This Week's Houston Deal Sheet

Construction has begun on the second phase of mixed-use project Lower Heights at Interstate 10 and Studemont and Sawyer streets.

Gulf Coast Commercial Group is expected to open a 25K SF, two-story retail and office building for summer 2022 as well as a 6K SF single-story building for spring 2022 completion. The latter building is leased to Veterinary Emergency Group, the Houston location for a Valhalla, New York-based veterinary clinic. Radkey Jolink of CBRE represented the tenant.

1440 Studemont, a 35K SF retail and office building, opened last year. It contains Milano Nail Spa The Heights and coworking office SheSpace. That building will also see EyeHub Optometry in 1,600 SF, as well as Golftec in 3K SF and World of Sourdough in 1,700 SF, all this year. Chris Boyd of Xite Realty represented EyeHub Optometry, Stephen Tou of The Retail Connection represented Golftec and Kyle Knight of Weitzman represented World of Sourdough.

"It’s been incredibly rewarding to bring this downtown adjacent project to fruition and provide a range of everyday services and offerings to a rapidly growing corridor. We’re also thrilled that the location and mix has served some of our tenants so well that they are already expanding," Gulf Coast Commercial Group President Tom Lile said in a release. 

PEOPLE

Mat Volz and Tod Eason have been hired as managing principal and managing director, respectively, at Pagewood.

Volz was previously vice president at Stream Realty Partners, while Eason has been a managing director or principal at several companies, including Eason Wealth Management, which he founded.

SALES

Westmount Realty Capital acquired Station at Mason Creek, a Katy apartment building at 21500 Park Row.

The 291-unit multifamily building will be rebranded as Westmount at Mason Creek. It was built in 2001, and planned renovations include changes to the clubhouse and an expanded fitness center, as well as pool upgrades and a new package locker.

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Hillwood Investment Properties bought just over 66 acres at 5805 South Sam Houston Parkway E. Clay Pritchett and Zane Carman of NAI Partners represented the seller, 14800 Jersey Shore Drive LLC.

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Triten Real Estate Partners acquired 1515 Witte Road, a 34K SF and 5-acre office and industrial property in a sale-leaseback transaction. Allpoints Group sold it, represented by NAI Partners' Cary Latham and Wyatt Huff. Huff and Latham also represented the buyer.

LEASES

Stream Realty Partners announced several leases:

• Winsupply leased 54K SF at Gateway Southwest Industrial Park at 12121 McLain Road. Tyler Maner and Heath Donica with Stream represented the tenant.
• Prime Wire & Cable leased 15K SF at Claymoore Park I at 10875 Kempwood Drive. Boone Smith and Garret Geaccone with Stream represented landlord DRA Advisors.
• Harris County leased 11K SF at Astro Business Park at 8915 Knight Road. Smith and William Carpenter represented landlord ATCAP.
• Crawford Electric Supply Co. leased 50K SF at Northwest Crossing at 7701 West Little York Road. Smith and Geaccone represented landlord DRA Advisors.
• Harris County Improvement District No. 1 expanded its lease by 15K SF at Post Oak Business Center at 5805 Westview Drive. Smith and Geaccone represented landlord DRA Advisors.
• Harris County Facilities and Property Maintenance leased 42K SF at Northwest Industrial Park at 5730 Campbell Road. Geaccone and Smith represented landlord Sealy and Co.
• SCL Cold Chain leased 13K SF at Prologis Greens Parkway 3 at 845 Greens Parkway. Jeremy Lumbreras and Carpenter represented landlord Prologis.

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Twin Eagle Holdings N.A. signed a 10.8K SF lease at City Place 1 at 1700 City Plaza Drive in Spring. Twin Eagle Resource Management will be the occupier at the building. It was represented by Rich Pancioli at CBRE. 

CONSTRUCTION AND DEVELOPMENT 

Hunington Properties will build The Vic on Park Row, a two-building, 363-unit multifamily property in the Energy Corridor. 3650 REIT provided a loan for the $60.5M project.

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Houston developer Hicks Ventures and Washington, D.C., real estate company Artemis Real Estate Partners signed a $100M joint venture to develop inpatient rehabilitation facilities as well as behavioral health hospitals nationwide.

Last year, Hicks Ventures sold three hospitals it had developed in Texas, Kentucky and North Dakota. The company will break ground in Wisconsin on a 53K SF medical facility in March.

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D'Agostino Cos. broke ground on The Reserve at Cypress, a 300-unit multifamily development at 20130 Schiel Road in Cypress.

It is expected to be completed in the first quarter of 2023. JLL's Chris Bergmann Jr. represented D'Agostino Cos. for the land, which was purchased in June 2021.

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Common Desk opened a 20K SF coworking space at 2500 CityWest.

The Westchase location for the Dallas-based company will have green space, garage parking, a training room and access to building amenities like a fitness center and food options, all unique to that location.

FINANCING

Ariel Property Advisors arranged $21.7M in financing for acquiring 34K SF of five emergency room buildings around Houston.

Financing was arranged by Eli Weisblum, director of capital services at Ariel Property Advisors, and Paul McCormick, senior vice president of investment sales and capital services at Ariel Property Advisors.