This Week’s Houston Deal Sheet
High Street Logistics Properties purchased the Beltway North Commerce Center, a Class-A, cross-dock industrial distribution center.
The Beltway North Commerce Center comprises 353K SF and was completed in 2015. In addition, the property is fully leased by Air General, a national cargo handling company, and DB Schenker, a worldwide logistics company. The facility features 32-foot clear heights, 100 dock-high doors, 68 trailer spaces, LED lighting and LEED certification.
JLL’s Trent Agnew, Rusty Tamlyn, Charlie Strauss and Katherine Miller represented the seller, Nuveen Real Estate. The buyer, High Street Logistics Properties, represented itself.
PEOPLE
Chris Martin joined Levey Group as director of construction. Martin will oversee the construction of the company’s development projects.
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CBRE promoted Peter Mainguy to senior managing director and market leader for the company’s Houston office. Mainguy will oversee all Advisory Services lines of business and drive strategic initiatives and growth in the Houston market.
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Josh Ling joined Chamberlain Hrdlicka’s Houston office as an associate with the Tax Planning & Business Transactions group.
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Cody W. Johnson joined National Signs as CEO. The company is a Houston-based, national provider of signage and architectural accents.
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Julius Lyons also joined National Signs as vice president of operations. Lyons will oversee all aspects of the company’s engineering, permitting, project management, manufacturing and installation.
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The Association of Commercial Real Estate Professionals announced the officers/directors for the 2020 board. Keith Holley of Method Architecture has been named president, while Tyler Ray of WGA Consulting Engineers has been named president-elect.
SALES
Newport Real Estate Partners has purchased The Fountains on the Bayou apartment community in the Southbelt/Ellington area, near Hobby Airport. The 460-unit, 31-building apartment community will undergo significant renovation, maintenance and rebranding. The asset will be renamed Valencia Grove Apartments. Newport Real Estate Partners’ Matt Wilson and Jack Franco represented the company, while Nitya Capital was the seller.
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A private investor purchased Miramesa Town Center in Cypress. The property comprises 13K SF and is a fully leased, multi-tenant strip center. JLL’s Ryan West, John Indelli and Ethan Goldberg represented the seller, Read King Commercial Real Estate. Also working on behalf of the new owner, JLL placed the five-year, fixed-rate, balance-sheet loan with a local credit union. JLL’s Michael Johnson and Tolu Akindele represented the owner in that process.
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MLG Capital purchased a 10-property workforce housing portfolio, comprising a total of 2,769 Class-B units in Houston, Oklahoma City and Tulsa. Four of the properties are located in Houston. The seller, The RADCO Cos., was represented by CBRE’s Shea Campbell, Colleen Hendrix and Ashish Cholia. They partnered with Clint Duncan and Matt Phillips in Houston and Brian Donahue in Oklahoma.
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Lone Star Auto Parts purchased a speculative warehouse at Clay Commerce Park. The 18.5K SF property comprises a building that is one of 11 concrete tilt wall warehouses within The Warehouses at Clay Commerce Park, a joint venture development of Insite Realty Partners and The Urban Cos. Insite Realty Partners represented the seller, Westfield Commerce Center, while Walzel Properties’ Hua Tian represented the buyer.
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Morgan Group purchased The Beacon at Buffalo Pointe, a 281-unit, Class-A apartment community near the Texas Medical Center. The four-story, mid-rise property was completed in 2017. JLL procured the buyer, while JLL’s Chris Curry, Todd Marix and Bailey Crowell represented the seller, Allied Orion Group.
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Sonic Automotive Group purchased a vacant property that previously housed Porsche North Houston. The property comprises 2.27 acres and contains a 14.9K SF structure. The buyer represented itself, while NewQuest’s David Luther and Morgan Hansen represented the seller, indiGO Auto Group.
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Trammell Crow Residential purchased two parcels of land totaling 14.43 acres to develop 350 units of Class-A, garden-style apartments off Spring Cypress Road in northwest Houston. Dosch Marshall Real Estate was engaged to locate the land, and assisted Trammell Crow Residential in purchasing the site.
LEASES
P.O.&G. Resources leased 9.7K SF of office space in San Felipe Plaza. NAI Partners’ Dan Boyles and Michael Mannella represented the tenant. Parkway’s Rima Soroka and Eric Siegrist represented the landlord.
FINANCING
JLL has arranged a $20M refinancing for Sam Houston Crossing II, a 160K SF office property in northwest Houston. The property comprises a three-story office building, and is fully leased to three tenants. JLL’s John Ream and Laura Sellingsloh represented the borrower to secure a five-year, 4% loan with East West Bank.
