This Week's Houston Deal Sheet
Several office tenants renewed or leased space at downtown office towers the Allen Center.
Most prominently, Macquarie Group, a financial service firm, renewed a 56K SF lease at One Allen Center. The 550-employee office has been a tenant at One Allen Center since 2007.
“We are pleased to continue our relationship with Macquarie Group,” Travis Overall, executive vice president and head of the Texas region for landlord Brookfield Properties, said in a release. “Macquarie’s decision to renew its lease and continue to call Allen Center home speaks highly of the recent capital improvements that have been made to the Allen Center campus and reconfirms our confidence that the robust amenities and retail offerings will continue to attract new tenants to the campus.”
Those Allen Center renovations began in 2017, Bisnow reported previously, and included new lobbies and outdoor space.
CBRE's Jon Lee, Josh Leibowitz, Craig Beyer and Andrew Zeplain represented Macquarie. CBRE's Bubba Harkins, Russell Hodges and Jessica Ochoa represented Brookfield Properties.
Elsewhere in the office center, Sequent Energy Management renewed a 27,750 SF lease at Two Allen Center, represented by JLL's Ronnie Deyo and Beau Bellow. North American Medical Services Holding Co. signed a new lease of an undisclosed size and Control Risks signed 8K SF, both at Two Allen Center. Both were represented by The Calibre Group's Candace Baggett and Brian LaFond. Brookfield Properties was represented by Harkins, Hodges and Ochoa.
PEOPLE
CBRE hired Jim Bailey as vice chairman of Houston Advisory & Transaction Services.
Bailey was previously vice chairman at Cushman & Wakefield, where he worked for over 30 years.
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Whitebox Real Estate hired Cameron Colvill as senior transaction manager in Houston.
Colvill was previously director at Cushman & Wakefield.
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The Houston Housing Authority hired Cupid Alexander and Khadija Darr as senior vice presidents.
Alexander was most recently assistant director of housing and planning for the city of Austin, while Darr was previously chief financial officer for the Lake County Housing Authority in Illinois. Both started July 5.
SALES
Partners Capital sold Royal Montreal Plaza, a 40K SF retail center in Katy.
Partners sold the property at 2004 South Mason Road after acquiring it in August 2018. The sale was brokered by NAI Partners' Josh Lass-Sughrue and Davis Amanyisye.
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Faropoint sold a 109-building warehouse portfolio, 24 of which were in Houston.
The 24 Houston buildings total 611K SF. The national portfolio was sold to a private buyer for $481M, and together is 6.8M SF of warehouses, mostly in Atlanta, Philadelphia and Memphis, in addition to Houston.
“This deal marks one of the largest portfolio sales of last-mile urban logistics centers in recent years and positions Faropoint to continue to provide significant value to its investors through its last-mile industrial funds,” Faropoint Chief Relations Officer Raz Rahamim said in a release.
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NAI Partners brokered the sale of a 26K SF property at 105 Riley Road.
NAI Partners' Zane Carman and Clay Pritchett represented the unnamed seller; Cushman & Wakefield's Collin Rock represented the unnamed buyer.
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Acme Brick Co. leased a 30K SF space at 9342 Telge Road, represented by Colliers' Paul Dominique and John Lindenberger.
NAI Partners' Travis Land and AJ Williams represented landlord 9342 Telge.
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Sheldon Road Properties bought a 90-acre industrial property from US Steel Tubular Products. The site will be used for industrial outside storage lease applications.
NAI Partners' Clay Pritchett and Zane Carman represented Sheldon Road Properties. Cushman & Wakefield's Kelley Parker, Coe Parker and John Littman represented US Steel Tubular Products. Allegiance Bank provided financing.
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Fogelman Properties purchased The Moorings, a 201-unit apartment complex in League City.
The complex is 85% occupied and is located on the waterfront.
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Three Pillars Capital Group acquired a 544-unit, 419K SF apartment complex.
The complex, Del Mar Apartments, was purchased through a 1031 exchange from First Choice Management. It's located at 10909 Gulf Freeway and was built in 1972.
LEASES
Transwestern Real Estate Services will exclusively lease Bellaire Park I and II, Bellaire office and medical buildings owned by Pacific Oak Capital Advisors.
Transwestern's Christian Connell, Louann Pereira, Rachel Glass, Justin Brasell and Doug Little will lease the buildings at 6565 West Loop South and 6575 West Loop South. Current tenants include medical offices like Eye Center of Texas and Bellaire Dermatology.
CONSTRUCTION AND DEVELOPMENT
South Beach, an LGBTQIA+ nightclub, will reopen on July 15 after four years closed for renovations and for coronavirus safety.
Robinson & Associates designed the new space at 810 Pacific St. The 11.5K SF club has been considered a mainstay of the historically LGBTQIA+ neighborhood Montrose since it opened in 2001.
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Resia broke ground on three, 12-story apartment towers for Ten Oaks, an Energy Corridor business park it purchased last year.
The apartment towers will be 576 total units; the first one is expected to open in February 2024. It's the first high-rise apartment tower in the Energy Corridor, according to a release.
Hunington Residential is also already under construction on The Vic at Park Row, a 363-unit apartment complex, at Ten Oaks.
FINANCING
CBRE Capital Markets' Houston Debt & Structured Finance team arranged financing for Nilla Nueva Apartments' acquisition and renovation.
Spry Capital purchased the 160-unit Northline complex. CBRE's Michael Thompson and Brock Hudson delivered the financing, provided by an unnamed New York-based debt fund.
THIS AND THAT
Two Houston developers have been selected as part of a $40M national effort to increase racial equity in housing development, called Growing Diverse Housing Developers.
Five Woods Realty principal Laolu Davies-Yemitan and Fifth Ward Community Redevelopment Corp. CEO Kathy Payton were both selected from Houston. Both are affordable housing developers; Davies-Yemitan has been involved with the development of more than 700 units of affordable housing in Houston, while Payton, a 5th Ward native, oversees real estate and economic development for the historically Black 5th Ward.
Growing Diverse Housing Developers is a Wells Fargo Foundation-funded program that is helping 39 total developers grow their businesses and overcome racist systemic barriers in U.S. real estate.
