Suburban Houston Chick-fil-A Building Sold to Florida Buyer

JLL Capital Markets has closed the sale of a 3,354-square-foot, single-tenant retail building ground-leased to Chick-fil-A in the Houston suburb of Sugar Land, Texas. JLL marketed the property on behalf of the seller, North American Development Group. Coral Cables-based Riverstone Capital Group purchased the asset for an undisclosed sum. Headquartered in College Park, Georgia, Chick-fil-A was founded in 1946 and has grown to include more than 2,400 stores in 47 states and Washington, D.C. It is the third-largest restaurant chain in the United States in terms of sales. The Sugar Land location was constructed in 1996 and renovated in 2017. Situated on 1.08 acres at 2330 Highway 6, the retail building is within the Market at Town Center, a 2,265-acre, master-planned development and employment center in Sugar Land. The property is surrounded by 1,655 multi-housing units, three hospitals, three million square feet of office space and 4.2 million square feet of retail space. The JLL Capital Markets team representing the seller was led by senior managing director Brad Peterson, senior director Whitaker Leonhardt, directors Michael Brewster and John Indelli and Analysts Tommy Isola and Aziza Rehmatulla. “Chick-fil-A is special because of its excellent product, top-notch customer service and high-volume drive throughs,” Brewster said. “It’s no surprise that the company maintains such strong operations because its franchisee selection process is 30 times more selective than Harvard admissions.”

Hines Launches Multifamily Property Management Firm, Willowick Residential

Hines has launched Willowick Residential, a multifamily property management firm that will work in partnership with the firm’s rapidly growing multifamily portfolio of 63 projects across 38 U.S. cities, including luxury towers, urban mid-rises and traditional garden-style apartments. The company is named after founder Gerald D. Hines’ first multifamily residential building in Houston’s River Oaks area, Willowick Residential. In the early days of his firm, Mr. Hines managed The Willowick himself, believing that an owner had greater insight and desire to manage a building properly. “Rooted in the expertise of our regional offices, our growing and successful multifamily division has expanded for-rent apartment development activity throughout the United States,” said Jeff Hines, president and CEO of Hines. “Willowick Residential seeks to deliver a superior level of resident service, above-industry retention rates, cost-effective building management and superior engineering and maintenance of the physical asset.” Launched earlier this year, Willowick Residential is currently managing nine properties—two in the DFW market, five near Houston and two in the Chicago metro. The venture’s competencies include acquisition services, advisory services, engineering and maintenance, team member recruiting and development, lease-up and transition services, marketing and communications, reputation management, market analysis and research, vendor compliance and information technology.

RESOLUT RE Closes Nine Transactions in Houston, Austin Metros

RESOLUT RE recently completed nine retail transactions throughout Texas. The deals included sales and leases in the Austin and Houston markets. Dr. Takii Family Dentistry has leased 2,425 square feet at Taylor Plaza (3100 N Main Street, Taylor, Texas). Phil Morris of RESOLUT RE represented the landlord. Mark Storey of Practice Real Estate Group represented the tenant. Dutch Bros. Coffee has leased 0.76 acres at Carmel Creek (US Hwy 79 & Chris Kelley Boulevard, Hutto, Texas). Dave Burggraaf of RESOLUT RE represented the tenant. Scott Senese of CBRE represented the landlord. Revolt Fitness has leased 2,442 square feet at The Shops at Wells Branch (13717 Burnet Road, Austin). Jacob Nagy, Joey Mendez and Michael Noteboom of RESOLUT RE represented the landlord. Swing Lounge has leased 2,193 square feet at 617 W 7th Street in Austin. Michael Noteboom of RESOLUT RE represented the tenant. Ron Meyeres of Capital Leasing, Management and Sales represented the landlord. WoodSpring Suites has purchased 2.76 at 45 Plaza Retail (SEQ of SH 45 and A.W. Grimes Boulevard, Round Rock, Texas). Dave Burggraaf of RESOLUT RE represented the seller. Janice Landers, CCIM of RESOLUT RE represented the buyer. WoodSpring Suites has purchased 2.8 acres at the NEQ Hwy 183A & New Hope Drive in Cedar Park, Texas. Janice Landers, CCIM of RESOLUT RE represented the buyer. Neal Kieschnik of CBRE represented the seller. Lefty’s Famous Cheese Steak Hoagies Grill has leased 946 square feet at Northtown Plaza Shopping Center (5402 North Fwy, Houston). Eric Broussard and Joaquin Orozco of RESOLUT RE represented the tenant. Danny Morales of Brixmor represented the landlord. Power Up Fitness Cafe has leased 1,400 square feet at Dickinson Village (3410 Gulf Fwy, Dickinson, Texas). Conrad Chambers and Lyle Cowand of RESOLUT RE represented the landlord. Myra Vorrice of RESOLUT RE represented the tenant. An undisclosed buyer has purchased the 4,370-square-foot McDonald’s at 6924 Antoine Drive in Houston. Myra Vorrice of RESOLUT RE represented the buyer. Michael Evans of MHW Commercial Real Estate represented the seller.

Construction Wraps on Building 9 at Research Forest Lakeside in The Woodlands

Transwestern Real Estate Services (TRS) announced that construction is completed on Research Forest Lakeside’s Building 9, a six-story, 134,938-square-foot, LEED Silver office building at 9707 Lakeside Boulevard in The Woodlands, Texas. Transwestern’s executive vice president, Eric Anderson, senior vice president, Tyler Garrett and vice president, Parker Burkett, will provide agency leasing services for the property. This Class A building offers floor-to-ceiling glass, excellent visibility and accessibility from Research Forest Drive and a climate-controlled garage with an above-market parking ratio. Immediately adjacent to Building 9 are retail amenities Snooze A.M. Eatery, Grub Burger Bar, Bellagreen American Bistro, Crave Bakeshop, Origin Bank and The Beauty Lounge Salon. Further enhancing the building’s overall desirability is a planned four-acre green space that will feature a covered pavilion, summer kitchen, walking trails and exercise stations. “Building 9 represents a continuation of premier quality construction at Research Forest Lakeside. Its location and the campus retail and green space amenities are unique for an office development in greater Houston,” said Anderson. “Furthermore, in addition to the newly constructed Building 9, remodels are underway for Buildings 1 and 3. These two buildings greatly expand the possible users to those desiring large floorplates or flex space with a warehouse.” Building 1’s renovation includes a new two-story, glass atrium lobby, canopy walkway to ample and convenient surface parking and all new landscaping. This flex building provides a tenant the unique opportunity to lease both office space and air-conditioned warehouse space with 24-foot clear height. IA architects designed the remodel. HOK’s Roger Soto is redesigning Building 3, a six-story, 360,000-square-foot office building, to include upper-floor balconies overlooking Lake Woodlands, new entrances, a food and coffee lounge area, fitness center and a conference center with varying capacity up to a 150-person auditorium. Parking for Building 3 is in a new four-level garage connected to the new glass-box entrance. “Positioned on the shores of Lake Woodlands, the project maximizes the connection to nature by converting parking areas into a park, revitalizing open spaces with outdoor activity areas and reinforcing the connection to water,” said Soto. “A rich complement of inviting amenities offers tenants a range of workspace choices while addressing the varied lifestyle needs of employees. Building 3 is an ideal setting for companies that seek to create vibrant, healthy and inclusive workplaces to support their employees at being their best.” Research Forest Lakeside is a nine-building planned development on 77 wooded acres overlooking Lake Woodlands. The mixed-use site currently features six office and four retail buildings and, once fully built out, will encompass a total of 1.82 million square feet. Located a five-minute drive away from Interstate 45, the campus provides easy access to all of The Woodlands’ amenities such as Market Street, The Woodlands Mall, and The Woodlands Waterway Marriot Hotel and Convention Center.