Geotomo renewed 4,969 square feet at 15995 N. Barkers Landing Rd. in Houston, TX. Sara West with Jones Lang Lasalle America’s Inc. represented the tenant and Kacie Skeen and Austin Brodeur represented the landlord, Hartman Income REIT.
Category: Southeast Texas Deals & Announcements
Transwestern Completes 12,339 SF of Spec Suite Leases in Galleria Submarket
Trend to Lease Move-In Ready Space Fuels Recent Office Transactions
Description automatically generated with low confidenceDEC. 07, 2021 – HOUSTON) – Transwestern Real Estate Services (TRS) announces it has completed five spec suite lease transactions totaling 12,339 square feet at 1717 St. James Place in Houston’s Galleria submarket. Transwestern Vice Presidents Evelyn Ward, CCIM, and Paula Musa provided Agency Leasing services on behalf of the landlord, Accesso.
The transactions include:
A 3,010-square-foot lease with AquLending, AquTitle and Prime Gain Realty, a real estate firm and its two sister companies that specialize in mortgage brokerage and coordinating transactions between homeowners and lenders. The tenant self-represented.
A 2,999-square-foot lease with Jumana Management, a company focused on partnering with management teams and investing permanent capital base in operating business, real estate, and other public and private investments. The tenant was self-represented.
A 2,879-square-foot lease with Fairytale Art Photography, a portrait studio founded by award-winning photographer Nena Metcalf. The tenant was represented by Chris Reyes and Alyx Haraway Penland of SHOP Companies.
A 1,756-square-foot lease with Gessner Wealth Strategies, a financial planning and wealth management firm. The tenant was represented by Anya Marmuscak of JLL.
A 1,695-square-foot lease with Proto Enterprises, a privately held family investment firm. The tenant was self-represented.
“The competition for tenants right now is fierce, but the high-quality, move-in ready spaces available at 1717 St. James Place allowed us to move quickly to attract and sign these tenants,” said Musa. “Smaller tenants looking for space is immediate as they are getting antsy to get back to the office. However, the permitting process is drastically delayed; thus, spec suites expedite the process giving 1717 St. James an advantage over our competitors.”
1717 St. James Place is a six-story, 110,454-square-foot office building that offers proximity to in-demand amenities and restaurants. 1717 St. James Place features an on-site conference room, fully structured parking and covered access with suite options ranging from 1,300 to 15,000 square feet. Opportunities for monument signage along St. James Place are available. Renovations to the building’s lobby, common areas and conference room were completed in 2018. An elevator modernization project is currently underway and is expected to deliver in early 2022.
”We are thrilled with the progress that has been made leasing our spec units at 1717 St. James Place,” said Mike Adams, Managing Director – Southern Region for Accesso. “As more and more people look to return to the office, we are well-positioned to cater to the demand while providing move-in ready space that makes the relocation process more efficient for our tenants. It was a pleasure to work with the Transwestern team to bring more tenants to the building to take advantage of these high-quality spec spaces.”
About Accesso
Accesso is a full-service, vertically integrated commercial real estate investment manager, owner and operator that aims to provide superior returns to its U.S. and international individual and institutional investors. Accesso’s focus is on acquiring office and multifamily properties in non-gateway metropolitan statistical areas, representing the fastest growing metropolitan cities and premier suburban submarkets throughout the U.S. Accesso’s property portfolio includes 32 office properties covering 14.5 million square feet, and the company has two ground-up multifamily properties under development. Its affiliate, Accesso Services LLC, provides proactive, cost-efficient property management services with an owner’s mindset. Accesso Partners LLC is headquartered in Hallandale Beach, FL. and has offices in Atlanta, Charlotte, Chicago, Dallas, Houston and Minneapolis.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
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Ashley Haigh, Public Relations Coordinator
TRANSWESTERN
1900 West Loop South Suite 1300
Houston, TX 77027
Direct: 713.490.3786
transwestern.com
Houston-Based Ybarra Investments Completes Sale of 115-Acre Conroe Waterfront Center
TAD Conroe Ventures LLC has sold a key tract in the 115-acre Conroe Waterfront Center to Ybarra Investments Inc. to develop a Gringo’s restaurant in a top-ranked city that’s gained national acclaim for record growth.
The 7,500-sf restaurant will be developed on a 2.14-acre development-ready pad site, one of the few available tracts with Interstate 45 frontage in Conroe. The city’s stellar growth has catapulted it into the limelight this year as one of Rocket Mortgage’s Top 15 fastest-growing cities and SmartAssets’ leading boomtown in Texas and a third-place spot at the national level in a tie with city in Idaho.
“We had five or six restaurateurs actively pursuing this site in Conroe Waterfront Center,” says Neal Thomson, vice president of NewQuest Properties. He and colleague Brad LyBrand, senior vice president, are marketing the project for the Houston-based developer.
Ybarra Investments is planning to break ground in Q2 2022, anticipating the opening of its 16th Gringo’s at year’s end or early 2023. The restaurateur owns a second Tex-Mex brand, Jimmy Changas, which has four locations in Greater Houston.
“Steve Ybarra jumped at the opportunity when he saw there were so few sites available with Interstate 45 frontage in the Conroe market. He’d been seeking a presence in North Houston for some time,” says Jon Jamison, vice president of NewQuest Properties, who represented the buyer.
The master-planned development is tucked between I-45 and the banks of the 20,000-acre Lake Conroe, the city’s foremost recreational amenity. Gringo’s will be adjacent to the recently opened Cheddar’s Scratch Kitchen.
“Gringo’s is a perfect mix with Cheddar’s. We are trying to diversify the types of restaurants that are there,” Thomson explains.
In addition to Cheddar’s, Conroe Waterfront Center is home to 300 high-end apartments, which are in various stages of delivery. A second multifamily project is poised to break ground. The remaining 35 acres are being marketed for additional residential, retail and hospitality uses. The land neighbors Conroe Marketplace, a 289,322-sf power center featuring six anchors and only 4,000 sf of vacant inline space.
“Sales of existing retail and restaurants back up the need for expanding brands to be in this market,” Thomson says. “Activity’s been stronger this year than ever because development is pushing north from the Woodlands.”
Underwriting Conroe’s strong growth is its proximity to ExxonMobil’s 385-acre corporate campus, the 2,000-acre Grand Central Park, which is master-planned for 2,600 residential units, and Howard Hughes Corp.’s 2,000-acre housing vision.
“Conroe clearly is situated in the path of progress. The density is there now,” Thomson says, “and it’s only going to get denser.”
In addition, NewQuest Properties has announced the recent transactions for south Texas:
SOUTH TEXAS SALES
Conroe 45 Drennen LLC has acquired 2.14 acres at the intersection of Interstate 45 and Drennen Road, Conroe, from TAD Conroe Ventures LLC. Brad LyBrand and Neal Thomson of NewQuest Properties represented the seller. Jon Jamison and Hugh Ruggles of NewQuest Properties represented the buyer.
BHVA Real Estate Holdings LLC has acquired two acres at the intersection of West Riley and Almeda School roads, Houston, from Thao Hoang. Brad LyBrand of NewQuest Properties represented the seller. Matt Rogers of Oxford Partners – Houston LLC represented the buyer.
Periyar Dharma LLC has acquired 1.51 acres at the intersection of West Sam Houston Parkway S and Beechnut Street, Houston, from Credtx LLC. Austen Baldridge and Andrew Alvis of NewQuest Properties represented the seller. Elizabeth Clampitt and Simi Jaggi of JLL represented the buyer.
SOUTH TEXAS LEASE
Anodyne Pain & Wellness has leased 2,774 sf of retail space in Shoppes at Grand Crossing, located at the intersection of Interstate 10 and the Grand Parkway/TX 99, Houston, from ALLE TX 1099 LLC. Nick Ramsey and Kevin Sims of NewQuest Properties represented the landlord. Brian Ashby of CBRE represented the tenant.
Houston-Based Asset Living Acquires JMG Realty
Asset Living, a Houston-based leader in the property management sector, announced today that it has acquired JMG Realty, a real estate company specializing in the development and management of multi-family communities, headquartered in Atlanta. With the addition of JMG, Asset Living expands its footprint into the Southeast by adding more than 20,000 multi-family units and a new corporate office in Atlanta. This is the second acquisition for Asset Living in 2021.
“We began our conversations with Ryan McGrath many months ago and are delighted to be joining the Asset Living brand that shares similar principles as well as a history of establishing a loyal client base throughout the years,” said Karlton Jackson, CEO of JMG Realty. “After working with Ryan’s team to make this acquisition possible, I am confident that we’ll accomplish many amazing things together in 2022 and beyond.”
With over two decades of experience and approximately 575 employees, JMG Realty brings expertise in management, redevelopment, financial, and investment services for multi-family, affordable, and build-to-rent real estate properties servicing both private and institutional owners. The company has both regional and divisional offices located throughout the Northeast, Mid-Atlantic, Southeast, and Southwest.
“I’m excited to welcome JMG to the Asset Living family—it was an honor to collaborate with both Karlton and Tim to make this venture a reality,” said Ryan McGrath, CEO and President of Asset Living. “Don’t be mistaken, just because the acquisition is official doesn’t mean that we’ll be slowing down anytime soon. Now, the real work begins. Our plan is to continue this momentum of growth into the new year.”
This acquisition is an investment in Asset Living’s multi-family, affordable and build-to-rent portfolios from both a growth and geographical expansion perspective. The change will also bring new opportunities and resources to JMG employees, who will also have access to new tools and technologies to best serve clients.
“This is an exciting time to be joining the Asset Living brand,” said Tim Brock, President of JMG Realty. “We’ve been so impressed by Asset Living’s ability to grow while maintaining best-in-class client service, and we’re excited to bring that same drive to the Southeast.”
In November, Asset Living announced the company had acquired Dallas-based City Gate Property Group. Last year, Asset Living strategically acquired three organizations, growing by more than 60 percent in one year. McGrath plans to continue expanding the company’s footprint to bring Asset Living’s partners industry-leading talent and an enhanced suite of services.
iDfour Renewed 5,272 SF at 1001 S. Dairy Ashford in Houston, TX
Interdirect USA, Ltd. Dba iDfour renewed 5,272 square feet at 1001 S. Dairy Ashford in Houston, TX. William Wolf with Fritsche Anderson Realty represented the tenant and Kacie Skeen and Austin Brodeur represented the landlord, Hartman Income REIT.
JLL Capital Markets Brokers Sale and Financing for Richmond Shopping Center
JLL Capital Markets announced today that it has closed the sale of and arranged acquisition financing for Shops of Bella Terra, a 271,157-square-foot, institutionally owned and operated regional power center in the Houston-area community of Richmond, Texas.
JLL marketed the property on behalf of the seller. Fidelis Realty Partners LLC acquired the asset. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with Morgan Stanley.
According to Placer.ai data, Shops of Bella Terra is the most visited shopping center within a five-mile radius, which includes 222,815 residents earning an average annual household income of $162,371. Situated on 35.57 acres at 5472 W. Grand Pkwy., the center has frontage along the Houston’s Grand Parkway, Houston’s outer loop highway that services the northern and western suburbs. This location in Richmond places it in a growing Fort Bend County location near two of the nation’s top 20 master-planned communities.
Completed between 2008 and 2013, Shops of Bella Terra is 93 percent leased to a diversified merchandising mix that includes 24 Hour Fitness, Total Wine & More, Best Buy, Five Below, Ulta Beauty and pads that include Chick-fil-A, Whataburger and more. Additionally, vacant land for additional pad site development was included in the sale.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Barry Brown and Adam Howells, Managing Director George Cushing, Senior Director Wendy Vandeventer and Analysts Ethan Goldberg and Erin Lazarus.
“The significant buyer interest we received on Shops of Bella Terra is indicative of the broad liquidity taking shape in the retail sector targeting across deals of all sizes,” Brown said. “We are very pleased with the outcome of this transaction.”