The Deal Sheet
Mac Haik’s Energy Plaza is so close to completion—the fourth of four office buildings has topped out. (The birds are already choosing their spots to perch.)
Mac Haik director of leasing Steve Bryant tells us Energy Tower IV, a 450k SF building, is on schedule to be ready for occupancy in January. So far, one tenant is locked in to move in then—Spectrum Geo pre-leased 26k SF. Steve may have a big announcement for us soon, so keep your eyes on this one.
EXECS
Transwestern Development prez Carleton Riser was appointed as ULI’s Houston district council chair. He succeeds Greg Erwin, who was chairman from ’11 to ’13. He’ll have his hands full—the ULI national spring convention is in Houston next May. Carleton has been a ULI member since 1996 and serves on a national ULI product council on urban and mixed-use development.
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Dan Healy joined Cushman & Wakefield as director of project management. He will oversee the division in Houston.
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David Steinbach was named CIO of Hines Global REIT. He has been with Hines since 1999; in that time, he has been responsible for $3B of acquisitions.
SALES
Beacon Investment Properties purchased 10333 Richmond, a Class-A, 219k SF office tower in Westchase. The price tag: $46M. It’s 91% occupied and Beacon’s 15th property in Houston. (It now owns 2.9M SF of office product here.) Co-founder Ariel Bentata says its in-place rents are 21% below market, a great opportunity. HFF’s Danny Miller, Rusty Tamlyn, and Trent Agnew repped the seller and say Beacon was one of 12 institutional companies bidding. HFF’s Susan Hill arranged financing, and PMRG’s Kim Grizzle-Shapiro and Mike Martin will handle leasing. Beacon will take over PM.
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DAV Entrepreneurs purchased Dairy Ashford Village, a 44k SF retail center at 1570 S. Dairy Ashford Rd. It was 89% leased at TOS. Colliers’ Chris Winters and John Parsley repped the seller, NJG&M Texas. Keller Williams repped the buyer.
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K Crossing Dental purchased 29k SF of land at FM 2820 and Louetta in Spring. NewQuest’s Bob Conwell and Jeff Lokey repped the seller and Xite Realty’s Patrick Valentz repped the buyer.
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Fairbanks Group purchased five acres on CR 59 in Pearland. NewQuest’s Brad LyBrand repped the seller.
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Gallop Corp purchased a 34k SF office/warehouse at 1602 Mooney Rd. Cypressbrook Co’s Greg Usher was an intermediary between the two parties, including seller Accelerated Production Systems.
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An undisclosed buyer purchased Vanderbilt Court Apartments. The 164-unit, Class-B property is off of Dairy Ashford near the Westpark Tollway. Oldham Goodwin Group’s George Weatherall repped the buyer. Oldham will also manage the property.
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SRA Management, an entity of Olympus Property Co, purchased Promenade Jersey Village. The 596-unit, Class-A garden-style multifamily community is at 11011 Pleasant Colony near Highway 290 and Jones Road. HFF’s Tre Banks, Todd Marix, Todd Stewart, and Chris Curry repped seller PCM Steeplechase (an entity of Cypress Real Estate Advisors).
LEASES
Worldpac expanded its lease at 3930 Dunvale. Cushman & Wakefield’s Tim Thomas, Kelley Parker, John Littman, and Coe Parker repped the tenant. Holt Lunsford’s John Kruse repped landlord Teachers Insurance & Annuity Association of America.
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The United Way of Greater Houston is expanding to 35k SF, the entire building, at 1300 Bay Area Blvd. It’s been in the property since ’02. Boxer Property’s Trey Miller repped the landlord in-house and Avison Young’s Jeff Lindenberger repped the tenant.
DEVELOPMENT
288 Industrial Park LLC is developing a 35-acre industrial park off Highway 288 at CR 341 in Angleton. (The group has determined the South 288 corridor is undeserved.) The first phase includes an 18k SF and a 24k SF manufacturing/distribution building. They’re slated to deliver in Q1 ’15. Once completed, the park will accommodate 400k SF. JLL’s Cliff West and Mark Nicholas will market the new development.
FINANCING
DPR Kingwood purchased The Lodge at Kingwood, a 312-unit, Class-A garden-style multifamily community. HFF’s Tre Banks, Todd Marix, Todd Stewart, and Chris Curry repped seller Altis. HFF’s Corby Chaffin placed debt through M&T Realty Capital Corp. The property was built in ’99 and is 95% leased.
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LMI Capital’s Brandon Brown closed two deals. He arranged $6.4M of preferred equity to accompany the assumption of a Fannie Mae loan on Legacy at Westchase. The Class-B asset has 324 units and was in the mid-90s occupancy despite deferred maintenance. The owner will put in $8,000 per unit in renovations. Brandon also closed an $8M loan for acquisition of a 256-unit multifamily property in Baytown. He locked down an 80% LTC and 2.68% interest rate.
THIS AND THAT
Moody Rambin was retained by Dornin Investment Group WB&W as exclusive leasing agent for the Kirkwood Atrium building. The five-story, Class-B building at 11777 Katy Fwy is 123k SF. It has 16k SF available. Griff Jaggard and Derek Beck will handle leasing.
