Nuveen buys six-building logistics portfolio in Spring
Nuveen, a division of TIAA, purchased the Pines Business Park I and II, a six-building logistics portfolio totaling 281,481 square feet at 600-608 and 612-620 Spring Hill Drive in Spring. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller, AEW. The property is 100 percent occupied with an average remaining lease term of 3.7 years. The business park is in an area with a limited number of industrial developments.
San Diego-based CEG Multifamily purchased the Watermark at Grand Central Park, a 288-unit apartment complex at 300 Town Park Drive in the Grand Central Park masterplanned community in Conroe. Developed and sold by Thompson Thrift, the complex has three-story, garden-style buildings with a mix of one-, twoand three-bedroom floorplans. Jennifer Ray with Walker & Dunlop brokered the sale. Built in 2021, the property is 90 percent occupied. Amenities include a swimming pool with sundeck, poolside cabanas and an outdoor kitchen, spa, 24hour fitness center, screened-in porch with a fireplace, clubhouse, TV lounge, Starbucks coffee bar, bark park, recreation room and a walking trail.
Greystone, a national commercial real estate finance company based in New York, provided an $11 million Fannie Mae Delegated Servicing and Underwriting loan to refinance Broadway Park Apartments, a 224-unit property at 2505 Broadway in southeast Houston. The 10-year, fixed-rate loan was made on behalf of Broadway Park-SI LLC, an affiliate of Shahda Investments. Since acquiring the complex in 2019, the owner has invested more than $2.5 million in capital improvements.
EastGroup Properties ,an industrial real estate company based in Jackson, Miss., broke ground on Springwood Business Park. The project will have two distribution buildings totaling 292,000 square feet at the southeast corner of Interstate 45 North and the Grand Parkway in Spring. JLL’s Richard Quarles, Jarret Venghaus, Geoff Perrott and Eliza Klein are marketing the project with spaces for lease ranging from 10,000 to 168,000 square feet. The project will have 28- to 32-foot clear heights and combined parking for 300 cars and 57 trailers. Completion is planned in the second quarter.
A joint venture of Dallasbased Urban Logistics Realty and Crow Holdings Capital broke ground on Urban District 290, a 238,200-square-foot industrial project at the northeast corner of Grovecrest and Bingle near U.S. 290. The project consists of a 64,800-squarefoot side-load building with 13 dock-high doors, and a 173,400square-foot cross-dock building with 32 dock-high doors and parking for 30 trailers. Nathan Wynne and Jason Dillee of CBRE are handling leasing and marketing. Completion is planned in the second quarter.
MZBWH Properties purchased two industrial buildings totaling 17,200 square feet on a 5-acre tract at 10316 Synott. Peyton Easley of ICO Commercial represented the seller, Sumesh Verma of Apollo Distributors. Traci Achi with USA I Asset Group represented the buyer.
Cynthia Shelton CPA renewed her lease of 1,156 square feet at 4800 Sugar Grove in Stafford. Leslie Brew of CXRE represented the landlord, 4800 Sugar Grove LLC. David Gerber of Gerber Realty represented the tenant.
Gilmore Global expanded by 8,000 square feet to a total of 20,000 square feet of industrial/office space at 9191 Winkler. Matt Rogers and Ryan Hartsell of Oxford Partners represented the tenant. Guy Brown with Texas Overland Co. represented the landlord.
Superior Cladding signed a lease renewal at 11505 Todd. Doc Perrier, Chase Tucker and Jack Gaffney of Finial Group represented the landlord, Three Diamond Capital Holdings.
Cole Health expanded by 1,200 square feet for a total of 6,061 square feet of medical office space at 16341 Mueschke Road, Cypress. Andy Friedman of Friedman Realty Group represented the landlord, Cypress Corner Business Center. Greg Usher of Cypressbrook Co. represented the tenant.
Hadi Kusumo leased 2,199 square feet of office space at 11200 Westheimer. Donna Svec represented the landlord, Hartman Income REIT.