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Partners Real Estate (Partners), one of the largest independent commercial real estate firms in Texas, recently arranged a 15,726-square-foot renewal and expansion with Kinetik located at 2700 Post Oak Boulevard in Houston’s Galleria submarket.
Partners John Zivley and Griff Bandy represented the tenant in the transaction. Win Haggard with Cushman Wakefield represented the landlord in the transaction.
Marcus & Millichap announced the sale and financing of Courtyard by Marriott Dallas Grand Prairie, a four-story, 120-room hotel in Grand Prairie, Texas.
“Growing occupancy and average daily room rates throughout the Metroplex are drawing the attention of hospitality investors,” said Chris Gomes, senior managing director investments in Marcus & Millichap’s Dallas office. “The area’s strong economic growth, underscored by the large quantity of corporate move-ins during the pandemic, indicate a coming increase in business travel that bodes well for the hospitality industry overall.”
Gomes and Allan Miller in Marcus & Millichap’s Austin office represented the seller, Anderson Companies and procured the buyer, MCR Hotels. Pete Fehlman, managing director with Marcus & Millichap Capital Corporation in Dallas arranged acquisition financing.
The hotel is located between Dallas and Fort Worth along President George Bush Turnpike, near the intersection of Interstate 20 and Highway 161, 15 miles from DFW International Airport. Businesses nearby include Dallas Naval Air Station, Lockheed Martin Corp., Poly-America, Bell Textron Inc., Lear Grand Prairie, Forterra Pipe & Precast, and Flex-N-Gate Texas. Year-round entertainment, shopping and leisure are provided by Lone Star Park, Six Flags Over Texas, the Grand Prairie Premium Mall, and Ripley’s Believe It or Not. Constructed in 2021, the hotel’s guest amenities include an on-site restaurant, outdoor swimming pool, over 2,000 square feet of meeting space, a fitness center, and laundry facility.
Partners Real Estate (Partners), arranged the sale of Gemini Plaza, a 158,976-square-foot office property located at 1150 Gemini Street in Houston, Texas, and is directly adjacent to NASA Johnson Space Center.
Partners’ Cary Latham, Wyatt Huff, and Dan Boyles represented the seller, Universal Weather & Aviation LLC in the sale-leaseback transaction. Noah Kruger of Savills represented the purchaser, JMK5 Holdings.
A New York and Miami-based real estate investor has acquired an Irving office complex and announced a $2.5 million renovation project to begin this year.
Sason, a privately controlled real estate investment firm with a proven record of transforming office assets, acquired 104 and 106 Decker Court in Irving in Q4 of 2022 to mark its first Dallas-area purchase. The buildings and surrounding property have been rebranded as Cascade (I & II) and are set to receive a complete facelift beginning in Q1. The complex offers a total of 97,855 square feet.
Stream Realty Partners Vice President Chase Lopez and Associate Patrick Cruz will provide leasing services for the assets. Stream is a national real estate services, development, and investment firm headquartered in Dallas.
To encourage productivity and collaboration, an outdoor pavilion for lounging, work and events connecting the two buildings will be created as part of the broader capital program. The lobby and other common areas will be completely reimagined, and a state-of-the-art athletic club will be introduced for tenants. Exterior improvements and refreshed landscaping are also planned.
Cascade is located off Highway 114 and North O’Connor Boulevard, with both buildings overlooking the scenic Las Colinas Country Club Golf Course. Exterior balconies on the first two floors give tenants an additional place to take calls and meet. Tenants currently enjoy underground covered parking. The area also offers an abundance of convenient locations within a one-mile radius including banks, gyms, fitness studios, and dining experiences.
“The vision that the Sason Organization has created will transform the market perception of not only the complex but the entire neighborhood,” Lopez said. “The cosmetic enhancements and on-site experience will be second to none. Stream is thrilled to partner with Sason on this redevelopment.”
Las Colinas saw 156,816 square feet of positive absorption in Q3 of 2022. Tenants needing smaller floor plates are “flocking to the area, and landlords are seeing great success by catering to these tenants’ needs by managing vacancy prep, outfitting spec suites, and prioritizing lobby renovations,” Lopez said.
JLL Capital Markets announced today that it has arranged approximately $190 million acquisition financing for 10 healthcare properties totaling 857,779 square feet.
JLL worked on behalf of the borrower, Big Sky Medical Real Estate, in securing the five-year, floating-rate loan from a bank syndication led by Capital One Healthcare.
The properties, which are collectively 87% occupied, serve a wide range of healthcare uses, including outpatient medical office buildings, ambulatory surgery centers, diagnostic imaging centers and more. The portfolio includes:
JLL’s 2022 Healthcare and Medical Office Perspective highlights that patients are moving to sunbelt states and retirement markets such as Texas, Louisiana and California at exponential rates creating more demand for medical office buildings. As a result, medical office occupancy has ticked upwards as demand intensifies in a moderate construction environment which has gradually increased rents for the 11th quarter in a row.
The JLL Capital Markets team representing the borrower was led by Managing Directors Timothy Joyce and John Chun and Director Anthony Sardo.
Doc Perrier and William Alcorn with Finial Group have secured a sale and subsequent lease at 6 Fellows Road in Houston, Texas.
The 12,0000-square-foot industrial building in Southwest Houston features 1,554 square feet of office space with 2.7 acres of yard space fronting Beltway 8 and Almeda Road. Doc Perrier and William Alcorn represented the seller and landlord, while Mason Alsbrooks and Josh Carl of Lee & Associates represented the tenant.