The Deal Sheet
NDT Systems & Services relocated to a 59k SF facility, establishing its North American HQ in World Houston International Business Center 12. It was a deal with lots of very specific requirements, which would be hard to find in any market. But with our nearly nonexistent industrial vacancy, you're better off searching for the fountain of youth in Atlantis.
Cresa’s Steven Heal and Sue Rogers repped NDT, which relocated from 2835 Holmes. They tell us NDT's criteria was hard to find in existing product, but there wasn’t enough time to do a BTS. The company has been growing rapidly across the continent, which meant it needed more room. It wanted a single-tenant building near freeways and amenities, and it wanted an industrial facility with both dock-high and grade level offerings and a large office component. NDT originally had a certain geography in mind, which it loosened to find the right building. (To quote the great philosopher Mick Jagger: "You can't always get what you want, but if you try sometimes you get what you need.")
Sue and Steven tell us the team was able to decrease NDT’s overhead and find it a collaborative layout and Class-A property to suit its new image. World Houston International Business Center 12 had 22k SF of office and air-conditioned warehouse space, which fit the bill. Cresa’s Troy Malish provided project management, and Insite’s Rives Nolen repped landlord EastGroup Properties.
EXECUTIVE MOVES
Skanska’s Dennis Yung was promoted to SVP and national preconstruction director. He will manage preconstruction services for the firm’s seven central US offices. He has worked in Texas construction for 28 years.
SALES
Hudson Capital Investments purchased The Palms at Cinco Ranch, a 200-unit, 218k SF multifamily community in Richmond. Marcus & Millichap’s Norman Eastwood, Jerry Goldstein, and Juan Cuevas repped the seller. The property was built in 2010.
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Weekley Homes purchased 2.7 acres at 8410 Hempstead. TNRG’s Preston Yaggi and Mike Spears repped seller American Extrusion Co, and ARA’s Clark Dalton repped the buyer.
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Directional Rentals purchased a 48k SF facility at 20104 East Hardy. TNRG’s Mike Spears and Robert McGee repped the seller and Caldwell Cos’ Nathan Gaines and Justin Clark repped the buyer.
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GSL Constructors purchased 3.7 acres for an industrial BTS in Bayport North Industrial Park. Cushman & Wakefield’s Kelley Parker, John Littman, Coe Parker, and Tim Thomas repped seller Three Sisters Trust. GSL Welcome’s Ryan Wasaff repped the buyer in-house.
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Affiliates of Fuller Realty Advisers and Chief Partners purchased 2707 and 2727 North Loop West, a 303k SF office complex anchored by Christus Health. CBRE’s Todd Casper, Jared Chua, and Bernard Branca repped the seller. Todd says the property has a compelling mix of stability and upside potential. It’s 60% leased and has 122k SF of contiguous vacancy.
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Lone Star 5000 Corp purchased 27.8 acres at the NEC of Business 146 and Texas 99 in Baytown. Wells Holdings’ Matthew Wells repped the buyer and Claire Sinclair Properties’ Claire Sinclair Gavrel repped the seller, Graham Mortgage Corp.
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JCG Real Estate purchased 18.7 acres on SH 146 between Ferry Road and Massey Tompkins in Baytown. Claire Sinclair Properties’ Wade Sinclair facilitated. The seller was Lois Crawford Reynolds.
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JSBW Properties purchased 11.6 acres along Highway 3 just south of Beltway 8. Qualified Properties’ John Willhoite repped the buyer and Colliers’ Marshal Clinkscales repped seller Sportsman Properties.
LEASES
Henry S Miller’s Shawn Ackerman and Cyrus Chen completed 90k SF of retail transactions last year. 60k SF of that was for Fallas Paredes nationwide. It also repped Greens Crossroads and Williams Trace in signing new tenants.
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Unified Fitness Group leased a 15k SF facility at 1075 West Sam Houston Parkway North. TNRG’s Stephen Kuper and Preston Yaggi repped the tenant and Proterra’s Kit Dolan repped landlord Greenbriar Holdings Houston.
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Stream’s Stewart Lyman and Ryan Bishop repped The Towers at Westchase in two leases. Edgen Murray extended its 16k SF lease, and File Banc leased 6,872 SF.
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Principal Global Investors expanded to 66k SF in Bay Area Business Park. Stream’s Justin Robinson and Kyle Valentine repped the tenant.
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Test America renewed 29k SF in West by Northwest Business Park. Stream’s Justin Robinson and Michael Flowers repped landlord Agellan Capital Partners and Cresa’s Brett Merz and Barrett Gibson repped the tenant.
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UniFirst leased 21k SF in Beltway Crossing Business Park. Stream’s Justin Robinson repped landlord Industrial Income Trust and JLL’s Jarret Venghaus repped the tenant.
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Towne Air Freight renewed 21k SF at Prologis IAH Logistics. Stream’s Matteson Hamilton and Jeremy Lumbreras repped the landlord and E Smith Co’s Brad Struck repped the tenant.
DEVELOPMENT
General Plastics & Composites is relocating its Houston HQ into three design-build industrial buildings on East Orem Drive in southeast Houston. Construction of the 123k SF property is nearly complete. It includes a manufacturing facility, warehouse, and corporate office. NAI Houston’s Travis Land repped GP&C in land acquisition and the design-build process. Frost Bank provided financing and GRA-Gulf Coast Construction handled construction. Joe Milton was the project architect.
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Hooters remodeled five Texas locations, including ones in Spring and Sugar Land. Redevelopment aimed to modernize the restaurant’s design with a more sleek and contemporary feel and upgraded technology.
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MAPP Construction was awarded the 40k SF foot interior build-out for Chamberlain College of Nursing in Pearland. The project includes renovations to accommodate specialty lab spaces, offices, and classrooms. Construction kicks off this month and will finish in mid-May. Other members of the project team include Newmark Grubb Knight Frank, Interior Architects, and Environmental Systems Design.
FINANCING
Churchill Capital arranged $186M in financing for the off-market acquisition of a nine-property, 2,494-unit multifamily portfolio. Gaia Real Estate, Menora Mivtachim Insurance, and Grand China Fund were the borrowers. Churchill prez Duke Stone structured the non-recourse financing for the team through Centerline Capital’s Vic Clark and Colin Cross. The seven-year floating-rate loan term includes one year I/O and a 30-year amo.
THIS AND THAT
CBRE was selected as exclusive leasing agent for Jetall Cos’ Houston office portfolio of four buildings. They total 850k SF: 2425 West Loop South, 1001 West Loop South, 50 Briar Hollow Ln, and 411 North Sam Houston Parkway East. The first three are in the West Loop/Galleria submarket, and 1001 West Loop South is in Memorial Park with views of Buffalo Bayou. 2425 West Loop South was designed by IM Pei and is undergoing enhancements designed by Rottet Studio’s Lauren Rottet. CB’s Jeff Stein has provided capital markets services to Jetall for years. His colleague Jason Presley will lease the property.
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BAE’s property in Sealy is for sale. Keep your eyes peeled, because properties of this size—900k SF on 200 acres—don’t come available every day. Cresa’s André Granello and Andrew Jewett are handling the listing.
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MAPP Construction moved its Houston office to 11511 Katy Freeway, Suite 145. The lease includes room for expansion.
