Enerfin Resources Company renewed 5,377 square feet at 1001 S. Dairy Ashford in Houston, TX. Al Gabosh with Moody Rambin represented the tenant and Kacie Skeen represented the landlord, Hartman Income REIT.
Category: Deals & Announcements
D.N.G. Electrical Renewed 4,800 SF at 5151 Mitchelldale
D. N. G. Electrical Services renewed 4,800 square feet at 5151 Mitchelldale in Houston, TX. Justin Harrity represented the landlord, Hartman Income REIT.
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
JLL Closes Sale of 938,103-SF Retail Center in Austin
JLL Capital Markets has closed the sale and arranged the acquisition financing of the 938,103-square-foot Southpark Meadows I & II, which is located in Austin, Texas and serves as one of the largest regional shopping centers in South-Central Texas.
JLL marketed the property on behalf of the seller, and Big V acquired the asset. JLL also worked on behalf of the new owner to secure a senior loan through Allianz.
Built in 2004 and 2008, Southpark Meadows I & II is anchored by a global discount department and grocery store and shadow-anchored by Target. Additional tenants include HomeGoods, Marshalls, Ross, Hobby Lobby, Burlington, Dave and Busters, Jo-Ann, Best Buy, Pluckers, Five Below and Rooms to Go. The center is currently 95% leased with approximately 104,000 square feet of new leases, including expansions and relocations of existing tenants.
Located at 9600 S I-35, the property sits directly off of I-35 and Slaughter Lane. The center benefits from a population of over 200,000 within a five-mile radius and an average household income of almost $100,000. Additionally, West Slaughter Lane, East Slaughter Lane and Interstate 35 offer a combined vehicles per day count of 230,500.
The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Chris Gerard, Barry Brown and Ryan Shore, Associate Robby Westerfield and Analyst Cole Sutter. Managing Directors Chris McColpin and Senior Managing Director Chris Drew led the JLL Retail Capital Markets Debt Advisory team that represented the buyer.
Keyway Announces Acquisition of Lakeside Multifamily Property in Dallas
Keyway, the technology platform that radically simplifies commercial real estate transactions, announced the closing of its first acquisition in the Dallas-Fort Worth area, the 157-unit Lakeside on Spring Valley apartment community in Richardson.
The complex has 15 buildings with one- and two-bedroom residences, with an average unit size of about 771 square feet. It also has two resort-style swimming pools and frontage on a private lake. Its location at 1000 W. Spring Valley Road offers easy access to both Interstate 635 and Highway 75 and a quick commute to some of DFW’s major employment centers in Downtown Dallas, Plano, Allen, and McKinney. The Lakeside community will be rebranded after a $3.0 million renovation.
Keyway Co-Founder and CEO Matias Recchia, said: “We are excited to enter the Texas market with such a well-managed and well-known property. The fact that it has never traded before, coupled with the fact that the deal was transacted off market, are both a testament to how we are approaching Dallas and Texas overall; we want to be the best partner for owners and brokers who are serious about getting deals done smoothly and efficiently, and we expect this to be the first of many transactions for Keyway in the market.”
Keyway dramatically simplifies CRE transactions by reducing costs by 50% and transaction time by 90%, benefiting brokers, sellers, and buyers alike. Keyway also fills an important gap for those institutional investors not structured to handle smaller deals, while at the same time providing a predictable and efficient process for every transaction. The company has plans to facilitate at least $200 million in transactions by the end of the year.
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.”