This Week's Houston Deal Sheet
Law firms in Houston won't be losing lawyers to other firms due to lack of office amenities anytime soon. Continuing the trend, Thompson & Knight leads off this week's Deal Sheet with its relocation from 333 Clay St to BG Group Place (811 Main).
The firm will occupy roughly two and a half floors, custom fit to accommodate the firm's growing Houston operations. CBRE’s Kevin Kushner, Charles Gordon and Lucian Bukowski repped Thompson & Knight. Thompson & Knight Houston office leader Roger Aksamit is excited about the move, calling the 900k SF LEED Platinum BG Group Place a premier office building that typifies the spirit of excellence at Thompson Knight.
LEASES
MHMRA renewed 14k SF at the 3600 Gessner building in Houston. Moody Rambin's Terri Torregrossa repped the building owner, Plazer Properties. Pollan Hausman's Pat Pollan and Russel Rao repped the tenant.
***
JLL’s Edward Prejean, David Bale and Diana Bridger negotiated a 17k SF sublease at 717 Texas Ave on behalf of the sublandlord. Cushman & Wakefield’s Trey Strake repped the subtenant, Black Falcon Energy.
***
CBRE’s Matthew Dickson repped Mears Group in leasing 7,800 SF for expansion at 5051 Westheimer. Cushman & Wakefield's Trey Strake and Scott Wegmann repped the landlord, Rowan Cos.
***
CBRE’s Jon Lee repped Jonas Fitness in renewing 17k SF of warehouse space at 16969 Texas Ave in Webster. Warehouse Associates' David David repped the landlord in-house.
SALES
Berkadia’s Houston investment sales team completed the sale of Stone Canyon Apartments. The 216-unit apartment community was marketed by Jennifer Ray and Ryan Epstein on behalf of Starwood Capital Group. Laguna Beach-based Lighthouse Partners purchased the property to add to its growing Houston portfolio.
***
Marcus & Millichap’s Justin Miller, Derek Hargrove and Davis Hansen closed the sale of 2401 North Shepherd, a 52k SF tract of land in Houston. The buyer is an affiliate of Braun Enterprises. 2401 North Shepherd is across from HEB’s potential new location in the Heights.
***
An unidentified buyer purchased 78k SF on 1.8 acres along Sam Houston Parkway. Retail Solutions' Adam Manesh and Lyle Cowand repped the buyer, and Colliers' Kolbe Curtice repped the seller.
***
Marcus & Millichap’s Kelley Workman and Jerry Goldstein closed the sale of Cleveland Retail Center, a 17k SF retail property in Cleveland, TX. The asset had a list price of $3.8M. Built in 2007, the property is at the main entry to a 24-hour Super Walmart and is 100% occupied.
***
McAlister Real Estate’s James Kadlick, Chris Hutcheson and Matthew Herring repped the seller of 35 acres near I-10 and Pederson Road to Mustang Tractor, which was repped by Moody Rambin's Steve Mahood.
***
An unidentified buyer purchased .96 acres at Fort Bend Town Center (10120 Hwy 6 in Missouri City). Adam Manesh of Retail Solutions repped the seller, and Cadre Realty repped the buyer.
***
River Oaks Equity Partners closed the sale of the Fairway Portfolio comprised of East Villa Apartments and Lancia Flats Apartments. The portfolio was listed at $1.2M; the properties are at 6821 Fairway and 6840 Fairway in Houston.
FINANCING
NorthMarq Capital’s Warren Hitchcock arranged refinancing for Beechnut Tiendas, a 19k SF retail property in Houston. The loan is non-recourse, fixed-rate for 15 years. The property is 100% leased.
***
ARA Newmark's David Schwarz and Spencer Hough secured a $22.2M construction loan for The Icon, a 380-bed student housing development within walking distance of U of H. The loan was secured on behalf of the borrower, Tier One Group, through an undisclosed regional debt fund. Tier One expects to deliver the project in time for fall 2017 classes.
HIRES/PROMOTIONS
Suzanne Wright was promoted to project manager in LJA Engineering's transportation division. She has served as assistant project manager for various TxDOT districts such as Houston, Corpus Christi and San Antonio.
***
Liam Robinson joined Davis Commercial Real Estate. His focus is representing buyers and sellers of inside the Loop Houston income properties. Liam received his Bachelors of Business Administration degree in Accounting from Sam Houston State University and has over 15 years of experience in finance and accounting.
