Category: Focus November – 20

RESOLUT RE Closed Five Deals Around Texas

Posted on by Sarah

RESOLUT RE recently completed one land sale and four retail leases in Texas. The deals included transactions in the Austin, Dallas and Houston markets. Bento Bakes has leased 559 square feet at Market at Lake Creek (13776 US Hwy 183, Austin). Michael Noteboom and Andrew Perkel of RESOLUT RE represented the landlord. Gabrielas has leased 6,236 square feet at SouthPark Meadows II (9600 S I 35, Austin). Joey Mendez and Samuel Hartley of RESOLUT RE represented the tenant. Crab Heads Cajun Boil has leased 4,400 square feet at Steeplechase Landing Shopping Center (9626 Jones Road, Houston). Joaquin Orozco of RESOLUT RE represented the landlord. Daniel Tran of P R Associates Commercial represented the tenant. A tattoo shop has leased 1,100 square feet at Barclay Garden Plaza (18311 Clay Road, Houston). Myra Vorrice of RESOLUT RE represented the tenant. A convenience store has purchased two acres at Shops at Winterfield II (northwest corner of Gattis School Road and Winterfield Drive) in Hutto, Texas. Barret Espe of RESOLUT RE represented the seller. Henry De Keratry Jr. of Kera Realty represented the buyer.

Max Chanon, The Retail Connection, Negotiated Lease of 3,221 SQ FT Retail Space in Dallas

Posted on by Sarah

The Retail Connection’s Max Chanon negotiated the lease of the 3,221 square feet retail space with Joe Pastora and Alex Johnson with Stockdale Investment Group. Mayweather Boxing + Fitness is a retail space at the Shops of Highland Park at 4252 Oak Lawn Avenue in Dallas.

Food Processing and Cold Storage Facility Sells in the Sugar Land Business Park

Posted on by Sarah

A Class A corporate office and food processing facility at 10631 Corporate Drive in Sugar Land, Texas recently sold for an undisclosed sum. The property consists of approximately 153,000 square feet of combined office, freezer-cooler warehouse and food processing space. Zane Carman and Clay Pritchett, SIOR, of NAI Partners represented the buyer, 10631 Corporate Drive Realty, LLC , a nationwide food manufacturing company. JLL’s Jarret Venghaus, SIOR, David Buescher and Jordan Raney represented the seller, Midway Corporation Partners. L.P.

New Construction Office Property Breaks Ground in Lubbock

Posted on by Sarah

Construction has begun on a new, class A office building totaling 84,000 square feet at 5107 82nd Street in Lubbock, Texas. The property is being developed by CMS Properties, Inc and the leasing company on the project is Coldwell Banker Commercial Capital Advisors. The previously undeveloped site on the south side of 82nd Street and just west of Slide road will include four floors of office space served by two elevators. The building will offer views overlooking Lakeridge Country Club. The floor plates are approximately 21,000 square feet with suites divisible to 5,000 square feet. Suites will be built out to suit the needs of the tenants. Asking lease rates are $26 per square foot NNN with generous tenant improvement allowances available. “This is a terrific property located on the southwest side of the Lubbock market where there has not been enough supply of class A office space to satisfy tenant demand,” said Jef Conn, CCIM, SIOR and one of the leasing agents on the assignment. “CMS Properties builds top-notch commercial projects throughout Texas and New Mexico. We are pleased to partner with them to market this quality office asset.”

CBRE Brokers Sale and Arranges Financing for 180-Unit Multifamily Property in Euless

Posted on by Sarah

CBRE announces the sale and financing of Riverside Villas, a 180-unit, Class A multifamily community located at 3741 Post Oak Boulevard in Euless, Texas. First Capital Advisors (FCA) purchased the property from Dallas-based Trinity Postoak Ltd. Chris Deuillet, Jeremy Faltys and William Hubbard with CBRE capital markets’ investment properties in Dallas represented the seller. Jeff Stein, Michael Thompson and Brock Hudson with CBRE capital markets’ debt and structured finance team in Houston arranged the financing on behalf of FCA. This is the second multifamily purchase for FCA as they re-enter the Dallas-Fort Worth market. They were encouraged by the strong DFW market fundamentals and foresee the area as a core market for multifamily ownership across the country. “With Riverside Villas coming out of its initial lease up in the midst of the pandemic, collections were not affected,” said Deuillet. “This was one of our first assets to market in a post-COVID environment and Dallas-Fort Worth is still a very desirable location for solid returns. I was surprised on the level of interest we received.” The CBRE debt and structured finance team worked with FCA to secure attractive 10-year fixed rate agency financing from Freddie Mac. “Riverside Villas garnered intense lender interest from both agencies, but in the end, Freddie Mac was able win the assignment by allowing FCA to lock rate immediately and got comfortable with borrower projections on a property that was just stabilizing amidst COVID-19,” said Stein. Constructed in 2019, Riverside Villas offers residents high quality interior features and community amenities including a resort-style pool, 24-hour fitness center and business center. The property has close proximity to several major Dallas-Fort Worth employers, including DFW Airport, American Airlines, General Motors, Lockheed Market and the University of Texas at Arlington. The property was 94 percent occupied at the time of sale.

Medical Transportation Management, Inc. Renewed 16,600SF at 5151 Mitchelldale in Houston

Posted on by Sarah

Medical Transportation Management, Inc. renewed 16,600SF at 5151 Mitchelldale in Houston, TX for 6 months. Ed Frantz with CBRE represented the tenant and Justin Harrity represented the landlord, Hartman Income REIT.