Category: News & Market Reports

Corinth, Prattco Acquire Additional Business Park Buildings

Posted on by Sarah

To Date, The JV Partnership has invested $50 million in Almost 700,000 SF of North Texas Industrial Space

With the latest acquisition of three additional buildings in the IH-20 West Business Park, Fort Worth-based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI) now own nine of the business park’s 30 buildings or 30 percent of the complex. The latest acquisitions include 6575 Corporation Parkway (39,500 square feet); 6590 Corporation Parkway (17,000 square feet); and 6656 Corporation Parkway (15,000 square feet). All are 100 percent occupied by Summit Casing. The purchase was financed by Veritex Bank with equity provided by Western Production Company and PCI. “We continue to be strategic in our acquisitions in Fort Worth and North Texas in general,” Corinth Land Co. President and Founder Paun Peters said in a news release. “When you consider the magnitude of Walsh Ranch and other key developments planned for the area, investing in this space continues to meet our short and long-term indicators.” This is the ninth partnership acquisition for Corinth Land and PCI, marking an investment of $50 million and approximately 700,000 square feet of industrial space in North Texas. “Industrial development and investment continue to be a strong sector, despite the economic challenges that the pandemic has brought to 2020,” Lance Bozman, PCI managing partner, said. “We look forward to even more opportunity for industrial investments in 2021 and hope for brighter macro-economic days ahead.” Founded by Peters in 2006, Corinth Land Co.’s initial focus was providing oil and gas surface sites and easements in the Barnett Shale. Peters sold the company’s holdings in 2016 and is now focused on the acquisition, development and operation of commercial and residential real estate assets in strategic locations throughout the DFW area, Texas and North America.
PCI Managing Partner Lance Bozman was formerly a managing director of a $1 billion AIG/Lincoln portfolio that comprised 4 million square feet of industrial and commercial investments. PCI Managing Partner Chad Lunsford spent 20 years at GE Capital Real Estate and has a deep background in risk management, underwriting and operations serving in various management and leadership positions.

For more information: www.corinthland.com or www.prattcocreekway.com

NewQuest Properties Brokers Two Texas Deals

Posted on by Sarah

NewQuest Properties facilitated two separate real estate transactions in Texas. 3 Amigos LLC has acquired 110 acres at the intersection of CR 54 and Airline Road West in Rosharon, Texas from a group of private investors. Brad Lybrand of NewQuest Properties represented the seller. Mike Malone of Vallone & Associates Inc. represented the buyer. Crawfish Café has leased 4,025 square feet of retail space in Fiesta Trails Center, 12635 Interstate 10 W., San Antonio, from WRI Fiesta Trails LP. John Nguyen and Grace La of NewQuest Properties represented the tenant. John Wise of Weingarten Realty represented the landlord.

NAI Partners San Antonio Arranges Two Leases Totaling More Than 10,000 SF

Posted on by Sarah

NAI Partners San Antonio recently arranged more than 10,000 square feet of leases across two transactions, one in San Antonio and the other in Houston. In the first, NAI Partners’ Jorge Martinez and Graham Peavey represented tenant VIP Petcare in a 3,960-square-foot office lease at Blossom Business Park in San Antonio. In the second deal, NAI Partners’ Martinez and Clare Flesher represented the tenant, Healthline Medical Equipment in an 8,600-square-foot industrial lease at 4500 N. Sam Houston Parkway West in Houston.

713CRE Inks Three Houston-Area Deals

Posted on by Sarah

Boutique commercial real estate firm, 713CRE, has closed three transactions in the Houston area. The deals include two new leases and one sale. Envision Title Co. has leased 3,369 square feet of office space in The Cimarron Building, 1331 Gemini Avenue, Clear Lake, Texas. Ronnie L. Miranda of 713CRE represented the landlord, Joya Investments, and Coy Davidson of Colliers International represented the tenant. Little Darlings Day Care LLC has leased 2,310 square feet of office space at 4560 FM 1960 in Houston. Ronnie L. Miranda of 713CRE represented the landlord, USA Precision Group USA, in the direct deal. Salon Naturale LLC has purchased a 0.6-acre development site at 2924 W. Walker Street, League City, Texas. Ronnie L. Miranda of 713CRE represented the seller, JMK5 Holdings, and Erica Nava of JEA Properties represented the buyer.

Waller County Economic Development Partnership Receives Excellence in Economic Development Award from the International Economic Development Council

Posted on by Sarah

Washington, DC – Waller County Economic Development Partnership (WCEDP) won a Bronze Rank award for its Ross Distribution Center, a project in the category of Public-Private Partnerships of the International Economic Development Council (IEDC). The honor was presented at an awards ceremony during the IEDC Annual Conference on October 15. “The new Ross distribution center stands as a great example of public and private entities working together for the common good. We want to thank Ross for selecting Waller County and for committing to help improve the road infrastructure in the area. Further, we also want to thank Waller County Road Improvement District #1 for working with Ross to structure a road agreement and for providing additional incentives to help attract the project”, stated Waller County Judge, Carbett “Trey” J. Duhon. IEDC’s Excellence in Economic Development Awards recognize the world’s best economic development programs, partnerships, and the year’s most influential leaders. IEDC received over 500 submissions from 4 countries. 35 award categories honor organizations and individuals for their efforts in creating positive change in urban, suburban, and rural communities. Awards are judged by a diverse panel of economic and community developers from around the world, following a nomination process held earlier this year. This winning project is a new ~1.8-2M square foot distribution center for Ross Stores, Inc. Ross is an S&P 500, Fortune 500, and Nasdaq 100 company that specializes in affordable clothing and household goods. This new distribution facility is their first in Texas and will make them the largest private-sector employer in Waller County with an estimated 1300 new full-time jobs. Vince Yokom, Executive Director for the WCEDP added; “I want to thank the IEDC for this great honor and to Ross for selecting our community for their new home in Texas. Being recognized as one of the best in the world by the best in the world is truly humbling.” “The winners of IEDC’s Excellence in Economic Development awards represent the very best of economic development and exemplify the ingenuity, integrity, and leadership that our profession strives for each and every day”, said 2020 IEDC Board Chair and One Columbus CEO Kenny McDonald. “We’re honored to recognize the more than 100 communities whose marketing campaigns, projects and partnerships have measurably improved regional quality of life.”

About the International Economic Development Council
The International Economic Development Council (IEDC) is a non-profit, non-partisan membership organization serving economic developers. With more than 5,000 members, IEDC is the largest organization of its kind. Economic developers promote economic well-being and quality of life for their communities, by creating, retaining and expanding jobs that facilitate growth, enhance wealth and provide a stable tax base. From public to private, rural to urban and local to international, IEDC’s members are engaged in the full range of economic development experience. Given the breadth of economic development work, our members are employed in a wide variety of settings including local, state, provincial and federal governments, public-private partnerships, chambers of commerce, universities and a variety of other institutions. When we succeed, our members create high-quality jobs, develop vibrant communities, and improve the quality of life in their regions. Learn more at iedconline.org.

About the Waller County Economic Development Partnership
Waller County Economic Development Partnership is a Texas non-profit, 501 (C) 6 corporation formed in 2002. The WCEDP is organized to operate a charitable service center to foster increased, environmentally-balanced business commerce, positive growth, and overall cooperation and coordination for all communities throughout Waller County, Texas. You can learn more at www.wallercounty.org/about.php. Waller County Economic Development Partnership is a Texas non-profit, 501 (C) 6 corporation formed in 2002. The WCEDP is organized to operate a charitable service center to foster increased, environmentally-balanced business commerce, positive growth, and overall cooperation and coordination for all communities throughout Waller County, Texas. You can learn more at www.wallercounty.org/about.php.

Fort Worth’s Oil & Gas/Star-Telegram Buildings Hit the Market

Posted on by Sarah

The 439,801 square-foot Oil & Gas/Star–Telegram Buildings in the Fort Worth CBD are up for sale. Offered exclusively by Younger Partners’ Scot Farber and Tom Strohbehn, the towers give investors the opportunity to acquire two historic buildings in one of the region’s most closely held real estate markets. Located at 307-309 W. 7th Street, the towers are 16 and 19 floors respectively and were built between 1929 and 1954. The property is 59 percent leased to a diverse tenant mix that is anchored by a long-term lease with the GSA (Housing and Urban Development). “The two-tower complex is a stunning example of art deco and gothic design,” Farber said. “Located in the thriving Fort Worth CBD adjacent to the renowned Sundance Square, the property presents a compelling combination of stabilized office space and the value-add opportunity to alter an existing use and reposition one of the buildings to mixed-use by including multifamily or hospitality.” “With in-place rental rates that are well below market average, the strength of the area office market provides sound upside potential through repositioning and lease-up of the vacant space and renewals at significantly higher rental rates,” Strohbehn said. The property offers investors a unique chance to expand current holdings or get a foothold in the dynamic downtown Fort Worth market. The buildings epitomize a “live, work, play” environment with their location within walking distance of all of downtown Fort Worth. It is just a short drive from the Fort Worth Convention Center, historic Fort Worth Stockyards and the wealth of amenities and entertainment destinations of Sundance Square.