This Week's Houston Deal Sheet
Cypress Christian School plans to relocate to a larger facility to be built at the Bridgeland master-planned community.
The private school, currently located at 11123 Cypress North Houston Road, is slated to open in 2025 in Prairieland Village in Bridgeland. The 130K SF school will be built on a 40-acre site, and it will house 1,000 students from kindergarten through 12th grade. Studio Red Architects designed the facility.
“Thanks to our remarkable and supportive families, we have outgrown our current campus, presenting us with a unique opportunity to build a larger educational facility in Bridgeland that will allow us a greater impact on the lives of our current and future students,” Head of Cypress Christian School Jeffrey Potts said.
The school originally opened in 1978 and currently has 700 students.
The 11,500-acre Bridgeland master-planned community under development in Cypress has grown rapidly in recent years with additions from Cy-Fair Independent School District schools and residential and commercial components.
SALES
Real estate company Fairstead acquired the Gateway at Lake Jackson, a 160-unit apartment complex at 111 Loganberry St. for an undisclosed price.
Fairstead said it will invest $14M in renovations, and will convert some of the units, currently renting at market rate, to affordable, in an effort to make the complex mixed-income.
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KC Venture Group has sold Ashford Lakes, a 190.7K SF multifamily project at 1200 South Dairy Ashford.
J. Todd Stewart, Chip Nash and Bob Heard of Colliers represented KCVG in the sale of the project to an unnamed Alabama-based commercial real estate firm.
LEASES
Insurance company Riverway Title relocated its corporate office to a 13.7K SF space at Three Riverway.
Jason Whittington of NAI Partners represented the tenant, while Brad Fricks of Stream Realty represented the landlord.
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Norwegian software company Omega 365 signed a 10K SF lease at Two Eldridge in the Energy Corridor.
The office will serve as headquarters for the company’s U.S. division, Omega 365 USA, which was previously at 920 Memorial City Way in Houston. Jon Lee and Claire Douthit of CBRE represented Omega 365; the landlord, Granite Properties, was represented by Granite's Jon Dutton.
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New Orleans-based energy law firm Liskow & Lewis extended its 30K SF lease at 1001 Fannin St. in downtown Houston.
Kevin Kushner and William Padon, both of CBRE, represented the tenant. Chip Colvill, Brad Beasley and Cameron Colvill of Cushman & Wakefield represented landlord JMB Realty.
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Transwestern announced several leases totaling about 12K SF at 1717 Saint James Place in the Galleria area. Evelyn Ward and Paula Musa of Transwestern represented landlord Accesso. Tenants include mortgage brokerage companies AquLending, AquTitle and Prime Gain Realty; Jumana Management; Fairytale Art Photography; Gessner Wealth Strategies; and Proto Enterprises.
CONSTRUCTION AND DEVELOPMENT
Tricon Residential broke ground on Willow Creek Manors, a build-to-rent development in Tomball.
In total, Tricon has 14 developments on the way in Texas, building 1,900 houses in Houston, Dallas, Austin and San Antonio.
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Triten Real Estate Partners plans to break ground in the first quarter of 2022 on Pederson Logistics Center in Katy.
The 350K SF cross-dock warehouse will be on 25 acres on Pederson Road. Jason Dillee and Nathan Wynne of CBRE will handle leasing for the property, while Will Hedges of Triten will oversee development.
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GiGi’s Playhouse Sugar Land, a facility that provides programming for individuals with Down syndrome and their families, opened at 13003 Southwest Freeway. The 10K SF facility was designed by Perkins & Will.
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Houston Habitat for Humanity has secured $33M in financing to build homes at Robins Landing, a northeast Houston master-planned community.
Habitat for Humanity plans to build 100 homes for those earning 80% or below of the average median income in Houston. Robins Landing will include 450 single-family homes in total, 300 of which will be built for those making 120% AMI or less. The master-planned community will break ground this winter.
