This Week's Houston Deal Sheet
CDC Houston is launching a multiphased residential development at City Place to provide homes for the area's growing population, spurred by the neighboring Hewlett Packard Enterprise campus.
The project is a joint venture with Arizona-based DMB Development. Phase 1 is a 400-acre, 520-single-family home community. Homebuilders and product types will be announced later this year.
“Best known for its high-quality office environment, upscale multifamily offerings, eclectic restaurant options and beautiful natural setting, complete with miles of trails, nature preserve and activated Plaza, the next step for City Place is to define our space in the area’s single family residential landscape,” CDC Houston Executive Vice President Warren W. Wilson said in a release.
“This JV endeavor is the result of extensive planning process to imagine what we anticipate will become one of the most talked about places to live in Greater Houston — focused on thoughtful design, pedestrian mobility, environmental protections and one-of-a-kind amenities.”
SALES
A Camden Securities Co. affiliate sold a 60K SF grocery-anchored retail center to Brixmor Property Group.
The center, West U Marketplace, is between 4004 Bellaire Blvd. and 4060 Bellaire Blvd. and is anchored by a Whole Foods. JLL Retail Capital Markets' senior managing directors Chris Gerard and Ryan West represented the seller, along with analyst Katherine Miller.
“Retail in the Texas markets is extremely strong. Iconic assets — like this Whole Foods-anchored center in the heart of West University — infrequently change ownership, but the growth of the Houston economy and, in turn, retail fundamentals, continue to drive significant transactions like this one," West said in a release.
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Houston-based Constellation Real Estate Partners and Dallas-based Crow Holdings Capital acquired 52 acres in El Paso, Texas.
The companies will build a nearly 800K SF industrial project, Constellation Trade Center. It is expected to be completed in the second quarter of 2023. It was designed by PSRBB Industrial Group and Langan Engineering; it will consist of three buildings. CBRE's Bill Caparis and Christian Perez Giese in El Paso represented Constellation Real Estate Partners and will lease the development.
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Southern Breeze sold a 150-unit multifamily complex, Windwater at Windmill Lakes, to The Bascom Group.
The Hobby-area property was built at 9757 Windwater Drive in 1999.
Cushman & Wakefield's Jon Carr and Ben Fuller represented the seller; Cushman & Wakefield's Equity, Debt & Structured Finance team arranged financing for the buyer.
CONSTRUCTION AND DEVELOPMENT
StreetLights Residential will develop The Langley, a 134-unit multifamily complex at 1717 Bissonnet St.
StreetLights Residential is partnering with El Paso, Texas-based Hunt Cos. on the project. The Langley will have two- and three-bedroom units, built at an average of a little less than 3K SF. It's expected to be completed in 2025.
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Pagewood and its partner, Wile Interests, have announced The QUAD, a 40K SF, four-building complex in West Houston's Urban Core. The QUAD will transform an industrial park into an office-loft workspace community. The first building of the adaptive reuse project will be available for occupancy in August 2022. The design team includes Austin-based Mark Odom Studio and Interior Architects of Houston.
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The Avera Cos. will break ground on CPDC IV, a more than 120K SF front-load building situated on 8.17 acres in North Houston.
CPDC IV will have a front-load configuration with a 32-foot clear height, 195-foot truck court, dock high doors, ESFR sprinkler system and TPO roof system. It will be Avera’s fourth industrial building at Century Plaza Distribution Center and is expected to deliver in the second quarter of 2023.
