The Deal Sheet
Snap Kitchen opened its sixth Houston location, all part of a big push for the retailer over the next two years. (So if you're about to leave for a two-year Peace Corps mission, it's gonna be a lot easier to get juice when you get back.)
Snap Kitchen's Daniel Helfman tells us the latest location, 3821 Farnham St, was a former Tru Meals—Snap Kitchen bought the chain earlier this year. The 1,400 SF lease is part of a revitalization at Shepherd Plaza, which is seeing a boost from a pickup in residential activity nearby. Daniel says Snap Kitchen has an aggressive growth plan for the Houston market, and we can expect a number of new store openings over the next two-or-so years.
Speaking of retail, Bisnow is on the ground at the ICSC New York Conference, where we snapped Urstadt Biddle Properties director of acquisitions/conference chair James Aries, Forest City Enterprises CEO/ICSC chair David LaRue, and ICSC CEO Michael Kercheval. You didn't buy enough PS4s, Xbox Ones, socks, Hug Me Elmos, and Monster High Dolls on Black Friday. Whether you were still in a turkey coma or just didn't feel like navigating the crowds, sales were weak this year, Michael reports. But retailers shouldn't fret: Overall November-December sales will be up 3.4% over last year. The next few weeks will be critical, but history has shown Black Friday isn't a good indicator of final numbers. And overall unemployment is down to 7%, which means there's a lot more discretionary income to spend, David adds. Stay tuned for more ICSC coverage tomorrow.
EXECUTIVE MOVES
CBRE's Steve Rocher was promoted to EVP of its office brokerage team. His experience crosses both office and industrial leasing.
SALES
MWH closed three purchases: a 15-acre unimproved land tract on Highway 6 N from NW Copper; a 28k SF office/warehouse at 10851 Train Court in Brittmoore-Tanner Business Park (NAI Houston's John Ferruzzo and Chris Kugle repped seller Deepwater Corrosion Services); and a 15k SF office/warehouse at 12029 Brittmoore Park Dr in Brittmoore-Tanner Business Park from seller John English. Southwest Realty's Steven O'Connor and Marc Drumwright repped both sides in the NW Copper and John English sales and repped the buyer in the Brittmoore-Tanner deal.
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An undisclosed buyer purchased 827 Studewood, a 14k SF section of land. It plans to build an 8,000 SF office/retail mixed-use project. Moody Rambin's Chris Dray repped the seller.
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Houston Community College purchased a 100k SF former flea market and 11 acres at W. Little York/N Shepherd at I-45. NewQuest's Frank Fitzgerald repped seller Trading Fair IV, and The Guess Group's John Guess III and Pollan Hausman's Pat Pollan repped the buyer.
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Arnold and Norma Rodriquez Family LP purchased 5.2 acres on Spring Cypress Road in Spring from S/S 53. Deaton Real Estate's Diane Deaton repped the seller, and Dux Realty's Lane Sailer and Betz Commercial's Gloria Parrino repped the buyer.
LEASES
The Richland Cos' Mickey Meyer-Sturgis signed four new leases totaling 12k SF at three of Richland's Houston properties. That includes Gomez Western Wear and E-Cig & Vapor Lounge at Deerbrook Corner (a 91k SF retail center at 20020 & 20103 Highway 59); Advantage Energy Capital at Memorial Post Oak (a 77k SF office/flex property at 1110 N Post Oak); and Central Health Care Solutions at Cedarstone One (a 76k SF office/warehouse/service property at 1544 Sawdust Rd in The Woodlands).
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Home Goods leased 24k SF in Brazos Town Center (Highway 59 and FM 762 in Rosenberg). NewQuest's Bob Conwell repped the landlord in-house, and Edge Realty's Adrienne Kurtz repped the tenant.
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Strategic Filtration leased 20k SF at 2500 Fairway Park Dr. Boyd Commercial's David Munson and Greg Barra repped landlord FR Massachusetts 7. Finial Group's Taylor Schmidt and Reed Vestal repped the tenant.
CONSTRUCTION & DEVELOPMENT
The Mission Cos and Entrust recently completed development of the Entrust Office Building. The two-story, 34k SF multitenant office building is 69% occupied by Entrust. NAI Houston's Sam Hansen is leasing the remaining two suites. The property is at 22322 Grand Corner Dr at the intersection of the Grand Parkway and Westpark Tollway in Katy.
THIS AND THAT
Hines was awarded management of 1001 McKinney by Silver Peak and Cameron Real Estate. The 23-story building is on the corner of McKinney and Main in the CBD. It totals 375k SF and is LEED-EB Gold. Built in 1947, it's on the National Register of Historic Places and was formerly known as the City National Bank Building. It's 79% leased. Hines' Nicole Boudreau will serve as on-site property manager.
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Hunington Properties was awarded management and leasing of the 20k SF Shops at the Mosaic at 5925 Almeda Rd. GiGi Strang and Tim Irvin will handle the assignment.
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BBVA Compass Plaza (2200 Post Oak) received LEED Gold. The 326k SF property was developed by Stream and Redstone Cos and officially completed this April. Certification was obtained with consulting services from BLUM Engineers, HKS Architects, Manhattan Construction, and Wylie Commissioning.
