This Week’s Houston Deal Sheet
Massey Oaks Development LP has secured a $44M loan for the first phase of development for a new master-planned community called Massey Oaks, just south of Pearland.
Vancouver, Canada-based Trez Capital issued the loan for the first phase of the Massey Oaks development, which will ultimately consist of four phases, span 356 acres and have about 950 single-family homes upon completion. The first phase is slated to deliver in Q1 2022 and will have 372 homes.
“Houston and the surrounding cities are rapidly expanding and this is one of the last tracts in that area of any size that could be developed,” Trez Capital Vice President John Sullivan said in a press release.
The community will place an emphasis on mature tree preservation within the community, large open spaces and recreational facilities for residents. Massey Oaks pays tribute to the mature live oaks and other hardwood trees on the Massey Ranch, which were planted by the Massey family.
Two homebuilders are under contract for the single-family lots in Phase 1, Meritage Homes and Castle Rock. CBA Land Capital LP provided investment equity for the project. Massey Oaks Development is an affiliate of Commercial Partners of Nevada LLC, a Reno-based real estate development company.
SALES
Fort Capital purchased Airport Commerce Business Park. The 298.4K SF 17-building Class-B industrial portfolio is located at 15100 Lee Road in northeast Houston and has more than 150 tenants.
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Scenic Capital Advisors purchased the 146-key Holiday Inn Express & Suites at 9300 South Main St. in Houston. The limited-service hotel property was built in 2016. HVS Brokerage & Advisory represented the seller, Akshaj Hotels Inc., in the transaction.
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Cochinitos Real Estate LLC purchased a 10K SF commercial building at 14500 North Freeway. The fenced and gated commercial building is situated on about 2.94 acres, with frontage access to Interstate 45 North. Terraforte LLC’s Erica Galvez represented the buyer, while Colliers International’s Tom Condon represented the seller, TSC Ventures Inc.
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Jack Gaffney and Chase Tucker with Finial Group facilitated the sale of 610 North Loop 336 West in Conroe, Texas. Finial Group represented the seller in the transaction. 610 North Loop 336 West consists of two industrial buildings totaling 15,928 SF and sits on 2.24 acres of land. The property is located in Conroe, Texas, right off Loop 336 W within five minutes of Interstate 45.
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An undisclosed buyer purchased 2.35 acres at the southeast corner of Aldine Westfield Road and Mesquite Ridge Drive in north Houston. RESOLUT RE’s Mohamed Gamal represented the seller, Gamal Enterprises.
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An undisclosed buyer purchased 26.51 acres at the intersection of Ella Boulevard and Rankin Road in north Houston. RESOLUT RE’s Mohamed Gamal represented the seller, Gamal Enterprises.
LEASES
Woodforest National Bank leased 16K SF of office space in Park Towers North, located at 1233 West Loop South in the West Loop/Galleria submarket. Colliers International’s Darren Gowell and Bob Parsley represented the tenant, while Transwestern’s Doug Little represented the landlord, Park Towers Investment.
