This Week’s Houston Deal Sheet
A limited liability company purchased Big Space Storage, a 137.8K SF storage facility at 11847 Spears Road in Houston.
The facility was built in 2016, and functions largely as a utility and commercial facility, rather than a traditional boat, RV or self-storage facility.
Marcus & Millichap’s Dave Knobler and Casey Kral marketed the property on behalf of the private seller and procured the buyer.
PEOPLE
Doug Prickett joined Transwestern as senior managing director of Investments & Analytics. He will lead research efforts, developing advanced analytics and using new technologies to guide and support real estate investment strategy, market and asset selection, underwriting, portfolio management, and workplace solutions for Transwestern and its clients. Based in Dallas, Prickett joins Transwestern from Strongside Financial Group, where he was partner and co-founder. He will serve on Transwestern’s executive committee and board of directors.
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Clay Morel joined Satterfield & Pontikes Construction Inc. as president. He will be responsible for spearheading the company and its subsidiaries’ growth, streamlining operations and implementing new technologies to improve construction industry standards. George Pontikes Jr., Satterfield & Pontikes’ founder and former president, will continue in his roles as CEO and chairman of the board.
SALES
A private investor purchased Conroe Business Park, a 102K SF industrial property at 1300 South Frazier St. in Conroe. Marcus & Millichap’s Michael Lea represented the undisclosed seller and secured the buyer.
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A limited liability company purchased Coachlite Mobile Home Park, a 113.7K SF manufactured homes community at 7114 Dixie Drive. Marcus & Millichap’s Jeff Taylor and Will Shealy had the exclusive listing to market the property on behalf of the seller, a limited liability company, and secured and represented the buyer.
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A local investor purchased Windfern Shopping Center, a 20.3K SF shopping center at 13219 Windfern Road. Windfern Shopping Center was 64% occupied at the time of sale and was purchased without third-party financing by an investor in a 1031 exchange. Marcus & Millichap’s Gus Lagos, Alex Wolansky and Jacob Starr had the exclusive listing to market the property on behalf of the seller, a private investor.
LEASES
TFH Reliability Group LLC leased 14.9K SF of office space at 10344 Sam Houston Park Drive, within the 159K SF, Class-A Sam Houston Crossing II building. The tenant was represented by Lee & Associates’ Patrick Wolford and Travis Taylor, as well as Colliers International’s Robert Parsley and Chris Nash. The landlord, Buchanan Street Properties, was represented by Transwestern’s Doug Little, Louann Pereira and Matthew Seliger.
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Weitzman has been named exclusive project leasing agent for two specialty retail projects in Houston’s Inner Loop. The centers are 550 Heights Blvd., located at Heights Boulevard and White Oak Drive, and 2027 South Shepherd Drive. Weitzman’s Walker Kane and Andrew Phelan will handle leasing for the centers.
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Safespill leased 54.9K SF at 1900 Crosspoint Ave, just south of Loop 610. The building is free-standing, with a fenced truck court. The building configuration includes 46.4K SF of warehouse space and 8.5K SF of office space. Safespill is relocating from its existing facility off Knight Road. Transwestern’s Carter Thurmond represented the tenant, while the landlord, Evtex Cos., was represented in-house by Robyn Berry and Janae Evans.
FINANCING
LMI Capital completed two transactions totaling $20M. In the first transaction, LMI’s Kurt Dennis originated an $8M bridge loan for the acquisition of a 150-unit asset in southwest Houston. The first mortgage represented 70% loan-to-purchase price and featured a three-year interest-only period and a flexible prepay structure, allowing the borrower to complete a planned property renovation.
LMI’s Jamie Mullin arranged a $12M loan for the refinance of a 240-unit asset in the Spring Branch submarket. The permanent debt featured a four-year interest-only period and cash-out to the borrower, helping to expand its real estate portfolio.
THIS AND THAT
Apartment management company Lynd has been retained by two separate ownership groups to operate three multifamily communities in the Houston metropolitan area and one in Jacksonville, Florida.
The three Houston-area assets total 972 units. Paramount at Kingwood has 372 units, Villas at Valley Ranch has 312 units and Ventana at Midtown has 288 units. The multifamily properties were developed between 2001 and 2008. Lawford Real Estate Investments Director Sy Li owns all three properties.
Planter’s Walk Apartments in Jacksonville was built in 1974 and has 216 units. Overall, Lynd will add 1,188 units to its multifamily portfolio. The property is owned by Creative Realty Partners.
