Marcus & Millichap closes sale of 5,200-square-foot net-leased property in Dallas area

Marcus & Millichap recently brokered the sale of QuikTrip, a 5,200-square-foot net-leased property in Wylie, Texas.

Senior Managing Directors Austin Weisenbeck and Sean R. Sharko and Senior Associate Timothy Nichols, all investment specialists in Marcus & Millichap’s Chicago Oak Brook office, along with Associate Luke Sullivan, investment specialist in the Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor.

Tim Speck, Regional Manager, Broker of Record of Texas, assisted in closing this transaction.

QuikTrip is located at 3459 FM 544 in Wylie. The area is included in the Dallas Metropolitan Statistical Area and has witnessed remarkable growth, with the population surging by an impressive 864% since the year 2000.

This property is surrounded by numerous retailers, including a highly frequented ALDI, and is amidst various new retail developments. The absolute triple-net lease incorporates rental increases every five years during the base term, along with a corporate guarantee.

Davis Healthcare Real Estate acquires health and wellness center in San Antonio

Davis Healthcare Real Estate has completed the acquisition of the two-story, UT (University of Texas) Health & Wellness Center in San Antonio, Texas, which allows the real estate investment firm to expand its holdings in a growth-oriented market.

The building was acquired by Davis Medical Investors, LLC in an off-market transaction for $24.31 million or $332 a square foot.

The 73,390-square-foot UT Health & Wellness Center is located at 5788 Eckhert Road. The building, formally leased to the VA, was originally developed in 1998 and went through a comprehensive renovation program by the previous owner in 2022. It is fully leased to the University of Texas Health System who view this as a strategic location for the future.

The UT Health & Wellness Center is located in the heart of the 900-acre South Texas Medical Corridor area that continues to attract widespread attention and spawn significant new development in the area. The South Texas Medical Center is home to 9 major medical institutions—including the University of Texas—and hundreds of offices that employ more than 30,000 healthcare and related service professionals. Among some of the specialty areas it is known for include cardiovascular, rehabilitation, neurosciences, neonatal and emergency services, among others.

Stream Realty Partners closes more than 70,000 square feet of leases at Houston office building

Stream Realty Partners represented Woodbranch Management Inc. in a flurry of leasing activity at 4265 San Felipe St., a 223,545-square-foot office building in Houston.

The transactions, which included two full-floor deals, totaled over 70,000 square feet, bringing the building to approximately 90% leased.  

The transactions include a diverse array of professional tenants:

Keller Williams Metropolitan, a leading Houston-based residential real estate agency, leased level 8 at 20,656 square feet. Ty Martin of McCann Commercial represented Keller Williams.

Thomas J. Henry Law, the largest personal injury law firm in Texas, leased another full floor at 19,368 square feet. Jennifer Meehan at Savills, along with Kent McCoy and Andy Swanson at Centric Real Estate, represented Thomas J. Henry Law.

North American Corporation, a commercial distributor and supply company, took 10,829 square feet. Don King at JLL represented North American Corporation.

Pelican Builders, a residential development company, leased 4,953 square feet, and Energy Advisors Group leased 4,658 square feet. 

Gregor Wynne Arney PLLC, a Houston-based litigation boutique, leased 4,530 Vince Gyorgy at Partners represented Gregor Wynne Arney PLLC.

Pye Legal Group, an executive search firm specializing in recruiting and placing legal professionals, leased 3,491 square feet. Reed Linder and Joe Rambin at Moody Rambin represented Pye Legal Group.

rand* construction corporation, a woman-owned national commercial general contractor, leased 3,308 square feet. Cody Little at JLL represented rand* construction corporation.   

Brayn Consulting LLC, a tax consulting firm, leased 2,673 square feet. Weldon Martin at Stream Realty Partners represented Brayn Consulting.

Stream Senior Vice President Brad Fricks and Vice President Matt Asvestas represented the landlord in the transactions.

4265 San Felipe offers tenants a host of amenities, including The Oasis, a covered outdoor space with a putting green, seating, TVs and a cooling system, the “Getaway” lounge, a training room and an executive board room, both with serving areas, balconies on floors 11, 12 and 14, and 24/7 onsite security. The property offers immediate access to various upscale restaurants and retail offerings.

Manhattan Construction Company wins two ABC Greater Houston “Excellence in Construction” awards

HOUSTON, TEXAS – The Associated Builders & Contractors (ABC) Greater Houston has honored Manhattan Construction Company with two “Excellence in Construction” (EIC) awards. The “Excellence in Construction” Awards celebrate the best in Merit Shop Construction – honoring the year’s most outstanding construction projects and contractors for their remarkable achievements in leadership, safety, and innovation.

Manhattan Construction Company won “Excellence in Construction” awards for the construction of the:

Microsoft Word – 2024-01 Manhattan Construction wins 2 ABC Greater Houston Excellence in Construction Awards.docx

Alief Neighborhood Center in Houston, Texas, in the “General Contractor | Institutional, $50 to $100 million” category.

Built by Manhattan Construction Company, designed by Page/EYP, and engineered by Dally + Associates, the new 70,000-square-foot Alief Neighborhood Center is the first of its kind in Houston to combine multiple independent departments under one roof to provide residents with a single destination for multiple services. The multi-purpose community center interior includes a mixed-use gymnasium with an elevated walkway around its perimeter, two pickleball courts, a fitness center, and meeting spaces for public use.

Microsoft Word – 2024-01 Manhattan Construction wins 2 ABC Greater Houston Excellence in Construction Awards.docx

Texas A&M University Southside Rec Center in College Station, Texas, in the “General Contractor | Institutional, $25 – $50 million” category.

The Southside Rec Center is Texas A&M University’s sixth standalone recreational facility on the southside area of the College Station campus. Built by Manhattan Construction Company, designed by SmithGroup, and engineered by JQ Infrastructure, LLC, the two-story facility includes 63,500 square feet of indoor recreational space with an additional 15,000 square feet of outdoor recreational space. The building is separated into two high-bay fitness areas and includes amenities such as a 24,000 square foot strength and conditioning, a 12,700 square foot gymnasium, a custom rock- climbing wall, a ballet studio, and two multi-purpose indoor sports courts.

The awards were presented at the ABC Greater Houston 2023 Excellence in Construction Awards Gala held Thursday, October 19, at the Wortham Theater Center in Houston, Texas.

Newmark represents DrinkPAK in two new industrial leases in Fort Worth, totaling 2.9 million square feet

Newmark announces that DrinkPAK, a canned beverage manufacturer headquartered in California has closed on two industrial leases totaling 2.9 million square feet in its expansion to Fort Worth, nearly tripling the company’s real estate footprint. These leases represent the largest new industrial occupier leasing commitment completed in a single market across the U.S. this year and are projected to create 1,000 full-time jobs in the area by 2026. Additionally, the city has approved a 10-year tax abatement valued at $21 million for DrinkPAK’s expansion in support of the area’s long-term development.

Newmark Executive Managing Director Patrick DuRoss, SIOR, Vice Chairman John DeGrinis, SIOR, Senior Managing Director Jeff Abraham, SIOR, and Associate Director Javier Galvan, in cooperation with Vice Chairmen Adam Faulk and James Cooksey, Director Garrison Efird and Associate Adam Faulk Jr. represented the tenant in the transaction. Newmark has played a pivotal role in aiding DrinkPAK’s expansion since 2020, securing multiple leases totaling over 1.5 million square feet in the North Los Angeles region.

As part of DrinkPAK’s $452 million investment plan to develop the advanced manufacturing assets for the production, warehousing and distribution of various alcoholic and non-alcoholic beverages, the project is expected to bring significant investment to the local community and reaffirm Fort Worth’s ongoing dedication to fostering the growth of industrial-using jobs. Encompassing approximately 1.5 million and 1.4 million square feet, the sites are located, respectively, at Trammell Crow’s development at 25001 Eagle Parkway and at Carter Park East, which is owned by Crow Holdings Capital, Rob Riner Companies and Clarion Partners.

Founded in 2020, DrinkPAK is the most technologically advanced manufacturer of canned beverages in the world, providing full-service support for procurement, batching, processing, filling, packaging, warehousing and distribution for both large, complex organizations and high-growth emerging brands.

Arden Logistics Parks selects Stream Realty Partners for North Park 34 leasing assignment in Houston

Philadelphia-based Arden Logistics Parks (ALP), Arden Group’s national logistics real estate operating platform, has awarded Stream Realty Partners a new leasing assignment for a 34-building business park located in Houston.

Stream, a national commercial real estate firm offering an integrated platform of services, will now oversee leasing activities for the recently rebranded North Park 34, an 865,000-square-foot industrial business park located on the northwest corner of the Beltway 8 and Hardy Toll Road intersection. Stream Houston Senior Vice President Boone Smith, Senior Associate Abraham Richardson, and Associate Meg Zschappel will serve as leasing agents. Analyst Jax Rawlinson will provide leasing support.

North Park 34 provides expedited access to Interstate 45, Interstate 69, and George Bush Intercontinental Airport. The business park offers an abundance of space layouts and configurations, with made-ready suites available for immediate occupancy. Suites at North Park 34 range in size from 1,500 square feet to 40,000 square feet. Grade level, semi-dock and dock-high loading configurations are available. The business park features on-site property management and is equipped with ample surface parking.

ALP acquired the asset in November 2021 and immediately began implementing institutional-quality capital upgrades to the building exteriors and tenant suites. Such improvements include a more traditional office/warehouse configuration, exterior painting of all 34 buildings, interior/exterior lighting package upgrades to energy-efficient LED fixtures, installation of drought tolerate landscaping to reduce water consumption, and full interior renovations to 21 vacant suites. The market response to these value-add improvements has resulted in the execution of 92 leases totaling 436,000 square feet in less than 24 months.