This Week's Houston Deal Sheet
Liberty Development Partners has acquired Gulf Inland Logistics Park, a 1,158-acre rail-serviced property in Liberty County.
The company, a joint effort of Connor Investment Real Estate and Logistics & Development Resources, acquired both the logistics park and an adjacent 200-acre lot.
Trez Capital provided $66.5M to purchase the property and renovate it for manufacturing, distribution, storage and transportation capabilities. Cushman & Wakefield's John Littman, Kelley Parker and Coe Parker represented Liberty Development Partners and will market the property.
“The industrial market is one of Houston’s strongest real estate sectors with exponential demand and growth," Trez Capital Vice President John Sullivan said in a release. "This property — with its proximity to the Port of Houston, direct access onto the major rail line operated by BNSF and Union Pacific and at the intersection of two major freeways — is strategically positioned to meet current and future industrial demands.”
The site will benefit from a Tax Increment Reinvestment Zone. Developers expect it will bring in $1B in private investment.
SALES
Wu Properties purchased Market Square at Eldridge, a 262.6K SF power center near the Energy Corridor.
Walton Street Capital sold it, represented by JLL Retail Capital Markets Senior Managing Directors Chris Gerard and Ryan West, associate Erin Lazarus and analyst Megan Babovec.
***
Perry Grant sold 3.39 acres at 13426 Perry Road in northwest Houston, represented by Shaw Commercial Properties' Greg Shaw.
Buyer Mabry Development was represented by Colliers' Robert Alinger.
***
GenCap Partners sold The Sarah at Lake Houston, a 250-unit Class-A multifamily property in Humble.
Newmark's Zach Springer brokered the deal, and a SunSail Capital-led group purchased it. The property completed its first units in November 2020.
***
Seven City acquired a 90K SF industrial park at 2511 West Mount Houston Road, represented by Belvoir's Stacey Saathoff.
Alpine Partners Real Estate's Kyle Fischer represented the seller.
***
Pensam acquired Broadstone New Territory in Sugar Land.
The 504-unit multifamily complex is between 5555 New Territory Blvd. and 5556 New Territory Blvd.
The property was finished in two parts, in 1997 and 2002, and had been owned by the same group for 20 years. It's part of the New Territory master-planned community.
***
A 23K SF industrial facility at 7185 Old Highway 105 traded hands.
The unnamed seller was represented by NAI Partners' Cary Latham, Wyatt Huff and Hunter Stockard. The property, located in Conroe, is leased to Cathedral Energy Services.
***
A self-titled LLC sold Monterrey Vista Apartments, a 28-unit multifamily property at 4503 Werner St.
NAI Partners’ Douglas Moore represented the seller; KW Commercial Texas Gulf's Rebecca Hughes represented the buyer.
LEASES
Accounting firm Weaver relocated to Five Post Oak Park in Uptown.
The new company headquarters is 60K SF and was chosen for hybrid work. Corgan designed the office interior. Harvey Builders was the contractor.
CONSTRUCTION AND DEVELOPMENT
Maple Development Group will develop a 433-acre master-planned community in Brazoria County.
The development, Pecan Ranch, will be located in the Village of Bonney and have 1,200 residential lots, starting with a 500-lot first phase. The project is expected to eventually include retail and dining.
The company acquired the land in December, and it will break ground on the first phase this summer, with an estimated 2023 completion. The Village of Bonney is north of Angleton, near Texas State Highway 288. DEC is the engineer on the project.
***
Concept Neighborhood has acquired the W-K-M Co. campus in East End.
The property, currently industrial warehouses, will be redeveloped into 145K SF of office and retail. Concept Neighborhood purchased the property six months ago, including existing retailers Earth's Nectar, Evergirl Vintage and Too Suit Yourself.
Concept Neighborhood previously built a 200K SF mixed-use project in East End called The Plant.
***
Phoenix-based manufactured home company Inspire Communities will expand its Houston presence, redeveloping one development and building one from the ground up.
The first project, Oceanway, is at 7030 Tri City Beach Road. It will be redeveloped with a new main boulevard, newly paved streets, a sports court and a playground.
The second, Rockrose Ranch at Lake Conroe, will be newly built on 170 acres in Willis. It will include amenities like swimming pools, pickleball courts and a children's playground.
***
Sueba USA Cos. opened San Tierra, a Katy apartment complex. The 303-unit complex is the third Katy apartment for Sueba USA.
FINANCING
Thorofare Capital provided $48M in long-term financing to a Versity Invest affiliate to acquire luxury Houston apartment The Hayworth.
The 246-unit complex is in Uptown, and it is 92% occupied. Felix Gutnikov, Thorofare principal and head of originations, led a team that includes Edward Prosser, Scott Sumida and Henry Johnson.
