Midway sells stake in CityCentre office building
Lionstone Investments ,on behalf of a client, purchased majority interest in CityCentre Five, a 15-story office building at 825 Town & Country Lane. Kevin McConn, Rudy Hubbard, Rick Goings and Michael Zietsman of JLL represented the owner, Midway Cos. Part of Midway’s CityCentre development along with stores and restaurants, apartments and a hotel, the 200,000square-foot office building is more than 95 percent leased and commands some of the highest office rents in the city outside of downtown, according to JLL. Midway will continue to manage the property on behalf of the new venture.
Atlanta-based Cortland added two Houston-area apartment complexes to its portfolio with the acquisition of Canada-based Pure Multi-Family REIT. The $1.2 billion transaction included 22 apartment communities totaling 7,085 units in Texas and Arizona. The two local complexes, totaling 568 units, consist of Broadstone Walker Commons at 1751 West Walker St. in League City and Boulevard at Deer Park at 401 West Pasadena Blvd. in Deer Park. Cortland owns and manages 7,043 apartment units across 23 properties in the Houston market.
Fogelman Properties ,a privately-owned multifamily investment and management company based in Memphis, expanded its Houston portfolio to more than 1,300 units with the acquisition of Retreat at Steeplechase at 11245 West Road in northwest Houston. Built in 1998, the 390-unit complex contains a mix of one-, two- and threebedroom units and is 94 percent occupied. Fogelman acquired the complex through a joint venture with New York-based DRA Advisors. Upgrades to the unit interiors, exteriors, clubhouse and pool area are planned.
EastGroup Properties broke ground on Northwest Crossing, a three-building industrial complex totaling nearly 278,000 square feet near the southwest corner of U.S. 290 and Texas 6. Richard Quarles, Jarret Venghaus and Geoff Perrott off JLL will handle leasing. The development will offer both multi-tenant and single-tenant spaces for office/ warehouse, light manufacturing, research and development and assembly. The dock-high buildings, just south of Jackrabbit Road, are 74,968 square feet, 94,614 square feet and 108,186 square feet with clear heights from 24 to 32 feet.
Austin-based Sparrow Capital Partners completed Soléa Cinco Ranch, a 150-unit community for renters age 55 and up at 25500 Westheimer Parkway in the Katy area. Sparrow Capital Partners broke ground on the 10-acre property in January 2018. It is the second Soléa-branded property for Sparrow Capital Partners in Houston, following the 129-unit Soléa Copperfield.
BBC Chartering USA extended its 16,751-square-foot lease at 6565 West Loop South, Bellaire. Joshua Brown, Reggie Beavan III and Audrey Selber of Newmark Knigh Frank repreented the tenant. The landlord is KeppelKBS West Loop I and II.
Hybrid Global Logistics Services subleased 4,348 square feet from Triplepoint Technology at Towers of Westchase II, 10350 Richmond. David Husid and David Scheps of Newmark Knight Frank represented the landlord.
Oversized Storage, a 61,520square-foot self-storage facility at 11741 FM 830 in Willis, has changed hands. Dave Knobler of Marcus & Millichap’s represented the seller, a private investor.
Full Plus purchased a 86,655squuare-foot office and warehouse facility on 10 acres at 13840 Pike Road in Missouri City. Clay Pritchett and Zane Carman of NAI Partners represented the seller, Champions Fairway Ltd. Will Austin and Hunter Johnston of Bridge Commercial Real Estate represented the buyer.
Richmond, Va.-based 37th Parallel Properties acquired Cashel Springs Apartments, a 300-unit complex at 14222 Wunderlich in northwest Houston. The seller was a a partnership of Gaia Real Estate, Menora Mivtachim Insurance and Amitim Senior Pension Funds. The deal is 37th Parallel’s 10th apartment acquisition in Houston. Built in the 1980s, the property has private balconies, walk-in closets, a fitness center, clubhouse, detached garages and two swimming pools.
Leader Oilfield Trucking leased 6,250 square feet at 2956 Farrell Road. Thomas Leger and Mike Spears of Lee & Associates represented the landlord, Farrell Road Properties.