Category: Deals & Announcements

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

Posted on by Mia Goulart

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.

Newmark announces sale and financing of value-add multifamily asset in Austin

Posted on by Mia Goulart

Newmark announces it has completed the sale and financing of Villas Tech Ridge, a 350-unit value-add multifamily asset in Pflugerville, Texas, within North Austin’s growing Silicon Hills neighborhood and tech corridor. The property was 93% occupied at the time of sale and traded for an undisclosed price.

Newmark Multifamily Capital Markets Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, an institutional client of New York Life Real Estate Investors. The buyer was Pegasus Real Estate, a private commercial real estate investment firm. Vice Chairman Colin Cross of Newmark’s Debt, Equity and Structured Finance team helped secure the acquisition financing on behalf of the buyer.

Villas Tech Ridge offers new ownership the opportunity to increase value-add potential via unit interior and amenity upgrades. Built in 2009, the garden-style property features a mix of one-, two- and three-bedroom floorplans with an average unit size of 976 square feet. Unit interiors offer fully-equipped kitchens, oversized walk-in closets and full-size washer and dryer sets. Community amenities include a pool with loungers and cabanas, a resident clubhouse, a state-of-the-art fitness center, controlled access gates and a fenced dog run.

Located at 13838 The Lakes Boulevard, Villas Tech Ridge is surrounded by major employment, entertainment and recreation. The property is just down the street from Parmer Austin, a 300-acre technology and research park with tenants including General Motors Co., Meta, 3M and Apple, and just over three miles from The Domain, home to employers such as Amazon, Indeed and Vrbo, as well as Austin FC’s new Q2 stadium. The property offers convenient access to major thoroughfares IH-30, MoPac and HWY 183.

According to Newmark research, multifamily demand across the U.S. projects to advance even further in 2023, reaching the highest levels since the third quarter of 2021 and well above the long-term average. New supply will also significantly increase, with nearly 550,000 units expected to be delivered in 2023 and an all-time high of nearly 588,000 in 2024.

519,905-square-foot industrial park in Fort Worth sells to Westcore

Posted on by Mia Goulart

Stream Realty Partners brokered the sale of a 519,905-square-foot industrial park in Fort Worth to a San Diego-based industrial real estate acquisition, development, and asset management firm.

Westcore purchased Railhead Business Station, a four-building campus at 401, 500, 600, and 800 Railhead Road, from a global real estate investment management firm. The project was fully leased to 11 tenants at the time of the sale. The price was undisclosed.

Stream, a national commercial real estate firm offering an integrated platform of services, represented the seller in the transaction. Seth Koschak and Matteson Hamilton, executive managing directors and partners of Stream’s Industrial Capital Markets group–along with Senior Vice President Forrest Cook, Vice President Jeff Rein, Senior Analyst Lee Belland III, Financial Analyst Trey Mahla, and Senior Production Coordinator Haili Rumsey–were involved in the sale. Westcore represented itself.

Railhead Business Station, in the highly coveted infill submarket of Meacham/Fossil Creek in North Fort Worth, is just a few miles north of the Central Business District. The multi-tenant buildings possess a roster of regional and national tenants. Additionally, the project provides immediate access to Interstates 820 and 35W and sits in an enterprise zone offering triple freeport tax abatements.

Suburban DFW retail center trades to Phillips Edison

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Lake Pointe Market, a 40,589-square-foot retail center located in the DFW suburb of Rowlett, Texas.

JLL represented the seller, Main Street Investment Company, and procured the buyer, Phillips Edison.

Lake Pointe Market benefits from its shadow anchor, Tom Thumb, which serves as the top performing location in the region. The center is currently 97% leased to a diverse tenant mix, including PetCo, DCP Equity Partners, Burger Island, OneMain Financial, Bank of America, Verizon and SuperCuts, bringing in approximately 740,000 annual visits.

Situated at 6702 Dalrock Road, the property is located at a premier intersection in Rowlett and is positioned directly between I-30 and President George Bush Turnpike. Within a three-mile radius of the property is an average household income of $125,096 and $2.1 billion in spending power, and within a five-mile radius is a population of approximately 134,836 and approximately 20 schools. Additionally, Lake Pointe Market is just 22 miles from Downtown Dallas.

The JLL Retail Capital Markets team was led by Senior Managing Directors Adam Howells and Chris Gerard and Analyst Megan Babovec.

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

Posted on by Mia Goulart

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.

SPI adds 244-unit, Class-A property to Austin portfolio

Posted on by Mia Goulart

SPI Advisory (SPI) recently finalized the acquisition of Parkview Terraces (formerly known as “Cortland Southpark Terraces”), a newly-renovated 244-unit, Class-A institutional-quality apartment community built in 2009 less than five miles from Austin’s bustling South Congress entertainment district along the rapidly growing IH-35 Corridor that connects Austin and San Antonio. Parkview Terraces represents SPI’s eighth property under management in the Austin metropolitan area, totaling nearly 2,500 units.

Conveniently located 15 minutes away from Downtown Austin, just off of IH-35 near the popular Southpark Meadows shopping center, Parkview Terraces offers its tenants spacious floorplans with contemporary design, resort-class amenities, and proximity to Austin’s major employment, retail & entertainment centers for an affordable price point. The area within a one-mile radius of the property has experienced a population growth of 91% from 2010 to 2022, and the average household income is $104,000. (U.S. Census Bureau, April 2023).