NAI Investment Fund makes 16-building acquisition in Stafford
Archway Properties is finishing up a renovation and repositioning of a recently purchased building at 300 Bammel Westfield Road. The 29,250-squarefoot former service center building, on 2.3 acres near Interstate 45 and F.M. 1960, is being renovated as a distribution warehouse with 950 square feet of showroom space and a resurfaced parking lot. KCS Construction Services is handling construction.
“Now more than ever, it’s critical for businesses to be located within the last mile of delivery in their trade areas. Customers are shopping and seeking services much closer to their homes than they were three months ago,” Jason Smith, business development director of Archway Advisors, said in an announcement.
Houston-based Archway is a primarily a developer of large ground-up projects, spec space, buy-to-suit and build-to-suit properties.
“It’s a one-of-a-kind in our portfolio,” Smith said. “At more than 40 years old with a tenant vacating, Archway saw a great value-add real estate opportunity for a tired building with strong bones in a strong market for showrooms, building supply companies, service centers and distribution/warehouses.”
NAI Investment Fund III purchased Avera Commerce Center, a 16-building, 245,495square-foot, single-story flex industrial park on 14.6 acres on Greenbriar Drive near Kirkwood in Stafford, from Raith Capital of New York. Andrew Pappas and Adam Hawkins of NAI Partners negotiated the transaction. Natalie Garza with Amegy Bank arranged the debt financing. NAI Partners’ Landlord Services Division has been hired to manage the property, with leasing assigned to Andy Parish and Lesley Rice of NAI Partners’ office project leasing team.
Edward Jones, a financial services firm, leased nearly 1,400 square feet in CityPlace 2 at 1701 Lake Plaza Drive in Springwoods Village. Slated to open later this year, it will join the soon-to-open Island Grill, also on the street level, and the American Bureau of Shipping, which occupies the entirety of the remaining office space in the 10-story building. Amy Huster of Cushman & Wakefield represetned Edward Jones. Nick Hernandez and Crystal Allen of Transwestern, along with Dennis Tarro of Patrinely Group, represented CityPlace, a joint venture of Patrinely Group, USAA Real Estate and CDC Houston.
CBIZ Benefits & Insurance Service leased 2,926 square feet at 4615 Southwest Freeway. John Hornbuckle of Cypressbrook Co. represented the landlord, EP Office Holdings. Anthony Fritsche of Fritsche Anderson represented the tenant.
Supernova Athletics leased 7,052 square feet at 1331 E. Broadway
St., Pearland. Sam Rayburn and Lawton Anderson of Moody Rambin represented the owner.
Round Table Medical Consultants leased 26,743 square feet at Royal Oaks Centre, 11490 Westheimer. Kurt Kistler of Moody Rambin represented the landlord.
San Antonio-based Lynd Acquisitions Group will invest $5 million to improve Royal Oaks of Westchase , a 282-unit apartment complex at 11212 Westpark Drive, according to the Westchase District. The recently acquired property will be rebranded as Apex at Royal Oaks.
Total Depth Supply leased 1,597 square feet at 1776 Woodstead Court, The Woodlands, from Woodmark Capital. Patricia Chesser of Cypressbrook Co. handled the lease.
Horne LLP leased 2,600 square feet at 1603 Lakeville Drive in Kingwood. Davis Amanyisye of Resolut RE represented the tenant. Adam McAlpine represented the landlord.
Highland Homes is offering its new collection of single-family homes starting in the $240,000s on 40-foot lots, while David Weekley Homes is offering new homes on 45-foot homesites in The Woodlands Hills community in Conroe, The Howard Hughes Corp. announced.