The Deal Sheet
The Gateway at Spring Valley broke ground, offering a new mixed-use alternative for small- and mid-sized office tenants along the Katy Freeway.
The 100k SF, five-story building is at Campbell and the north side of I-10. It will feature office space (the top two floors are already leased to StollerUSA, which is JV’ing on the project with developer Ersa Grae Corp) and ground-floor retail. CBRE’s Parker Duffie and Jason Presley are leasing the remaining 20k SF of office; Jason tells us the boutique building can suit tenants from 5k to 40k SF. It's slated to deliver in Q4 '15. Despite all the construction out west, the Katy Freeway submarket still has 2.4% Class-A vacancy. NewQuest’s Jon Jamison and Rachael Keener are marketing the retail space. Arch-Con is GC, and Husmann Architecture handled design. Pictured above: StollerUSA's Jerry Stoller, Ersa Grae's Ali Ebrahemi, Husmann Architecture's Steve Husmann, Arch-Con's Michael Scheurich, and City of Spring Valley Village council member Trey Moeller at the groundbreaking.
EXECS
Paul Lynn joined Hilco Real Estate as senior managing director. He’s a 35-year industry vet who specializes in auctions (live, online, and sealed bid).
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Ted Ent joined Mac Haik Hospitality (dba MH Hospitality) as president. He was formerly managing director of development for Hilton Worldwide.
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Mac Haik Management’s Brandon Poynter was promoted to president.
SALES
An undisclosed buyer purchased the Bank of America Building in Pasadena, a 56k SF office property. Marcus & Millichap’s Jerry Goldstein repped the seller.
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HFF’s Richard Reid, Danny Finkle, Ryan West, Rusty Tamlyn, Jim Hamilton, and Luis Castillo repped the seller of a retail portfolio of seven Publix-, Kroger-, and BI-LO-anchored shopping centers across Florida, Georgia, South Carolina, and Texas. It totaled 514k SF and was nearly 97% occupied. The seller was a JV between BVT Equity Holdings and WealthCap. The properties include Kingwood Glen in Houston.
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JSK & CCK purchased a 15k SF spec industrial facility at 929 Airtex. It’s the second spec building in the four-building park, and seller Steadfast Development will break ground on the final two buildings shortly. NAI Houston’s John Ferruzzo and Travis Land repped the seller and Boyd Commercial’s Andy Sowell repped the buyer.
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NNN Properties purchased 1.4 acres at the corner of Fry Road and Bear Hunters Drive; it will do a build-to-suit for a national daycare operator. TNRG’s Taylor Schmidt and Reed Vestal repped seller Toro Properties. Miramont Interests’ Reese Brown repped the buyer.
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Lakhany Holdings purchased 14417 Westheimer Rd. Transwestern’s Tony Armstrong repped seller Westheimer Freestanding Retail, LTD.
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Four T Realty purchased 1.3 acres at 2435 & 2429 E. Riverside Dr. TRC’s Harry Scott repped the seller and Tom and Taylor Terkel repped the buyer.
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Mac Haik Realty purchased 5.2 acres at 1106 Sherwood Forest and 11090 Old Katy Rd. Mac Haik’s Ron Marshall and Brandon Poynter repped the buyer and Patrick Miller Properties’ Patrick Miller repped the seller, James W. Watts, Jr.
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Dunhill Partners purchased Village Real, a 94k SF regional shopping center. Marcus & Millichap’s Jerry Goldstein repped the seller. The asset has 15k SF available and sits at the corner of Nasa Parkway and El Camino Real in Clear Lake. It was built in 1976 and most recently renovated in ’08.
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An undisclosed investor purchased a 16k SF strip center at 3922 Old Spanish Trail. Coldwell Banker’s Mark McGinley repped the seller and Champions Real Estate Group’s Van Pham repped the buyer.
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An undisclosed Houston-based partnership bought Preferred Mini Storage in Conroe. The Class-A property has 407 units in 42k SF rentable SF and is adjacent to a new HEB shopping center. It was 95% physically occupied at closing. Bellomy & Co’s Bill Bellomy, Michael Johnson, and John Owens handled the transaction.
LEASES
LJA Engineering leased 12k SF in The Offices at Grandway West (the first of five buildings planned for that project). Stream’s Anthony Squillante and Jeremy Hunt repped the tenant and Transwestern’s Paul Wittorf repped the landlord, a JV between Insite and The Urban Cos.
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Profill Holdings renewed its 57k SF industrial lease at 7200 Gateway Dr. NAI Houston’s John Ferruzzo and Darren O’Conor repped the tenant and Transwestern’s Jude Fillipone repped the landlord, Teachers Insurance and Annuity Association of America.
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Enduro Composites leased a 76k SF office/warehouse at 8130 McHard Rd. Texas LoneStar Development’s John Wilson and Scott Schroeder repped landlord Speer-Schroeder Partners. JLM Commercial Advisors’ Lane Guinn repped the tenant.
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Mitsushi Caterpillar Forklift America expanded into 16k SF at 1812 Brittmoore. NAI Houston’s Jon Michael and Ed Bane repped landlord IndCor Properties, and Kwekel Cos’ Jeff Klaasen repped the tenant.
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Sun & Ski Sports leased 12k SF at the NEC of Cypresswood and Stuebner Airline. Evergreen Commercial Realty’s Lilly Golden repped the tenant and The Retail Properties Group’s Brad Sondock repped landlord Cypresswood Landing II.
DEVELOPMENT
Spring Fire Department and Cypress Creek EMS broke ground on the joint emergency services facility in Springwoods Village. The fire station will occupy 20k SF (it’s the ninth in the rapidly-growing Spring area, and the fourth added since ’07), and the EMS will occupy 5k SF. The building is designed by Joiner Architects and will deliver in September 2015. It’s LEED Gold; the rest of the team is DBR, Matrix, and Jones & Carter.
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Fairfield Ranch celebrated its grand opening. Above, Cy-Fair Chamber of Commerce prez Leslie Martone and Allen Harrison Co co-founder Paul Forbes and Will Harper welcomed guests. The property has 294 apartments and features units with private yards with lake views.
FINANCING
Commercial Recourse Capital’s Jason Dannatt and Bryce Cole closed a $9M fixed-rate, non-recourse refinance for West Belt Park. The 97k SF Class-A office/warehouse is in NW Houston.
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BMC Capital’s Tony Talamas arranged a $2.8M cash-out refinance for a Houston multifamily property. The loan featured a five-year fixed-rate at 3.98% and 30-year amo.
THIS AND THAT
Moody Rambin was retained by Dornin Investment Group as the exclusive leasing agent for the Columbia Centre building at 11011 Richmond Ave in Westchase. The nine-story, Class-B building is 167k SF with approximately 12k SF available. Griff Jaggard and Derek Beck will handle leasing.
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NAI Houston was selected as exclusive leasing agent for the Kirby Interchange office/warehouse near Reliant Stadium. It’s a 208k SF building; Ed Bane, Jon Michael, and Doug Pack will lead marketing.
