Stream Realty Partners (Stream), a national real estate services, development, and investment company, announced the execution of a 353,600-square-foot lease on behalf of Principal Real Estate Investors at Bay Area Business Park located at 9431 Bay Area Boulevard. The tenant, Custom Goods, will occupy the entirety of the building, which is part of the 3.3 million-square-foot, 232-acre master-planned development in Houston’s Southeast/Port submarket. Owned by Principal Real Estate Investors, Bay Area Business Park is one of the largest, single-owner business parks in the area.
Part of Foreign Trade Zone #84, Bay Area Business Park is strategically located near the Bayport and Barbour’s Cut container terminals, which is an ideal spot for importers and exporters of containerized goods. In addition, the site is on the “infill” side of the market, which creates lower costs and expedited drayage to and from Port Houston container terminals.
Justin Robinson, Managing Director and Partner at Stream, said, “The Southeast submarket is tightening dramatically from an overall availability standpoint. In the last two weeks alone, over 1.3 million square feet of new leases have been signed-in the submarket. All three leases are new to the Houston market and illustrate the massive uptick in leasing activity we are experiencing across the city. With development becoming increasingly difficult near Port Houston, Bay Area’s location-based logistical advantages continue to set it apart.”
Per Stream’s market research, vacancy rates are quickly decreasing in the Southeast submarket due to a lack of new development and a substantial uptick in leasing velocity. Robinson expands, “Although it’s not reflected in the stats yet, it’s a phenomenon we are seeing across the city, not just in the Southeast.”
He continues, “Development on the infill side of this submarket [south of the Houston ship channel] has become increasingly difficult due to the lack of obvious, developable sites and more stringent flood plain legislation that disproportionately impacts this area given its near sea level elevation. Our belief is the infill side of the market will see a substantial rent growth over the next few years for these reasons.”
Stream’s Robinson and Woody Hillyer, Associate, represented Principal Real Estate Investors in the transaction and Barry Hill and Doug Nicholson with Newmark represented Custom Goods.
USAA Real Estate has announced the sale of La Cantera Resort & Spa to affiliates of Ohana Real Estate Investors. The Resort has been a part of USAA Real Estate’s portfolio and the cornerstone of the 1,700-acre La Cantera community since the firm developed it in 1999.
USAA Real Estate re-imagined and transformed the property in 2015/2016, enhancing all of the renowned amenities across the Resort’s 630 acres, including some of San Antonio’s finest dining and recreation venues, such as Signature Restaurant, Loma de Vida Spa, five pools and 36-holes of award-winning golf within the Resort Course and Palmer Course.
The recent repositioning and best-in-class offerings have established La Cantera as a leading luxury resort in the region, still enjoying robust demand post-COVID.
The Resort sits atop one of the highest points in all of San Antonio, with 496 guest rooms and suites, including 34 exclusive Villas, and 127,000 square feet of indoor and outdoor meeting and event space which has hosted corporations, organizations, and individuals from across the globe.
JLL Capital Markets announced that it has closed the sale and arranged the $55 million financing of Park 845 Crossing, a five-building industrial park totaling 757,325 square feet in Houston, Texas.
JLL represented the seller, a joint venture partnership between IDI Logistics and Heitman, and procured the buyer, an affiliate of Equus Capital Partners, Ltd. Additionally, JLL worked on behalf of the borrower to secure the three-year, floating-rate acquisition loan.
Park 845 Crossing is located at the intersection of Interstate 45 and Beltway 8 at 1710 North Freeway and 51, 71, 101 and 121 Esplanade Blvd. in the North Houston industrial submarket. The strategic location affords the property regional connectivity to the entire Houston area and is just eight miles from George Bush Intercontinental Airport and 15 miles north of Downtown Houston.
The Class A properties were built from 2008 to 2014 and offer 18’ to 30’ clear heights, 186 dock doors, two buildings with cross-dock configurations and three buildings with rear-load configurations. Overall, Park 845 Crossing is 61.5% leased to 11 tenants providing value-add upside via lease-up of the remaining vacancy
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Rusty Tamlyn and Trent Agnew, Director Charlie Strauss and Analysts Katherine Miller and Jack Moody.
JLL’s Debt Placement team was led by Senior Directors John Ream and Michael Johnson and Analyst Stuart Hepler.
MANVEL—On June 22, Weitzman and H-E-B held groundbreaking ceremonies for the first phase of Manvel Town Center, which upon completion will be one of the largest open-area retail-focused projects in history for Houston’s metro area, the country’s fifth-largest MSA.
With a market-defining signature retail component with the first phase anchored by leading grocer H-E-B, Manvel Town Center is designed to incorporate more than 1 million square feet of retail, entertainment, hospitality, medical and office space. The project is located at the major intersection of SH-288 and SH-6 in the booming Houston suburban market of Manvel.
“Manvel Town Center’s groundbreaking represents the beginning of not only one of the largest retail-focused projects in Houston’s history, it will be the largest project ever for Weitzman in our 31-year history,” said Herb Weitzman, executive chairman and founder of Weitzman. “Alongside this world-class H-E-B, we envision a well-balanced collection of leading retail anchors, shops, restaurants, fitness, health, beauty and entertainment uses that will attract shoppers and visitors for decades to come. We look forward to serving Manvel and its surrounding communities with retail tenants to complement the high caliber of H-E-B, and create a shopping destination anchored by not only the best grocer in Texas, but in the entire country.”
The groundbreaking ceremony represents the beginning infrastructure improvements at the 273-acre site of the mixed-use development. The ceremony included remarks from key players, including Mayor of Manvel, Debra Davison, and representatives from H-E-B and Weitzman.
Weitzman is managing the development of Manvel Town Center under the direction of Steve Chandler, City Partner, Weitzman Houston; and JoBeth Prochaska,
Senior Vice President of Development and Asset Management, Weitzman Houston. Weitzman’s James Namken, Kyle Knight and Cole Mueller handle leasing at Manvel Town Center. In addition to H-E-B, the Weitzman team is targeting a balanced retail tenant mix including strong presence for destination retails offering best-in-class offerings, along with retail, restaurant, fitness, home furnishings and other local, regional and national concepts.
The new H-E-B is designed to total more than 100,000 square feet of retail space and will include a fuel station and car wash. The first phase of Manvel Town Center is scheduled to come online in late summer of 2022.
Manvel Town Center, surrounded by vibrant housing growth, is positioned for visibility and access for the heavy vehicular traffic at the intersection of Highway 288 and Highway 6, offering extensive frontage along both thoroughfares at the major intersection.
Most importantly for visibility and access, Manvel Town Center benefits from the newly constructed toll road that will increase already strong residential growth by improving traffic flow and access from SH-288, from US 59 to the (from the SH 288/U.S. Route 59 interchange to County Road 58 in Manvel, just north of the Manvel Town Center site, allowing users to easily access the shopping center. ) (NOTE * this only represents the Harris County portion. The Brazoria County portion extends the road to CR 58) .
The toll road completion has increased the already strong benefits for retailers at this location since the completion of the toll road has Manvel Town Center positioned at what is on track to be the most heavily trafficked intersection for the regional trade area as it creates ease of access for the key employment centers like the Medical District.
“Manvel Town Center will be the centerpiece of the commercial market and the community of Manvel, which is why Weitzman is putting extensive planning into the
project,” Chandler said. “We’re especially pleased that H-E-B, recently ranked as the nation’s top grocery retailer, will be the lead retailer for our first phase.”
Retailers at Manvel also will benefit from the No. 1 retail location in the trade area. This trade area, which encompasses fifteen-minute drivetime reports average household incomes over $110,000 and close to 291,000 residents. Additionally, the daytime population within this trade area is approximately242,735. Daytime population is an important consideration for retailers and restaurants because it indicates steady traffic throughout the day.
Strong residential growth surrounding Manvel Town Center is one reason that population within the trade area is on track to jump almost 16 percent by 2025. Major residential communities in the immediate trade area include Lakes of Savannah, Meridiana, Del Bello Lakes, Rodeo Palms, Lakeland, Sterling Lakes, Seirra Vista, Pomona, Sedona Lakes and more. All told, Manvel Town Center is surrounded by 28 active home communities that report approximately 25,000 future lots for a total of approximately 72,000total units.
Manvel Town Center represents the most recent project for H-E-B and Weitzman, which has a long history dating back decades with the grocer through projects in metro Houston, Austin, San Antonio and Dallas-Fort Worth with H-E-B and Central Market.
Like H-E-B, Weitzman works hard to tailor its projects and tenant mix through reliance on market research, market knowledge and location-intelligence technology. Weitzman’s adaption and success with this tailored approach is one reason that international commercial real estate publication Bisnow in June 2021 named Weitzman as an “Innovator” – meaning one of the companies that is leading the real estate industry forward through innovative programs and technology that are improving real estate and the shopping experience.
In the planning for the massive Manvel Town Center project, Weitzman has directed the development of a wastewater treatment plant, a water plant, detention
facilities, feeder road modifications and the construction of Kirby Drive at one boundary of Manvel Town Center.
Manvel, which is experiencing notable residential growth and is on track to see its population boom over the next two decades, is the first major growth market past Pearland. The area currently reports nearly 182,000 residents within a seven-mile radius of Manvel Town Center, and the households in the radius report an average household income of $119,567.
Manvel Town Center further benefits from more than 6,600 feet of frontage and direct access from Highway 288 following Weitzman’s construction of a feeder road modification and curb cut into the site.