This Week's Houston Deal Sheet
The Community Collective for Houston, a new nonprofit led in part by acclaimed chef Chris Williams, will replace The Power Center, a community center in Southwest Houston.
The center currently serves as a mixed-use building for office and retail tenants, anchored by JPMorgan Chase and The Imani School, a private Christian institution. Chris Williams purchased the building with a group of other owners: Imani School founding head Patricia Hogan Williams, George E. Johnson Properties principal broker Courtney Johnson Rose, Yes Prep Director of Marketing Teeba Rose and The Highway Distillery co-founder Ben Williams.
The nonprofit plans to add an urban garden for Imani School students, services like coaching and networking for businesses, and will renovate the building to heighten its environmental standards, with solar panels and EV charging stations.
"There are so many large companies that have exited certain communities, leaving dilapidated big box buildings behind. The Power Center is an example of what could be done in these big boxes — provide services to the community. We hope our venue can be a model for others," Johnson Rose said in a release. "The Community Collective will provide more than just office space for our tenants, we will provide training and programming to help their businesses grow."
PEOPLE
Real estate investment firm SparrowHawk hired Margaret Fitzgerald as its first chief financial officer. Fitzgerald was previously vice president of investment accounting for Hines Europe.
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Stream Realty Partners hired Matthew Seliger as vice president of office leasing. Seliger was previously a vice president at Transwestern for more than eight years.
SALES
Three Pillars Capital Group sold three Houston multifamily properties.
The 96-unit Pine Lake Village sold for $12.1M, the 196-unit Green Tree Place Apartments sold for $22.6M and the 168-unit Ridge Point Apartments sold for $21.3M.
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Method Architecture acquired Austin-based GSC Architects.
The acquisition brings Method to 70 employees. Method stated in a release that the deal with reinforce and expand its Austin and San Antonio presence.
"Our team admires Method’s work and its leadership. We are proud to join forces," GSC principal and CEO Tom Cornelius said in a release. "Our culture, experience, and focus on sustainability align perfectly and will strengthen Method’s existing presence in Central Texas."
LEASES
Ross Dress for Less leased 22K SF at Fort Bend Town Center II.
NewQuest Properties' Andrew Alvis and Bob Conwell represented the landlord, which is also NewQuest. Shop Co.'s Matt Reed represented Ross Dress for Less.
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Accesso signed two leases at Ashford 6 in the Energy Corridor.
Houston Research Institute signed 10K SF at the office complex, while Houston Medical Imaging signed 8.8K SF, each for 126 months.
CONSTRUCTION AND DEVELOPMENT
Element Critical completed its Houston One data center expansion.
The expansion adds 20K SF, encompassing two colocation halls. Element Critical bought the property last year, and it has sold out four data halls since.
FINANCING
JLL Capital Markets arranged $372.6M in financing for a 10-property multifamily portfolio in Arizona and Texas.
The portfolio, which includes Bar Harbor in Seabrook, outside of Houston, had JLL Capital Markets Debt Advisory Team Senior Managing Director Brad Miner and analyst Elle Miraglia representing the borrower, Wealhouse Capital.
