents Only, Big City Wings, Leslie’s Pools, Rent a Center, La Reyna Tortilleria, Kim’s Hair Salon, Imperial Foot Reflexology, Iris Nails and Spa, Nancy’s Tailor, Metro PCS, Pho Town, Checkers and Ostioneria Michoacan.

The property is located at 10705-10951 Jones Rd. directly off of Cypress Creek Parkway. The center is approximately a 30-minute drive from Downtown Houston.

The JLL team that represented the seller was led by Senior Director John Indelli and Senior Managing Director Ryan West.

Partners Real Estate arranges sale of medical office building in Mission

Posted on by Mia Goulart

Partners Real Estate arranged the sale of a 49,320-square-foot medical office building located at 909 Business Park Drive in Mission, Texas.

Partners’ Gustavo Torres represented the seller, MMP Development, in the transaction. Alex Wenzel of Sands Investment Group represented the buyer.

Midway and Parkway form real estate investment, operations and management firm

Posted on by Mia Goulart

Privately owned, full service real estate firms Parkway Property Investments, LLC (Parkway) and Midway Holdings, LP (Midway) have entered into a definitive agreement whereby the companies will form a new, fully diversified real estate investment, operations, and management firm. The new firm enables two nationally recognized firms with over 100 years of collective experience to share capital and complementary expertise. The firms will work together to increase investment and expand ownership and operations across the Sun Belt region and beyond, with a focus on creating remarkable places and sustainable assets.

The new combined firm, which will employ approximately 300 team members, will be headquartered in Houston, and will have people and/or assets in 13 markets across Texas, Florida, Georgia, Virginia, Arizona, Colorado, and California. The full integration of the Parkway and Midway teams is targeted for Q3 2023.

Upon full integration, Bradley Freels and James Heistand will serve as co-executive chairmen of the new firm’s board, and Jayson Lipsey and Jamie Bryant will serve as co-chief executive officers of the new firm. The remainder of the new company’s leadership team will include executives from both Midway and Parkway. A. Noni Holmes-Kidd will serve as chief legal officer, Matt Mooney will serve as chief operating officer, John Kosciulek will serve as chief financial officer, and Pam Jesse will serve as chief people officer.

Midway will continue to operate its development entity under current management. 

Partners Real Estate arranges sale of 69,125-square-foot single-tenant industrial portfolio in Houston

Posted on by Mia Goulart

Partners arranged the sale of a 69,125-square-foot single-tenant industrial portfolio comprising of five buildings located at 12839 FM 529 Road and 6919 Mayard Road in Houston, Texas.

Partners’ Cary Latham and Hunter Stockard represented the seller AMAG Holdings LLC in the transaction. Blake Deer & Carson Deer of Capital Real Estate Commercial represented the Buyer, Capital Real Estate Investments.

SPI Advisory invests in property in the suburbs south of Austin

Posted on by Mia Goulart

SPI Advisory (SPI) and its 1031 partners finalized the acquisition of The Bradford, a 264-unit, Class A- institutional-quality, value-add apartment community built in 2010 in the high-growth suburb of Buda, Texas, just a 20-minute drive south of Downtown Austin. This acquisition highlights SPI’s continued expansion in the submarket as one of Hays County’s largest landlords with nearly 1,100 units owned and operated between Buda & Kyle.

The area within a three-mile radius of The Bradford experienced a 159% increase in population over the past decade but Hays County has been identified as one of the fastest-growing counties in both Texas and the nation (U.S. Census Bureau; The Greater Austin-San Antonio Corridor Council, 2022).

Previous ownership upgraded a handful of the property’s existing units with premium finishes, appliances, and more contemporary design elements. SPI will continue programmatic upgrades to a handful of units per month for the next two years but intend to leave 50% of the property with affordably priced “classic” units to serve a broader range of prospective tenants long term. 

Partners Real Estate brokers sale of multi-tenant industrial property in Pasadena

Posted on by Mia Goulart

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, arranged the sale of a ±60,680-square-foot multi-tenant industrial property on ±10.64 acres located at 3321-3411 Westside Drive in Pasadena, Texas.

Partners’ Clay Pritchett and Zane Carman represented the buyer, Grace Heritage Properties, LLC. The Seller was represented by General Property Services 1, Ltd.