Category: Focus 2020

Marcus & Millichap Brokers Multi-tenant Medical Office Building Sale in Amarillo

Posted on by Sarah

Marcus & Millichap arranged the sale of 3501 MedCenter, a 145,096-square-foot multi-tenant medical office property in Amarillo, Texas. “We marketed this asset to a deep buyer pool and generated multiple offers, in spite of the truly unprecedented market conditions created by COVID-19 and the turbulent election season,” said Alex Vidal, a healthcare real estate investment specialist in Marcus & Millichap’s San Francisco office. “At the conclusion of a competitive bidding process, the buyer and seller both achieved their investment goals, underscoring the importance of hiring a skilled, healthcare-focused investment team to assist with medical office real estate transactions.” Vidal had the exclusive listing to market the property on behalf of the seller, an Amarillo-based private partnership led by Geoffrey Wright, M.D. and Joe Bob McCartt of McCartt Commercial Real Estate Services. Vidal also sourced the buyer, Equity Velocity Fund, which provided its own representation. Tim Speck, senior vice president and division manager, is Marcus & Millichap’s broker of record in Texas. The property was originally constructed as a retail mall in 1986 and was renovated to serve medical use in 1995. It is located on an 11-plus acre parcel near Interstate 40, in a strong healthcare submarket where medical offices are 95 percent occupied within a three-mile radius. Anchored by BSA Health System & NW Texas Healthcare System, 3501 MedCenter was 91 percent leased at the time of the sale.

CKD USA Corporation Acquires 50,000-SF Industrial Facility in Austin

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NAI Partners recently arranged the acquisition of a 50,000-square-foot industrial building for CKD USA Corporation at 4401 Supply Court in Austin. CBRE represented the seller. CKD Corporation will invest $13 million into the production site, which is scheduled to begin operations in fall 2021 and expected to add 70 jobs to the area. NAI Partners’ Troy Martin represented CKD Corporation in the transaction. Joe Novek and Darryl Dadon of CBRE represented the seller. “CKD Corporation’s $13 million investment in the Lone Star State further solidifies Texas’ reputation as a premier economic destination both nationally and internationally,” said Governor Greg Abbott. “I am proud to welcome CKD Corporation to the Lone Star State and look forward to the economic prosperity this investment will bring to the Austin community. This trailblazing company, combined with Texas’ business-friendly environment and high-skilled workforce, will undoubtedly make for a long and successful partnership.” CDK USA is the wholly owned subsidiary of CKD Corporation which is headquartered in Komaki Japan. CKD USA’s line of business is the distribution of pneumatic control components, drive components, pneumatic auxiliary components, fine system components, and fluid control components.

713CRE Locks Down Three Houston-area Deals

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Houston-based 713CRE recently closed two office leases and one land sale in the Houston metro. Geo Corp Inc. has leased 2,242 square feet of office space in The Offices at Westheimer, 5959 Westheimer Road, Houston, from PHCG Investments Inc. Ronnie L. Miranda of 713CRE represented the landlord in the direct deal. Media Riders LLC has leased 1,210 square feet of office space in Texas City Professional Building, 2501 Palmer Hwy., Texas City, Texas from Al Azhar Properties. Ronnie L. Miranda of 713CRE represented the landlord in the direct deal. Grote Oilfield LLC has purchased a one-acre tract at 8011 Hwy. 6 in the city of Santa Fe, Galveston County, from 7 Sinclair Holdings Co. Ronnie L. Miranda of 713CRE represented the buyer. The seller was self-represented.

Bradford Inks Three Houston-area Deals

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Bradford Commercial Real Estate Services recently closed three real estate transactions in the Houston metro. They include one sale and two flex/industrial leases. Robert G. Brown has sold 4.75 acres at 2002 Wheatland Road in Lancaster, Texas to SOTO Fleet Service Inc. Kyle Espie, senior associate of Bradford Commercial Real Estate Services, represented the seller in the direct deal. Fresh Baked Cookie Crate LLC has leased 5,846 square feet of flex space in Story Business Center, 3040 W. Story Road, Irving, Texas from Americo Story LP. Jason Finch, market director of Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the landlord. Andrew Wilson of LanCarte Commercial represented the tenant. HOPE Coffee Inc. has leased 3,022 square feet of office/warehouse space in Shiloh Business Center, 3884 S. Shiloh Road Garland, Texas from Perth Properties Inc. Melanie Hughes, senior vice president of Bradford Commercial Real Estate Services, and Elizabeth Hooper, market director, represented the landlord in the direct deal.

First Watch Coming to Grand at Aliana as NewQuest Starts Work on More Multi-tenant Space

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NewQuest Properties will soon break ground on additional multi-tenant space in the Grand at Aliana after landing the award-winning First Watch as its newest tenant in the 56-acre regional development in Fort Bend County, Texas. The popular breakfast, brunch and lunch eatery has leased a 4,060-square-foot end cap in a soon-to-start 10,900-square-foot building. A second multi-tenant project, totaling 9,490 square feet, will begin to rise in early Q1. Both structures will be prominently positioned at the main entrance of the Grand at Aliana and front the Grand Parkway/TX 99. “The Grand at Aliana is one of the few large shopping centers that has delivered in 2020 in the region and has stores that are opening,” said Josh Friedlander, vice president of NewQuest Properties. He and David Meyers, leasing director, lease the project for the Houston-based development and brokerage firm. NewQuest will deliver the first multi-tenant building in May. Otwell Construction Inc. of Magnolia, Texas, is the general contractor. If all goes as planned, First Watch will open in September. The Grand at Aliana is First Watch’s 16th location in Greater Houston for franchisee Mac Haik Enterprises. Ron Marshall, president of Mac Haik Realty LLC, served as tenant representative in the negotiations. Opening in the past month were Burlington, Five Below and Petco. In early Q1, Michaels, Ross Dress for Less and Ulta will come online. At build-out, the Grand at Aliana will add nearly 400,000 square feet of class A retail and restaurant space to the Grand Parkway-West Airport Boulevard intersection. “First Watch is the first in its category to land at that intersection. The Aliana neighborhood has been asking for a wider selection of restaurants, which we are trying to provide,” Friedlander said. Aliana is one of Fort Bend County’s newest communities. It is master planned for 4,423 homes and its neighbor, Harvest Green, will have 2,626 at completion. NewQuest’s regional development’s trade area boasts 42,339 households with an average annual income of nearly $100,000. “The area as a whole is experiencing extraordinary growth,” Friedlander said. “As a result, our leasing activity is strong for inline space and pads. I have another dozen deals under negotiation.”