This Week’s Houston Deal Sheet
InvenTrust Properties Corp. intends to begin a renovation of Cyfair Town Center, a 433.6K SF shopping center in Cypress, this month.
The first phase of the renovation is scheduled to begin in August, with completion scheduled for the fourth quarter of 2021. The second phase is slated to begin in January with completion anticipated in late summer 2022.
Cyfair Town Center is anchored by Kroger, JCPenney and Cinemark, and is located at the intersection of Highway 290 and Spring Cypress Road.
Improvements to the center will include new paint, LED lighting along the storefront exteriors, storefront awnings and upgraded signage and landscaping throughout the property. Benches and niche gathering areas will be incorporated, as well as new under-canopy signs for each business and upgraded pylon signs.
The firm will be working with local organizations to produce murals that will serve as backdrops for community shoppers and visitors.
InvenTrust Properties Corp.’s Mark Vondrak and Jennifer Pollock oversee leasing at Cyfair Town Center.
PEOPLE
Kris Larson was named the new president and CEO of Central Houston and its affiliated organizations, Houston Downtown Management District and Downtown Redevelopment Authority. He will replace longtime President Bob Eury, who will be retiring in October after a 38-year career of civic service to Downtown and the central city.
Larson will officially take the helm of Central Houston, the Downtown District and Downtown Redevelopment Authority on Oct. 18. Prior to the role, Larson served as president and CEO of The Hollywood Partnership in Los Angeles. He has also served in leadership roles at the Downtown Raleigh Alliance and Downtown Grand Rapids Inc.
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Robert Kramp joined Transwestern Real Estate Services as vice president of the firm’s Research and Analytics division. Kramp will oversee business analytics and research outputs for Houston in all lines of business.
Prior to joining Transwestern, Kramp was the program lead and manager at Central Houston Inc. He also served as director of research and analysis at CBRE for the Texas, Oklahoma and Arkansas regions, and vice president and senior vice president of research at JLL.
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Michael Heckman was named CEO of Houston First Corp. Heckman has served as the acting president and CEO for the past 12 months, after being appointed to the position by Houston Mayor Sylvester Turner.
Prior to the role, Heckman served as chief operating officer of strategic initiatives for Houston First, responsible for developing a new strategic direction for the corporation. He has also served as the senior vice president of partnerships and event development. Heckman has been part of the Houston First team for 12 years.
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Avi Elfezouaty joined Medistar Corp. as senior vice president for acquisitions and development. Elfezouaty will lead development and acquisition of multifamily rental communities, student housing and mixed-use developments in strategic markets throughout the U.S.
Prior to Medistar Corp., Elfezouaty held leadership roles on major projects for and with premier multifamily developers, including Sueba USA, Gables Residential, Urban Oaks/Hines and Grayco.
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Mide Akinsade joined the Houston studio of Perkins & Will as design director. Akinsade is the third member of the Houston studio’s three-person leadership group, working closely with managing director Diana Davis and operations director Martin Gollwitzer.
SALES
11811 Properties purchased Atrium 10 Tower, a six-story, Class-B, 80K SF office building on 2.45 acres at 11811 East Freeway. Texas Overland’s Guy Brown represented the buyer, while Colliers International’s David Carter represented the seller.
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CCT Sparkle Family LP purchased a 91.8K SF manufacturing building on 9 acres at 1615 Spur 529 in Rosenberg. Lee & Associates’ Taylor Schmidt represented the buyer, while CBRE’s Boomer White represented the seller.
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An undisclosed buyer purchased two manufacturing buildings totaling 28.2K SF on 2.25 acres at 33977 Hoff Road in Brookshire. Lee & Associates’ Taylor Schmidt represented the seller in the off-market transaction.
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An undisclosed buyer purchased an 86.1K SF manufacturing building on 30.66 acres at 6750 Bender Road in Humble. Lee & Associates’ C.E. “Trey” Erwin III represented the buyer, while Lee & Associates’ Mike Spears and Mason Alsbrooks represented the seller, 6750 Bender Road Ltd. and Equity Resource Partners III LLC.
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An undisclosed buyer purchased 22.21 acres on Brook Forest Road in New Caney. Lee & Associates’ Frank Blackwood represented the seller, Williams Brokers Construction Co.
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Tri Pointe Homes Texas Inc., formerly Trendmaker Homes Inc., purchased 13.74 acres on Gaston Road in Katy. Texas Land & Commercial Properties’ Paul King represented the buyer, while Front Porch Real Estate’s David Jalowy and M Kidd Properties’ Mark Kidd Sr. and Mark Kidd Jr. represented the seller, the estate of Bessie M. Robinson.
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13360 LLC purchased 12036 Windfern Road in northwest Houston. Stream Realty Partners’ Heath Donica and Andrew Littlefield represented the buyer. The seller was Muzel Interests LLC.
LEASES
Quality Pump Parts Inc. leased a 13.5K SF industrial space at 5956 Berry Brook Drive. First Houston Properties’ William Byrd and Patrick McKiernan represented the tenant, while NAI Partners’ Zane Carman, Josh Lass-Sughrue and Clay Pritchett represented the landlord, Northwest Houston Industrial LLC.
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Smart Warehousing LLC leased a 163K SF distribution building at 8790 Wallisville Road in northeast Houston. Lee & Associates’ Mike Spears and Trey Erwin III represented the tenant.
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Smart Warehousing LLC leased a 63.7K SF distribution space at 8786 Wallisville Road in northeast Houston. Lee & Associates’ Mike Spears and Trey Erwin III represented the tenant.
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Werner Transportation leased a 4.79-acre yard at 1224 Normandy St. in east Houston. Lee & Associates’ Justin Tunnell represented the landlord, RD LaCoure Enterprises LLC.
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Poly Express leased 13.5K SF at Park Ten Distribution Center, 1325 South Creek Drive. InSite Realty’s John Stavinoha represented the tenant, while Stream Realty Partners’ Boone Smith and Garret Geaccone represented the landlord, Nuveen Real Estate.
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Crossville Inc. renewed a 30.1K SF lease at Northwest Industrial Center – Building 1, located at 10633 West Little York Road. Newmark’s Bob Luttrell represented the tenant, while Stream Realty Partners’ Jeremy Lumbreras represented the landlord, Prologis.
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US Medical Equipment leased 10.2K SF at Northwest Industrial Center – Building 8, located at 6610 West Sam Houston Parkway North. NAI Partners’ Cory Sleeth represented the tenant, while Stream Realty Partners’ Jeremy Lumbreras represented the landlord, Prologis.
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Greenlight Apartment Management relocated and expanded into 12K SF at Northwest Industrial Park – Building 7, located at 9600 Tidwell Road. Axis Tenant Advisors’ Roy Sweeney represented the tenant, while Stream Realty Partners’ Garret Geaccone and Boone Smith represented the landlord, Sealy & Co.
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Megapower Inc. extended and expanded into 36.3K SF at Northwest Point Distribution Center, at 7120 Brittmoore Road. JLL’s Geoff Perrott represented the tenant, while Stream Realty Partners’ Garret Geaccone and Boone Smith represented the landlord, DRA Advisors.
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Final Boss Performance LLC leased 13K SF at Commerce Park Southwest 5, located at 5010 Wright Road. ICO Commercial’s Peyton Easley represented the tenant, while Stream Realty Partners’ Boone Smith and William Carpenter represented the landlord, LINK Industrial.
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Natali’s Catering LLC renewed and expanded into 18.5K SF at Commerce Park Westchase 1, at 3628 Westchase Drive. ICO Commercial’s Jane Nodskov represented the tenant, while Stream Realty Partners’ Boone Smith and William Carpenter represented the landlord, LINK Industrial.
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Honeywell International Inc. renewed its lease in 43.7K SF at Bay Area Business Park – Building 2, located at 9401 Bay Area Blvd. CBRE’s Billy Gold represented the tenant, while Stream Realty Partners’ Justin Robinson and Woody Hillyer represented the landlord, Principal Real Estate Investors.
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Emerson Rosemount Inc. leased 31.5K SF at Bay Area Business Park – Building 1, located at 9311 Bay Area Blvd. Cushman & Wakefield’s Michael Foreman represented the tenant, while Stream Realty Partners’ Justin Robinson and Woody Hillyer represented the landlord, Principal Real Estate Investors.
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Orbital Traction Ltd. leased 12.7K SF at Beltway 8 Business Park, located at 11777 South Sam Houston Parkway West. Stream Realty Partners’ Garret Geaccone and Boone Smith represented the Landlord, DRA Advisors.
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Lights Direct Inc. extended its lease in 19.3K SF at Wynnwood Park, located at 7223 Wynnwood Lane. CBRE’s Ed Franz represented the tenant, while Stream Realty Partners’ Boone Smith and Garret Geaccone represented the landlord, KKR.
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Chicago Water & Fire Restoration leased 13.1K SF at Northwest Industrial Park – Building 3, at 10646 West Little York Road. Stream Realty Partners’ Jeremy Lumbreras represented the landlord, Prologis.
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Simon Printing Co. leased 27.6K SF at Blankenship Distribution Center at 7812 Kempwood Drive. TIG’s Sammy Aburhamra represented the tenant, while Stream Realty Partners’ Garret Geaccone and William Carpenter represented the landlord, DRA Advisors.
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Edvivi LLC expanded into 35.2K SF at Waypoint Business Park – Building 3, located at 9419 South Sam Houston Parkway West. Newmark’s Griffin Rich represented the tenant, while Stream Realty Partners’ Justin Robinson, Matteson Hamilton and Woody Hillyer represented the landlord, Clarion Partners and 4M Investments.
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An undisclosed tenant signed a new 75K SF lease at WxNW Business Park at 6125 West by Northwest Blvd. Transwestern Industrial Group’s John Ferruzzo and Nick Peterson represented the landlord, Prologis.
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Power Temp Systems Inc. expanded its lease by 15K SF, bringing its total space to 40.4K SF at 1646 Rankin Road. Transwestern Industrial Group’s Nick Peterson and John Ferruzzo represented the tenant.
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Flourseals America leased 29.2K SF at Stafford Crossing at 11325 Cash Road in Stafford. Walzel Properties’ Adrian Fernandez represented the tenant, while Transwestern Industrial Group’s Brian Gammill, Darryl Noon, Jude Filippone and Carter Thurmond represented the landlord.
FINANCING
Marcus & Millichap arranged the sale and acquisition financing of Territory at Greenhouse, a 13-building, 288-unit garden-style apartment complex in west Houston developed by Dhanani Private Equity Group in 2019. Marcus & Millichap’s Gregory Austin and Travis Austin, in conjunction with Jennifer Campbell and Jaleel Adatia of Marcus & Millichap’s Institutional Property Advisors division, represented the seller, Mayde Creek Apartments LLC, and procured the buyer, Civitas Capital Management II LLC.
Marcus & Millichap Capital Corp.’s Brandon Brown, Jamie Mullin, Ralph Rader, Todd McNeill and Sunny Sajnani arranged the financing. The transaction occurred on July 28.
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ACRES Capital Corp. originated an $89M loan to fund the construction of The Hawthorne, a 17-story, 67-unit condominium building at 5656 San Felipe St. The loan is provided to sponsors Pelican Builders and Ranman USA. The loan carries an initial term of 36 months.
The Hawthorne will have 67 units totaling 164.6K SF, with an additional 19.7K SF of outdoor space, as well as 178 parking spaces and 67 storage units. On-site amenities will include a 67-foot pool with surrounding cabanas, a fitness center, a dog park and washing station, a resident lounge, guest suites available for rent, terrace spaces and 24-hour concierge service.
The deal was originated by ACRES’ Drew Miller, in the New York office.
