This Week's Houston Deal Sheet
Boxer Property's Workstyle Flexible Spaces will expand its presence at 340 North Sam Houston Parkway.
The company will add 15K SF to the flexible office space, which in this instance is a property that includes both coworking and private office space, including conference rooms, lounge space and huddle rooms. The property is near Bush Intercontinental Airport.
"Shared office space has not only gained momentum because of its cost-effectiveness, but also the increase in employee productivity," Boxer Director of Workstyle Marc el-Khouri said in a release.
PEOPLE
Partners Real Estate Co. hired Jennifer Clendening as senior vice president of investor services.
Clendening, a former managing director for asset services business development at CBRE, was hired to cross-sell investing services for NAI Partners. including property management, project leasing, facilities management, construction management, investment sales, and valuation and appraisal services.
Michael Cortez has joined BakerHostetler's Business Practice Group and will be part of the firm's real estate team. He previously worked at Andrews Myers, where he served as construction transactional law practice leader. He has more than two decades of experience, which includes working on energy procurement and construction projects, design and construction contracts, project risk management matters, and lien and bond claims.
SALES
Accesso Partners sold 1717 St. James Place, an office building in the Galleria area, to Silver Creek Realty Advisors.
The building is currently a little over 70% leased and is six stories and 110K SF. JLL Capital Markets managing directors Marty Hogan and Kevin McConn represented the seller.
One Park 10 Plaza, a 163K SF office tower in the Energy Corridor, was sold by Accesso Partners to Interra Capital Group.
The office building at 16225 Park Ten Place is currently 76% leased. JLL Capital Markets managing directors Marty Hogan and Kevin McConn represented the seller.
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Brittmoore Properties sold a 26K SF warehouse at 6927 Brittmoore Road.
It was represented by NAI Partners' Zane Carman and Clay Pritchett; the unnamed buyer was represented by Finial Group's Jack Gaffney.
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Arizona-based Quick N Clean Express Car Wash purchased three new locations: 1.5 acres at Fairmont Parkway and Panama Street in Pasadena; 4.4 acres at FM 1488 and Katy Lee Lane; and 0.94 acres at 13838 Westheimer Road. Additionally, it will start construction soon on its 16746 FM 529 property.
Chatham Lodging Trust sold four hotels, including two Houston properties: the 100-room Courtyard by Marriott Houston West University and the 120-room Residence Inn by Marriott Houston West University.
The total properties were sold for about $80M.
LEASES
Shop Cos. will manage the retail leasing to commence for 1550 on the Green.
The new mixed-use development, which was announced last year, will be 375K SF and located adjacent to Discovery Green. It is being developed by Skanska USA Commercial Development.
Three new leases were signed at City Place 1.
Orion Engineered Carbons signed 10.6K SF on the office tower's third floor, represented by CBRE's Brett Blanchard. Evonik Industries signed 9.6K SF on the fifth floor, represented by CBRE's William Padon. Huckabee & Associates signed 6.5K SF on the first floor, represented by JLL's Anya Marmuscak.
JLL's Chrissy Wilson and Matt Pruitt, along with Patrinely Group's Phillip Moore, under Patrinely's Dennis Tarro, represented the landlord in all transactions.
Texas Pride Disposal leased a 13.6K SF industrial property at 7705 Hall Road. NAI Partners' Zane Carman and Clay Pritchett represented the tenant. Pipeline Realty's Chris Powell represented the landlord.
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An unnamed, large logistics company signed a 500K SF lease at 5800 Mesa Drive.
The company was represented by CBRE's Tres Reid. Landlord Dayton Street Partners was represented by NAI Partners' John Simons, Gray Gilbert and Chris Haro, as well as Burr & Temkin's Dave Dandurand.
CONSTRUCTION AND DEVELOPMENT
Sueba USA Cos. and McCormack Commercial are building a 370-unit multifamily complex at 15915 Kingfield Drive in the Energy Corridor.
The complex is on 14.45 acres and will begin pre-leasing in fall 2023. Construction is expected to finish in March 2024.
Jackson-Shaw will develop Post Oak Logistics Park in Southwest Houston.
The industrial park will be on 43 acres and consist of two buildings, which will offer nearly 537K SF in total. A Greystar Real Estate Partners affiliate is the equity partner. Rosenberger Construction is the general contractor and Powers Brown is the architect. WGA is the civil engineering firm and BancFirst is the lender. Cushman & Wakefield's Beau Kaleel and Michael Foreman are leasing the property. The park is expected to complete construction in the second quarter of 2023.
THIS AND THAT
Gaia Real Estate exited its investment in its Copperfield Portfolio in Houston.
The portfolio included five properties and 1,376 multifamily units.
Gaia Real Estate says it has now exited most of its "overpriced" Sun Belt markets, and plans on pivoting more into New York City.
