Texas Real Estate Business

OCT 2017

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

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A U S T I N & C E N T R A L T E X A S 12 • October 2017 • Texas Real Estate Business www.REBusinessOnline.com H O U S T O N HFF ARRANGES SALE, FINANCING FOR 384-UNIT APARTMENT COMMUNITY CYPRESS, TEXAS — HFF has ar- ranged the sale of Villages at Cypress Creek, a 384-unit, Class A apartment community located in the northwest Houston suburb of Cypress. The prop- erty, which was 95 percent occupied at the time of sale, offers amenities such as two pools, a spa and massage room, media room, coffee bar and dog park. The community's location just off State Highway 249 puts it within close proximity of a YMCA, several gro- cery-anchored shopping centers and Lone Star College — University Park's campus. Todd Marix and Chris Curry of HFF represented the undisclosed seller in the transaction. Cortney Cole and Jordan Finch of HFF arranged an undisclosed amount of acquisition financing through a life insurance company on behalf of the purchaser, Hilltop Residential. The property was purchased free of existing debt. CLAY DEVELOPMENT BREAKS GROUND ON 293,280 SF DISTRIBUTION CENTER HOUSTON — Clay Development and Construction has broken ground on Cutten Distribution Center I, a 293,280-square-foot industrial facility located on Cutten Road in northwest Houston. Built entirely on a specula- tive basis, the property will be the 15th building within the 165-acre Cutten Road Business Park and feature 60- foot bays with 32-foot clear heights, trailer parking and a sprinkler system. Completion of the center is scheduled for January 2018. SIGNORELLI TO DEVELOP 550-UNIT APARTMENT PROJECT AT VALLEY RANCH TOWN CENTER HOUSTON — The Signorelli Co. will develop The Pointe at Valley Ranch Town Center, a 550-unit apartment project that will be the first multifam- ily component of Valley Ranch Town Center. The 240-acre community is lo- cated at the intersection of Interstate 69 and Grand Parkway in northeast Houston. The property will border a 100-acre nature preserve, overlook a 10-acre lake and feature green and open spaces throughout. The first phase of the project is slated to break ground in early 2018. LINCOLN PROPERTY CO. PURCHASES 2.1 MSF OFFICE CAMPUS HOUSTON — Lincoln Property Co. has purchased Greenspoint Place, a 36-acre, 2.1 million-square-foot of- fice campus located at 16945 North- chase Drive in Houston. Developed by Hines, the property consists of six office buildings with three connect- ing retail centers. Warren Hitchcock and Bill Haley of NorthMarq Capital's Houston office arranged an undis- closed amount of acquisition financ- ing for the buyer. JLL NEGOTIATES SALE OF 275,000 SF WAREHOUSE HOUSTON — JLL has negotiated the sale of a 275,000-square-foot ware- house located at 550 Aleen St. in Houston. The property features 27- foot clear heights, 44 dock-high doors and a fully fenced truck court. Ryan Fuselier and Travis Secor of JLL rep- resented the buyer, Polymers Packag- ing and Warehousing Inc., a Houston- based supplier of plastic resins. The space will serve as the company's new global manufacturing and dis- tribution center. Bob Berry and Grant Hortenstine of Avison Young repre- sented the seller, Aleen Street Associ- ates Ltd., in the transaction. GREYSTAR DELIVERS 200-UNIT SENIORS MULTIFAMILY COMMUNITY SUGAR LAND, TEXAS — Greystar has completed Overture Sugar Land, a 55-and-older multifamily rental community located in the Houston metro of Sugar Land. Situated on five acres at 850 Old Imperial Blvd., the property offers a mix of one- and two- bedroom units ranging in size from 676 to 1,215 square feet. Amenities of the four-story facility include a cof- fee bar and bistro, fitness center with yoga studio, a gaming room and a re- sort-style pool. Houston-based Meeks + Partners designed the property. GREATLAND INVESTMENTS TO DEVELOP 4,000 SF RETAIL PROPERTY HOUSTON — Houston-based retail developer Greatland Investments Inc. will develop a 4,000-square-foot, Class A retail property at 3215 White Oak Drive in Houston's The Heights neighborhood. The property currently houses a car wash, the lease of which will expire at year's end, as well as a multifamily rental complex and a single-family home. NewQuest Prop- erties is handling leasing of the de- velopment, construction of which is slated to begin during the first quarter of 2018. NewQuest is in currently ne- gotiations with an unspecified coffee shop that is a newcomer to the Hous- ton market, which could become the sole tenant of the development. The project will also deliver on-street and surface parking. CBRE NEGOTIATES SALE OF 384-UNIT APARTMENT COMMUNITY HOUSTON — CBRE has arranged the sale of Casa Verde Apartments, a two-story 384-unit multifamily com- munity located at 2 Goodson Drive on Houston's north side. Clint Duncan and Matt Phillips of CBRE represent- ed the seller, Goodson Avenue Inves- tors LLC. Trinity Casa Verde LLC pur- chased the garden-style community, which has seen more than $4.5 million in renovations to its interiors and ex- teriors over the last two years, for an undisclosed price. Michael Thomp- son of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer. MARCUS & MILLICHAP ARRANGES SALE OF 308-UNIT APARTMENT COMPLEX HOUSTON — Marcus & Millichap has arranged the sale of Barrington Apartments, a 308-unit multifamily complex situated on 7.5 acres at 5959 Bonhomme Road in Houston. Built in 1981, the property offers a mix of one- and two-bedroom units averaging ap- proximately 723 square feet per unit. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller, a local partnership, in the trans- action. The buyer and other terms of sale were not disclosed. J. BEARD BROKERS SALE OF TWO FLEX ASSETS TOTALING 119,675 SF HOUSTON — The J. Beard Real Es- tate Co. has brokered the sale of two office/warehouse properties total- ing 119,675 square feet in Houston. The flex properties, which span four grade-level buildings, are situated on 16.7 acres at 12450 and 12452 Cutten Road. Jeff Beard of The J. Beard Co. represented the buyer, Downhole Technology, a provider of hydraulic fracturing plugs. Cape Bell and Al- lison Hall of Cushman & Wakefield represented the seller, Northwest Real Estate Holdings LLC. Villages at Cypress Hill is a 384-unit apartment community in Cypress, a suburb located on Houston's northwestern side. The property offers a variety of amenities and is located near several major retail centers. Greatland Investments is developing the 4,000-square-foot retail property at 3215 White Oak Drive in The Heights neighborhood of Houston.

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