Category: Southeast Texas

Major Shopping Center in Seguin Purchased by Commercial Real Estate Investment Team

Posted on by Sarah

SEGUIN – Houston-based commercial real estate investment group PBC Interests, led by Joan Collum and Stephen Pheigaru have purchased the Seguin Crossroads Shopping Center located at 1500 E. Court Street in Seguin, Texas, their second retail acquisition during the COVID-19 pandemic.

Built in 1985, plans are being finalized to redevelop the 126,000 square foot regional shopping center to include painting the exterior, new lighting, reconfiguration of the parking layout, and tenant sign bands. At the time of purchase, the Center’s occupancy was 32%. Currently, PBC Interests are in discussions with both national, regional, and local tenants and anticipate completion of the redevelopment and tenant’s opening in the Spring of 2023. Charles Blaschke and Logan Havel with the Houston office of Edge Realty Partners are actively marketing on behalf of PBC Interests.

“We are thrilled to have acquired the Seguin Crossroads Shopping Center,” said Joan Collum of PBC Interests. “I have been interested in the Seguin market for years and always had my eye on Seguin Crossroads, when it became available it was a major focus for us to acquire this property. The Center is located within close proximity to retail anchors such as H-E-B and Walmart, as well as major employers such as Guadalupe Regional Medical Center, Alamo Group, and Seguin ISD. Seguin has always been a stand-alone market, but with this redevelopment, and the proposed national soft goods users backfilling the former Bealls on the west side of State Highway 123, Seguin has become a target for more retailers. Our initial conversations with the City of Seguin and the Seguin EDC on this Project have been very positive and we look forward to working with the folks in Seguin for many years to come.” Click to read more at www.smcorridornews.com.

Industrial Net-leased Portfolio in Houston Markets Sells to Local Investor

Posted on by Sarah

JLL Capital Markets has closed the sale of and arranged acquisition financing for a 72,980-square-foot portfolio comprising three net-leased industrial properties in markets in and around Houston, Texas.

JLL marketed the portfolio for the seller, Finial Group. Houston-based NDP Interests, LLC, acquired the asset. Additionally, JLL worked on behalf of the new owner to secure a 10-year, fixed-rate acquisition loan with First Community Credit Union.

The portfolio includes buildings located at 9841 Windmill Park Lane in Houston, 20404 Whitewood Drive in Spring and 1114 Seaco Ave. in Deer Park. The single-tenant buildings are fully leased to Global Drilling Support; Forge Systems, Inc. and Intertek USA, Inc. and offer strategic locations in some of the most in-demand and high-growth submarkets within Houston’s Grand Parkway. These mission-critical positions serve major population centers that include about 7.15 million residents within the Houston MSA.

The JLL Capital Markets Investment Sales and Advisory team representing the seller included Senior Managing Director Trent Agnew and Director Charles Strauss.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Michael Johnson.

Developer Scarlet Breaks Ground on $32,000,000 City Park Project

Posted on by Sarah

Houston-based Scarlet announced breaking ground on Frame Almeda Genoa, a 216-unit residential multifamily development in Houston’s City Park neighborhood. The $32 million development will provide reasonably priced, high-quality housing near downtown Houston.

Developed in partnership with veteran Houston real estate investor Avishai Ron’s Urban Meridian group, the Almeda Genoa project is located minutes from Pearland, Hobby Airport, and the University of Houston. With convenient freeway access, the project also offers transportation to the Texas Medical Center and downtown Houston. 

Designed by E Studio Group, Frame Almeda Genoa features six multistory residential buildings surrounded by more than eight acres of native plants, recreational areas, swimming facilities, and ponds. With experience building over 1,000 comparable units over the past five years, the project partners will also serve as general contractors on the job, with a hands-on approach to ensure construction quality, building efficiency, and adherence to the project’s timeline.

Founded in 2018 by Houston real estate developers Daniel Ron and Alexander Ron, Scarlet is committed to building high-quality development projects guided by the philosophy of intentional design — a hands-on approach where every detail is carefully considered, and every decision made with a clear vision in mind.

The City Park community, located just south of Houston’s Central Business District, is a vibrant neighborhood featuring retail locations, entertainment venues, golf courses, and medical care, plus easy access to parks, concert venues, sporting facilities, and Galveston’s beaches. With Houston ranked as the country’s 13th fastest-growing large metropolitan area in the latest U.S. Census, City Park is primed to emerge as a major center for economic and cultural growth, with more than 1,800 new homes currently planned in the immediate area.

High Expectations: Office Prospects Pursue Quality in Recovering Market

Posted on by Sarah

If there’s one thing to take away from Brandi Sikes’ analysis of the Houston office market, it’s that recovery may be slow, but the market is recovering.

“Based on what we know today, the worst is behind us,” says the Principal & Senior Advisor for SVN J. Beard Real Estate – Greater Houston, who merged Limestone Commercial Real Estate in November 2021.

Negative absorption peaked in Q3 2020 and leasing activity began to increase in Q2 2021, Sikes adds, noting Houston just posted its first quarter of positive absorption.

“Houston has one of the highest vacancy rates in the nation – 25 percent,” says Sikes. “Class A availability is closer to 30 percent, but the flight-to-quality offices with abundant amenities will help mitigate this vacancy over time.”

The demand for quality by prospective tenants almost assuredly requires buildings to offer amenities to remain competitive, she says.

“Tenants have high expectations when it comes to incentives but learn quickly that not all buildings are created equal,” Sikes points out. Stabilized assets can hold out for better deals in better days while the less fortunate are opting to ‘buy’ tenants on a short-term lease in hope of making it up on the renewal.” Click to read more at www.rednews.com.

Retail Wrap: Target, H-E-B, Burlington Signal Rebound in Houston Retail Construction

Posted on by Sarah

Retail construction in the Houston region is set to rebound in 2022 as retailers such as H-E-B, Target and Burlington plan expansions, according to commercial real estate firm Weitzman. Retail projects completed in 2021 dropped by 11 percent over the year to 615,000 square feet, according to the company, which tracks projects with at least 25,000 square feet.

Target plans a 135,000-square-foot store at Valley Ranch Town Center at 11985 Grand Parkway N. in New Caney and a 145,000-square-foot store at 22165 FM 529 near the Elyson community the north Katy area. Fort Bend Town Center II in Missouri City will bring a Cinemark theater and Burlington, among other tenants. H-E-B plans stores in Magnolia, Manvel Town Center and the Market at Willis. Life Time Fitness is building a 140,000-square-foot location at 9000 Six Pines Drive in Shenandoah.

Houston retail occupancy returned to its pre-pandemic level of 95 percent at the end of 2021 as fewer stores closed and restaurants and other retailers filled in vacant spaces, according to Weitzman. The occupancy rate was up from 93 percent in 2020. Among the restaurants expanding are Halal Guys at The Crossing at 288 in Pearland, Southern Yankee Crafthouse in the former Good Dog Houston space at 1312 W. Alabama in Montrose, and Willie’s Grill & Icehouse in Pearland. Click to read more at www.houstonchronicle.com.

Laura Hines-Pierce to Carry on Grandfather’s Legacy as Co-CEO of Hines Real Estate Firm

Posted on by Sarah

HOUSTON – Hines, the global real estate firm, announced Thursday that Laura Hines-Pierce has been promoted to co-CEO.

Hines-Pierce has served as the firm’s senior managing director in the office of the CEO since 2020, and previously served as Hines’ transformation officer.

“Laura has brought tremendous innovation to the firm and has been instrumental in driving efficiency and creating value for our investors and clients. It’s an honor to have her join me as co-CEO,” said Jeff Hines, chairman and co-CEO of Hines. “Leading Hines during the real estate industry’s massive transformation takes strategic thinking, vision and empathetic leadership, which are qualities that Laura exemplifies. I’m looking forward to us continuing my father’s legacy of prioritizing quality, service and integrity together.”

“I’m proud to become co-CEO and continue the momentum we’re experiencing across the board at Hines,” said Hines-Pierce. “My father has been the catalyst for our global expansion and growth over the past three decades and I’m excited to partner with him at this pivotal moment for the firm. The pace of innovation in real estate is finally catching up with other industries; my primary focus has always been – and continues to be – positioning Hines at the forefront of those changes.” Click to read more at www.click2houston.com.