This Week’s Houston Deal Sheet
Fidelis has broken ground on The Market at Willis Shopping Center in Willis, north of Houston.
Fidelis purchased the initial 31.6 acres in October of 2019. Shortly after, the firm purchased two adjacent tracts bringing the total to 69.7 acres. The combined land parcels are located at the southeast corner of Interstate 45 and FM 1097.
Construction of the first phase of the H-E-B-anchored shopping center is now underway. Phase 1 is expected to bring over 200K SF of retail, restaurants and service uses to the community. The center is expected to open for business in 2022.
Construction of Phase 2 is expected to begin in the third quarter of 2022. It will bring additional anchors, retailers, services and sit-down restaurants, as well as a three-story garden-style multifamily complex with 250 apartment homes.
PEOPLE
Patrinely Group has appointed five individuals as principals in the company in recognition of their significant contributions to the growth and success of the enterprise.
The five new principals are Executive Vice President Dennis Taro, Executive Vice President David Joiner, Chief Investment Officer Patrick Higgins, Executive Vice President J. Erik Harrison and Chief Financial Officer Todd Haines.
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Rob Darnell joined Weitzman as vice president of research for the firm’s Texas operations. Darnell specializes in offering insight and location intelligence via spatial, demographic and psychographic analyses. As part of his duties, Darnell will direct the activities of a team of professionals who specialize in location intelligence.
SALES
An undisclosed buyer purchased Ten Plaza West, a six-story, Class-B, 105.3K SF office building located at 15915 Katy Freeway. Colliers International’s David L. Carter represented the seller, DIG TPW LLC, in the transaction.
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M/I Homes and Lennar Homes purchased 262 acres of undeveloped land in the Willis-Conroe area north of Houston for the development of single-family homes. The land is part of the 500-acre Moran Ranch mixed-use development, located on the east side of Interstate 45 and FM 1097. Colliers International’s Todd Edmonds represented the buyer, while the seller was MRSS Partners Ltd., a partnership of Satya Inc. and Stolz Partners.
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LCDM Investments LLC purchased 3547 McHard Road, a 10K SF retail property in Pearland. NAI Partners’ Tyler Clements represented the buyer, while CBRE’s Jeffrey Jackson represented the seller, The Buddy’s Run LLC.
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An undisclosed buyer purchased a 30K SF industrial building at International Crossing Business Park. NAI Partners’ Clay Pritchett and Zane Carman represented the seller, TNRG Development.
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An undisclosed buyer purchased Seabrook Plaza, a 12.4K SF retail property at 5735 Bayport Blvd. in Seabrook. Marcus & Millichap’s Riley Sharman had the exclusive listing to market the property on behalf of the seller, a developer.
LEASES
Evosite Inc. leased 12.2K SF at Northwest Point Service Center, located at 7240 Brittmoore Road, Suite 100. Lee & Associates’ Chase Cribbs and Justin Cole represented the tenant, while Stream Realty Advisors’ Boone Smith and Garret Geaccone represented the landlord, DRA Advisors.
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Mandap Creations LLC renewed its lease in 20.2K SF at Sharpstown Industrial Park, located at 5700-5710 Savoy Lane – Building 10, Suites 5702 and 5706. Stream Realty Partners’ Garret Geaccone and William Carpenter represented the landlord, DRA Advisors.
CONSTRUCTION AND DEVELOPMENT
Venterra purchased a 12.78-acre parcel of land in the Cypress area of northwest Houston for the construction of its first ground-up multifamily development project. The Class-A garden-style multifamily community will have 336 units and an 8.6K SF clubhouse that will form the heart of the community.
Amenities will include a pool, an outdoor lounge, a fitness center, a yoga/spin room, package lockers, a business center, coworking spaces, property-wide WiFi, a dog park and covered parking.
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National Property Holdings hosted its grand opening for Republic Business Center at 11333 North Gessner Road. The event was held on Sept. 1. Republic Business Center is a 157-acre, master-planned industrial development situated in Houston's northwest distribution submarket near the intersection of State Highway 249 and the Sam Houston Parkway.
The property features newly constructed traffic signals, private roads, regional detention, off-site water and a wastewater extension. The project is nearing its completion, with tenants Amazon and The Home Depot bringing more than 1,000 new jobs to the area. National Property Holdings is represented by Colliers International’s Robert Alinger.
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The Signorelli Co. broke ground on Chapel Run, the developer’s newest master-planned community in Conroe. The groundbreaking ceremony took place on Aug. 31 and included representatives from The Signorelli Co. development team, along with engineers Elevation Land Solutions and contractors Sterling Site Services and D.L. Elliott Enterprises.
Located off McCaleb Road just south of Highway 105, Chapel Run is a 157-acre new-home community less than a mile from Lake Conroe. The community is planned to encompass more than 600 single-family homes.
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Trammell Crow and joint venture partner Clarion Partners LLC broke ground on Phase 1 of the 130-acre Weiser Business Park in northwest Houston. Located on the site of a former airport at 21904 Northwest Freeway in Cypress, the first phase of the redevelopment will include three speculative Class-A industrial buildings totaling 557.5K SF. Phase 1 is expected to deliver in the second quarter of 2022.
Building 1 at Weiser Business Park is a 75.9K SF rear-load facility with 128 vehicle parking spaces and a 28-foot clear height. Building 2 is a 223.4K SF cross-dock with a 32-foot clear height, 229 parking spaces and trailer parking. Building 3 is a 258.2K SF cross-dock facility with a 32-foot clear height, 260 parking spaces and trailer parking.
Leasing is being handled by Lee & Associates’ Robert McGee and Taylor Schmidt. Construction is expected to commence on a fourth building at Weiser Business Park in early 2022, delivering an additional 520K SF of industrial space in the park.
FINANCING
Lument announced the closing of two proprietary bridge loans totaling $70.1M to facilitate acquisitions for The Lynd Co. The loans financed the acquisitions and renovations of two multifamily communities in Houston, totaling 684 units.
In the first transaction, Lument provided a $32.3M bridge loan for the acquisition of Villas at Valley Ranch, a 312-unit garden-style community in Porter. The second bridge loan, in the amount of $37.8M, facilitated the acquisition of Paramount at Kingwood, a 372-unit multifamily community in Kingwood. Lument’s Marc Suarez led the transactions.
The bridge loans feature low, fixed-interest rates and three-year terms. In addition to financing the acquisitions, the loans provide for approximately $3.6M for renovations at Villas at Valley Ranch and $4.8M for capital improvements to Paramount at Kingwood.
