Berkadia arranges sale and finance of garden-style multifamily community in North Houston

Berkadia has arranged the sale and finance of Cypress Parc, a 200-unit garden-style multifamily community in Houston. Managing Directors Chris Young and Joey Rippel, Director Kyle Whitney, Managing Director Jeffrey Skipworth and Senior Managing Directors Chris Curry and Todd Marix of Berkadia Houston represented the seller, Lionel Partners, an investment management company based in Orem, Utah.

Senior Managing Director Cutt Ableson of Berkadia Houston secured the debt on behalf of the buyer, Trinnium Equity Group, a real estate investment and property management company based in Salt Lake City, Utah.

Located at 18001 Cypress Trace Road, Cypress Parc is a two-story multifamily community that uniquely offers only two- and three-bedroom units that range from 926 to 1,420 square feet. Individual unit amenities feature electric kitchens with pantries, floor carpeting, window coverings, ceiling fans, walk-in closets, private balconies or patios, and washer and dryer connections. Community amenities include a pool, fitness center, laundry facilities, business center, clubhouse, volleyball court, grill, and picnic area. 

Cypress Parc is across from Lents Dog Park and Lents Family Park and near the North Houston regional medical district. It is within 15 minutes of The Woodlands and George Bush Intercontinental Airport and less than 30 minutes from Downtown Houston.

Partners Real Estate arranges 15,726-square-foot lease renewal and expansion for Kinetik in Houston

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.

Partners Real Estate brokers sale of 158,976-square-foot office building sale-leaseback in Houston

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.

Big Sky secures $190 million financing for 10 healthcare properties across four states

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:

  • Pyramids North, 9201 North Central Expressway, Dallas, Texas
  • Pyramids South, 9101 North Central Expressway, Dallas, Texas
  • Providence Park, 2501 Earl Rudder Freeway, College Station, Texas
  • Greenpark MOB, 7515 Main St., Houston, Texas
  • Peninsula Orthopedic Associates, 1675 Woodbrooke Dr., Salisbury, Maryland
  • Tidal Health Cardiology, 400 Eastern Shore Dr., Salisbury, Maryland
  • Pelican Professional Center, 42388 Pelican Professional Park, Hammond, Louisiana
  • Texas A&M Health Science Center, 8441 Highway 47 West, College Station, Texas
  • Peak Surgical Center, 610 North Coit Road, Richardson, Texas
  • Valley Ortho & River Surgical Institute, 609 East Orangeburg Avenue, Modesto, California

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.

Finial Group secures sale/lease at 6 Fellows Road in Houston

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.

Midway announces new office component of East River mixed-use development

Houston-based Midway, the privately owned, fully integrated real estate investment, development, and management firm, announced a new for-sale office space component within its 150-acre East River mixed-use development. Anchoring East River’s northern boundary on Clinton Drive, the initial construction of “The Studios at East River” will consist of three 10,000-square-foot independent office structures with additional buildings planned in future expansion phases. Global award-winning landscape architecture firm OJB has pre-purchased the first of the three buildings and will be relocating its Houston practice from Pennzoil Place to East River.  Construction on the Studios is underway and is slated for completion in June 2023.

Geared towards businesses looking to own their own space, the two-story office buildings are fully customizable with minimal interior build-out, with each building including four ADA compliant restrooms, a kitchen, an elevator, and four to five dedicated surface parking spaces, with contract parking available in an adjacent multi-level garage.  

Houston-based OJB Landscape Architecture, the collective professional landscape design and urban planning practice, is leading the site and landscape design of the East River project. An OJB team of landscape architects, architects, horticulturists, scientists, planners, and continuing care experts contributed to the East River project, focusing on the connection to the water, the pedestrian realm, central green spaces, active transportation and upgraded infrastructure. Sustainability is deployed throughout the site design by controlling stormwater, using native plantings, and creating new wildflower meadows. Over 300 trees from redeveloped projects around Houston were saved and replanted as an on-site tree nursery to supply plant material through the multiple phases. Dedicated bike lanes, walkable districts with wide pedestrian streetscape and open space connectivity will link the surrounding neighborhoods to the site and to the bayou trail network.  

In total, East River’s Phase I will offer 300,000 square feet of office space designed to fit a wide variety of business needs alongside The Laura, a five-story, modern-industrial multifamily community of 360 apartment homes; and an additional 100,000 square feet of ground-level retail that will fuse commerce and culture with restaurant, hospitality, soft goods, medical, and entertainment forming spaces. Retail tenants confirmed for Phase I include Lick Honest Ice Creams, El Condor Coffee Roaster, Tomi Jewelry, URBN Dental, and a new special events venue and landmark rooftop bar from the owners of The Astorian. Office tenants include Impact Networking, Method Architecture, Houston Maritime Center, and TEAL. Construction is currently underway and is scheduled for completion in 2023.