D. N. G. Electrical Services renewed 4,800 square feet at 5151 Mitchelldale in Houston, TX. Justin Harrity represented the landlord, Hartman Income REIT.
Category: Southeast Texas Deals & Announcements
DZMI Awards Office Bldg Leasing Assignment to Stream Realty Partners
HOUSTON – Nov. 2, 2022 – David Z. Mafrige Interests has purchased World Houston Place at 15710 John F. Kennedy Blvd.
The eight-story Class A office building is located minutes from George Bush Intercontinental Airport. DZMI recently completed renovations in the lobby and plans to upgrade common areas and add a tenant lounge and fitness center to the building.
In addition to the remodel plans, DZMI has chosen Stream Realty Partners, a national real estate services, development, and investment company, to lease and market the property. Stream Houston Vice President Matt
“DZMI has completed numerous improvements to World Houston Place, and our basis allows us to offer the Class A, North Belt asset at very attractive rates compared to the rest of the market,” said Andrew Clark, President at DZMI. “We are thankful for our longstanding relationship with Stream and look forward to working with their leasing team to increase occupancy at World Houston Place.”
World Houston Place offers plenty of signage opportunities, a high garage parking ratio, on-site courtesy officer, controlled 24-hour access, deli, and outdoor courtyard area. It is within walking distance of numerous restaurants and hotels and provides immediate access to major thoroughfares including the Hardy Toll Road, Highway 59, Beltway 8, and Interstate 45.
“Stream and DZMI have proven success together, and we look forward to providing exceptional service at World Houston Place,” Asvestas said. “DZMI provides tenants competitive lease structures and pays same-day commissions to tenant brokers. They are fully committed to increasing occupancy at their buildings.”
Stream Houston currently leases and manages more than 10.2 million square feet of office space in the Metro area. The regional office has more than 120 employees.
Availability at World Houston Place ranges from 1,488 square feet to 122,286 square feet. For information, contact Stream Houston at 713.300.0300.
About Stream Realty Partners
Stream Realty Partners is a full-service commercial real estate firm with integrated offerings in leasing, property management, tenant representation, development, construction management, investment sales, and investment management services. Headquartered in Dallas, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, the company has grown to a staff of more than 1,200 professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, Northern Virginia, Phoenix, San Antonio, and Washington, D.C. Stream completes more than $5.8 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.
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CONTACT:
Brian J. Medricka
Stream Realty Partners
Director, National Communications, Public & Media Relations
214.560.3033
Chicago Ranks 4th-largest Medical Office Market in U.S. After Houston and Dallas
Medical office buildings (MOBs) have proven to be a resilient asset class, especially throughout COVID-19. This is because most of these users require in-person treatment, providing a stable user base for the asset class. But they’re a little more complicated to build and operate than traditional office space, causing an undersupply in many markets across the U.S.—excluding Chicago.
In fact, Chicago ranked the fourth-largest medical office market in the country, according to 42Floors’ Medical Office Building Decade Report. Using information provided by CRE research and listing platform CommercialEdge, 42Floors analyzed U.S. MOB construction activity between 2012 and 2021.
Boasting an inventory of over 400 MOBs, totaling nearly 30 million square feet, Chicago grew 18% during the decade (4.3 million square feet since 2012) and is only expected to grow.
42Floors has predicted that the next few years will see three large deliveries across three markets in the Midwest: Chicago, Madison, Wisc.; and Milwaukee. These buildings will collectively add about 1.5 million square feet of MOB space to the region.
Texas is also a state to watch. Houston and Dallas-Fort Worth ranked No. 2 and No. 3 on 42Floors’ list, respectively. Houston added 4.3 million square feet of space during the decade, growing 15% to its current total of 33.2 million square feet. And DFW saw similar growth, adding 4.6 million square feet and growing 16% since 2012 to its now 33-million-square-foot footprint, based on the report.
The current market is strong across the U.S, and healthcare rents continue to grow while companies work on the issue of undersupply. Healthcare is a continually evolving industry, and businesses must be willing to adapt in accordance with current trends and patient needs. For example, OHM Advisors Principal and Partner Jennifer Carney said, following the pandemic, there’s been a demand for telehealth rooms, where the doctor can virtually visit with a patient in the privacy of their home.
“Physicians can use their exam and patient rooms for virtual appointments,” she said, “but we’re seeing planning spaces for telehealth that are smaller in size and scope.”
Berkadia Arranges Sale of Multifamily Community in West Houston
Berkadia has arranged the sale of Oasis at Piney Point, a 318-unit, Class-A apartment community located near the Galleria and Westchase submarkets of Houston. Managing Director Jeffrey Skipworth, Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia Houston represented the sellers, Marlin Spring of Toronto, Canada. A California-based buyer acquired the property for an undisclosed price.
Located at 9100 Westheimer Road, Oasis at Piney Point was completed in 2004 by Trammel Crow Residential and consists of three- and four-story garden-style buildings on a 10-acre site. The pet-friendly, gated community offers one- and two-bedroom floor plans ranging from 727 square feet to 1,304 square feet, as well as two-bedroom townhome designs up to 1,412 square feet. Individual units feature nine-foot ceilings, eight-foot entry doors, chef-inspired kitchens with stainless steel appliances, double basin sinks, track lighting, walk-in closets, and patios or balconies. Upgraded units include such features as quartz or granite countertops, built-in bookshelves, plank flooring and premium low-pile carpet.
Community amenities include beautifully landscaped courtyards, a resort-style pool, an elegant clubhouse with Wi-Fi, a coffee/tea bar, a business center, a media/TV lounge with a gas fireplace, and a fully equipped fitness center. Reserved parking and storage units are available.
Oasis at Piney Point is located two miles from the Sam Houston Tollway, and four miles outside of Houston’s inner loop (610) in an affluent area surrounded by three million square feet of retail. The property is located 15 minutes from major employment areas like Galleria/Uptown and Westchase, and 30 minutes from Downtown Houston.
Cushman & Wakefield Arranges 1,253-SF Lease for Code Wiz Oak Forest
Cushman & Wakefield has arranged a 1,253-square-foot lease for Code Wiz Oak Forest, a coding and robotics center for children.
Michael Burgower and Michael “Mike” Pittman II, CCIM of Cushman & Wakefield represented the tenant in the lease negotiations. Simon Ha represented the landlord, Braun Enterprises.
Code Wiz focuses on coding and robotics classes, camps, and competitions for children ages 7 to 17. Launched in 2017 in Westford, Massachusetts, Code Wiz now boasts 12 locations across the U.S. with three more expected in the coming months. Code Wiz children learn, create, collaborate and gain the problem-solving savvy they need to compete in a changing world.
Located at 2015 W. 34th, Suite G in Northwest Houston, the site will be the first Code Wiz location in Houston. Code Wiz is planning to open additional locations in the Houston market.
Houston Symphony Society Renewed 4,216 sf at 5151 Mitchelldale in Houston
Houston Symphony Society renewed 4,216 square feet at 5151 Mitchelldale in Houston, Texas. Justin Harrity represented the landlord, Hartman Income REIT.