This Week's Houston Deal Sheet
Several Houston executives have been elected to the Texas Business Hall of Fame, including several big names in commercial real estate.
Among other Texan executives, Houston-based John Arnold, founder of Centaurus Capital and Arnold Ventures; Ric Campo, CEO of Camden Property Trust; Jeffery Hildebrand, executive chairman and founder of Hilcorp Energy Co., Harvest Midstream Co. and JDH Capital; and Paul W. Hobby, founding partner of Genesis Park and GP Capital, have all been inducted this year.
“Inductees are recognized as trailblazers in business and exemplary leaders who have made significant contributions in their local communities and beyond, through both philanthropic and civic engagement," TBHF Chair Amanda Brock said in a release, adding inductees were nominated by the general public, selected by peers, then determined by a majority vote of Hall of Fame members.
“The selection process, combined with the organization’s emphasis on both economic and social impact makes this one of the most prestigious business honors in the state,” 2019 TBHF inductee and 2022 master of ceremonies Richard Fisher said.
Other 2022 inductees included Dallas-based Thomas O. Hicks, founder and partner of Hicks Holdings, and Austin-based Whitney Wolfe Herd, founder and CEO of Bumble.
Forty scholars and veterans will also receive $15K to highlight entrepreneurs and innovators, TBHF said.
SALES
Houston-based Nitya Capital acquired 11 multifamily properties across the U.S. worth nearly $500M.
The properties in Dallas, Las Vegas, Indianapolis, Nashville, Tennessee, and Los Angeles combine to constitute the largest acquisition yet for the company. The deal includes about 3,000 multifamily units. The properties are Avenue 965 and The Marq at 1600 in Las Vegas; Brickyard Flats, South & Madison and The Legend at Speedway in Indianapolis; Blue Note and Music City Flats in Nashville; Monticello Crossroads in Fort Worth; The Preserve at Turtle Creek and Redgate in Arlington; and Silverlake Towers in Los Angeles.
LEASES
Stream Realty Partners announced two leases:
— JGB Enterprises leased 57K SF at Bay Area Business Park at 10619 Red Bluff Road. Landlord Principal Financial Group was represented by Stream Realty's Tyler Maner and Woody Hillyer.
— Unicorn Tire Corp. leased 58.8K SF at Waypoint Business Park at 9333 South Sam Houston Parkway W. Landlord Clarion Partners and 4M Investments were represented by Stream Realty's Matteson Hamilton and Woody Hillyer.
CONSTRUCTION AND DEVELOPMENT
The Westcott, a new high-rise multifamily development, opened at 929 Westcott St.
Greystar owns and developed the property, advised by JPMorgan Global Alternative. The property includes 315 units and overlooks Memorial Park. Rent starts at $2,250.
FINANCING
Marcus & Millichap Capital Corp. arranged $5.37M in financing for several properties in Houston, New Haven and Hamden, Connecticut, and Andrews, South Carolina.
The Houston property is a 7-Eleven, which received five-year acquisition financing. The Connecticut portfolio includes 12 multifamily properties on a five-year term. Advance Auto Parts in South Carolina received acquisition financing on a 10-year term. Robert Noeldechen, a Marcus & Millichap Capital Corp. vice president in New Haven, arranged all the financing.
THIS AND THAT
Griffin Partners earned a WELL Health-Safety Rating for 1.7M SF of properties across 15 buildings.
The rating acknowledges property owners and operators who are implementing health and safety measures amid the coronavirus. Griffin Partners was third-party reviewed on operational policies, maintenance and emergency plans, as well as stakeholder engagement.
The designation covers 72% of Griffin Partners' office and mixed-use properties, though the company said in a release it wants the rest of its portfolio to receive the designation too.
