Category: Deals & Announcements

SHOP Co’s and MOD Pizza Officially Surpasses 50 Store Locations in Houston Area

Posted on by Sarah

PHOTO COURTESY OF NICK TERAN PHOTOGRAPHY CONCEPTS & SHOP COMPANIES

SHOP Companies announced that they have officially represented MOD Pizza in its growth to over 50 units in the Greater Houston MSA. SHOP Companies Chris Reyes and Tyler Trevino exclusively represent the nationally recognized fast-casual pizza chain in Houston and South Texas.

“It has definitely been a humbling opportunity and even more exciting journey being able to see what we have accomplished over the years,” said Chris Reyes. He has worked with MOD since 2013 when the company had only a few locations in Seattle, Washington. Since then MOD Pizza has become the largest fast casual concept totaling over 500 locations system-wide in North America.

MOD Pizza has experienced continued success in the Greater Houston market while demonstrating resiliency throughout various economic climates.

Newly Completed Dallas-Fort Worth Industrial Building Finds New Owner

Posted on by Sarah

JLL Capital Markets has closed the sale of DFW Park 161 AMZL, a fully leased Class-A distribution center totaling 219,000 square feet at the Dallas-Fort Worth International Airport in Irving, Texas.

JLL represented the seller, a joint venture between Invesco Real Estate and Perot Development Company.

Completed in early 2022, the 250- by 875-foot building was built-to-suit for Amazon as a last-mile distribution center. DFW Park 161 AMZL features 9.3% office finishes, 32-foot clear height, 17 dock high doors, 18 drive-in doors, 27 trailer parking spots and 1,440 parking spaces.

DFW Park 161 AMZL is located on 55.768 acres of airport land at 3100 State Highway 161, within the master-planned DFW Park 161, just east of Dallas-Fort Worth International Airport and within the DFW Airport Industrial submarket, one of the most desirable industrial submarkets in the region. The property is along State Highway 161, which is one of the area’s main north and south transportation arteries and carries more than 123,000 vehicles per day. In addition to the ability to easily reach the entire DFW metro area quickly, the property has connectivity to the Texas Triangle, the area between DFW, Houston, San Antonio and Austin that houses 25 million residents, which is expected to grow to house 78% of the state’s population within the next 40 years. With $1.32 trillion in economic output, this area ranks among the world’s 15 largest economies.

The JLL Capital Markets team representing the seller was led by Senior Managing Directors Dustin Volz and Stephen Bailey, Directors Dom Espinosa and Zach Riebe and Analyst Jack Copher.

Finial Group Extends Lease at 6820 Bourgeois Road in Houston

Posted on by Sarah

John Buckley and Jack Gaffney of Finial Group renewed a lease at 6820 Bourgeois Road in Houston, Texas. The tenant, 11 Below Brewing Company, brews unique craft beers, serving draft beers throughout the Greater Houston area.

The 10,611-square-foot building is located in the Four Seasons business park in Northwestern Houston, with proximity to State Highway 249, Beltway 8, and FM 1960.

John Buckley and Jack Gaffney represented the landlord in this transaction.

Alliance Industrial Breaks Ground at Corridor Commerce Center

Posted on by Sarah

Alliance Industrial Company broke ground on Corridor Commerce Center. Corridor Commerce Center is a distribution building totaling 157,450 square feet, located at 18200 IH-35 in Buda, Texas. Located along the Texas Innovation Corridor, the project has significant IH-35 frontage and direct access to the State Loop 4 South and Gateway Boulevard intersection. This is Alliance Industrial Company’s second speculative project to break ground in the region. At the beginning of June, Alliance and the City of Kyle announced the groundbreaking of Kyle/35 Logistics Center. These projects represent a major investment in Central Texas.

Situated on an approximately 12-acre site, this Class-A industrial building will offer irreplaceable IH-35 frontage, and immediate North and South bound access to IH-35. The building will have ESFR sprinklers, 32 dock-high doors and two drive-in ramps, a 32-foot clear height and is located in a Triple Freeport Tax Exemption district.

The design of Corridor Commerce Center provides maximum flexibility to accommodate users from 37,000 square feet to 157,450 square feet. Four entry and exit points, two along IH-35 and two along State Loop 4 South, provide superior access to the project. The Building features 195 parking spaces and a 135-foot truck court.

Carter Thurmond and Nash Frisbie with Transwestern are handling the leasing for Corridor Commerce Center. The project was designed by Seeberger Architecture and civil engineering was done by Langan Engineering. The project is expected to deliver in March of 2023. More information about Corridor Commerce Center in the project brochure.

Marcus & Millichap Negotiates Metroplex Multifamily Sale

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Marcus & Millichap announced the sale of Pleasant Creek, a 159-unit apartment complex in Lancaster, Texas.

Hoover and Marcus & Millichap’s Nick Fluellen and Chris Pearson represented the seller, and procured the buyer, Cove Capital Investments LLC, a Delaware Statutory Trust (DST) sponsor company specializing in 1031 exchange investments.

Twenty minutes from Downtown Dallas, the property is near three major highways, Interstate 35, Interstate 20 and Texas State Highway 342. Nearby employers include Northrup Grumman Systems, Dallas Boss Truck Stop and FFE Logistics. Lancaster City Park and Country View Golf Club are five minutes away and Dallas College Cedar Campus is close by.

Pleasant Creek is a 16-building, controlled-access community with a swimming pool, fitness center, business center and on-site laundry facilities. All apartments have fireplaces, walk-in closets and a private patio or balcony. Select units have faux-wood flooring, brushed nickel hardware and two-tone paint.

CBRE Arranges Sale of Six-property Industrial Portfolio in Spring on Behalf of AEW

Posted on by Sarah

CBRE announced the sale of The Pines Business Park I & II, a six-building logistics portfolio totaling 281,481 square feet. The property is located at 600-608 and 612-620 Spring Hill Drive, respectively, in Spring, Texas. Nuveen purchased the portfolio from AEW for an undisclosed price.

Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.

Strategically located in the growing city of Spring, the property has direct access to I-45 and is less than five miles from The Woodlands, a key industrial hub in Houston. The property was 100% occupied at the time of sale with an average remaining lease term of 3.66 years.

According to CBRE’s Q2 2022 Houston MarketView, Houston had its second-largest quarter in over 20 years with 7.8 million square feet of positive net absorption in Q2. In the North Houston submarket alone, there were nearly 2.3 million square feet of net absorption alone, bring the vacancy rate to 5%.