This Week's Houston Deal Sheet
CityCentre will add more than 147K SF of office, retail and hotel space amid what developer Midway said was surging demand.
CityCentre Seven will include 120K SF of Class-A offices and 27K SF of retail and restaurants, as well as the second Houston AC Hotel by Marriott, joining AC Hotels by Marriott Houston Downtown. The new project calls for a six-floor office building with ground-level retail.
“The CITYCENTRE area comprises a very dynamic and unique mix of office, retail, hotel, and residential offerings. The overall densification of CITYCENTRE is a testament to the fact that our city continues to grow, and people want to live, work in, and visit this area,” Midway Vice President Chris Seckinger said in a release.
“Midway’s commitment to this project speaks to our confidence in the Houston market and CITYCENTRE, and we feel certain this project will be a welcomed addition to our prestigious area.”
PEOPLE
Cushman & Wakefield hired David Endelman as executive managing director for tenant representation in Houston. Endelman previously worked at Savills.
SALES
Investors have purchased two properties in suburban Houston. A 77K SF industrial park in Webster was sold to an out-of-area investor, and the seller was represented by Newman Kelly's Logan Kelly. A separate investor purchased an 18K SF office park in Cypress, with the seller also represented by Kelly.
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PPCG Bellefontaine Realty sold an 11K SF apartment complex at 2232 Bellefontaine St. NAI Partners' Douglas Moore represented the seller, while Realm Real Estate Professionals' Purva Shah represented the buyer, 2232 Bellefontaine Realty.
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SparrowHawk Nest purchased property at both 1414 West Clay St. and 1217 Rosine St. The buyer was represented by Daniel R. Egger of Provista, while the seller, 1414 W. Clay Ltd., was represented by Katherine Wildman of Wulfe & Co.
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Fort Capital purchased Hercules Business Center in Southeast Houston. The seven-building, Class-B property is 145K SF and has 29 tenants.
LEASES
Northern Tool + Equipment leased 31K SF at Woodforest Shopping Center at 11045 East Freeway.
Baker Katz's Clay Mote and Jason Baker represented Northern Tool. Henry S. Miller Brokerage President Shawn Ackerman and Assistant Vice President Jason Du represented the landlord.
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LaCenterra at Cinco Ranch announced five new tenants. Mediterranean restaurant Cava will open this month; wine bar Postino will open in April; pet retailer Pucci Café will open in April; fitness retailer Pure Barre will open in May; and fried chicken restaurant Crack Shack will open late this summer.
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Star Cinema Grill will lease the 12K SF historic River Oaks Theater in the River Oaks Shopping Center at 2009 West Gray St.
The landlord was represented by Ali Webre of Kimco Realty. The tenant was represented by Kristen Barker of Wulfe & Co.
FINANCING
Greystone provided a $49M loan insured by the Department of Housing and Urban Development to The Life at Westpark, an affordable housing facility in Houston.
The 312-unit building was originally set to have its affordability expire in 2025 but will now be financed for 75 years after the deal closes. The Houston Housing Authority and Olive Tree are partners in owning the property. They will spend $25K per unit on renovations, with changes that will include Fair Housing Act retrofits, new plumbing, and replacing hot water heaters and HVAC condensers.
