This Week’s Houston Deal Sheet
Stream Realty Partners has broken ground on the 300-acre Empire West Business Park in Brookshire, 30 miles west of Houston.
The firm is underway with site infrastructure, including detention, roads, wastewater and water that will serve the entire development. Three speculative distribution buildings are also under construction, totaling 1M SF, with a spring 2021 delivery date.
Stream will also provide opportunities for build-to-suit deals and the ability to sell land to corporate end users. Rosenberger Construction has been selected as the general contractor for Phase 1 and the architectural design was completed by Powers Brown Architecture. Engineering partners on the project include BGE Inc., LBJ Inc. and Cope Engineering.
The Empire West Business Park can also offer prospective users economic incentives via the city of Brookshire and Waller County, as well as expedited permitting schedules.
PEOPLE
Mason Mote joined law firm McGuireWoods as a real estate partner in Houston and Austin. Mote will represent lenders and borrowers in construction, permanent and mezzanine financing for commercial real estate projects, and help clients navigate debt restructurings and foreclosures. He will also represent developers, buyers and sellers with the acquisition, disposition and development of commercial properties and raw land. Mote joins McGuireWoods after serving as general counsel and executive vice president at Williamsburg Enterprises.
SALES
The Welcome Group acquired an industrial property at 2400 Spring Stuebner Road in Spring. The 11-acre property contains two office/industrial buildings for a total of 38.7K SF, as well as a single-wide trailer for an additional 1,500 SF.
LEASES
Intelliworks LLC renewed its lease for 20K SF at 10101 Stafford Centre Drive in Stafford. JLL’s Jarret Venghaus represented the tenant, while NAI Partners’ Chris Caudill represented the landlord.
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O'Reilly Auto Parts leased 36.8K SF at Mercado 6 Marketplace, 7355 Highway 6 South. Independence Commercial Real Estate’s Ford Jones represented the tenant, while RESOLUT RE’s Taki Dallis and Joaquin Orozco represented the landlord.
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SmartVault leased 8.5K SF of office space at M-K-T in the Houston Heights. The company will relocate in the fall to the mixed-use development, a joint venture of Triten Real Estate Partners, Radom Capital and Long Wharf Capital. JLL’s Russell Hodges, Bubba Harkins and Jenny Mueller represented the landlord.
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SES Subsea Engineering Solutions subleased 9.6K SF of industrial space at 3402 Bacor Road. NAI Partners’ Chris Caudill and Griff Bandy represented the subtenant, and CBRE’s Colin Grimes represented the sublessor, DNV GL USA Inc.
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Dd’s Discounts leased 23.1K SF at 10-Federal Shopping Center in Houston. The center is located on I-10, between Loop 610 and Beltway 8. Sellers Bros., Citi Trends, Casa Olé and Harbor Freight Tools anchor the center. Shop Cos.’ Matt Reed represented the tenant, while Weingarten Realty’s Andrew Bell represented the landlord.
CONSTRUCTION AND DEVELOPMENT
New Hope Housing has broken ground on its 10th affordable housing community, New Hope Housing Avenue J. Located at 5220 Avenue J in the East End, the development will offer 100 one- and two-bedroom apartment homes, with full kitchens and a washer and dryer. Monthly rental rates will range from $450 to $1K, based on income and availability.
Camden Builders is the contractor for the project, which was designed by architecture firm Kirksey. The property will also feature on-site support and recovery services, including case management, access to mental health care, legal assistance, health and nutritional counseling, financial education and life-skills training, and in some instances, rental supports.
The Avenue J capital fundraising campaign is 92% complete, and additional grants and contributions are being sought.
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Wet Sounds, a maker of marine and power sports audio systems, will build a new 118.4K SF facility at 2975 Louise St. in Rosenberg. The facility will contain warehouse, fabrication and office space. Located on 27 acres, the site has been master-planned to accommodate 280K SF of future development. Construction of the new facility and adjacent warehouse is expected to begin in August, with an anticipated project completion date of spring 2021.
