This Week's Houston Deal Sheet
The Heights' latest adaptive redevelopment has hooked its first office tenant.
Miller Grossbard Advisors inked a 14K SF lease at M-K-T. The company will relocate in Q2 2020.
“MGA is not just another accounting firm,” Radom Capital Managing Principal Steve Radom said in a release. “They are forward-thinking, they care about their employees, and they have chosen an office environment that is modern, efficient, creative and unique – just like their company culture.”
Designed by architect Michael Hsu, M-K-T is a collection of industrial buildings being transformed into a creative mixed-use project. The 200K SF project will be half office and half retail space and is underway by joint venture Triten Real Estate Partners and Radom Capital LLC.
The 100K SF office design features 10- to 20-foot exposed ceilings, stained concrete floors, exposed beams, private outdoor spaces, and large windows and skylights that deliver natural light.
Tenants and guests will have access to a range of lifestyle amenities, including about 30 restaurants, retail, health and fitness options, and The Heights Hike and Bike Trail. The project is just north of Interstate 10 at the northeast corner of Shepherd Drive and Sixth Street.
“It is the end of an era leaving behind the walls of our Midtown home, but I could not be more proud of the robust team that we have built,” MGA partner Paul Grossbard said. “To watch MGA become a professional home for so many outstanding individuals and their families is a great honor. We are thrilled for this new chapter ahead.”
MGA was founded nearly 30 years ago and provides tax, accounting and business advisory services to a variety of clients. The company has more than 50 employees in Houston.
JLL’s Russell Hodges, Bubba Harkins and Jenny Mueller are responsible for office leasing.
“M-K-T is seeking the best-in-class tenants to cultivate a new and dynamic community in The Heights,” Triten Real Estate Partners Managing Partner Scott Arnoldy said. “Miller Grossbard embodies the kind of innovation that will help bring this new project to life.”
EXECS
Laurie Baker was promoted to executive vice president of operations for Camden Property Trust. Previously, she served as senior vice president of fund and asset management, a role in which she led the creation and management of Camden’s first investment funds. Her new role retains oversight of the company’s investment funds and expands her responsibility over the company’s portfolio operations.
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Andrew Giammalva joined CDC Houston Inc. as assistant project manager for Springwoods Village, the master-planned development in Spring. He will assist the development team in the financial modeling and analysis of construction projects. Previously, he served as an analyst intern at HFF and at JLL.
SALES
HGV Holdings LLC purchased a 12,500 SF industrial property on 2.4 acres at 2405 South Houston Ave., Houston. Lee & Associates' Reed Vestal and Taylor Schmidt represented the seller, Humble Investment Trust. Zann Commercial Brokerage Inc.'s Jason Kieschnick represented the buyer.
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Meritage Homes of Texas acquired 33 acres adjacent to the Stillwater neighborhood on FM 1488 in The Woodlands. The property will be platted for 156 lots and will break ground in December. The 50-foot lots will begin to deliver in August 2020. Homes will range from the $250Ks to the low $300Ks. The J. Beard Real Estate Co.'s Chase Moore represented the buyer. VOB L.P.'s Ronnie Matthews and Perry Senn were the sellers.
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An undisclosed buyer purchased a 12K SF free-standing industrial building at 7311 Galveston Road, Houston. NAI Partners’ Nick Terry represented the seller. Brown & Co. Realty's Hunter Brown and Nelson Ellis represented the buyer.
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Veritas Hospitality LLC acquired the Hampton Inn Houston NASA-Johnson Space Center from the seller, Seabrook Hospitality L.P. The 70-key hotel is at 3000 NASA Road One in Seabrook. HVS Brokerage & Advisory's Drew Noecker, Eric Guerrero and James Rebullida handled negotiations.
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Janmark Pine Hollow LLC purchased Pine Hollow Retail Center at 34th Street and Highway 290, Houston. The center features Wells Fargo, Sprint and Little Caesars. Edge Capital Markets' Micha van Marcke represented the seller, LAROCA Partners II. Davis Commercial Real Estate's Mark Davis represented the buyer.
LEASES
Oxea, one of the world's largest producers of oxo chemicals, signed a 21K SF office lease at West Memorial Place at 15375 Memorial Drive in the Energy Corridor. The company plans to relocate its Houston office to the third flood in September. JLL represented the building's owner, Skanska. Newmark Knight Frank's Trace Elrod and Chris Mathis represented the tenant.
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McGinnis Lochridge is expanding to 609 Main St. on Sept. 4. The firm has hired 28 lawyers over the last two years. The new 14K SF office space is able to accommodate more attorneys and support staff. Fritsche Anderson Realty Partners' Anthony Fritsche and HPI Tenant Advisors represented the tenant. The office was designed by Tramonte Design Studio.
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Washington Central is now 50% leased and expected to deliver in Q1. Lash Lounge and Supercuts will join the lineup at 4015 Washington Ave. The 13K SF single-story redevelopment project has dual-storefront entrances. Natural Pawz also signed a 4,008 SF lease. The project is looking to add a restaurant operator. NewQuest Properties' Ashley Strickland and Nick Ramsey represented the landlord, DZ Washington LLC. NewQuest Properties Rachel Farris represented Lash Lounge. Streetwise Retail Advisors' Jack Burgher represented Supercuts.
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Cross Creek Town Center signed new tenants in Fulshear. Sammy’s Sports Grill signed a long-term 5,050 SF lease; Experience Infusion Center, a pharmacy specializing in home health and IV infusion therapy, inked a 12K SF lease; and F45, a specialty gym franchise focusing on high-intensity group workouts, took 2,500 SF. In addition, Apex Executive Suites, a coworking space concept by Marcel, will occupy 14K SF of Class-A office space. Cross Creek Town Center, a mixed-use development by Marcel, broke ground in March, and construction is expected to wrap up in spring 2020. CBRE’s Lacee Jacobs and Laura Harness are the leasing agents.
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Master Wall Inc. signed a 17K SF industrial lease at 3943 FM 362 in Brookshire. Lee & Associates' Clint Hankla and Justin Cole represented the tenant. Colliers International's Jon Lindenberger and Paul Dominique represented the landlord, Keyko Street Holdings.
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Imperial Wholesale Inc. leased 47K SF at Clay Hempstead Business Park at 8700 Clay Road, Houston. Moody Rambin's Jim Autenreith and Sam Rayburn represented the building owner. Lee & Associates' Preston Yaggi represented the tenant.
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Teebaud Co. leased 10K SF at Clay Hempstead Business Park at 8700 Clay Road, Houston. Moody Rambin's Jim Autenreith and Sam Rayburn represented the building owner.
DEVELOPMENT
TCC Multi-family Interiors is moving into its headquarters in Northwest Houston later this year. This move allows the company to expand its capabilities and capacity. The two-story office building will feature a detached warehouse and distribution facility. Designed by Seeberger Architecture, the project is under construction.
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Jacob White Construction broke ground on Bissonnet Medical Plaza in Bellaire. The three-story, Class-A facility will offer over 52K SF of medical office space at 4460 Bissonnet St. The building will feature natural light, covered patient drop-off area and surface level and garage parking. It will also have gurney-sized elevators, a state-of-the-art building management system, and high indoor air quality with carbon dioxide monitoring and air filtration. The building is slated to deliver in Q4 2020. JLL’s Tim Gregory and Mallory Douthit are responsible for leasing the facility.
THIS AND THAT
The Houston/Gulf Coast chapter of the Society of Industrial and Office Realtors, or SIOR, announced its board of directors/officers for 2020:
- President: Dylan Schopper, Finial Group
- Vice President: Beau Kaleel, Cushman & Wakefield
- Secretary/ Treasurer: Greg Barra, Boyd Commercial
- Marketing Coordinator/Special Events: Richard Quarles, JLL
- Chapter Admissions/ Membership Coordinator: Nathan Gaines, Clark Gaines Properties
- Immediate Past President: Keith Bilski, Finial Group
