Constellation Real Estate Partners, an investor and developer of logistics properties, in partnership with a real estate fund advised by Crow Holdings Capital, announced that it has acquired 32.95 acres of land on South Post Road in Southwest Houston for the development of Constellation Post Oak.

Designed by Powers Brown Architecture and Langan Engineering, the project will include two buildings totaling 426,200 square feet. Building 1 is 304,400 square feet and offers a cross-dock configuration with 36-foot clear height, and Building 2 is 121,800 square feet with a front-load configuration and 32-foot clear height. The project will feature multiple points of ingress/egress with full circulation, trailer parking, ESFR sprinkler systems and LED lighting. Constellation Post Oak can accommodate a wide range of users from 60,900–304,400 square feet.

Constellation Post Oak is located proximate to Beltway 8, the preferred route for distribution throughout the Houston MSA. It is also located only nine miles from the Texas Medical Center, the largest medical complex in the world, adjacent to Fort Bend County, the second-fastest growing county in the U.S. from 2015–2020, and in close proximity to Houston’s inner-loop neighborhoods.

Zack Taylor of Colliers represented Constellation Real Estate Partners in the acquisition. He, along with Barkley Peschel of Colliers, will oversee leasing of the new development. Construction is set to begin in June 2022 with completion scheduled in Q2 of 2023.

Cushman & Wakefield announced the firm has represented the disposition of 5.22 acres in Houston’s Independent Heights. The property, bordered by Crosstimbers Street and Yale Street, is located near quick access to the 610 Loop and I-45.

David Cook and Meredith T. Cullen of Cushman & Wakefield’s land brokerage team represented the seller Gross Investments. The property was sold to CJ Development, a company that develops mixed-use communities.

“Crosstimbers and Yale represented a rare opportunity to develop a strategic piece of real estate in North Houston,” said Meredith T. Cullen, Cushman & Wakefield Senior Director. “We were familiar with CJ Development’s previous development requirements. This site offers excellent ingress and egress to all areas of the city, and we knew this would be the right time to discuss the possibility of selling with Shawn Gross.”

The land sits near a new Whole Foods grocery store, Houston Community College, Graham Park, and Brash Brewing.

“I see a clear path of growth intersecting Yale and Crosstimbers,” said Johnny Vassallo, Partner at CJ Development. “We are looking forward to developing a new multifamily property to draw more Houstonians to this area. We saw similar potential when we purchased Long Meadow Crossing in Richardson.”

Gross Investments acquired the property three years ago and was originally advised on the purchase by Cullen.

Class B apartment complex sold in an off-market transaction

Houston, March 15, 2022- Colliers in Houston has negotiated the sale of The Park at Woodmoor, a Class B value-add investment asset located at 8787 Shenandoah Park Drive in Shenandoah, TX within The Woodlands submarket of Houston.

The Park at Woodmoor was originally built in 1999 and is bordered by an expanding number of single-family developments and shopping centers that include restaurants and retail in a fast-growing north Houston market. The 220 unit complex offers spacious one and two bedroom apartments, as well as two-bedroom, two-bath townhomes. Conveniently located off Interstate 45, it makes for a seamless transit to downtown, The Woodlands, and Lake Conroe. In the immediate surrounding area lies multiple rehabilitation, children, maternity, and radiation oncology hospitals. St. Lukes, Houston Methodist, Texas Children, and Encompass Health are just a few providing a medical network of employers just outside the front door of The Park at Woodmoor.

opportunities in a highly sought-after location. The previous owner attracted and kept residents by maintaining all the community and apartment amenities throughout the property.

Chip Nash and Bob Heard of Colliers represented the seller in the sale transaction. The buyer was Clearworth Capital, a Texas-based multifamily owner and operator, managed by Matthew Stone. Mr. Stone has been part of the sponsor team for over $1.2 billion in commercial real estate development and renovation projects. His development experience includes 37 projects, including over 6,000 multifamily units, as well as senior housing, student housing, townhomes, condominiums, office buildings, and hotels.

The new ownership has announced that they will implement a multimillion-dollar renovation plan including new unit interiors, social amenities, and exterior enhancements. Jordan Tabbert SVP of Investments at ClearWorth Capital led the acquisition process.

“We can’t say enough good things about Matt, Jordan, and the whole Clearworth Team, they kept to their word and made this transaction very smooth,” says Chip Nash, Senior Vice President with Colliers in Houston. “They are a great buyer and we look forward to doing more business with them in the future.”

The property is located in the Porter Heights/Woodbranch multifamily submarket in Shenandoah, Texas. The submarket contains 4,200 units within 23 projects. The occupancy rate in the submarket is 94.6 percent and the average asking monthly rental rate is $1,331.

About Colliers International Group Inc.

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.

Harris County Hospital District renewed 6,885 square feet at 5870 Highway 6 N in Houston, TX. Nelson Udstuen with CBRE represented the tenant and Ami Figg represented the landlord, Hartman Income REIT.

JLL Capital Markets has closed the sale of Willowchase Center, a 231,126-square-foot, Fiesta-anchored retail center in northwest Houston, Texas.

JLL marketed the property on behalf of the seller, Fidelis. Wu Properties acquired the asset.

Willowchase Center is anchored by market-leading Fiesta, a popular Hispanic supermarket chain headquartered in Houston, and the Willowchase Fiesta is the eighth most trafficked Fiesta out of the entire chain of 60 stores in Texas. The 97.22% leased center is also home to a diverse tenant lineup that includes dd’s Discounts, Jo Ann Fabrics and Crafts, Goodwill, Northern Tool and Equipment, Mattress Firm, Family Dollar, America’s Best, Jamboree Dentistry and Metro PCS. Additionally, a non-owned Rooms to Go shadow-anchors the property.

Situated on 19.53 acres at 12900-12974 Willowchase Drive, Willowchase Center is in a highly visible position seen by approximately 200,000 vehicles per day along SH 249. The center is within a super-regional northwest Houston trade area that includes 90,855 residents within a three-mile radius and a large and growing Hispanic population.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Ryan West and Chris Gerard, Director John Indelli and Analysts Katherine Miller, Bailey Black and Grant Rexrode.

“Demand for retail assets throughout Texas is growing steadily, which highlights the conviction and strong fundamentals in the retail sector,” Indelli said. “We’re seeing an abundance of capital chasing retail deals, and there simply isn’t enough product to fulfill investor’s appetite.

Ron Brown of MHW Brokerage Services represented the Buyer, ICA Properties, in the purchase of 7.7 acres of land from the Stoecker Corporation. The tract is located just north of Highway 105 East on North Loop 336 East in Conroe.