Capital Commercial Investments Inc. (CCI) has engaged Transwestern Real Estate Services to provide leasing and management services for a five-story, 351,030-square-foot building at 6500 W. Loop S. in Houston. Longtime owner and occupier AT&T will remain on the fourth floor, leasing 74,000 square feet of space. Transwestern’s managing director Doug Little, executive vice president Justin Brasell and senior vice president Ashley Cassel will represent the building owner in leasing efforts. Located only four miles from the Texas Medical Center, the property is ideal for traditional office users as well as those in medical-related fields. “The Texas Medical Center has only two existing properties with availability over 40,000 square feet,” said Brasell. “With this property’s proximity to the campus, it’s a fantastic opportunity for medical users that need a large footprint.” 6500 W. Loop S. sits on 11.4 acres, has a three-story parking garage and expansive 74,000-square-foot floor plates. CCI is currently planning capital improvements that will include a refreshed exterior, activation of the exterior green space, common area upgrades and updated energy efficient lighting throughout. “Bellaire is a unique submarket, and nothing competes with the excellent location and large floor plates,” said Roger Shipp, senior vice president of acquisitions for CCI. “Any office user will find this combination of superb location and outstanding building attributes appealing and we expect to attract prospects from all over the city. Over the past 25 years, CCI has been one of the real pioneers in acquiring, evaluating and re-purposing large office projects in search of their next life.”
Alliant Credit Union recently closed on two multifamily loans in Texas, one for the acquisition of an apartment community and the other for the refinance of a student housing property. The value of the loans totaled $39 million. Alliant closed on a loan for the acquisition of a 385-unit multifamily property located in southwest Texas, close to the nation’s largest inland port with a strong economy anchored in logistics and transportation. The seven-year loan included a 30-year amortization schedule and longer-term flexibility with additional benefits to be realized in the future based on certain financial metrics. This transaction was referred to Alliant by Michael Thompson at CBRE. “Our team’s collective knowledge and experience in the multifamily sector, along with the mortgage brokers’ knowledgeable input, enabled us to finance the acquisition of this strong asset with highly experienced ownership and management,” said Tim Madigan, commercial loan originator at Alliant. In the Dallas-Fort Worth metropolitan area, Alliant closed on a loan for the refinance of a 90-unit, 132-bed student housing property adjacent to a local university. The five-year loan has an interest-only period followed by a 30-year amortization schedule. This transaction was referred to Alliant by Dean Giannakopoulos at Marcus & Millichap Capital Corporation. The resort-style property is completely differentiated within its immediate area, offering high-quality construction, innovative design and best-in-market product features. The community features shared amenities including a pool and game room and is conveniently located near the campus and abundant recreational, shopping, dining and nightlife venues. “The property’s unique features and strong location helped it bounce back quickly when occupancy uncharacteristically dropped, stabilizing to over 90 percent occupancy within a few short months,” said Yonah Sturmwind, loan originator at Alliant.
NewQuest Properties introduced a new international division in the Asia-Pacific Region. Development partner Heather Nguyen, based in Houston, will lead NewQuest Asia-Pacific Retail, a veteran team of brokers and affiliates in China, Japan, South Korea, Singapore, Taiwan and Vietnam. NewQuest managing partner Jay Sears is integrally involved and will spearhead capital investments. The team’s 10 professionals have more than 120 years of retail industry experience. “We’ve built strong relationships with overseas companies through the years. We understand their businesses and needs in the U.S.,” Nguyen said. “This is an unparalleled growth opportunity for NewQuest and our existing and future clients.” The expanded team includes Jason Wang, development director; Yoshihide Murata, development senior consultant and Kaishu Okada, business development consultant who is based in Tokyo. Wang most recently was development director for 85° C Bakery & Café’s U.S. expansion. Yoshihide formerly was vice president of real estate for Daiso Japan. Kaishu previously was senior managing director of Newmark Knight Frank’s Japan office. NewQuest’s new division also includes Naoyuki Kondo, retail leasing specialist who joined the brokerage firm earlier this year. He was the former real estate director for Kura Revolving Sushi Bar and spearheaded its expansion in the U.S. Rounding out the Asia-Pacific group are longtime NewQuest brokers Rebecca Le, senior vice president; John Nguyen, vice president; and Grace La, associate. “Texas has quickly become a retail powerhouse for Asian-Pacific tenants seeking to expand their operations in the U.S., and NewQuest Properties has proudly represented several internationally renowned players in this space with great success,” said Katherine Hatcher, president and COO. “The international expansion of our retail brokerage celebrates an exciting new chapter for NewQuest with great potential on the horizon.” Asia-Pacific is the world’s largest retail market, boasting innovative brands with strong growth trajectories in e-commerce and physical locations. Statista pegs APAC’s sales volume in the U.S. in e-commerce alone at $3.6 trillion. In the past five years, the region’s sales more than quadrupled that of the rest of the world, according to Bain & Co. “Asia-Pacific brands have experienced tremendous growth in their domestic and European markets. The U.S. is their next new market,” Nguyen said. “Our team will help these companies grow in the U.S. and make the right decisions to ensure a higher ratio of success.” NewQuest’s Carrollton Town Center, a 150,227-square feet retail redevelopment in north Dallas, is the genesis for the Asia-Pacific brokerage division. Through Nguyen and her team, scores of Asian dining and retail concepts have been introduced to Texas—some gaining an initial point of entry to the U.S. and others expanding for the first time beyond California and New York. “Carrollton Town Center’s success caught the attention of companies overseas,” Nguyen said. “Its tenants are hitting record sales this year. Texas has proven to the world that business can continue even during a pandemic.” The number of Asia-Pacific retailers looking to move to the Americas is growing by the day. In 2019, foreign direct investments from Asia Pacific in the United States amounted to approximately $858.5 billion U.S. dollars, according to Statista. For many brands, the Americas present the largest new customer pool for global growth. As the globalization of consumer culture continues, Asia-Pacific retailers are finding an increasingly receptive market and often distinguish themselves as a breath of fresh air into an otherwise saturated, mature retail market. The Asia-Pacific division will benefit from NewQuest’s development expertise. “If our client wants a specific retail synergy, we’ll find the right opportunity in its preferred market. If it doesn’t exist, we can build from the ground up and create the opportunity to meet our client’s needs,” Nguyen said. “We’re different in that we’re not just a brokerage company.” NewQuest’s new division has been five years in the making as the core team fine-tuned the development concept, resulting in upscale Asian-centric retail centers in Dallas and Houston. The firm’s brokers have built deep relationships globally along the way. “NewQuest is taking its talented brokerage team to greater heights with the addition of the Asia-Pacific Retail group,” Sears said. “Despite challenges for commercial real estate, our firm is thriving and continues to grow its portfolio and depth.
NAI Partners recently arranged the sale of a 16.8-acre site at 5550 Bingle Road in Houston to Trammell Crow Residential (TCR), who recently commenced construction on the site. Allora Northwest Crossing, a 378-unit, three-story, attainable rental housing community is slated to open in the fourth quarter of 2021. The high-quality, lifestyle-focused community features large floor plans, full-size in-unit washers and dryers, stainless steel appliances, fitness center, pool, dog park and a bike room. The premier location in northwest Houston provides convenient access to Northwest Freeway, offering a short commute to Downtown Houston and the Galleria area, and is within a mile of multiple dining, retail and entertainment options. NAI Partners’ Chris Caudill represented the buyer, Maple Bingle Apartments, LP, an affiliate of TCR, while the sellers’ group, led by Claude B. Anello, was represented by NAI Partners’ Clay Pritchett and Zane Carman. Terms of the transaction were not disclosed.
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 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.