This Week's Houston Deal Sheet
Avenue Center, a 30.5K SF community center in Near Northside, has opened.
The center at 3517 Irvington Blvd. was developed by nonprofit Avenue. Legacy Community Health Clinic provides primary care, pediatrics, dental, vision, behavioral health, OB/GYN, maternity, vaccinations and other medical care.
“Thanks to the generous support of our funders and partners, we can now provide more area families with vital services like quality affordable healthcare, childcare and homebuyer education and counseling," Avenue CEO Mary Lawler said in a release. "Conveniently co-locating these resources for residents, especially low-income families, will increase access to services that improve the quality of life for individuals and the community as a whole.”
The center also has a YMCA Children's Academy, providing early childhood education to the area.
PEOPLE
JLL hired Emily Durham and Rachael Keener to its retail advisory team in Houston.
Both will specialize in restaurants. Durham is a senior vice president in JLL's retail food and beverage advisory group. Keener is vice president of the same team.
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CBRE appointed Nathan Wynne to lead the expansion of its industrial and logistics capital markets team.
Wynne has been on CBRE's industrial services team since 2019. He was previously at Cushman & Wakefield.
SALES
Marcus & Millichap's Matthew Peters and Matthew Roth arranged a $56M sale of three Houston multifamily properties.
The properties are Ridgepoint Apartments, which is 168 units and was sold for $21.3M; Green Tree Place, which is 196 units and was sold for $22.6M; and Pine Lake Village, which is 96 units and was sold for $12.1M. All three properties were built in the 1980s.
Both buyer and seller were undisclosed, though the buyer was identified as an Ohio investor.
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Dezhc LLC purchased just over an acre on Woodway Drive near Buffalo Bayou. The seller was listed as N. Husain, represented by Shaw Commercial Properties. Dezhc plans to develop an office building for the lot.
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An LLC, Grant Rd. REH #2, bought a 25K SF warehouse at 611 Lockhaven Road, represented by Lee & Associates' Clint Hankle. Fletsberg LLC bought the property, represented by Houston Realty Advisors' Ed A. Ayres.
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Saleh Brother's Investments purchased a 55.5K SF industrial building at 12302 FM 529 in Houston. Fritsche Anderson Realty Partners' Brandon Wuntch and Drew Altmann represented the buyer. It was sold by Mantra Properties. NAI Partners' Michael Keegan and Andrew Laycock represented the seller.
CONSTRUCTION AND DEVELOPMENT
The University of Houston will build a 41K SF dining hall.
The two-story building will have dining options, a convenience store, a coffee shop and an office for university prepaid meal plan cards. The $40M project was designed by Perkins&Will, while Turner Construction Co. is the general contractor. It will replace the existing Student Center Satellite building, which hosted food options and other common spaces for the university, but, because it was underground, also repeatedly flooded. It has been closed since 2020. The new replacement facility will be above ground, the university stated in a release.
It's set to open spring 2024.
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Green Span Profiles began construction on another manufacturing facility on its 33-acre campus at 21200 FM 362, in Waller.
The new facility will be 130K SF, and it is set for completion in January 2023.
FINANCING
Lev, an online CRE financing platform, closed a $11.7M bridge refinance loan of a 289K SF, 292-unit multifamily property in Houston.
The loan is floating rate, three years and interest-only. The property was purchased by Claridge Properties in December 2020.
