This Week's Houston Deal Sheet
Magnolia JV purchased 873 acres in Montgomery County for residential development.
The site is located on FM 149, and is adjacent to High Meadow Estates. Magnolia JV intends to build single-family residential development, including larger lots to meet increasing demand for new housing in the Magnolia area.
The property is about 15 minutes from the future Super Target and new Kroger at FM 1488 and FM 2978, as well as a new H-E-B on FM 1488, which is proposed to open in 2023.
The site also falls within the Magnolia ISD and is close to State Highway 249, which is being extended and will reach completion in 2023.
Land Advisors Organization’s Kirk Laguarta and Duane Heckmann represented the seller.
PEOPLE
Travis McCready joined JLL as executive director and national practice leader in the firm’s life sciences business line. McCready will focus on partnering with local market teams life sciences strategy across U.S. markets while serving as an adviser to clients and providing the full spectrum of JLL’s life sciences real estate services. Prior to JLL, McCready served in a strategic consultancy role for The Commonwealth Project, and as an adviser for TMA Precision Health. He has also served as president and CEO of the Massachusetts Life Sciences Center.
SALES
Gallium Capital purchased The Fairmont on San Felipe, a 361-unit, Class-A multifamily property in the Tanglewood/Galleria area. The transaction is Miami-based Gallium Capital’s first acquisition in Houston. The 330.7K SF property was built in 2009. Greystone National Apartment Advisors’ Jordon Emmott, Abraham Garza III and Shayan Hasnain represented the sellers, Hunington Properties and Longreach Associates.
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BF Spring LLC purchased 1.6 acres at the intersection of Grand Parkway and Spring Stuebner Road, Spring. NewQuest Properties’ Randy Nerren and Trevor Nerren represented the buyer, while Terpstra & Asssociates’ Mark Terpstra represented the seller, Five Forks Village LLC.
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A local investor purchased a 96.5K SF office/warehouse property in northwest Houston. The property was 79% occupied at time of sale and was owner-financed by the seller. Newman Kelly’s Jared Pinto represented the buyer and the seller represented itself.
LEASES
Sunbelt expanded into 16.9K SF at 2300 Quitman Road for two years. Justin Harrity represented the landlord, Hartman Income REIT.
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Stream Realty Partners has executed more than 80K SF of leases over the past 12 months at Memorial Tower One and Two and Woodway Tower on behalf of CapRidge Partners. Of these leases, 32K SF were executed during the coronavirus pandemic. This leasing activity comes just before the delivery of multimillion-dollar renovations to all three properties that will be delivered in phases.
THIS AND THAT
Stream Realty Partners’ Houston office has been selected by Novel Coworking as the exclusive leasing partner for 405 Main St., also referred to as the Scanlan building, in Downtown Houston. Listed in the National Register of Historic Places in 1980, 405 Main was the first official White House of the Republic of Texas. It has been completely modernized and restored and is offering move-in-ready availabilities from 250 to 3K SF.
