A Class A corporate office and food processing facility at 10631 Corporate Drive in Sugar Land, Texas recently sold for an undisclosed sum. The property consists of approximately 153,000 square feet of combined office, freezer-cooler warehouse and food processing space. Zane Carman and Clay Pritchett, SIOR, of NAI Partners represented the buyer, 10631 Corporate Drive Realty, LLC , a nationwide food manufacturing company. JLL’s Jarret Venghaus, SIOR, David Buescher and Jordan Raney represented the seller, Midway Corporation Partners. L.P.

CBRE announced that two new tenants will be joining the Underwood Port Logistics Center and Bayport North Logistics Center I, absorbing over half a million square feet of industrial space in Houston’s Southeast submarket. A global e-commerce provider has signed a lease for 402,648 square feet at Underwood Port Logistics Center, located at 4600 Underwood Road in Deer Park, Texas. Frederick Trucking has secured 102,863 square feet of bulk distribution space at Bayport North Logistics Center I, located at 9701 New Decade Drive in Pasadena, Texas. The landlord, an affiliate of Triten Real Estate Partners, was represented by Joseph Smith, Patrick Rollins, Jason Dillee and Andrew Jewett of CBRE. Dedrik Pharis, with CBRE’s Inland Empire, California office, represented the tenant at the Underwood Port Logistics Center and Chris Haro with NAI Partners represented Frederick Trucking. “Both tenants recognized the value in having a modern distribution center within immediate proximity to the Port of Houston,” said Will Hedges with Triten Real Estate Partners. “These state-of-the-art facilities will offer both tenants a prime facility to meet the growing fulfillment needs of their business.” According to CBRE Research, at the close of Q3 2020, the Southeast industrial submarket had a vacancy rate of 7.6 percent.

Local investment group RMM Properties LLC has purchased another retail center in southeast Houston, snapping up the 39,038-square-foot Centre South in a value-add play. NewQuest Properties brokered the acquisition of the asset, located at 11030 Kingspoint Road. With Interstate 45 on its doorstep, the 3.3-acre property is located at a redevelopment hotspot near Almeda Mall, where a strong Hispanic population is the catalyst for a booming retail marketplace. The Newquest team of Kelley Workman, David Luther and Dakota Workman represented the out-of-state seller, Community Commercial Properties II LLC. “You need the right owner to understand the demographics of this market,” said Workman, vice president of NewQuest Properties’ investment sales group. She also sourced and represented the buyer. According to market reports, there are 62.8 million Hispanics in the U.S., representing the fastest growing population segment and highest-spending minority group. Research firm Claritas estimates 2020’s annual aggregate Hispanic household spending will reach $978 billion. Centre South’s five-mile trade area has a population hovering 300,000. The average annual household income is nearly $75,000. The center’s occupancy was 79.2 percent at sale time. Developed in 1970 and renovated in 2018, the project is anchored by Sherwin Williams, Brown Sugar BBQ and COVID-sidelined Club Rumba. RMM Properties, which has an in-house leasing team, has 6,000 square feet to fill in four spaces. “During COVID-19’s early months, we signed three new, healthy leases. That really motivated the buyer,” Workman said. The new tenants are Southside Driving School, Internet Café and La Fleur of Houston, a full-service event planner. A few renewals also were signed during the marketing period. RMM Properties financed the acquisition through Central Bank. Carlos Alvarez, senior vice president of lending, arranged the financing.