This Week's Houston Deal Sheet
A prime piece of infill real estate in Houston's Greenway area has been sold by one mixed-use developer to another. A 4-acre parcel at 3440 Richmond Ave., currently occupied by BB&T Bank, was sold by a joint venture between Midway and Cathexis RE Holdings to Senterra Real Estate Group. The new owner plans to go forward with plans for a mixed-use development.
JLL marketed the site on behalf of the seller. Midway Executive Vice President David Hightower represented the JV.
"This was an opportunity to purchase a strategic key gateway corner bridging two of Houston's most affluent residential areas: River Oaks and West University Place," Senterra Real Estate Group CEO Neil Tofsky said. "We felt our Greenway Plaza background afforded the opportunity to be part of the transformation occurring along Buffalo Speedway and the redevelopment taking place in the Upper Kirby District. We will work with key stakeholders who share our vision for this site."
The corner is a popular area for developers. Spear Street Capital's THE RO, a 17-acre site being redeveloped into a mixed-use project, abuts the site acquired by Senterra.
"The site is in good hands and we know they will develop it in a way that benefits all the surrounding neighbors," Hightower said.
LEASES
Ross Dress for Less is leasing 22K SF at Cypress Pointe in Houston. Weingarten Realty’s Christi Davis represented the landlord. Shop Cos.’ Matt Reed represented the tenant.
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Leaf & Grain signed a 1,300 SF lease at The Court at Allen Center. Streetwise Retail Advisors’ Jack Burgher represented the tenant. The landlord, Brookfield Properties, was represented by Transwestern’s Crystal Allen and Nick Hernandez.
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Transwestern has been tapped to lease Creek Place I, a Class-A, 151K SF office building in Sugar Land. The six-story building is 86% leased, and more than $1.7M in capital upgrades have been put into the property since 2014.
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Black Rock Coffee Bar is opening two Houston locations, one along the Grand Parkway in Katy and another along Beltway 8 in Westchase. Each location will be roughly 2,100 SF with a drive-thru. JLL's Matt Parsons and Mark Raines represented the tenant in both deals.
SALES
Berkadia’s Ryan Epstein, Jennifer Ray and Scott Bray represented Embrey Partners in the sale 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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JLL’s Chip Nash and Bob Heard and Houston Income Properties’ Jim Hurd and Bishale Patel represented the seller, Randall Davis Co., in the disposition of Dakota Lofts, a historic four-story apartment building at 711 William St. in the heart of Houston’s Warehouse District. The buyer and the sales price are undisclosed.
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JLL’s Chip Nash, Bob Heard and Greg Austin represented the seller, Claro Villanueva, in the disposition of Villa Nueva, a 542-unit apartment complex at 5300 West Gulf Bank Road in Houston. The property was purchased by Iliad Realty Group for an undisclosed price.
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Hunter Hotel Advisors, on behalf of Hospitality Investors Trust, brokered the sale of Springhill Suites, a 122-room property near Houston's Hobby Airport, to a private Texas-based buyer.
EXECS
Elijah Williams was named executive director of the Energy Corridor District.
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Prologis added Hans Brindley as Houston market officer and senior vice president. Bringing more than 15 years of industrial real estate experience, Brindley will oversee operations and strategic direction of Prologis’ 18.47M SF Houston portfolio.
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John Heard joined Transwestern's agency leasing team as a leasing associate. He is the son of the company's CEO, Larry Heard.
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Rockspring Capital added Matthew Kenneally as senior vice president. Kenneally joined Rockspring from the oil and gas industry.
