This Week's Houston Deal Sheet
A Mexcor International affiliate purchased the former Hewlett Packard Enterprise building.
The 2M SF campus was HPE's Houston campus until it moved to its new headquarters at CityPlace in Springwoods Village. The campus has five office buildings, two manufacturing and distribution buildings, and four others used for maintenance and amenities, along with five parking garages.
Mexcor, a wine and spirits importer, has an affiliate in adjacent properties, which will occupy some of the facility.
“We are excited to continue our investments in Northwest Houston and expand our campus footprint," Mexcor CEO Eduardo Morales said in a release. "This purchase of 66 acres and 2,050,000 square feet — in addition to our acquisition two years ago of the adjacent 28-acre facility with a 250,000-square-foot headquarter office and warehouse space represents our long-term optimism and commitment for our community. The combined 94-acre campus will position MEXCOR for continued growth of our distribution and logistics operations and also diversify into various technology driven ventures."
JLL Capital Markets' Kevin McConn, Rick Goings, Ronnie Deyo, Beau Bellow and Ethan Goldberg led the team representing the seller. Mexcor International was represented by Boyd Commercial's David Munson.
SALES
DLC Management Corp. acquired a 211K SF retail center in The Woodlands.
The property, Wood Ridge Plaza, is on nearly 20 acres and was sold by a real estate fund advised by Crow Holdings Capital. JLL Retail Capital Markets Senior Managing Directors Ryan West and Rusty Tamlyn, as well as analyst Ethan Goldberg, represented the seller. The five-building property was built in 1975 and includes restaurants as well as other retailers.
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Vigavi Realty sold a 133K SF industrial facility at 4116 Pasadena Blvd. in Pasadena.
Junction Commercial Real Estate's Reed Vestal and Lee & Associates' Taylor Schmidt represented the seller. The buyer, who was undisclosed, was represented by Vestal as well as Lawrence Allen & Associates' Larry Kliger.
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New real estate company Scarlet will redevelop a downtown warehouse.
The building, at 1701 Commerce St., was originally designed by J.W. Northrop Jr. for J.L. Jones Warehouse. Scarlet will redevelop it into a mixed-use space, designed by HR Design Dept.
"We are proud to restore this landmark to its original beauty. From boutiques seeking a unique space to make their own, to major brands looking for a landmark storefront or office, 1701 Commerce has something special to offer," Scarlet co-founder Daniel Ron said in a release. "The energy gravitating to downtown Houston is unprecedented and we're thrilled to be contributing to this neighborhood."
CONSTRUCTION AND DEVELOPMENT
Ismaili Center in Houston, the first U.S. center for the Ismaili Muslim community, started construction.
The project, which will be built by McCarthy Building Cos., was announced last year. It will be at 2323 Allen Parkway near Buffalo Bayou, with a 150K SF building and extensive green space.
FINANCING
Marcus & Millichap Capital Corp. arranged $56.2M in financing for Legacy at Cypress, a multifamily property in Cypress.
The 422-unit property is at 11111 Grant Road. Senior Managing Directors Jamie Mullin and Brandon Brown secured financing.
