This Week's Houston Deal Sheet
CBRE has arranged financing for the Hotel Indigo Houston at the Galleria, a 131-key hotel located in Houston's Uptown submarket.
The property at 5160 Hidalgo St. was purchased by Driftwood Capital in July 2021. It was valued at $9.1M in early 2021, though it was not stated at the time how much the new owners of the hotel paid, the Houston Business Journal reported.
Olga Lepow and Mark Owens of CBRE's Capital Markets Debt & Structured Finance team arranged financing for the new sale.
Built in 2001 and renovated in 2009, the Hotel Indigo includes more than 3K SF of meeting space, four meeting rooms, a fitness center and an on-site restaurant.
In a release just after the July sale, Driftwood Capital CEO Carlos J. Rodriguez Sr. cited the property's proximity to the state's largest shopping mall and bustling business district.
“With over 23 million square feet of office space and nearby tenants including General Electric, BBVA Compass and Marathon Oil, the tourism and business sectors concentrated in this area will allow us to realize considerable investment gains while providing a newly branded and modern hotel to the community," Rodriguez said.
PERSONNEL
Houston Land Bank hired Christa Stoneham as CEO. Stoneham was previously ex officio representative for Mayor Sylvester Turner on the HLB board and was a division manager in the Office of Complete Communities.
Houston Land Bank is a local government corporation that redevelops vacant, abandoned or damaged Houston property and creates affordable housing.
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Construction management firm AG|CM promoted Marty Schmitt to president. Schmitt replaces the president and founder, Derwood Anderson, who is now CEO.
Schmitt was previously chief operating officer and East Region vice president. He was hired in 2007. In a previous role in Boston, he worked on Big Dig, a massive civil project that rerouted Interstate 93.
SALES
Rockspring Properties' Chris Hutcheson, James Kadlick, Harrison Kane and Matt Herring announced several sales:
— The four represented the owners in a 2.25-acre sale at Interstate 45 and the Grand Parkway in Spring to Eastgroup Properties, which will use it for an industrial development.
— They represented the owners of 2.5 acres on the north side of Bissonet in a sale to a fuel station developer for a convenience station and gas station. Sunoco Retail will be the fuel supplier.
— They represented the owners of a 35-acre tract in Missouri City in a sale to Dinerstein Cos., which will build a 162-unit single-family build-to-rent development.
— They represented the seller of 68 acres at U.S. 290 and Kermier Road to Grand Logistics PropCo, which will build an industrial development.
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Partners Capital acquired Silverlake Business Park in Pearland. The 90K SF, five-building office and warehouse property is at 2837 Miller Ranch Road. It is the third acquisition for Partners Capital's Fund IV. WC Properties sold the property and represented itself.
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An unnamed Houston-based investor acquired 1.6K acres in Montgomery County. Work on the site, bordered by FM 1486, will begin in late 2022.
The unnamed development is situated between College Station and Houston. NewQuest Properties' Rob Whitaker and Joe Burke represented the buyer, the Eugene Campbell Family Partnership, in the deal.
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A Dallas investment fund purchased a 97K SF flex building in Webster. The nearly 7-acre property is at 17146 Feathercraft Lane. Colliers' Judd Harrison and Pat Duffy represented the seller, Tiberius Nero. Newman Kelly Commercial Real Estate's Jared Pinto represented the buyer.
Dallas-based Civitas Capital Group acquired Park at Tour 18, a 241-unit multifamily complex in Humble. Park at Tour 18 was designed by Mucasey & Associates and built by Blazer.
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Grapevine, Texas-based 2GRE Equity and RVP Capital purchased Forest Retreat RV Park in New Caney in a joint venture. The 27.3-acre property will expand an additional 49 spaces by the end of the year.
LEASES
Stream Realty Partners announced several new leases:
— Sigma Supply renewed its 41K SF lease at Reed's Landing Business Park at 2020 Greens Road. Stream Realty's Jeremy Lumbreras represented the landlord, Link Industrial.
— Garylynn leased 10K SF at Astro Business Park at 8901 Knight Road. Stream Realty's William Carpenter and Boone Smith represented the landlord, ATCAP Partners.
CONSTRUCTION AND DEVELOPMENT
Christopher Todd Communities and Taylor Home Corp. will open a build-to-rent development in Cypress.
The 240-house development will be on 19 acres and will include one-, two- and three-bedroom smart houses ranging between 750 to 1,250 SF.
Riverway Properties CEO John Santasiero brokered the deal. The two companies are planning more developments in Arizona, North Carolina and Florida.
