Camnora Ltd. has sold a 4.7-acre tract once ticketed for a townhome development to Spring Branch Independent School District to facilitate the multimillion-dollar expansion of Northbrook High School's campus.
The northwest Houston site is located at 2425 Campbell Rd., a commercial tract with a 23,381-sf vacant warehouse at the gateway to the Northbrook Raiders' home turf. Brad Elmore, senior vice president of NewQuest Properties, and John Leggett of Leggett Properties represented the seller, which is a partnership that includes several investors who live in Spring Branch.
"There was a fiduciary responsibility to investors to do the best deal. Everyone was happy to be able to facilitate the school's expansion," Elmore says, "and pleased that was the ultimate buyer."
Regulatory changes in the post-Hurricane Harvey era meant the ISD needed additional land for a detention pond in order to follow through on its plan to expand the educational campus. It also meant the residential development would have to be slightly smaller.
"We could have still made the numbers work for a townhome development," Elmore explains, "but this sale was in the best interest of the community."
Northbrook High School, completed in 1974, is getting a full-campus makeover. Construction is slated to begin this quarter, with completion tentatively slated for Q3 2021. The 394,609-sf two-story structure will gain a classroom wing, interior and exterior upgrades, new roof and athletic site improvements. The Houston-based firms of PBK and Satterfield & Pontikes are the architect and general contractor, respectively.
The just-sold property was one of the largest available tracts in Spring Branch, a community surrounded by the city of Houston and bordered by Beltway 8, the 610 Loop and Interstate 10. At the bull's eye of the triangle is Northbrook High School, which had 2,578 students last year.
Established in 1830 and pre-dating Houston by six years, Spring Branch is a high-growth market with significant development and redevelopment activity presently underway. Within a five-mile radius, the population is nearly 322,000 and the annual household income exceeds $117,000.
Camnora also owns an adjacent one-acre tract with a Dairy Queen restaurant, but it was not part of the trade. "It was important to the school that the Dairy Queen stays open because it gives the students a place to go after classes," Elmore says.
SOUTH TEXAS SALES
Spring Branch Independent School District has purchased a 22,381-sf warehouse on 4.73 acres at 2425 Campbell Rd., Houston, from Camnora Ltd. Brad Elmore of NewQuest Properties represented the seller in the direct deal.
Riverstone Property Management LLC has purchased an 18,643-sf office building on 0.09 acres at 1000 FM 1960 W., Houston, from A-K Texas Venture Capitol. David K. Meyers of NewQuest Properties represented the seller.Friedman Real Estate represented the buyer.
SOUTH TEXAS LEASES
Whiskey Charlie's Liquor has leased 2,500 sf of retail space in Grand Morton Town Center, located at the intersection of Grand Parkway/TX 99 and Morton Ranch Road, Katy, from NewQuest Properties. Josh Friedlander and Rebecca Le of NewQuest Properties represented the landlord. Marc Hughes of Nexthome Realty Center represented the tenant.
Jordan's Sweet Shoppe has leased 1,265 sf of retail space in Metropark Square Shopping Center, 8888 Metropark Dr., Shenandoah, from Metropark Square Ltd. Rebecca Le and Grace La of NewQuest Properties represented the landlord in the direct deal.
NORTH TEXAS LEASE
SomiSomi Soft Serve & Taiyaki has leased 2,389 sf of retail space in Carrollton Town Center, located at the intersection of President George Bush Turnpike and Old Denton Road, Carrollton, from NewQuest Properties. Heather Nguyen and John Nguyen of NewQuest Properties represented the landlord. Grace La of NewQuest Properties represented the tenant.
NewQuest Properties, founded in 2001, is a privately owned, full-service commercial real estate firm specializing in development, land brokerage, leasing, tenant representation, investment sales and property management services. Headquartered in Houston, NewQuest owns a portfolio encompassing more than 60 retail and mixed-use projects valued at $2.2 billion and provides leasing services for more than 12 million square feet of commercial space in Texas, Louisiana and throughout the U.S.
