The Deal Sheet
Today, the real estate industry mourns the loss of Rex Rogers, a 36-year commercial real estate vet.
Rex was a senior account manager for Cushman & Wakefield, managing corporate real estate assets for Service Corporation International (SCI), Shell and Rental Services Corp., and others. Over the past nine years working with Dave Cook and Jeff Peden at Cushman & Wakefield, he closed more than 700 transactions topping $360M. Our prayers are with his family as they deal with this tragic loss. A Memorial Service followed by a reception will be held on Friday, Nov. at 4pm at George H. Lewis Funeral Home at 1010 Bering Drive.
SALES
Houston Sign and Service purchased a 13k SF office/warehouse at 1518 Hartwick from Gallop Corp. Cypressbrook’s Greg Usher was the intermediary.
***
Kane Dunbar purchased 71k SF of commercial hard-corner land at 11828 FM 1488. The seller was Milarino, and Cypressbrook’s Kimberly DeVos handled the transaction.
***
JHF Holdings purchased 2409 Montrose. Herbert Shapiro & Associates’ Herbert Shapiro repped seller Foreverspring Corp, and NewForm Real Estate’s Dan Zimmerman repped the buyer.
***
A private international investor purchased Three Palms Center, a 26k SF retail property in Texas City. Marcus & Millichap’s Derek Hargrove and Justin Miller listed the asset at $4.6M.
***
Blank Universal purchased a 15k SF single-tenant investment building at 13340 Pike Rd in Stafford. NAI Houston’s John Ferruzzo, Darren O’Conor and Joshua Lass-Sughrue repped seller SBP-Development III. REOC General Partners’ Mike McMahon repped the buyer.
***
Southwest Growth purchased a 5.5-acre tract at the southwest corner of West Little York and Queenston Boulevard. Southwest Realty Advisors’ Patrick McKiernan and Marc Drumwright repped seller NI Investments, and Quenby Commercial’s Eddie Lang repped the buyer.
LEASES
Oak Valley Resources leased 20k SF of office space at 1400 Woodloch Forest in The Woodlands. Colliers’ Norm Munoz repped landlord Woodlands Office Equities—95 Limited. Cypressbrook’s John Hornbuckle repped the tenant.
***
Stewart Title leased 31k SF in Legacy at Fallbrook. The office property is under construction and will deliver in January; 175k SF remain available for lease. (Two more buildings are planned on the site, which will deliver 600k SF overall.) Stream’s Adam Jackson and Stewart Lyman repped the landlord, Liberty Property Trust, and Griffin Partners’ Robert LaCoure and Drew Lewis repped the tenant.
DEVELOPMENT
Stream broke ground on Remington Square Phase 2, adding 201k SF of Class-A office to Northwest Houston along the Beltway. The project is owned by Sun Life and is developed and leased by Stream. It’s slated to deliver in November 2015 with a 4.5:1,000 parking ratio, an on-site deli and signage on Beltway 8. Remington Square already has two Class-A office buildings totaling 190k SF—they’re 96% leased—and a landscaped park.
FINANCING
Q10 KDH’s Matt Franke and Adam Unger closed a $50M loan for a portfolio of Class-A storage properties in and around Houston, funded by Great-West Life & Annuity Insurance.
THIS AND THAT
Preservation Texas announced the winners of its 2014 Honor Awards, celebrating efforts in historic preservation. The awards ceremony was held in an award-winning historic building, the recently restored 1910 Harris County Courthouse. Mayor Parker received the public service award, recognizing her leadership in establishing local historic districts and changing perceptions of the city as offering little historic protection. Preservation Texas also recognized four exceptional restoration and rehab projects: The 1956 Sylvan Beach Pavilion in LaPorte (pictured), the pre-1866 Fourth Ward Cottage, the circa 1926 Julia Ideson Building and the 500 Fannin Building.
