This Week's Houston Deal Sheet
National accounting firm Weaver signed a new 60K SF lease at 4400 Post Oak Parkway, which is also known as 5POP.
The three-floor, long-term lease will include top-of-building signage for the company, along with collaborative spaces inside. Citadel Partners Managing Partner Scott Morse and Scott Jessen represented Weaver.
“After more than a decade of consistent expansion in Greenway Plaza, Weaver was looking for a fresh new space to reflect its growth and energized brand as its new Houston headquarters,” Morse said in a release.
“Potential locations were identified across nine different submarkets and some 45 different properties," Morse said. "We collaborated with Weaver to evaluate these spaces both qualitatively and quantitatively. Ultimately, the economic opportunities, centralized location/visibility and cultural enhancements for hiring and employee retention made 5POP the clear choice for a long-term commitment.”
Weaver CEO and Managing Partner John Mackel added that the space has a "park-like environment."
Gauge Real Estate Partners was project construction manager, Harvey|Harvey Cleary was the general contractor and Corgan Architects was the designer.
CONSTRUCTION AND DEVELOPMENT
Home Run Dugout, a restaurant concept with pitching machines, a dog park and a baseball mini-field, will open in Katy in 2023.
The new brand from Texans Nick Hermandorfer and Tyler Bambrick broke ground June 6. It will be 46K SF and will offer proprietary soft-touch pitching machines, as well as a full-service outdoor and indoor restaurant. The location plans to hire 150 people.
Equity partners in the company include Ryan Sanders Baseball, Lagniappe Capital Partners and BCS Capital Group. Arco/Murray is the construction partner, and Ring on Hook is the beverage partner.
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Porter Lake Crossing will finish its first phase in September.
When complete, the retail center will include 40K SF, with three multitenant buildings and a 6K SF pad site. It's being developed by Cornerstone Development Group. Weitzman's Sarah Thobae and Kyle Knight are the leasing representatives.
FINANCING
Trez Capital closed a $15.3M loan to Windy Hill Development for the first phase of its Indian Springs master-planned community near Lake Houston.
The first phase will include 138 acres and is expected to be delivered in 2023.
SALES
Office Properties Income Trust sold Oak Park Office Center II, a 206K SF office building at 6380 Rogerdale Road in the Oak Park Business Park.
The Westchase property was sold to an unnamed Houston-based private investment group. The building is 49% leased by Men's Wearhouse, which was founded in Houston.
JLL Managing Directors Kevin McConn and Marty Hogan, along with analyst Jack Moody, represented the seller.
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Forge Capital Partners sold Humblewood Shopping Center, a 163K SF power center that is anchored by Conn's and Petco.
The Humble shopping center has both national and regional tenants and is located at 19611 US 59. JBL Asset Management acquired it.
JLL Capital Partners' Senior Directors Chris Gerard and Ryan West, along with associate Erin Lazarus, represented the seller.
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Nimes Real Estate sold Westchase Forest, a 400-unit apartment complex at 11355 Richmond Ave.
The seller was represented by Berkadia Managing Directors Chris Young and Joey Rippel, Director Kyle Whitney, Managing Director Jeffrey Skipworth and Senior Managing Directors Chris Curry and Todd Marix.
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SB Properties sold Vargos on the Lake, a 276-unit multifamily complex. Berkshire Group purchased it, represented by Walker & Dunlop Investment Sales, led by Jennifer Ray and Ryan Epstein.
THIS AND THAT
Midway will be the property manager for The Center for Pursuit.
The center, which provides services for adults with intellectual and developmental disabilities, recently built a 120K SF East End campus at 4400 Harrisburg Blvd.
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Hiffman National will manage two Texas properties, including Republic Square, a 300K SF Class-A office at 13501 Katy Freeway in the Energy Corridor.
The other property is a 1.45M SF industrial property in Corsicana, south of Dallas. Dart Industries is the developer of both properties.
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Sheraton Suites Houston will be rebranded as The Chifley, a Tapestry Collection by Hilton.
The rebrand will include renovations to its 284 rooms and 8K SF of meeting space.
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The AIA Houston Design Awards 2022 recipients have been announced.
The winners are:
— Residential Architecture: Michael Hsu Office of Architecture, for Austin Habitat for Humanity Mueller Row Homes; Content Architecture, for Rice Magister House; Brett Zamore Design, for The Pink House
— Urban Design: Associates UltraBarrio, for Roaming Cart-Ographies
— Divine Detail: Michael Hsu Office of Architecture, for Waterloo Park Family Pavilion; HR Design Department, for Avondale Residence
— Renovation/Restoration: Michael Hsu Office of Architecture, for Loro; Architecture Research Office, for renewal of the Rothko Chapel
— On The Boards: Kevin Daly Architects + Productora for Houston Endowment Headquarters
— Conceptual: University of Houston students Kieran Inteus Renfrow and Michelle Ovanessians with faculty sponsor Emily Moore, from the University of Houston Gerald D. Hines College of Architecture and Design, for Homecoming
— Architecture Less Than 50K SF: Easterwood Architects Studio for 59th Street Pumpstation; GSMArchitects for Harmony House
— Architecture Greater Than 50K SF: MDW Studio for the Allen Center Renovation
