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Bellomy & Co. announced the sale of Texas Storage in Rosenberg, Texas, 37 miles southwest of Houston. The Class B property comprises 335 units in 44,718 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented Diehl Investments II LP, the Katy, Texas-based seller. The team also procured the Delaware-based buyer, BCORE Storage Jennetta LP
When ‘partnership’ is part of your organization’s name, being awarded for working on a partnership is about as good as it gets. Waller County Economic Development Partnership recently took home a bronze award for Public Private Partnership from the International Economic Development Council. “To be judged as one of the best in the world, by the best in the world, is truly both humbling and rewarding,” says Vince Yokom, the EDP’s Executive Director. The EDP worked with the Waller County Road Improvement District and Waller County to help Ross Stores, Inc. build a new distribution center in the community just west of Houston. “Ross has not even occupied the facility yet and it has already been a great corporate citizen in supporting our infrastructure improvements in the area and our economic development effort,” Yokom says. “This was a true partnership effort and one of the best experiences we have had in working with a prospect.” For many companies, Waller County is an obvious choice for a distribution hub. Served by a number of major highways and freeways, as well as rail and an airport, its strategic location on Houston’s west side is an incredible asset. It is now primed for development just as U.S. companies show renewed interest in reshoring operations. For decades, these factors such as cheap labor, inexpensive transportation and endless incentives convinced companies to move their production facilities out of the U.S. But the times, they are a-changin’, as the song goes. According to the Reshoring Institute, “a growing number of businesses have rethought their global manufacturing strategies,” which has led to an increasing number of companies bringing at least part of their production back to the U.S. Click to read more at www.rednews.com.
NAI Partners arranged the sale of five buildings totaling 260,950 square feet at 8800 Technology Forest Drive, located in The Woodlands, Texas. The main building on the former Lexicon Pharmaceuticals campus is a 128,400-square-foot, Class A office property with laboratory space. Additional properties on the site include a one-story flex property with lab and office space, as well as two special-use facilities. This is the single-largest commercial real estate sales transaction in the Life Sciences sector in the Greater Houston area in 2020. NAI Partners’ Dan Boyles and Jon Silberman represented the seller, Lexicon Pharmaceuticals. Lexicon will be relocating its corporate headquarters to a new location in The Woodlands. “We’ve been seeing life sciences real estate activity ramping up in and around the Greater Houston area in a big way,” said Boyles. “When we initially listed the property, we thought it might have more broad appeal as a redevelopment opportunity, but there was plenty of interest from potential laboratory, office and biological manufacturing users, further underscoring Houston’s growing appeal as a life sciences hub.” Lexicon Pharmaceuticals is a biopharmaceutical company that is applying a unique approach to gene science based on Nobel Prize-winning technology to discover and develop precise medicines for people with serious, chronic conditions. Using a patient driven approach, the company is working to discover and develop innovative medicines to safely and effectively treat disease and improve patient lives.
Neal King of The J. Beard Real Estate Company has represented Lone Oak Holdings, LLC, in the sale of a 10,000-square-foot office building situated on 9.5 acres of land in Tomball, Texas at 1600 East Hufsmith, adjacent to the new Broussard Community Park near F.M. 2978. The property includes a 2,500-square-foot warehouse and recreational area that has a baseball field, volleyball court, shaded pavilion and outdoor restrooms. Joseph Pantoja of Realm Real Estate Properties represented the undisclosed buyer, who will use the property for business operations.
Stream Realty Partners’ Houston office has closed four lease transactions totaling over 212,800 square feet at Waypoint Business Park in the third and fourth quarters of 2020. The Stream industrial team of Matteson Hamilton, Justin Robinson and Woody Hillyer represented ownership, a joint venture of 4M Investments and Clarion Partners, LLC, in the transactions. “We’re thrilled about the tremendous interest in the property and are excited to welcome the newest additions to Waypoint.” said Tripp Rice, partner at 4M Investments. “With the site’s unparalleled location in the heart of Houston’s Southwest Industrial market, combined with the unprecedented high demand it is experiencing, we are confident this momentum will continue into 2021.” The recent tenant signings included Advanced Wheel Sales’ 65,520-square-foot lease in Building 2; Edvivi Lighting’s 52,210-square-foot lease in Building 3; Rasa Floors’ 25,169-square-foot lease in Building 4 and Texas Plumbing Supply’s 69,865-square-foot lease in Building 2. Delivered in the first quarter of 2020, the project consists of four buildings totaling over 700,000 square feet with the potential for a second phase of construction in the near future. “There’s no denying that demand remains strong in the Southwest Houston Industrial market, and we expect this to continue as we enter 2021,” said Hamilton, a partner and senior managing director in Stream’s Houston office. “From our perspective, Southwest Houston has been one of the most active submarkets this year. We are confident that despite new supply that has recently delivered in the submarket, Waypoint will continue to out-perform and increase occupancy in the near future.” The park encompasses 60 acres in southwest Houston’s Missouri City, with excellent ingress/egress to Beltway 8 and Highway 90, and S Gessner Road via Cravens Road. In recent years, this area of Houston has become known as a primary distribution hub for logistics and last-mile companies due to its immediate access to major highways and distribution centers. 496,000 square feet remains available for lease at Waypoint Business Park.
Partners Capital—the investment arm of NAI Partners—has sold Spring Park Village, a retail property located in Spring, Texas. Terms of the transaction were not disclosed. Partners Capital’s Fund I originally acquired Spring Park Village in 2017. The property consisted of two buildings leased to a diverse roster of tenants, including American Freight, Conn’s Appliances, AT&T and Starbucks, and also included a two-acre land pad for future development. “After negotiating a long-term renewal with Starbucks and leasing the remaining vacancy, we divested the smaller building located in the front of the property two years ago,” said Andrew Pappas, head of Partners Capital. “This summer, we secured an early renewal for the Sears Outlet store—which was recently acquired by Liberty Tax and rebranded as American Freight—and subsequently sold the large building and the development pad site to a local Houston investor.” The sale of Spring Park Village represents Partners Capital’s fifteenth deal overall since its launch in 2015. It’s been a busy several months for Partners Capital, which recently announced a rebrand to Partners Capital from the NAI Investment Fund earlier in October, announced the acquisition of The Trails at 620 retail property in Austin, Texas and retail center Blanco Crossing in Blanco, Texas; and launched Partners Investment Fund IV, the entity’s fourth commercial real estate investment vehicle. The Partners Capital team is looking to raise at least $50 million in equity in order to continue its success in identifying and acquiring high-quality office, industrial, and retail assets in attractive markets.