This Week’s Houston Deal Sheet
D’Agostino Cos. and TGS Cedar Port Partners LP will build a new Class-A office development within the 15,000-acre TGS Cedar Port Industrial Park, east of Houston.
Cedar Port Office Plaza will consist of two office buildings: one that will be 79.2K SF, and another that will be 52.8K SF. The project is expected to break ground in October, with an anticipated delivery date of Q1 2023.
TGS plans to relocate its corporate headquarters to the complex, following completion of construction. The development will allow TGS to consolidate its Houston and Baytown offices, and the firm will occupy one full floor of Cedar Port Office Plaza 1.
NAI Partners’ Michael Sieger and Jacob Aldridge have been named the exclusive leasing agents for Cedar Port Office Plaza.
TGS Cedar Port Industrial Park is situated across the Houston Ship Channel from Bayport and Barbours Cut Container Terminals. The park is both barge-served and dual-served by the Union Pacific and the BNSF railroads, and it can accommodate developments from 5 acres to more than 1,500 acres.
PEOPLE
After 13 years, NewQuest Properties’ Katherine Hatcher is stepping down as president and chief operating officer. She will remain actively involved as a partner and board member. Austin Alvis has been selected to succeed Hatcher as president and will be responsible for leading strategic initiatives and day-to-day management of NewQuest’s development, construction and asset management services, effective immediately.
During her tenure, Hatcher oversaw the development of more than $2B in retail and mixed-use assets, nearly tripled the size of the brokerage and support staff teams and added multiple service lines and divisions.
Alvis joined NewQuest in 2015 and previously served as vice president of brokerage and a development partner with NewQuest, where he was responsible for procurement and oversight of projects in the Texas market. He began his career at BOK Financial (Bank of Texas), underwriting commercial lending relationships in Houston.
SALES
A private investor purchased 27493 Hanna Road, an 18.8K SF industrial property located in Conroe. Marcus & Millichap’s Adam Abushagur, Max Lozmack, Maria Z. Pappas and Shelby Smith had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was secured and represented by Abushagur, Lozmack and Pappas.
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Harwin Bintliff Center Inc. purchased Richmond Commons, a 76.9K SF retail shopping center in west Houston. NAI Partners’ Ryan DeGennaro represented the buyer, while NAI Partners' Davis Amanyisye represented the seller.
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Smart Financial Credit Union purchased 2.5 acres of undeveloped land at Grand Parkway and Kuykendahl Road for future development. Ferguson Real Estate represented the buyer, while Blue Ox Group’s Joshua Jacobs represented the seller, GPKWY Spring Ltd., an entity of Satya Inc.
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An undisclosed buyer purchased 9.54 acres at 1613 North Main St. in Pearland. RESOLUT RE’s Mohamed Gamal represented the seller, Gamal Enterprises.
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An undisclosed buyer purchased 1.55 acres at the corner of Bammel North Houston Road and Bourgeois Road. RESOLUT RE’s Mohamed Gamal represented the seller, Gamal Enterprises.
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Breaktime Development LLC purchased a 0.6-acre pad site of improved land at the southeast corner of Briarwood Bend and Edgewood Avenue in Mont Belvieu. The firm will develop a 3K SF free-standing building. Shaw Commercial Properties’ Greg Shaw represented the seller, the city of Mont Belvieu.
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Meraki Franchisee I purchased a 0.76-acre tract with a 1.4K SF former restaurant at 8405 North Houston Rossyln Road. The site will be cleared for the development of a TopSoap Car Wash, kicking off the firm’s expansion into northwest Houston. NewQuest Properties’ Joseph Marburger, Brad LyBrand and Glenn Dickerson represented the buyer, while Amit Mehta Inc.’s Amit Mehta represented the seller, SRI Real Estate Properties LLC.
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Fellows LLC has purchased 9.53 acres at the intersection of Fellows Road and Del Papa Street from Minchau Hoang. Brad LyBrand of NewQuest Properties represented the seller in the direct deal.
LEASES
CBRE has facilitated 10 leases totaling 65K SF of office space at 1001 McKinney, a 23-story historic office tower in Downtown Houston. The leases were signed following $4.3M in renovations that included reimagining the lobby in the style of a boutique Art Moderne hotel, modernizing elevators, and creating a tenant lounge and fitness center.
The two largest leases include Perkins & Will, which signed a 20K SF lease renewal, and ConnectGEN, which signed an 11.4K SF expansion and lease renewal. CBRE’s Jason Presley represented the landlord, an affiliate of TRC Capital Partners, in the transactions.
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TricorBraun leased 70.1K SF at Ella West Crossing, a 221.4K SF Class-A distribution facility at 606 West Road, located in Pinto Business Park. The firm is expanding and will relocate from an existing facility in east Houston. TricorBraun is the first tenant to sign at Ella West Crossing. Cresa’s Steve Schmid and Will Condrey represented the tenant, while Holt Lunsford Commercial’s Kelly Landwermeyer, Craig Bean and John Kruse represented the landlord, Seefried Industrial Properties.
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Lucid Motors leased 23.8K SF at 14820 North Freeway. Evergreen Commercial Realty’s Lilly Golden and Open Realty’s Steve Merkle represented the tenant, while Colliers International’s Ryan Barbles and Walker Barnett represented the landlord, Prologis.
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Common Desk will open a 26.8K SF coworking space at CityPlace, formerly known as Springwoods Village. The firm will occupy the space on the second floor in a multi-use building, located at 1401 Lake Plaza Drive in Spring. JLL’s Chrissy Wilson and Matt Pruitt, and Patrinely Group LLC’s Phillip Moore, represented the landlord in the transaction.
CONSTRUCTION AND DEVELOPMENT
Bank of Texas completed a renovation and expansion of its Downtown Houston headquarters at 1401 McKinney St. A project by Houston-based KDW, the renovated and expanded 10th-floor office space now spans 25K SF, following the addition of 6K SF of new space. KDW has also updated several Houston-area Bank of Texas branch locations.
THIS AND THAT
Lee & Associates’ landlord agency team was tapped for two new leasing assignments. The firm’s Jill Nesloney, Robert LaCoure, Chris Lewis and Bryce Adams will represent 3200 Wilcrest, a 163.7K SF Class-B office property in Westchase, as well as 5829 West Sam Houston Parkway, a business park with nine industrial and flex buildings totaling 275K SF. Lee & Associates’ Shawn Harvey will head up the property management of the assets.
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Lovett Commercial has announced a lineup of vendors for its 550K SF adaptive reuse project in Downtown Houston, POST Houston. The 53K SF POST Market will offer more than 30 concepts at completion, from a wide range of local, national and international chefs and hospitality groups.
The newly announced concepts include Golfstrømmen Seafood Market, Saison Cellar, Hawker Street Food Bar, East Side King, ChòpnBlọk, Soy Pinoy, Andes Café, Thai Kun, BlendIn Coffee Club, Abu Omar Halal and Sweets with L&L.
The first round of POST Market tenants included Salt & Time Butcher Shop, The Butcher’s Burger, Lea Jane’s Hot Chicken, Taco Fuego, GELU Italian Ice and SOUPreme.
POST Houston is slated to open in the fall and will house one of the world’s largest rooftop parks and sustainable farms, a concert venue, and several other retail and office concepts, including restaurants, bars and flexible co-working space.
