This Week’s Houston Deal Sheet
An undisclosed buyer purchased The Loop Apartments, a 188-unit, Class-A luxury apartment community at 3400 Loop 336 in Conroe.
The property was completed in 2017 and consists of eight three-story apartment buildings with a mix of one-, two- and three-bedroom floor plans. Amenities include a saltwater pool, outdoor grilling stations, a fitness center, an outdoor entertainment pavilion, a dog park, parking and controlled access.
JLL worked on the new owner’s behalf to arrange a fixed-rate Fannie Mae acquisition loan. The loan will be serviced by Jones Lang LaSalle Multifamily LLC, which is a Fannie Mae DUS lender.
JLL Capital Markets’ Tim Leonhard, Mary Davis and Eric Hightower represented the buyer. JLL Capital Markets’ Greg Austin, Chip Nash, Bob Heard, Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney represented the seller, Apartment Advisors Inc.
PEOPLE
Russell Ingrum will lead office institutional investment sales for CBRE Capital Markets in Texas. Ingrum is returning from the San Francisco Bay area, where he served as a senior leader in the firm’s Northern California Capital Markets team for the past eight years. Ingrum, a vice chairman, will be based in CBRE’s Dallas office.
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Ben Lieser has been named Meritex’s market lead for Texas in addition to his current role as market lead for Minnesota. He will provide management oversight to both markets and work closely with tenants in both areas. Meritex’s portfolio includes a 431K SF property in Deer Park, Houston.
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Steven Dow joined The Local Initiatives Support Corp. as executive director of LISC Houston. Drawing on extensive community development experience, Dow will lead LISC Houston’s investment activity, building on the organization’s $381M in local support for affordable housing, small businesses, health, community safety, education and jobs.
SALES
JVC Capital Inc. purchased the 23.2K SF Chimney Rock Bellaire Shopping Center at 6720 Chimney Rock Road and 5504 Bellaire Blvd. The property is 99% leased. LYT Realty’s Tony Luk represented the buyer, while NewQuest Properties’ Kelley Workman represented the seller, F6 Properties.
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Elegant Sugar Land LLC purchased Atterbury Plaza at 9750 Highway 6 South in Sugar Land. The property is a 25.8K SF stabilized retail center with national and regional credit tenants on new leases. Houston Realty Advisors’ Ed Ayers represented the buyer, while G3 Realty Services’ Richard and Sue Gravett represented the seller, Atterbury Plaza Investments LLC.
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FKM Partnership purchased a 48K SF industrial property on 4.8 acres at 11941 Cutten Road. CBRE’s Nathan Wynne represented the buyer, while Clay Partners represented itself as the seller.
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UN Group LLC purchased a 15K SF industrial building at 2150 Gault Road. The group plans to use the site as the newest location for its metal recycling business. Davis Commercial’s Ryan Neyland represented the seller, Nan Zhao.
LEASES
EHRA Engineering leased an office building at 10011 Meadowglen Lane. The company leased the entire building, and will be the sole occupant. NAI Partners’ Jason Whittington represented the tenant, EHRA Engineering, while Madison Marquette’s Brad Sinclair represented the landlord, Sunrich Investments LP and CC Fortune Venture. Architectural and design services were provided by Inventure Design and the construction was managed by HITT Construction.
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Houston International Trading leased 20K SF at Glenroyal Business Park. The tenant represented itself, while CMI Brokerage’s Gary Triplett represented the landlord, Exchange Business Center.
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Martin Resource Management renewed its lease for 21K SF at Three Riverway, a Class-A office building in Uptown Houston. JLL’s Don Foster represented the tenant, while CBRE’s Kristien Rabel, Marilyn Guion and Parker Duffie represented the landlord, Dar 3 Riverway LP.
THIS AND THAT
DeSimone Consulting Engineers has announced an alignment with Henderson Rogers Structural Engineers, a Texas-based structural engineering firm specializing in aviation, education, commercial, sports and healthcare facilities. The move provides greater resources to Henderson Rogers while expanding DeSimone’s geographic reach.
Henderson Rogers will continue to be led by founding principal and President Elaine Rogers, and the firm will remain at its current address at 2603 Augusta Drive in Houston. DeSimone’s Houston forensics team will operate from Henderson Rogers.
