This Week's Houston Deal Sheet
In the tough leasing market across the city, Downtown Houston's historic Esperson building is still in the game, inking a renewal and expansion from a longtime tenant.
Martin, Disiere, Jefferson & Wisdom renewed and expanded its lease at Houston’s historic Esperson Building, where the law firm will occupy 42K SF. NKF’s Reginald Beavan and Joshua Brown represented the tenant in negotiations with Cameron Management.
“While Martin, Disiere, Jefferson & Wisdom needed to grow, the law firm also wanted to re-strategize its office configuration, so identifying and negotiating favorable terms on the right space was critical,” Beavan said.
The firm, which previously occupied 39K SF spread between floors 17 to 20, reorganized its footprint to a more efficient two-floor configuration.
LEASES
Craters & Freighters signed a 14K SF industrial lease at 6100 West by Northwest Blvd. in Houston. Boone Smith and Garret Geaccone with Stream Realty represented the landlord, Agellan Commercial REIT, and NAI Partners’ Chris Caudill represented the tenant.
SALES
Thor Equities Group closed on the sale of four parcels in Cinco Ranch for nearly $4M. The parcels, part of Thor’s development The Shoppes at Cinco Ranch, total over 4.5 acres alongside FM 1093 in Katy.
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Tesuque purchased 10 acres of stabilized land at 5315 Oates Road in Houston. Belvoir Real Estate Group's George Froming represented the buyer, and Jackson Beich Realty’s Kolby Beich represented the seller.
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Marcus & Millichap's Gus Lagos and Alex Wolansky represented the seller in the disposition of Fallbrook Shopping Center, an 18K SF retail property at 10176 Veterans Memorial Drive in Houston.
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Belvoir Real Estate Group's Kyle Fischer represented the seller, Adco Power Steering Products, in the disposition of a 22K SF industrial space at 3616 Pinemont Drive to an unnamed buyer.
PEOPLE
Ross James joined Lee & Associates as senior director. Formerly vice president at Jackson Cooksey/Newmark Knight Frank and managing principal at Leverage Commercial, James specializes in tenant representation.
FINANCING
JLL closed the sale and arranged financing for 1311 Broadfield Blvd., a 155K SF, Class-A office building in West Houston. JLL’s Kevin McConn, Rudy Hubbard and Rick Goings represented the seller and procured the buyer, an affiliate of Rycore Capital. JLL’s Matt Kafka, Cameron Cureton and Michael Johnson worked on behalf of Rycore to secure the three-year, floating-rate acquisition loan through Crossharbor Capital Partners.
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Mag Mile Capital’s Matt Weilgus completed a $3.9M short-term bridge loan for a build-to-suit retail property occupied by a Guidepost Montessori school at 21418 Kingsland Blvd. in Katy.
