This Week's Houston Deal Sheet
Gulf Coast Commercial Group has purchased Baybrook Passage Shopping Center in Webster.
The 189K SF retail development at 19425 Gulf Freeway was sold by Passage Realty for an undisclosed price. The development is 80% leased, with big-box retailers like Best Buy and Staples as well as restaurants, including Mia's Table, Torchy's Tacos and Pei Wei Asian Kitchen.
CBRE represented Passage Realty. Gulf Coast Commercial Group Vice President of Leasing Danny Miller will head leasing of the center.
“We see tremendous value in the current asset through leasing of available space and improving the overall tenant mix," Gulf Coast Commercial Group Chief Operating Officer Gerald Crump said in a release.
"We believe the timing could not be better by capitalizing on the roadway improvements that have taken place recently with the I-45 main lanes and Bay Area Blvd. now at grade with the neighboring shopping centers. We were also very enthusiastic to the tenant interest during our due diligence leading up to the acquisition.”
The new owner plans on some upgrades, including paint and new architectural elements.
PEOPLE
Jamie Bryant has been appointed Houston District Council Chair of the Urban Land Institute.
Bryant is president and chief operating officer at Midway; he starts July 1. The previous Houston district chair was Cortney Cole, senior managing director at JLL Capital Markets.
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Jeffrey Kok has been appointed chief operating officer at Aerwave, a wireless network platform for multifamily developments.
Kok was previously chief innovation officer and chief transformation officer at developer Mill Creek Residential.
SALES
NewQuest Properties announced several sales:
- GRA 529 acquired 3.26 acres at FM 529 and Hillsdale Creek Drive. NewQuest's Brad LyBrand and Glenn Dickerson represented the seller, HSC FM 529.
- Premier Wash acquired 1.14 acres at FM 529 and Hillsdale Creek Drive. LyBrand and Dickerson represented the seller, HSC 529; Texas CRES' William Douglass Larson and Chris Joyce represented the buyer.
- CAF Real Estate-Baytown acquired a 1.73-acre pad site in Chambers Town Center in Baytown. NewQuest's Bob Conwell and Austen Baldridge represented the seller; NewQuest's Shireen Owlia and Jeff Hayes represented the buyer.
LEASES
Architecture, engineering and consulting service firm RS&H will relocate its office to Greenway Plaza.
The firm signed a long-term lease for 9.8K SF at Phoenix Tower, driven by the location, according to the company. Newmark Director Sara Fredericks and Managing Director Kristian Nielsen represented RS&H; Parkway Director of Leasing Amanda Nebel represented landlord Parkway.
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Strike Construction leased 43K SF at Wildwood Corporate Centre I, at 460 Wildwood Forest Drive in Spring.
NAI Partners' Jon Silberman and Pierce Beyer represented Strike Construction. The landlord was represented by CBRE's Steve Rocher and Jason Presley.
CONSTRUCTION AND DEVELOPMENT
Robins Landing will celebrate its groundbreaking Feb. 28.
The 127-acre, 450-unit single-family housing development in northeast Houston will have 100 houses built by Houston Habitat for Humanity. Those houses will be slated for families earning 80% or less than the Houston average median income and sold by the Habitat for Humanity Homeownership program.
THIS AND THAT
Urban Land Institute Houston announced winners in its 15th Annual Development of Distinction Awards. The awards are given to developments and public spaces for design, construction, economic viability, healthy places, marketing and management.
The winners are:
For-Profit - Large Scale: M-K-T
Not-For-Profit: SERJobs
For-Profit - Small Scale: La Colombe d'Or
Open Space: Houston Botanic Gardens
Impact: East End Maker Hub
People's Choice: 3201 Allen
