This Week's Houston Deal Sheet

TGS Cedar Port Partners will deliver two spec warehouse buildings at TGS Cedar Port Industrial Park in 2022 as part of what it bills as the largest master-planned rail-and-barge-served industrial park in the country.

TGS Cedar Port DC 2 will be 496K SF and TGS Cedar Port DC 3 will be 150K SF. Powers Brown Architecture is the architect, while E.E. Reed Construction is the general contractor. John Simons, Gray Gilbert and Chris Haro with NAI Partners are handling leasing.

“2021 has been another historical year of activity at TGS Cedar Port Industrial Park, from breaking ground on Houston’s largest spec industrial building a little over two months ago, to announcing Houston’s most versatile spec industrial products currently on the market, to starting and completing over 9M SF of industrial warehouses,” TGS Cedar Park Partners President James Scott said in a statement. 

With the two latest buildings, Scott said Cedar Park would deliver three spec industrial buildings totaling more than 1.85M SF in 2022.

"With their versatility and expansion options, we feel confident we will be able to accommodate the foreseen industrial warehouse requirements,” he added.

SALES

Better World Holdings and Crown Capital Ventures jointly acquired Skylar Pointe Apartments at 110 El Camino Village Drive in Clear Lake. The partnership purchased the 449-unit, 423K SF multifamily development for $49.1M. They plan on modernizing the development with both interior and exterior upgrades totaling $4.6M.

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Houston-based 5Rivers CRE bought a Jackson, Mississippi-area 263K SF power center for $37M. JLL represented Trademark Property Co., the seller. 

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Fidelis purchased Richmond shopping center Shops at Bella Terra. Shops of Bella Terra Owner LP and Bella Terra TRS Owner LLC sold the property, listed by JLL. The 300K SF property is anchored by Walmart and Kohl’s. It’s the sixth property Fidelis purchased this year and its second Houston-area property.

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Floor and Decor Outlets of America purchased 13.23 acres at 25510 State Highway 249 in Tomball to build an 80K SF store. The flooring retailer bought it from Graceview Baptist Church. A. David Schwarz III and Carlos Bujosa of Transwestern represented the seller; Joan Collum of Collum Commercial represented the buyer. There will also be three pad sites for other tenants on the site.

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Multifamily development Folio West at 2525 City West Blvd. in Westchase was sold to Middle Street Partners. The apartment building was developed by both Patrinely Group and USAA Real Estate in 2017, and it includes 266 units. Dustin Selzer, Matt Kafka and Jett Lucia of JLL listed the property.

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A 199K SF Class-B office complex Kingwood Place was sold to an unknown buyer in a transaction brokered by Micha van Marcke and Vonn Tran of Edge Capital Markets. The Kingwood office complex sits on over 13 acres at 600 Rockmead Drive to 900 Rockmead Drive. 

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Black Flag Properties bought 12.86 acres at 16245 N. Highway 75 in Willis, in Montgomery County. Shaffer Braun of NAI Partners represented the seller; Joe Moody represented Black Flag Properties.

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Orioli Realty sold a retail shopping center at 24910 Kuykendahl Road in Tomball. The 12K SF multi-tenant retail building was sold to an undisclosed buyer. Matt Knagg of SVN-J.Beard Real Estate represented Orioli Realty.

LEASES

Unify Energy Solutions leased nearly 40K SF at Lockwood Business Park in Generation Park, near Lake Houston. The commercial energy company will employ 100 workers at the space and will move in March 2022. The tenant was represented by Grant Wisenbaker and Travis Smith of Caldwell Companies, while landlord McCord Development was represented internally by John Flournoy. 

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BEC Engineers & Consultants renewed and expanded its 13K SF lease at 3200 Wilcrest. Trey Martin of NAI Partners represented the tenant. 

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WCA Waste Corp. subleased a 20K SF office space at 1330 Post Oak Blvd. Dan Boyles and Michael Mannella of NAI Partners represented WCA Waste. Immunicom, the sublessor, was represented by Lee & Associates’ Travis Taylor.

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Christus Health signed on for a 21K SF office space at Brookhollow Central in northwest Houston. It will be the new administrative office for the Catholic health care nonprofit, relocated from 2707 N. Loop Freeway. John Amini of CBRE represented Christus. Landlord Hertz investment Group was represented by Brian Strait of Lincoln Properties. 

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Law firm Beck Redden LLP renewed its 48K SF lease at LyondellBasel Tower at 1221 McKinney St. downtown. The firm has over 100 employees and has been at the tower since 1992.

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Transwestern completed a slew of industrial lease transactions, including:

• ADBA Group signed a 147K SF lease at Southwest Commerce Center at 611 S. Cravens. Brian Gammill, Darryl Noon and Jude Filippone represented the landlord; Will Austin of Bridge Commercial Real Estate represented ADBA. 

• Interceramic signed a 70K SF lease at Prologis Park at 10333 Papalote. Gammill and Noon represented the landlord; Steve Berger and Susan Haysom of CBRE represented Interceramic.

• Fleetpride renewed an 18K SF lease at America Plaza at 14900 Hempstead Highway. Gammill and Noon represented the landlord. Beau Kaleel of Cushman & Wakefield represented Fleetpride.

• GS Operating LLC signed a 16K SF lease at Beltway Northwest at 4300 North Sam Houston Parkway. Gammill and Noon represented the landlord, and Joseph Smith of CBRE represented GS Operating.

• Naturesort renewed its 16K SF lease at Prologis Park. Gammill and Noon represented the landlord.

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Reach Cooling subleased 27.5K SF at Turning Basin Industrial Park at 2005 Turning Basin Drive. Zack Taylor and Trey Horne of Colliers represented John Manville Co., which leased the space. Mark Nicholas of JLL represented Reach Cooling.

CONSTRUCTION AND DEVELOPMENT

NHH Savory, an affordable housing development, broke ground on Oct. 29. New Hope Housing, which owns 10 other Houston properties, is building the development at 6315 Savoy Drive. It will have 120 units, with 13 for domestic violence victims. 

Monthly rents, depending on income, will range from $400 to $1.4K. Residents are required to have American citizenship and have “essential jobs," New Hope Housing said, such as police officers or teachers’ aides, or be elderly adults with fixed incomes.

GSMA Inc. designed the development; the contractor is Camden Builders Inc. Total development costs are an estimated $34M. It will open in summer 2023.

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Brookfield Properties will renovate The Shops at Houston Center and will rename it The Highlight. The 196K SF retail development at 1200 McKinney St. downtown will have its renovations designed by Gensler. Construction by Harvey Builders will start by the end of the year.

THIS AND THAT

Crestline Hotels & Resorts will manage Hilton Garden Inn Houston Energy Corridor and Hilton Garden Inn Houston/Galleria Area. The hotels are 190-key and 182-key, respectively. With these deals, Crestline manages 10 properties in Texas. 

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Granite Properties opened a 21K SF office space, Ready Collective at Two Eldridge, at 757 North Eldridge Parkway. Ready Collective offers both coworking and traditional Class-A office. It was designed by Ziegler Cooper, with eight private offices for 10 to 20 workers each. Offices can be leased monthly to yearly and can be move-in ready.