Sale of newly built multi-housing community in Houston MSA closes

JLL Capital Markets has closed the sale of and arranged the financing for The Wildwood Apartments, a 300-unit, newly developed, institutional, Class A multi-housing community located in the Houston suburb of Richmond, Texas.

JLL represented the seller, Allen Harrison Company, and Price Realty Corporation acquired the asset. JLL also worked on behalf of the new owner to secure the seven-year loan through New York Life Real Estate Investors.

Built in 2022, The Wildwood features one- and two-bedroom units with wood-style flooring, open-concept floorplans, stainless steel appliances, natural stone countertops, private yard and patios and spacious closets. Community amenities include a conservatory, dog parks with observation pavilion, private attached and detached garages and carports, gated entry, secure package lockers and package room, a club house with library and kitchen, a resort-style swimming pool and a 24-hour fitness center. The Wildwood is located within the highly amenitized Veranda master-planned community, which provides residents access to a yoga lawn, playgrounds and hike and bike trails.

Situated 24500 Wildwood Park Road, The Wildwood provides easy access to both Highway 59 and the Grand Parkway, allowing residents efficient connectivity to the rest of the Houston MSA. This includes many employment hubs, medical resources and entertainment/dining establishments throughout Katy, Sugar Land and Richmond. Richmond’s prime location is just 30 miles from Downtown Houston. OakBend Medical Center and UT Health, as well as Brazos Town Center North and South are located within one mile of the property.

The JLL Capital Markets Investment Sales Advisory team is led by Managing Director Dustin Selzer. Senior Managing Director John Brownlee led the JLL Capital Markets debt advisory team.

Portside Logistics Center in Houston complete

Stream Realty Partners has completed Portside Logistics Center, a one-million-square-foot industrial project in the highly sought-after Southeast Houston (Port) industrial submarket.

The national commercial real estate firm offering an integrated platform of services developed the Class AA, two-building industrial project in a joint venture with Principal Asset Management. Immediate occupancy is now available for users from 122,971 square feet to over one million square feet.

Portside Logistics Center is located at 4838 and 4908 Borusan Road in Baytown, Texas. The speculative industrial development offers immediate access to Grand Parkway (State Highway 99), Interstate 10, Highway 225, and Highway 146, allowing expedited access to Port Houston’s two container terminals–Barbour’s Cut and Bayport.

Portside Logistics Center offers multiple configurations with an expandable 760,000 square-foot cross-dock building and a flexible 260,000-square-foot front-load building which will offer a 40-foot clear height and 36-foot clear height, respectively. Both buildings were developed to the highest standards, featuring speculative office space, LED warehouse lights, a white-boxed interior warehouse, and fully fenced and secured truck courts. The project is seeking LEED certification.

The project broke ground in Q3 2022. Corporate neighbors include Ikea, Walmart, The Home Depot, Niagara Bottling, and Floor & Decor. Kyle Fletcher assisted in the development management of Portside. Robinson, Senior Director Tyler Wellborn, and Director Craig McKenna provided oversight on the ground-up development of the facility. Tyler Maner and Jeremy Lumbreras will serve as leasing agents for the project.

Private investment firm picks up Sugar Land office building

JLL Capital Markets has closed the sale of 77 Sugar Creek, a 143,410-square-foot, Class-A office building in Sugar Land, Texas.

JLL, in conjunction with online commercial real estate auction platform RI Marketplace, represented the seller, CWCapitalInLight Capital purchased the asset for an undisclosed amount.

77 Sugar Creek is positioned on a 6.13-acre site about 20 miles SW of Houston’s CBD. Located directly off of Highway 59 near its intersection with Highway 90, the office building has convenient access to the entire Houston metropolitan area. As one of Houston’s most desired residential suburbs, Sugar Land also features an abundant amenity base of nearby hotels, restaurants and retailers.

Renovated in 2018, 77 Sugar Creek has six stories of office space featuring floor-to-ceiling windows and high-quality common areas. The property is currently 66.3% leased as of August 2023.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Director Rick Goings and Senior Managing Directors Marty Hogan and Will Sledge.

Partners Real Estate arranges 12,082-square-foot office lease with Guntermann & Drunck in Houston

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, recently arranged a 12,082-square-foot office lease with Guntermann & Drunck located at 4540 Kendrick Plaza Drive in Houston.

Guntermann & Drunck is the leading KVM manufacturer for control room applications & is regarded as one of the foremost manufacturers of digital and analog KVM solutions.

Partners’ John Zivley represented the tenant in the transaction. The landlord, EastGroup Properties, LP, was represented by Logan S. Greer, SIOR with Insite Realty Partners L.P.

Partners Real Estate arranges sale of 4,000-square-foot retail property in Houston

Partners Real Estate (Partners), one of the largest independent commercial real estate firms in Texas, arranged the sale of a 4,000-square-foot retail property located at 8534 Gulf Freeway in Houston.

Partners’ Davis Amanyisye represented the seller, Jdbm Texas LLC in the transaction. The buyer was represented by Sunny K. Durrani of Realm Real Estate.

Lovett Industrial and PCCP acquire two industrial business parks in Houston

Lovett Industrial, the Houston-based real estate investment firm and PCCP, LLC, a national commercial real estate investment firm have acquired the Claymoore Portfolio, consisting of 1,390,900 square feet across 10 Class A industrial buildings in Houston’s NW submarket.

The Claymoore Portfolio, comprised of Claymoore Business Park and Northwest Business Park, features highly functional warehouses that provide a diverse range of site plans and suite sizes ranging from 12,000 to 275,000 square feet. Located on Clay Road and Beltway 8, Claymoore Business Park features eight cross-dock and front-load buildings totaling 1,019,000 square feet, 18- to 24-foot clear heights, and 960 parking spaces. Situated on West by Northwest Boulevard and Highway 290, Northwest Business Park features one cross-dock and one front-load building totaling 378,900 square feet, 24-foot clear heights, and 746 parking spaces. The portfolio is 100% occupied by 21 tenants that have a weighted average tenure of over 11 years.

The business parks’ core, infill locations allow for immediate access to Beltway 8 and Highway 290 and close proximity to Interstate 10, providing occupants the ability to service some of the metro’s most densely populated and affluent areas. The portfolio represents a unique opportunity for scale in the heart of the largest and most established industrial submarket in Houston.

Marketing and leasing efforts for the portfolio will be exclusively handled by Brian Gammill, Jude Filippone, and Darryl Noon of Transwestern. Trent Agnew of JLL served as broker on the transaction. Acquisition financing is provided by Voya Financial and was arranged by Michael Johnson and Wally Reid of JLL.

The Claymoore Portfolio is Lovett Industrial’s second stabilized property acquisition and will be managed by Lovett Industrial Management. Additionally in the Houston area, Lovett Industrial has 3.2 million square feet under construction and 3.3 million square feet of completed developments between seven projects.