This Week’s Houston Deal Sheet
Skanska acquired a 124K SF, 2.86-acre site in Montrose for $27M, with the intention of developing it into a mixed-use space that will feature both multifamily and retail.
The deal closed on Aug. 4. The site is located on the corner of Westheimer Road and Montrose Boulevard, a key interaction surrounded by retail and restaurant businesses. The project is targeting LEED Platinum certification.
Skanska purchased the property from Houston Westmont LP, an entity created by PM Realty Group that merged with Madison Marquette in 2018.
Skanska represented itself in the transaction, while Madison Marquette’s Doug Demiano represented the seller.
PEOPLE
Kelli Walter joined NAI Partners’ Investment Fund platform as senior vice president of asset management. Walter will be responsible for overseeing the overall NAI Investment Fund portfolio and coordinating the execution of NAI’s business plan for each asset. Walter previously served as chief financial officer at Voss Capital.
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Scott Lunine joined NAI Partners as executive vice president of the firm’s newly formed Texas investment sales division. Lunine will be responsible for driving the strategic growth and profitability of NAI Partners’ overall investment sales practice across all product lines and geographies. Previously, Lunine served as regional head of investment sales at Marcus & Millichap in South Florida.
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Matt Daniel joined Satterfield & Pontikes Construction as vice president of sales. Daniel will be responsible for executive leadership of multiple sales teams throughout S&P and the company’s subsidiaries.
SALES
MMAC Acquisition Corp. purchased Mason Creek, a 30K SF medical office building at 21820 Katy Freeway, in the Katy/Grand Parkway West submarket. The building is fully leased and occupied by two medical tenants, Village Family Practice LLP and Memorial MRI & Diagnostics, which each have a 15-year lease. MMAC is part of Montecito Medical Real Estate, which represented itself in the transaction. Colliers International’s Beth Young and Bob Parsley represented seller RK-VFP I LLC, also part of Read King, in the transaction.
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An undisclosed private investment group purchased Leghorn Service Center, a three-building, 66.5K SF industrial park. JLL’s Charlie Strauss, Trent Agnew and Katherine Miller acted as the listing broker for NAI Partners’ Investment Fund, the seller in the transaction. The team also procured the buyer.
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Tetrasolv Filtration Inc. purchased a 4-acre, 61.5K SF industrial property at 14549 Minetta St. in southwest Houston. The site will serve as the company’s new service center location to accommodate its growing needs. 1912 Ventures’ John S. Wall Jr. and Maury Bronstein represented the buyer, while the undisclosed seller was represented by Lee & Associates’ Trey Erwin and Robert McGee.
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An undisclosed buyer purchased a 1.6-acre, 62.8K SF industrial property at 401 North Velasco St. in East Downtown. The buyer was represented by Carlos Garcia Realty’s Bill Garcia, while the seller, Tetrasolv Filtration Inc., was represented by 1912 Ventures’ John S. Wall Jr. and Maury Bronstein.
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Stafford Green Real Estate purchased a 24.9K SF, fully leased industrial property at 4141 Greenbriar Drive in Stafford. First Houston Properties’ brokered the sale of the property with the seller, Delmani Inc.
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An undisclosed buyer purchased Centralcrest Street Office Warehouse, a 23.2K SF industrial property at 5710 and 5730 Centralcrest St. Marcus & Millichap’s Adam Abushagur and Cary Latham marketed the property on behalf of the undisclosed seller and also procured the buyer.
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Nga Pham/May Food Produce Wholesale purchased 5.76 acres in the northwest corner of Stancliff Road and Brooklet Drive in SW Business Park, for the construction of a new food facility. Alpha Realtors’ Jane Nguyen and Kimchi Nguyen represented the buyer, while CBRE’s William Rudolf and Kyle Golding represented the seller, Abundmer Inc.
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Welcome Group purchased 23 acres of industrial land on Cedar Boulevard in the Cedar Port Industrial Park in Chambers County for future projects. Welcome Realty Advisors’ Ryan Wasaff represented the company in the transaction.
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Maa Amba LLC purchased Sheraton Houston West Hotel at 11191 Clay Road. The 158-room hotel was built in 2008. HVS Brokerage & Advisory’s Eric Guerrero, James Rebullida and Fadi Rawashdeh marketed the property on behalf of the seller, Integrated Capital LLC.
LEASES
NewSouth Window Solutions leased two suites for a total of 13.5K SF at 15120 Northwest Freeway and 6961 Brookhollow West Drive at the Park 8 | 290 industrial park. The seven-year lease encompasses a portion of two separate buildings within the Class-A office/warehouse park. Florida Executive Realty Management Corp.’s David Needle represented the tenant, while Transwestern’s Carter Thurmond, Brian Gammill and Jude Filippone represented the landlord, Blue Ridge Industrial.
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Wildcat PPE LLC leased 113.2K SF at 301 South Trade Center Parkway in Conroe. InSite Realty’s John Stavinoha, Rives Nolen and Steve Hazel represented the tenant, while Lee & Associates’ Mike Spears, Preston Yaggi and Patrick Wolford represented the landlord.
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Vee Express leased a 144.5K SF industrial property at 8503 City Park Loop. Savills’ Bob Berry and Grant Hortenstine represented the tenant, while CBRE’s Jason Dillee represented the landlord, Centerpoint Properties Trust.
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Golden Max LLC renewed an 80K SF industrial property at 12701 Directors Drive in Stafford. JLL’s David Buescher and Jordan Raney represented the tenant, while CBRE’s Steve King represented the landlord, Wallis Family Real Estate Ltd.
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Supreme Plant Services LLC leased an 11.9K SF industrial space at 10425 Moers Road. Colliers International’s Barrett Gibson represented the tenant, while NAI Partners’ Zane Carman and Clay Pritchett represented the landlord.
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Transwestern has been engaged by Sidra Real Estate to provide office leasing services for two buildings in Houston’s Riverway submarket. Those buildings are 2 Riverway, a 369.5K SF office building, and 4900 Woodway, a 122.9K SF office building. Transwestern’s Louann Pereira, Doug Little and Matthew Seliger will represent the landlord.
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Advertising agency Decode leased 13K SF at the upcoming M-K-T mixed-use development in the Houston Heights. The firm will relocate from its current office location at 3815 Montrose Blvd. The mixed-use development is a joint venture of Triten Real Estate Partners, Radom Capital LLC and Long Wharf Capital. With the addition of Decode, the office portion of M’K’T is 50% leased. Cushman & Wakefield’s Joe Rambin represented the tenant, while JLL’s Russell Hodges, Bubba Harkins and Jenny Mueller represented the landlord.
FINANCING
PCCP LLC closed on the purchase of a $99.3M performing senior loan collateralized by The Star, a historic property redeveloped into a Class-A mixed-use asset in Downtown Houston. In conjunction with the note purchase, PCCP entered into a loan modification agreement with the existing borrower, Provident Realty Advisors, whereby significant new capital was provided.
