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Partners Real Estate (Partners), one of the largest independent commercial real estate firms in Texas, arranged the sale of a 4,000-square-foot retail property located at 8534 Gulf Freeway in Houston.
Partners’ Davis Amanyisye represented the seller, Jdbm Texas LLC in the transaction. The buyer was represented by Sunny K. Durrani of Realm Real Estate.
SPI Advisory (SPI) recently finalized the acquisition of Parkview Terraces (formerly known as “Cortland Southpark Terraces”), a newly-renovated 244-unit, Class-A institutional-quality apartment community built in 2009 less than five miles from Austin’s bustling South Congress entertainment district along the rapidly growing IH-35 Corridor that connects Austin and San Antonio. Parkview Terraces represents SPI’s eighth property under management in the Austin metropolitan area, totaling nearly 2,500 units.
Conveniently located 15 minutes away from Downtown Austin, just off of IH-35 near the popular Southpark Meadows shopping center, Parkview Terraces offers its tenants spacious floorplans with contemporary design, resort-class amenities, and proximity to Austin’s major employment, retail & entertainment centers for an affordable price point. The area within a one-mile radius of the property has experienced a population growth of 91% from 2010 to 2022, and the average household income is $104,000. (U.S. Census Bureau, April 2023).
Lovett Industrial, the Houston-based real estate investment firm and PCCP, LLC, a national commercial real estate investment firm have acquired the Claymoore Portfolio, consisting of 1,390,900 square feet across 10 Class A industrial buildings in Houston’s NW submarket.
The Claymoore Portfolio, comprised of Claymoore Business Park and Northwest Business Park, features highly functional warehouses that provide a diverse range of site plans and suite sizes ranging from 12,000 to 275,000 square feet. Located on Clay Road and Beltway 8, Claymoore Business Park features eight cross-dock and front-load buildings totaling 1,019,000 square feet, 18- to 24-foot clear heights, and 960 parking spaces. Situated on West by Northwest Boulevard and Highway 290, Northwest Business Park features one cross-dock and one front-load building totaling 378,900 square feet, 24-foot clear heights, and 746 parking spaces. The portfolio is 100% occupied by 21 tenants that have a weighted average tenure of over 11 years.
The business parks’ core, infill locations allow for immediate access to Beltway 8 and Highway 290 and close proximity to Interstate 10, providing occupants the ability to service some of the metro’s most densely populated and affluent areas. The portfolio represents a unique opportunity for scale in the heart of the largest and most established industrial submarket in Houston.
Marketing and leasing efforts for the portfolio will be exclusively handled by Brian Gammill, Jude Filippone, and Darryl Noon of Transwestern. Trent Agnew of JLL served as broker on the transaction. Acquisition financing is provided by Voya Financial and was arranged by Michael Johnson and Wally Reid of JLL.
The Claymoore Portfolio is Lovett Industrial’s second stabilized property acquisition and will be managed by Lovett Industrial Management. Additionally in the Houston area, Lovett Industrial has 3.2 million square feet under construction and 3.3 million square feet of completed developments between seven projects.
JLL Capital Markets has closed the sale of Rockwall Market Center, a 211,971-square-foot retail center located in the DFW suburb of Rockwall, Texas.
JLL marketed the property and assisted in the sale to Dunhill Partners, led by its CEO Bill Hutchinson.
Built in 1999, Rockwall Market Center is 100% leased to a robust, high-performing, national tenant roster, which includes Ross, Burkes Outlet, Michaels, Old Navy and Petco. The property features an average tenant tenure of 18.2 years, and 82% of the property’s income stream is generated from its national tenancy. The property draws over 1.5 million annual visitors.
Located at 2663-2885 Market Center Drive within a dominant retail corridor, the property sits directly off of Interstate 30, offering visibility to over 103,000 vehicles per day. Rockwall Market Center benefits from proximity to both Lake Ray Hubbard and Highland Meadows neighborhood and is less than a 20-minute drive to Downtown Dallas. Additionally, within a 10-mile radius is a daytime population of 317,271 and $17 billion in consumer spending power.
The JLL Retail Capital Markets team was led by Senior Managing Directors Adam Howells and Ryan Shore and Analyst Megan Babovec.
Wilson Capital welcomes Tom Etheredge as Chief Operating Officer. Tom’s career includes 35 years in the real estate and banking industries, holding a variety of executive positions at both private and publicly-owned companies. Wilson Capital is a vertically integrated developer of suburban and urban multifamily communities. In his role, Tom will oversee the day-to-day operations, as well as provide leadership to develop and execute on the company’s mission and operating strategies.
SRG Residential (Sares Regis Group) welcomes Tina West as Executive Vice President, Client Advisory Group. West will develop and grow third-party management relationships in Texas, Arizona, Utah, Colorado, and Nevada. West was previously Executive Managing Director at Cushman & Wakefield. “Tina’s strong understanding of multi-family property operations and her experience leading business development assignments is a perfect fit for SRG Residential,” says Jeff Bailey, SRG Residential President.