IGS Security Group, LLC renewed 3,600 square feet at 5151 Mitchelldale in Houston, TX. Justin Harrity represented the landlord, Hartman Income REIT.

Cushman & Wakefield announced the firm represented an undisclosed seller in the disposition of two industrial portfolios totaling 1,450,039 square feet. The two portfolios consisted of the Northwest Houston Portfolio (eight buildings totaling 740,925 square feet) and the 610 Loop Portfolio (five buildings totaling 709,114 square feet).

In aggregate, the portfolio is currently 97.4% leased and is well positioned to capture near-term NOI growth as the in-place rents are currently 15%+ below market with an average remaining lease term of 3.6 years. All of the buildings are situated in coveted infill Houston locations. The Northwest Houston Portfolio is located along the Highway 290 corridor and the 610 Loop Portfolio is situated along the 610 Loop within the Northwest, South and East Houston submarkets.

The portfolios were sold to an undisclosed investment and management company. The Cushman & Wakefield National Industrial Advisory Group team representing the seller included Jim Carpenter, Jud Clements, Robby Rieke and Taylor Starnes, along with Jim Foreman and Brooke Forrest with Cushman & Wakefield’s Houston industrial leasing team.

Marcus & Millichap announced the sale of Storage Depot, a 59,120-square foot self-storage facility located in Beaumont, Texas, according to Mark R. McCoy, regional manager of the firm’s Fort Worth office.

Dave Knobler, an investment specialist located in the Marcus & Millichap Houston office and member of the LeClaire-Schlosser Group, partnered with the firm’s Fort Worth-based Karr-Cunningham Storage Team to exclusively market the property for sale on behalf of a privately held, Texas-based investment group. The Buyer, El Paso based LLC, Riverbend Development was procured by Mr. Knobler, Mr. Karr, and Mr. Cunningham as well. 

According to Brandon Karr, “Because the property had been operating at a high level for many years, we thought the transaction would prove to be relatively straight-forward. However, before taking the property to market, we discovered that our client would have to absorb a substantial pre-payment penalty if they were to sell the real estate in the traditional fashion. As such, we determined that the only way a sale made sense for our client was if we could get a buyer to assume the existing mortgage. Needless to say, our client was pleasantly surprised to learn that the property remained highly marketable despite the loan assumption requirement. After receiving multiple offers, a buyer was chosen, and we worked hand-in-hand with both parties to see the assumption through – a process which took less than four months start-to-finish.” 

Storage Depot is located at 6320 College St. in Beaumont, Texas 77707.

Cushman & Wakefield announced the firm has represented Hedmark, III, LP in the sale of 17240 SH-249 in Northwest Houston. The property, formerly a Sweet Tomatoes restaurant location, sold for an undisclosed price.

Eric H. Lestin and Michael Burgower of Cushman & Wakefield represented the seller. Jack Burgher of BCS Capital represented the buyer.

The property, located in the Willowbrook submarket features 8,054 square feet. BCS Capital has leased the property to an undisclosed tenant and intends to renovate the property.

US Security Associates, Inc. renewed 12,814 square feet at 11811 N. Freeway in Houston, TX. Morgan Colt with Cushman Wakefield represented the tenant and Thomas Emde represented the landlord, Hartman Income REIT.