This Week's Houston Deal Sheet
Houston is now Fort Capital's largest active market, with two industrial acquisitions that total 622K SF.
The acquisition includes the Houston Light Industrial Portfolio in northwest Houston, made up of 19 Class-B light industrial buildings totaling 460K SF, and Champions Commerce Park. That property includes 16 Class-B light industrial and self-storage buildings in the Tomball area totaling 162K SF.
Fort Capital now owns 1.8M SF in Houston and said it plans to acquire more industrial and office properties in Texas.
PEOPLE
Four Pillars Capital Markets hired Melissa Mayer as vice president. Mayer, based in Houston, specializes in single-tenant financing. She was previously senior associate, loan originator of NAI Partners' Investment Sales.
SALES
Northwest Houston Industrial Portfolio sold a seven-property, 466K SF Houston industrial portfolio to an unnamed Dallas buyer.
The buyer, who plans on spending $2M on the portfolio, was represented by Newman Kelly Commercial Real Estate's Jared Pinto. The seller was represented by SVN/Trinity Advisors' Steve Fithian.
***
Lexington Resources sold 26420 Lexington Road, a 20K SF retail center in Spring. Newman Kelly Commercial Real Estate's Jared Pinto represented both the seller and unnamed buyer.
***
Sentinel Real Estate Corp. acquired The Retreat at Cinco Ranch, a 268-unit apartment complex in Cinco Ranch. The complex was built in 2008, renovated in 2019 and consists of 12 three-story buildings.
***
Moore Living Trust sold a 22.8K SF distribution center at 11550 Dumas St. Lee & Associates' John Gazzola and Drew Aston represented the seller.
***
Lake Davidson Village sold an 88K SF manufacturing facility on 6.25 acres at 701 Plastics Ave. Lee & Associates' C.E. "Trey" Erwin III represented the seller.
***
ClearWorth Capital sold Creekside Villas at Clear Lake, a 202-unit workforce housing development.
The complex at 707 El Dorado Blvd. was built in 1979 and is in Clear Lake, less than 5 miles away from the Johnson Space Center.
Berkadia Houston Managing Directors Joey Rippel and Chris Young, Director Kyle Whitney, Managing Director Jeffrey Skipworth, and Senior Managing Directors Chris Curry and Todd Marix represented the seller.
***
SurePoint Self Storage sold Imperial Self Storage, a 96K SF self-storage facility in Sugar Land.
The building at 15025 Voss Road was bought by OB Cos./My Place Self Storage.
***
The David G. Sutherland and Judy Kay Darinton Revocable Trust sold 2.36 acres at 180 Pecan Drive in Magnolia, represented by NewQuest Properties' Rob Whitaker and Joe Burke. TKRE Magnolia purchased the property, represented by J.J. McDermott.
LEASES
MetroNational nabbed five new office tenants for a total of 90K SF at its Memorial City offices:
— Asset Living leased 24K SF at 945 Bunker Hill Road, represented by NAI Partners' Dan Boyles.
— BW Energy USA Management leased 23.6K SF at 945 Bunker Hill Road, represented by NAI Partners' Griff Brandy.
— Rystad Energy leased 23.6K SF at 920 Memorial City Way, represented by Colliers' Jay Kyle.
— Longbridge Financial moved into 16K SF at 945 Bunker Hill Road, represented by WinHill Advisors-Kirby's Jack Parsons.
— Marubeni America Corp. leased 4,600 SF at 945 Bunker Hill Road, represented by Kyle and Colliers' Sheena Gohil.
Brad MacDougall and Warren Alexander represented MetroNational in all transactions.
***
Atrium 2656 at 2656 South Loop W signed 20 leases, both new and renewals, for a total of 31K SF.
The leases, signed by medical office, legal, staffing, accounting and other tenants, were for between about 700 SF and 5,700 SF. NAI Partners' Michael Sieger represented landlord Forbes Land Corp. in all transactions.
***
Durastone leased 70.8K SF at North Houston Logistic Center at 30 Esplanade Blvd. Cushman & Wakefield's Beau Kaleel represented landlord IDI Logistics.
***
Burlington Coat Factory signed a 30K SF lease at Brazos Town Center.
The clothing retailer replaces Best Buy as an anchor at a 2M SF mixed-use development in Rosenberg. It is set to open in the fall.
NewQuest Properties Senior Vice Presidents Bob Conwell and Austen Baldridge represented the landlord; New Regional Planning's Greg Stackhouse represented Burlington.
CONSTRUCTION AND DEVELOPMENT
Davis Holdings has nearly completed 1500 McGowen, a mixed-use office and retail development at 1500 McGowen in Midtown.
The building will be 32.9K SF and sit on 0.86 acres. Davis Holdings has been renovating it for three years.
The office spaces are already completely leased, including offices Davis Holdings will be taking for itself and offices for local magazine the Houston Press. Davis Holdings is looking for a restaurant to take between 2K SF and 3,600 SF in a shell space on the first floor and offering a tenant improvement allowance for it.
2x Design and Colby Design designed the exterior renovations.
***
Sesh Coworking will open its newly expanded space on July 6. The coworking company, which markets to women and LGBTQIA+ individuals, added a new floor at its 20K SF space on 2808 Caroline St.
THIS AND THAT
Hines is targeting net-zero carbon emissions by 2040.
The Houston-based real estate giant said in a release it plans on electrifying fossil fuel-based systems in its buildings, using circular systems principles to tackle energy waste and increase other system efficiencies. It intends to provide data to track its progress on energy consumption and emissions.
“As the impact of climate change is becoming increasingly integrated into our lives every day, the real estate industry has a responsibility to acknowledge this growing problem and take meaningful action to reduce our collective carbon emissions,” Hines CEO Jeff Hines said in a release.
