This Week's Houston Deal Sheet
Gordon Creekside purchased Dynamic Glass Industrial Park in a sale-leaseback transaction.
The 160.8K SF, four-building complex is situated on 9 acres at 9419 Windfern Road and 9320 Zaka Road in the Highway 290/Tomball Parkway industrial submarket. Dynamic Glass executed a 15-year market rent lease with the buyer upon closing.
“This transaction allowed us to continue to utilize this important part of our operation for many years to come as well as delivered capital to repay outstanding debt, fund growth investments and provide liquidity to our shareholders,” Dynamic Glass Chief Financial Officer Scott Coulter said.
The submarket added 3.2M SF of new industrial/flex product and absorbed 1.6M SF in 2020, according to Colliers International.
California-based TCI Properties represented the buyer, while Colliers International’s David Carter and John Nicholson represented the seller.
PEOPLE
Jon Levy joined Patrinely Group LLC as executive vice president to help lead its growing development team. Levy will lead the industrial platform, which will focus on build-to-suit and speculative development for warehouse and e-commerce users. Levy previously served as Amazon’s director of worldwide operations, real estate, as well as associate general counsel – real estate for the firm.
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Kristen McDade and Matthew Davis joined Cushman & Wakefield, based in the firm’s Houston office. The team will focus on land. McDade joins the firm as a managing director. Prior to joining Cushman & Wakefield, she was a senior director with Berkadia, where she led the land services platform nationwide. Davis joins the firm as a director. Previously, he was an associate director with Berkadia, where he focused on the greater Houston market.
SALES
CCJ Collaborations LLC purchased Lot 16, about 4.65 acres, from Tomball Economic Development Corp. CCJ Collaborations plans to build and occupy a 10.5K SF brewery and restaurant on the lot. J. Beard Co.’s Ryan Hutson represented the buyer, while Colliers International’s Tom Condon Jr. represented the seller.
To allow for a larger development site at the park in the wake of this deal, TEDC purchased and reacquired 10.6 acres from Packers Plus Energy Services at the southeast corner of Spell Road and South Persimmon Road. This lot, in combination with the 7.8-acre Lot 8, will provide 18.4 acres of contiguous available land for another development. Colliers International’s Tom Condon Jr. represented the buyer, while NGKF’s Kristian Nielsen represented the seller. Jane Matthews with Stewart Title in Tomball coordinated the closings.
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An undisclosed buyer purchased 17.4 acres on I-45 in Huntsville, located between the Walmart and Kroger. RESOLUT RE’s Mohamed Gamal represented the seller, Gamal Enterprises Inc. President Kareem Gamal.
LEASES
AZ Partsmaster leased 68.3K SF in Building 1 within Waypoint Business Park at 411 Cravens Road in Missouri City. Waypoint Business Park encompasses four buildings totaling 708.9K SF. Colliers International’s Payson MacWilliam, Jon Lindenberger and Paul Dominique represented the tenant, while Stream Realty Partners’ Justin Robinson, Matteson Hamilton and Woody Hillyer represented the landlord, 4M Investments and Clarion Partners.
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Law Office of Bryan Fagan renewed 10.7K SF at 3707 FM 1960 in Houston for three years. Hartman Income REIT’s Brent St. Amant represented the landlord, Hartman Income REIT.
CONSTRUCTION AND DEVELOPMENT
George Bush Intercontinental Airport will permanently close its Terminal D/E parking garage on March 1 to make way for a new international terminal arrivals and departures hall. The new international terminal will feature a modernized ticketing and arrivals hall and will fully support post-pandemic growth in international traffic at the airport, address capacity constraints in the central terminal area and improve baggage handling system capacity and reliability challenges. Additional international gates will accommodate continued airline growth. Terminal D/E curbside pickup and drop-off will remain open.
