NewQuest Arranges Investment Sales in California, Texas
December 22, 2022
HOUSTON – In a fast-paced out-of-state trade, NewQuest Properties Investment Sales has brokered the sale of a net-leased property occupied by Cardinal Logistics, the largest transporter of milk, cheese and butter to producers of Land O’ Lakes’ products.
Marc Peeler, a NewQuest vice president, represented CA Land Group LLC, the seller of a 2,600-sf building on five acres at 2861 South K St. in Tulare, Calif. The deal went full circle within six days, with the deed passing to the Bardin Family Trust, a local 1031 Exchange buyer.
“From Day One, we knew that the lease structure was going to sell the deal not the real estate,” Peeler says. “The part that makes me proud is I was able to dip into the California market as a Texas broker and execute the deal so quickly.”
According to Peeler, Cardinal Logistics’ Tulare operation handles 85% of the agricultural products for Land O’ Lakes’ producers, including Kraft Co. and Saputo Inc. Gabe Wilson of Ally Commercial represented the buyer.
Tulare is a farming community situated between Fresno and Bakersfield, Calif. It is home to the World Ag Expo, an international outdoor agricultural exposition that draws more than 100,000 attendees each year.
Peeler also brokered the off-market sale of two retail buildings in the Shoppes at Alamo Ranch at 11840 Alamo Ranch Parkway in northwest San Antonio. The NewQuest broker represented the seller/developer in a direct deal with an undisclosed buyer. The trades were completed within 45 days.
Alamo 1, totaling 23,800 sf, was 90% leased at sale time. The second just-sold building, which is under construction, features 9,604 sf of fully pre-leased space.
Northwest San Antonio historically is the city’s leading retail submarket. According to Q3 market reports, the sector’s 29.77 million sf of built shops are 95.3% occupied. There is 96,500 sf under construction.
“The location and rents were the attraction,” Peeler says. “Being able to acquire two brand-new assets off market is a win-win for both sides in this unknown environment, especially knowing there is room for future rent growth.”
SOUTH TEXAS SALES
Platinum Finance has acquired 11 acres at the intersection of Cypresswood and James C. Leo drives, Spring, from NewQuest Properties. John Nguyen of NewQuest Properties represented the seller in the direct deal.
Quick N’ Clean Carwash has acquired 1.25 acres FM 1960 and Lee Rd, Humble, from AZ Global Business Solutions LLC. Nick Ramsey of NewQuest Properties represented the buyer. Bill Farris of Paradigm Real Estate represented the seller.
An undisclosed buyer has acquired a one-acre tract at 9778 TX 242, Conroe, from CLS Harper’s Preserve LLC. Rick Ragan of NewQuest Properties represented the buyer. Main Street Commercial Properties represented the seller.
302 & 310 Tuam Street have acquired 0.55 acres at 302 and 310 Tuam St. Houston, from HNZ Inc. John Nguyen of NewQuest Properties represented the buyer. Lisa Boggan of Qualified Properties Inc. represented the seller.
SOUTH TEXAS LEASE
Salad and Go has ground-leased a 0.7-acre pad site (30,996 sf) in Marketplace at Ninety-Six, located at League City Parkway and Hobbs Road, League City, from NewQuest Properties. Rebecca Le and Heather Nguyen of NewQuest Properties represented the landlord. Traci Holman of Baker Katz represented the tenant.
NORTH TEXAS LEASE
Hunan Chef has leased 2,644 sf of retail space in Frisco Ranch, located at the intersection of Preston Road and Warren Parkway, Frisco, from NewQuest Properties. Heather Nguyen of NewQuest Properties represented the landlord. Calvin Wong of Engvest Group represented the tenant.
CENTRAL TEXAS LEASE
The Lovesac Company has leased 1,540 sf of retail space in Stone Hill Town Center, located at the intersection of TX 130 and TX 45, Pflugerville, from NewQuest Properties. Josh Friedlander and Kevin Sims of NewQuest Properties represented the landlord. Paul Makens of Makens Consulting represented the tenant.