This Week's Houston Deal Sheet
Downtown and the Galleria may be making headlines for their office deals, but Westchase is no slouch. Westchase Park, the 569K SF office complex on Houston's west side, has inked 187K SF of leases in three deals.
LJA Engineering leased 91K SF and Centurion Pipeline Co. leased 28K SF. Both tenants plan to move into the project in the first half of 2020. Additionally, ABB renewed its lease for 67K SF. Transwestern's Eric Anderson, Parker Burkett and Katy Gragg provided leasing services on behalf of Clarion Partners.
“The leasing success at the two buildings is indicative of the flight-to-quality trend occurring across the Houston market,” Anderson said. “We see companies increasingly seeking out exceptional, amenitized office space to enhance recruitment and retention of employees.”
Transwestern’s Lonna Dorman represented Centurion. Anthony Squillante and Dustin Devine of Stream Realty Partners provided tenant representation services for LJA. JLL's Beau Bellow and Josh Hirsch represented ABB.
LEASES
Simon announced seven new openings at The Galleria, including three new-to-market brands — ba&sh, Tommy John and Toys R Us — as well as a Kendra Scott holiday pop-up, Uptown Convenience & Gifts and restaurants Pepper Twins and Poke Fresh. Additionally, Jimmy Choo, Macy’s, Porsche Design, Salvatore Ferragamo and Vans are upgrading their current spaces.
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Greenwood-King extended its 12.5K SF lease at 1616 South Voss Road. Stream Realty Partners’ Matthew Asvestas and Craig McKenna represented the landlord, Capridge Partners.
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Owens & Minor Distribution extended its lease of 124K SF at Claymoore Distribution Center. Newmark Knight Frank’s Adam Faulk represented the tenant. Stream Realty Partners' Jeff Pate and Boone Smith represented the landlord, DRA Advisors.
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ISI Commercial Refrigeration signed a 77K SF lease at Cole Creek. Peel CRE’s Jacob Goodman represented the tenant. Stream Realty Partners’ Matteson Hamilton represented the landlord, Prologis.
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Gerber Plumbing Fixtures inked a 180K SF deal at 300 South Sheldon Road. CBRE’s Andrew Jewett represented the tenant. Matteson Hamilton with Stream Realty Partners represented the landlord, DRA Advisors.
SALES
KM Realty has acquired two shopping centers, The Shoppes at Cinco Ranch I and II, from Thor Equities. The Shoppes at Cinco Ranch I, located at 9555 Spring Green Blvd., is a stabilized acquisition currently 92% leased. The Shoppes at Cinco Ranch II, located at 25230 FM 1093, is a value-add acquisition, being only 9.5% leased.
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A 7K SF building on a 12K SF lot at 3507 and 3511 Houston Ave. just off Interstate 45 in the Heights has sold. The buyer, Fred and Soody Sharifi Family Partnership, plans to redevelop the property. Outfront Media and Doylitas Management, the sellers, were represented by Davis Commercial’s Ryan Neyland.
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Berkadia's Ryan Epstein, Jennifer Ray and Scott Bray represented the seller, Embrey Partners, in the disposition of The Everly, a 387-unit Class-A multifamily community in Houston. The buyer was Praedium Group, a privately held real estate investment firm based in New York.
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Finial Group’s Doc Perrier represented a Finial Investments entity as the buyer of 203 Blue Bell Road in Houston. The property is a 24K SF industrial building and is fully leased to ACE Steel Supply.
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Texas Northpoint sold 4 acres along Tomball Parkway to Tomball Integrated Investments to develop a 60K SF medical office project. NewQuest Properties’ Jeff Lokey and Ashley Strickland represented the seller while Robert Garcia of Brauman Realty represented the buyer.
DEVELOPMENT
Dallas-based Hunt Southwest Real Estate Development is developing 59 Logistics, a 509K SF spec industrial facility in Humble. CBRE’s Jason Dillee and Nathan Wynee represent Hunt Southwest in the lease-up. Completion of 59 Logistics Center is scheduled for the fourth quarter of 2020.
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Weitzman is pre-leasing Highway 288 and West Orem, a planned neighborhood-oriented retail development at the northwest corner of West Orem Drive and City Park Central Lane on City Park. Weitzman’s Kyle Knight and Brett Levinson are handling pre-leasing for the multi-tenant center, which will include a 12K SF multi-tenant building and a pad site. The project is scheduled to start construction in January and be completed in the second quarter of 2020.
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Local nonprofit Avenue has topped out its Avenue Center project, a three-story mixed-use community resource center across from Moody Park in Near Northside.
EXECS
Rice Management Co., the group behind the redevelopment of the Midtown Sears into the centerpiece of Houston’s forthcoming Innovation Corridor, has formed a new operating organization for the project with former Station Houston CEO Gaby Rowe being named executive director.
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Fidelis Realty Partners hired Kenady Davis, Ford Allen and Trey Waggener to launch Fidelis Residential, a new division of the firm that will target multifamily investments in major Texas markets.
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NAI Partners’ Landlord Services Division has hired David Bateman as senior vice president of its office project leasing division. Bateman joined NAI from Hartman REIT.
