This Week's Houston Deal Sheet
Tratt Properties sold a 1.5M SF distribution center leased to Academy Sports + Outdoors for $190M.
Seoul, South Korea-based Mirae Asset Global Investments bought the property, part of Academy Sports' Katy headquarters at 1800 North Mason Road. The property includes about 1.25M SF of industrial warehouses, 250K SF of flex offices and 800K SF of mezzanine space on about 93 acres.
“Overseas capital continues to seek out opportunity and attractive returns in non-coastal U.S. markets,” Newmark Head of International Capital Markets Group Alex Foshay said in a release. “With demographic and population shifts being a key indicator, Sunbelt markets — like Houston and Texas, overall — continue to grow in market share of foreign direct investment.”
Foshay, Newmark Net Lease Capital Markets Executive Managing Directors Ken Hedrick, Jerry Hopkins and Andrew Ragsdale, and Managing Director Kristian Nielsen represented the seller. Vice Chairmen and co-Heads Dustin Stolly and Jordan Roeschlaub, as well as Senior Managing Director Nick Scribani, all of Newmark’s Debt and Structured Finance group, facilitated financing for the buyer.
SALES
USAA Real Estate sold a 158K SF Class-A office building to Fuller Realty Partners and ICP Funds. JLL Capital Partners marketed the building, Park Ten Plaza, and secured a loan from East West Bank. The property is at 15115 Park Row in the Energy Corridor.
JLL Capital Markets Senior Director Rick Goings, Managing Directors Kevin McConn and Marty Hogan, and analyst Jack Moody represented the seller. JLL Debt Advisory Managing Director Cameron Cureton and Senior Managing Director Wally Reid represented the borrower.
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ARC sold a 19-building, 197K SF industrial portfolio. The properties — 6739, 6723, 6807, 6815 and 6823 Theall Road, as well as 12703 and 12634 Haynes Road — were built by ARC. They were purchased by a North Texas industrial investment fund. Newman Kelly Commercial Real Estate's Jared Pinto represented the seller and brought the buyer to the transaction.
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The estate of Polixeni Dimakos purchased a 9,700 SF retail and industrial property at 15175 Bellaire Blvd. The buyer is an unnamed local investor. Newman Kelly Commercial Real Estate's Jared Pinto represented the seller and brought the buyer to the transaction.
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Tank Head Distributors purchased 12K SF at 8325 West Monroe Road. The seller, Incline Development, was represented by Tyler Maner.
LEASES
Texas Medical Technology leased 155K SF at Sugar Land Interchange DC at 1111 Gillingham Lane. Landlord Mapletree was represented by Stream Realty Partners' Jeremy Lumbreras and Boone Smith.
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ECMM Services leased 68K SF at Legacy Center at 8845 Fallbrook Drive. Landlord Prologis was represented by Stream Realty's William Carpenter and Jeremy Lumbreras.
CONSTRUCTION AND DEVELOPMENT
Barvin will develop Stella & Braes, a mixed-use development at Stella Link Road and South Braeswood Boulevard.
The development's first phase will include a 310-unit Class-A multifamily property scheduled to start construction this fall with an estimated completion in summer 2024. Phase 2 will include 25K SF of standalone restaurant and retail space, while Phase 3, to begin in spring 2024, will bring an additional 350 multifamily units.
GFF is the architect; Brownstone is the general contractor. Barvin intends the development to be what it calls a living room for the Braes Heights neighborhood.
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Gulf Coast Commercial Group will build a 60-acre mixed-use development, Magnolia Village, in Magnolia, Texas.
The development at FM 1488 and Spur 149 will include three 10K SF retail buildings in its first phase, as well as 12 single-tenant pad buildings and 300 multifamily units. Trammel Crow Residential will develop the multifamily portion. Identity Architects is the designer.
THIS AND THAT
Cushman & Wakefield will market a new development called Fairbanks Northwest Distribution Center. The Northwest Houston development is owned by Triten Real Estate Partners. Cushman & Wakefield's Jim Foreman and Allison Bergman represent Triten.
