Category: Southeast Texas

Real Estate Transactions: Town & Country Village Office Building Fills with Tenants

Posted on by Sarah

Houston-based commercial real estate firm Moody Rambin announced leases that bring its 253,714-square-foot Town Centre One office building at 750 Town & Country Blvd. to full occupancy. JFE Shoji America, represented by Robert Ritschel of The Saywitz Group Co., leased 1,566 square feet. USP Houston, represented by Nelson Udstuen of CBRE, leased 4,049. Axis Communications, represented by Michael Massaro of Mohr Partners, leased 5,863 square feet. Constellation Real Estate Partners, represented by Russell Hodges of CBRE, leased 3,722 square feet. Completed in 2015, the building is part of Town and Country Village, a 41-acre mixed-use development owned and managed by Moody Rambin. The company is seeking tenants for Town Centre Two, an eight-story, 167,141-square-foot office building planned next door.

Los Angeles-based BH Properties acquired Mason Creek II, a vacant three-story office building at 21700 Merchants Way in Katy. Originally designed for a single occupant, the 127,955-square-foot building will be repositioned as a multi-tenant building with amenities such as a tenant lounge and conference center, according to Scott Henry, BH Properties managing director of acquisitions. Jeff Hollinden of JLL Capital Markets represented the seller. Bob Cromwell and Kevin Nolan of Moody Rambin will handle leasing. Click to read more at www.houstonchronicle.com.

Ariel Property Advisors Provides $21.7 Million in Financing for Five-Building Medical Portfolio in Houston

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Ariel Property Advisors has arranged $21.7 million in financing for the acquisition of a five-building freestanding independent emergency room portfolio in Houston.

Financing was arranged by an Ariel Property Advisors team including Eli Weisblum, Director, Capital Services, and Paul McCormick, Senior Vice President, Investment Sales and Capital Services.

The 34,587-square-foot property consists of five freestanding emergency room buildings scattered across the Houston market. The 75-percent LTV financing was secured with an interest rate of 4.5 percent, a five-year term, no prepayment penalty and closed in 60 days.

Commercial Real Estate Forecast Predicts Houston Retail Market Returning to Pre-Pandemic Levels

Posted on by Sarah

A report released by the Dallas-based real estate group Weitzman predicted Houston’s commercial real estate market would return to pre-pandemic levels of occupancy in 2022.

Weitzman reached its conclusion after reviewing Houston’s inventory of 163.1 million square feet in multi-tenant retail projects with 25,000 square feet or more.

Retailers leasing in existing space was one of the factors leading to the market’s resurgence, according to the report.

The report cited the high demand for space from restaurants as another factor, using examples such as Willie’s Ice House and The Halal Guys in Pearland.

According to data from the Greater Houston Partnership, restaurants in Texas saw operating capacity returning close to 100% throughout 2021 and into 2022, despite COVID-19 surges from the delta and omicron variants. Click to read more at www.communityimpact.com.

“It’s Everywhere:” Demand for Houston Industrial Space on the Rise

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To say that 2021 was a busy year for the team at CenterPoint Properties is an understatement. “The market is stronger on the demand side than I’ve seen in my 20-year career,” says Rives Nolen, CenterPoint’s Senior Vice President of Investments. After several years of lagging new supply, Nolen shares that the demand for industrial space in Houston is outpacing new construction this year. “Our vacancy rates are still not quite on par with the rest of the country, but I think with the demand that we’re seeing right now, things are moving in the right direction,” he says.

Heading into 2022, he anticipates the market will continue in that direction, lowering vacancy rates and inflating rents. “In terms of supply and demand, we are seeing more balance and the vacancy rate is trending back toward historical levels,” says Nolen. “We need another year like 2021, and we’re likely going to get that in 2022.” He also expects continued demand for larger industrial footprints, a trend Nolen says began nearly a decade ago. The average deal size in Houston this year is roughly double what it’s been historically. Click to read more at www.rednews.com.

Bowman Expands Texas Operations Through Acquisition of Houston and San Antonio Based Terra Associates, Inc.

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Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced it had entered into a definitive purchase agreement for the acquisition of Terra Associates, Inc. (“Terra”). Closing is scheduled to occur on December 31, 2021, subject to customary closing conditions. Headquartered in Houston, Texas, Terra delivers civil design and engineering solutions to clients focused on traffic and transportation planning, water-wastewater solutions, landscape and irrigation systems, office and industrial facilities, and multi-family development. Under the continuing leadership of Vickie Henkel, Terra’s staff of 30+ professionals work from offices in Houston and San Antonio for both public and private sector clients. In connection with their water-wastewater practice, Terra serves in the role of District Engineer for several Texas-based Municipal Utility Districts (MUDs).

“Terra is a company with a forty-year heritage of serving eastern Texas,” said Gary Bowman, CEO of Bowman. “The leadership of Terra has surrounded themselves with a team of committed and energetic professionals who will all be great additions to Bowman. We have been intent on growing our Texas operations and this acquisition, following closely on the heels of our acquisition of 1519 Surveying, fortifies Bowman’s presence in the Lone Star state. Terra’s experience in commercial site work, transportation design and utility district services are highly complementary to our portfolio of services and align with our growth plans and evolving market demand. I am pleased to welcome everyone at Terra to Bowman and I am excited about the potential for our future together.”

“Choosing to join Bowman was an easy decision,” said Vickie Henkel, CEO of Terra. “Bowman’s approach to growth is very exciting to all of us at Terra. We’ve gotten to know the leadership at Bowman over the course of the acquisition process and we all feel very comfortable with the decision. Their commitment to helping our leadership and staff grow without changing the core of who we are is a big part of what makes us excited about this opportunity. The opportunity to be a part of an entrepreneurial public company is both exciting and energizing. We are all looking forward to the future as a Bowman company.” Click to read more at www.valdostadailytimes.com.

Houston-Based Asset Living Acquires JMG Realty

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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.