Category: Deals & Announcements

Lovett Industrial and PCCP acquire two industrial business parks in Houston

Posted on by Mia Goulart

Lovett Industrial, the Houston-based real estate investment firm and PCCP, LLC, a national commercial real estate investment firm have acquired the Claymoore Portfolio, consisting of 1,390,900 square feet across 10 Class A industrial buildings in Houston’s NW submarket.

The Claymoore Portfolio, comprised of Claymoore Business Park and Northwest Business Park, features highly functional warehouses that provide a diverse range of site plans and suite sizes ranging from 12,000 to 275,000 square feet. Located on Clay Road and Beltway 8, Claymoore Business Park features eight cross-dock and front-load buildings totaling 1,019,000 square feet, 18- to 24-foot clear heights, and 960 parking spaces. Situated on West by Northwest Boulevard and Highway 290, Northwest Business Park features one cross-dock and one front-load building totaling 378,900 square feet, 24-foot clear heights, and 746 parking spaces. The portfolio is 100% occupied by 21 tenants that have a weighted average tenure of over 11 years.

The business parks’ core, infill locations allow for immediate access to Beltway 8 and Highway 290 and close proximity to Interstate 10, providing occupants the ability to service some of the metro’s most densely populated and affluent areas. The portfolio represents a unique opportunity for scale in the heart of the largest and most established industrial submarket in Houston.

Marketing and leasing efforts for the portfolio will be exclusively handled by Brian Gammill, Jude Filippone, and Darryl Noon of Transwestern. Trent Agnew of JLL served as broker on the transaction. Acquisition financing is provided by Voya Financial and was arranged by Michael Johnson and Wally Reid of JLL.

The Claymoore Portfolio is Lovett Industrial’s second stabilized property acquisition and will be managed by Lovett Industrial Management. Additionally in the Houston area, Lovett Industrial has 3.2 million square feet under construction and 3.3 million square feet of completed developments between seven projects.

DFW power retail center switches hands to Dunhill Partners

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Rockwall Market Center, a 211,971-square-foot retail center located in the DFW suburb of Rockwall, Texas.

JLL marketed the property and assisted in the sale to Dunhill Partners, led by its CEO Bill Hutchinson.

Built in 1999, Rockwall Market Center is 100% leased to a robust, high-performing, national tenant roster, which includes Ross, Burkes Outlet, Michaels, Old Navy and Petco. The property features an average tenant tenure of 18.2 years, and 82% of the property’s income stream is generated from its national tenancy. The property draws over 1.5 million annual visitors.

Located at 2663-2885 Market Center Drive within a dominant retail corridor, the property sits directly off of Interstate 30, offering visibility to over 103,000 vehicles per day. Rockwall Market Center benefits from proximity to both Lake Ray Hubbard and Highland Meadows neighborhood and is less than a 20-minute drive to Downtown Dallas. Additionally, within a 10-mile radius is a daytime population of 317,271 and $17 billion in consumer spending power.

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

Cushman & Wakefield represents JMB in Houston law firm lease at 1001 Fannin in Houston

Posted on by Mia Goulart

Cushman & Wakefield has arranged a 7,541-square-foot lease with Hogan Thompson Schuelke LLP at 1001 Fannin on behalf of JMB Realty Corporation.

Brad Beasley and Chip Colvill of Cushman & Wakefield represented the landlord in the lease negotiations. Joshua Brown and Kaitlyn Duffie of Newmark represented the tenant.

The 47-story LEED Gold certified tower includes 1.3 million square feet of flexible and efficient office space with eight corner offices per floor, 25,000 square feet of retail and amenity space, a tunnel-connected parking garage and a new fitness center.

HDA completes Mike Hopkins Distributing brand-infused addition and renovation in Brenham

Posted on by Mia Goulart

HDA Architects, the beverage wholesaler’s choice for facility needs across the U.S., recently completed a 28,000-square-foot expansion and renovation for Mike Hopkins Distributing in Brenham, Texas.

The expansion consists of a controlled temperature warehouse that includes offices and a customer pick-up area. The existing warehouse and coolers were also renovated with updated ancillary and storage areas and a new, enlarged keg cooler. A connector was designed to link the new and existing facilities and features an area to house equipment for charging purposes.

Construction for the addition used concrete insulated tilt-up walls with steel joists and a TPO membrane roof system. A large custom painted wall mural of the company’s logo is a prominent feature of the elevation as you approach the facility, instilling a sense of pride and brand identity to visitors and employees alike.

CenterSquare expands into manufactured housing sector through acquisition of Houston-based Piney Woods

Posted on by Mia Goulart

CenterSquare Investment Management, in a joint venture with K8H Ventures, has acquired Piney Woods, a to-be-built 394-lot manufactured housing community located in the Crosby submarket of Houston, Texas. The acquisition represents CenterSquare’s first private equity investment in the sector and was made via joint venture with K8H Ventures, an experienced, local manufactured housing operator that has a strong track record in the Houston market. 

The property’s central location allows it to benefit from adjacency to both the Port of Houston, which is experiencing significant growth and generating blue-collar jobs, as well as the thriving Lake Houston community. Piney Woods will help address the dilemma of cost-burdened renters who comprise half of this growing metropolitan hub by offering an affordable housing alternative for a market that is witnessing some of the highest population growth rates nationwide. Texas continues to lead the United States for annual manufactured housing shipments by state. 

The property will be built to Fannie Mae Level 4 and 5 Quality Rating Standards and will feature modern, new product, appealing to long-term renters seeking a home-like living experience at a reasonable cost. Piney Woods will offer an array of premium amenities including a swimming pool, basketball court, playground, walking trails and green spaces. 

CenterSquare has previously invested in manufactured housing through the firm’s listed real estate securities platform. This direct investment aligns with CenterSquare’s thesis of acquiring and/or creating communities that are fortified by strong secular tailwinds including the rising cost of home ownership, increasing demand for larger spaces and amenitized communities, and a limited inventory of affordable options located in high growth submarkets. 

The land is shovel ready, and lots will be developed over a 12-month period with completion scheduled for August 2024. The business plan calls for the completion of the horizontal site work and a robust pre-leasing marketing campaign to generate leasing velocity. 

Partners Real Estate arranges sale of Dollar General retail property in Fort Stockton

Posted on by Mia Goulart

Partners arranged the sale of an 8,000-square-foot Dollar General retail property located at 1001 West Dickinson Boulevard in Fort Stockton, Texas.

Partners’ Evan Altemus had the exclusive listing and represented the seller, a local investment group from Houston, following up on assisting them in the acquisition of the property a few years prior.  The buyers were an investment group, also from Houston.