The Deal Sheet
Do we have the best port in North America? Colliers International thinks so, once again recognizing the Port of Houston in its annual North American Port Awards.
This year, Colliers named us the GDP (Gulf's Darn Profitable) Port. In July alone, the Port of Houston generated $21M, up 7% over July 2012. The port's bulk exports rose 20% in the first half of 2013, bulk commodities increased over 15%, and container tonnage is up 8% year over year. (Our New Year's resolution was to shed some container tonnage, but maybe we'll reconsider.)
Another big number: Net income rose by an impressive 47% year over year. Colliers had previously named the Port of Houston the Most Irreplaceable Port on the continent. But are we doing everything we can to prepare for the expansion of the Panama Canal? The report says we're sixth in the country for post-Panamax readiness, but we're fourth for capex spending. The Port spent $220M in 2013, and that's rising to $300M next year as it gets Super-PPMX gantry cranes. And we might have an edge over competition in handling dual-fuel container ships because of our natural gas supplies and existing backbone infrastructure. (Colliers calls this a "sleeper issue" that will become a big deal in the next 12 to 24 months.)
EXECS
Simona Furini joined Abel Design Group as a principal. She has 20 years of experience in architecture and interior design and will oversee the firm's interiors department.
SALES
Zulfiqar Karedia purchased one acre at the NEC of Robinson Road and Oak Ridge North Drive at the entrance of Oak Ridge North Commerce Park. TNRG's Mike Spears repped the seller.
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Serto MX purchased a 76k SF facility at 221 West Airtex. TNRG's Jonathan Sellers, Mike Spears, and Mary-Elizabeth Moore repped the seller, Emery Houston.
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Ryland Homes of Texas purchased eight acres in The Estates of Baker Lane at 2533 Baker Road in West Houston. M Kidd Properties' Mark Kidd Sr and Mark Kidd Jr repped the seller, Grupo Rodriguez Texas.
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Skyline Land Development (dba Sierra Costa Land Development) purchased 33 acres on the east side of Ella Boulevard south of FM 1960. It plans a mixed-use development on the site, including an assisted living facility in Phase 1 of its development. Colliers' Tom Condon Jr repped seller Hoo-Pang Ngiam, Trustee. Realty Associates' Fausto Nolasco repped the buyer and Alamo Title's Tom Hamilton and Jean Perkins coordinated closing.
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Joe A. Laughlin purchased 10k SF of industrial buildings at 14695 Brown Rd in Tomball. Coldwell Banker's Patrick Buckhoff repped the seller, Steve Perry of Action Window Covering, and Greater Houston Commercial Properties' Tom Carter repped the buyer.
LEASES
Stream Realty's industrial team closed 330k SF of industrial leases in November (an especially impressive stat considering our 95% overall occupancy). Major deals include Principal Financial Group signing 175k SF in Bay Area Business Park, Agellan Commercial REIT renewing 29k SF at West by Northwest Business Park (landlord repped by Cresa), and SCP Distributors inking a 23k SF renewal at Town & Country Business Park (tenant repped by Pool Development). Stream's team includes Justin Robinson, Michael Flowers, Matteson Hamilton, and Jeremy Lumbreras.
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Value Home Furnishings leased 15k SF in the Village Real Shopping Center in Webster. Wulfe & Co's Wes Miller and Kristen Barker repped the landlord.
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Tricab leased 10k SF at 12603 Executive Dr. NAI Houston's Jon Michael and Edward Bane repped the landlord and Phil Arnett repped the tenant.
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NAI Houston's Jon Michael and Edward Bane repped the landlord of North Shepherd Business Park in two leases: Pronto Courier Service leased 29k SF and Timeline Interest inked 11k SF. CBRE's Carlton Anderson repped both tenants.
DEVELOPMENT
B3Ci, a JV of Balfour Beatty and 3Ci, was awarded the contract for three Houston high schools valued at $90M. Projects include a new two-story classroom wing at Worthing High School, construction of a new Law Enforcement and Criminal Justice High School, and a new North Forest High School. Worthing will break ground first and will accommodate 1,300 students. Molina Walker Architects is handling design; construction will complete in 2014. The Law Enforcement school will be 150k SF and house 1,100 students. Page (as PageSoutherlandPage is now known) is designing it, breaking ground this summer. North Forest will house 1,500 students in 200k SF. It's also designed by Page and will begin this spring. The B3Ci JV was created to offer broader opportunities for Minority/Women Business Enterprises.
FINANCING
CBRE Capital Markets' Scott Lewis, Matt Ballard, and Patrick Benoist arranged financing and colleagues Jack Fraker, Josh McArtor, Jonathan Bryan, and Heather McClain Venegoni acted as the equity placement advisor for a nine-property industrial portfolio. It repped a JV of Sealy & Co and AEW Capital Management to recapitalize the portfolio and obtain a $52M I/O loan through JP Morgan. The 1.9M SF portfolio includes two Northwest Houston properties and also has assets in Dallas, San Antonio, and Atlanta. At time of closing, it was 90% leased to 62 tenants.
THIS AND THAT
Chamberlin Roofing & Waterproofing received the Excellence in Construction Award from the Associated Builders and Contractors. Above, Chamberlin's Marty Hensley, Miguel Pecina, Juan Palacio, Abel Flores, and Shane Hubbard accept the trophy. The firm was recognized for its work on One and Two Shell Plaza.
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TDIndustries earned the 2013 ICE Award for Excellence in Mechanical Construction from the Associated Builders & Contractors for its work on the Scott & White Hospital complex in College Station. It was also given a Best of Houston award.
