This Week's Houston Deal Sheet
What office downturn? Houston's continued struggles with weak demand for office space is hardly being felt in The Woodlands. The master-planned suburb north of Houston has landed another deal. Havenwood Land Developments signed a lease for 59K SF at Havenwood Office Park.
On the heels of a 50K SF lease earlier this year, the property is on pace to be 90% occupied by year's end.
Along Interstate 45 North between Woodlands Parkway and Sawdust Road, Havenwood Office Park is a four-story LEED Silver Certified building offering approximately 250K SF of Class-A office space. The J. Beard Real Estate Co.’s Lisa Hughes represented Havenwood Land Developments in the lease at 25700 I-45 North in The Woodlands.
LEASES
The General Services Administration signed a 16K SF office lease at Vibe Hobby near Hobby Airport at 8866 Gulf Freeway in Houston. NAI Partners’ Zach Leger, Jacob Aldridge and Lane Travis represented the landlord.
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Capital Retail Properties’ Eric Walker and Anderson Smith signed Chicken Salad Chick, Chipotle and Spring Creek Barbecue to Birnham Woods Marketplace, a 200K SF lifestyle center in Spring. Chipotle, set to debut in late 2019, will occupy 2,300 SF and was represented by Traci Holman of Baker Katz. Chicken Salad Chick will occupy the remaining 2,700 SF of a 9,700 SF free-standing addition to Birnham Woods Marketplace. Anticipated to open in early 2020, Chicken Salad Chick was represented by The Retail Connection’s Stephen Tou. Spring Creek Barbecue will build a stand-alone restaurant on a 1.2-acre pad site by mid-2020 and was represented by Property Commerce’s Chad Moss. Construction will soon be underway.
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BBC Chartering extended a 17K SF office lease at 6565 West Loop S in Bellaire. NKF’s Joshua Brown, Reggie Beavan III and Audrey Selber represented the tenant in the deal with the landlord, Keppel-KBS West Loop.
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Action Behavior Centers leased 11K SF at 2620 Technology Forest Drive in The Woodlands. Colliers International's Elena Bakina represented the tenant in negotiations with the owner, Black Forest Ventures.
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Pursuit Oil & Gas extended a 10K SF office lease at Three Memorial City at 840 Gessner Road. NKF’s Joshua Brown and Andy Inversen represented the tenant in the deal with the landlord, Memorial City Towers.
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The city of Houston signed a 32K SF lease at 601 Sawyer. Cushman & Wakefield’s Chip Horne Jr. represented the tenant while Richard Maloof represented the owner, Hartman Income REIT Property Holdings.
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The first franchise location of Bread Zeppelin is coming to CityPlace in Springwoods Village. Avalanche Food Group, the group behind the food concept, leased an 1,800 SF ground-floor retail space in CityPlace 1, with a spring 2020 debut. AFG was represented by Chodrow Realty Advisors’ Alan Chodrow and Shane Karstendiek. CityPlace, a joint venture between Patrinely Group, USAA Real Estate and CDC Houston, was represented by Transwestern’s Nick Hernandez and Crystal Allen, along with Patrinely Group’s Dennis Tarro.
SALES
JLL’s Chris Curry, Todd Marix, Joey Rippel, Chris Young and Bailey Crowell closed the sale of The Place at Greenway, a 219-unit garden-style apartment community at 3333 Cummins St. in Houston. JLL’s Michael Johnson and Tolu Akindele arranged financing.
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HVS Brokerage & Advisory has closed the sale of the 118-key Staybridge Suites Houston West-Westchase at 9901 United Drive in Houston. HVS Brokerage & Advisory's Eric Guerrero, Drew Noecker, Ben Levin and James Rebullida executed the deal.
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Cash America Pawn in north Houston at the intersection of Little York Road and Aldine Westfield Road was sold. The property, occupied by a triple net lease for nearly 30 years, was sold by an undisclosed investor from Dallas, represented by Strive’s Anne Elizabeth Martin.
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NKF’s Rob Stillwell represented Flint CPS Inks North America in the sale of 5.71 industrial acres at 1010 Lockwood Drive.
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Mark VI, a 144-unit, value-add multifamily community at 5606 Bissonnet St. in Bellaire, was sold by JLL’s Joey Rippel, Chris Young and Bailey Crowell on behalf of AK Interest. JLL also procured the buyer, Indus Management Group.
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Marcus & Millichap’s Jeffrey Fript and Christian Mazzini facilitated the sale of Oaks at Mustang, a 125-unit apartment property at 2101 Mustang Road in Alvin.
DEVELOPMENT
Transwestern Development Co. broke ground on Sam Houston Distribution Center, an 833K SF Class-A industrial park in Northwest Houston. The three-building park will open in the second quarter of 2020.
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The 80-room Fairfield by Marriott in Webster is now open for business at 401 West Texas Ave. The hotel will operate as a Marriott franchise, owned by SRI Hospitality & Resorts L.P. and managed by BH Hospitality Management.
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Boardwalk at Town Center, a five-building rental property of 450 units, has completed 40% of the exterior and interior renovations in progress since fall 2018. Renovations should be 60% done by the end of the year.
EXECS
Lee & Associates Houston promoted John Erck from associate to director. He has been working with the firm since 2016.
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Seth Green joined ICO Commercial as an adviser, bringing with him 10 years of experience working land deals in the energy industry.
