NAI Partners recently arranged a 3,525-square-foot office lease for McMillan Law Firm at 1010 Lamar Street in Houston. NAI Partners’ John Zivley represented the tenant in the transaction.
Transwestern Real Estate Services announced that Berkley Eye Center has signed a 5,969-square-foot lease at 1435 Highway 6 in Sugar Land, Texas. Transwestern’s senior vice president Ashley Cassel provided landlord representation services on behalf of the building owner, Ramp Properties LP. Berkley Eye Center was represented by Adam McAlpine, CCIM, with McAlpine Interests. “Sugar Land is an outstanding community, which is why my family moved here in 2018,” said Dr. Morgan Micheletti, a surgeon with Berkley Eye Center. “Many patients who have received care at our other area locations, such as our Katy and Weslayan clinics, will now have another option much closer to home. I am excited to open a new location to help serve the eye care needs within my community. Berkeley Eye Center, and my family, are proud to be part of this growing community.”
JLL’s capital markets team has closed the sale of and arranged acquisition financing for a fully leased, 1-million-square-foot fulfillment center leased to an investment-grade e-commerce retailer in the Houston-area community of Brookshire, Texas. JLL worked on behalf of the seller, a publicly traded REIT. Miami-based Exan Capital purchased the asset and structured the acquisition through one of its international investment vehicles. Additionally, JLL placed the five-year, fixed-rate acquisition loan with New York Life Insurance Company. Exan is working toward expanding its current portfolio by acquiring single-tenant office and industrial properties leased to investment-grade tenants in key markets across the U.S. This sale marked the second acquisition in 2020 with this vehicle, following the July purchase of an office building in San Jose, California, that is fully leased to a well-credited tenant. The fulfillment center is situated on 84 acres at 31555 Hwy. 90 in Brookshire, a western suburb approximately 38 miles from downtown Houston. The property is within the West Houston Industrial submarket, one of the most desired in the city. The facility was constructed in 2018 by the seller as a build-to-suit for the tenant. The state-of-the-art center features 36-foot clear heights, LED lighting, ESFR fire systems, 100 dock-high doors, deep truck court, two drive-in doors, ample trailer parking spaces and an abundance of parking for its approximately 1,600 employees. The property serves as a mission-critical location for the tenant, allowing them to serve the more than 10.5 million residents in and around Houston, Austin and San Antonio from a single location. The JLL capital markets investment advisory team representing the seller was led by managing director Trent Agnew, senior managing director Rusty Tamlyn, director Charles Strauss and analysts Tom Weber and Jack Britton. The acquisition for Exan was led by partner Ignacio Gil-Casares and vice president, investments, Arturo Vinueza. The JLL capital markets debt placement team representing the new owner was led by senior managing director Colby Mueck, senior director Michael Johnson and analyst Molly Leinsdorf. “This transaction represents the continued demand by investors to acquire e-commerce focused industrial real estate,” Agnew said. “With its proximity to the center of the Houston population, the property served as a mission-critical location for the tenant as they continue to expand their Houston operations,” Strauss said. The COVID-19 pandemic and the shelter-in-place policies that ensued have accelerated e-commerce growth and the need for warehouse space across the nation. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate to an additional 1 billion square feet.
RESOLUT RE recently closed six retail leases in Texas. The deals included transactions in the Austin, Houston and Dallas-Fort Worth markets. ATI Physical Therapy has leased 2,008 square feet at South Congress Station (9000 S Congress Avenue, Austin). Michael Noteboom and Joey Mendez of RESOLUT RE represented the landlord. Travis Lawrie of CBRE represented the tenant. Boost Mobile has leased 1,400 square feet at Countryside Place (1420 Wells Branch Pkwy W, Pflugerville, Texas). Michael Noteboom and Joey Mendez of RESOLUT RE represented the landlord. J & A Advanced Family Dental has expanded by 1,221 square feet at Kyle Crossing (5940 Kyle Pkwy, Kyle, Texas). Andrew Perkel and Michael Noteboom of RESOLUT RE represented the landlord. Fit Body Boot Camp has leased 2,996 square feet at Shops at Woodbridge (7900 Woodbridge Pkwy, Sachse, Texas). Brian Sladek and Chris Flesner of RESOLUT RE represented the landlord. Samuel Hartley of RESOLUT RE represented the tenant. Tone Shop Guitars has leased 3,451 square feet at 3220 W. Southlake Boulevard in Southlake, Texas. Gavin Fite of RESOLUT RE represented the tenant. Keith Conlon, Allie Beth Allman, and James Keoughan of Allie Beth Allman & Associates represented the landlord. Leaf Communications has leased 4,410 square feet at Pinehill Business Center (9000 Clay Road, Houston). Brian Clayton of RESOLUT RE represented the tenant. Carter Thurmond of Transwestern represented the landlord.
Bank of America is under construction in NewQuest Properties’ Grand Morton Town Center as it forges ahead on plans to expand in the fastest-growing submarket of west Houston. The 4,160-square-foot banking center, featuring two drive-through lanes, will deliver in May. Bank of America will be the third financial institution to plant a flag in Grand Morton Town Center, a 90-acre regional power center fronting the Grand Parkway/TX 99 in Katy. “With more than 500,000 square feet of tenants, Grand Morton’s momentum benefits greatly by having three major banks on site for the convenience of customers,” said Josh Friedlander, vice president of Houston-based NewQuest Properties. “Our next focus will be to add more quality full-service restaurants.” Bank of America is developing a 1.29-acre freeway-fronting pad site located south of Chase Bank on the project’s southeastern side and directly across from Regions Bank on the northeastern corner. Elizabeth Clampitt and Ashley Shagets of JLL represented BoA in ground-lease talks. “This is a regional power center that provides a strong mix of neighborhood services with multiple choices in each category,” said Friedlander, who teams with Rebecca Le, a NewQuest senior vice president, to lease Grand Morton. “It’s a sustainable strategy for meeting demand in an area fueled by continued high growth.” The NewQuest team also recently signed Smoothie King to 1,420 square feet of inline space and Goodwill Industries Inc. to 1,700 square feet for a drop station. Talks are underway with a Mexican restaurant and national ice cream shop. NewQuest has six pad sites remaining in the town center – four fronting Grand Parkway; one along Morton Ranch Road; and one on the project’s interior. “We had good momentum last year and it’s carrying forward this year,” Friedlander said. NewQuest brought nearly 100,000 square feet of class A space online in 2020. Joining the retail lineup were junior anchors Petco, Michaels and HomeGoods. The Kelsey-Seybold Morton Ranch Clinic, a two-story, 36,500-square feet medical office project, also was completed last year. “Despite COVID, NewQuest has had good activity on the few remaining inline spaces and pad sites,” Friedlander said. “And, we have the ability to build more.”
Younger Partners’ John St. Clair and Jack Gail brokered the sale of almost 40 acres in Mesquite, Texas to Dalfen Industrial. The tract is on E. Scyene Road adjacent to the City of Mesquite airport. “The property was attractive to the purchaser, whom already had a presence in Mesquite and is an experienced industrial developer. They are a believer in the emerging Mesquite market,” St. Clair said. “This part of Mesquite, along with nearby Sunnyvale, has emerged as a solid industrial submarket. It was previously overlooked but has turned into a solid in-fill industrial location,” said Gail.