This Week's Houston Deal Sheet
Transwestern Real Estate Services completed its acquisition of Chicago-based MB Real Estate after striking a deal to do so in November.
The transaction adds 120 team members and a 12M SF Chicago-area property management portfolio to Transwestern's books.
MBRE, founded in 1982, provides services such as asset and facilities management, leasing services, project management, tenant representation and investment services, according to a news release.
MBRE handles several significant Chicago properties including Michigan Plaza, 550 West Washington Blvd. and 181 West Madison St., Bisnow previously reported.
Transwestern already had a Chicago presence, handling leasing for large downtown properties, including NBC Tower, The National and 77 West Wacker Drive.
The combination of the two private companies aims to create a “client-focused business model and innovative, collaborative workplace culture,” the news release states.
SALES
Disrupt Equity bought Hollister Place, a 260-unit apartment complex in the Brookhollow submarket, for $30.5M.
Hollister Place was built in 1997, and has units spread throughout 15 two- and three-story buildings. The floor plans range from one to three bedrooms and from 860 to 1.3K SF. The property's amenities include a pool, courtyard, fitness center and clubhouse.
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Northmarq brokered the $5.6M sale of a 27K SF industrial outdoor storage property in Brookshire, Texas. The property is leased to H&E Equipment Services.
Northmarq’s Zach Harris and Mark Grossman represented the seller, a private investor in Nevada. A Texas-based developer bought the asset.
The building is on a 5.2-acre property at 509 FM 359, near Interstate 10.
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Berkadia brokered the sale of Edgewater Apartments, a 228-unit multifamily complex in Lake Jackson, Texas.
The complex has units throughout 10 buildings and a clubhouse. The floor plans range from one to two bedrooms and 742 to 1.3K SF. Property amenities include a dog park and a gym.
Chris Curry, Todd Marix, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia Houston, along with Adam Sumrall, Kelly Witherspoon, Justin Cole and Michael Gonzalez of Berkadia Austin represented the seller, Redwood Capital Group of Chicago. A New York-based buyer acquired the property for an undisclosed price.
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Partners Real Estate arranged the sale of a 36K SF industrial property on 9.3 acres at 22216 McCleskey Road in New Caney, Texas.
Partners’ Zane Carman and Clay Pritchett represented the buyer, Quality Linings & Fabrication Inc., in the transaction. The seller was represented by Pamela Morales with Keller Williams Commercial.
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Three Pillars Capital purchased Aspen Apartments, a 209-unit multifamily complex at 6160 West Tidwell Road in Houston, from Rebus Capital.
The 173K SF community was originally built in 1973. Three Pillars, which specializes in Class-B and Class-C multifamily, will deploy a value-add repositioning that includes updated countertops and cabinets, new vinyl flooring, and modern lighting and appliances.
LEASES
Partners Real Estate arranged an 18.7K SF lease for Power Temp Systems at 1626 Central Park Drive in Houston.
Partners’ Jon Silberman and Pierce Beyer represented the tenant in the transaction. Transwestern’s Craig Bean represented the landlord, Arden Logistics Parks.
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Clark Hill, an international full-service commercial law firm, will move its Houston office from 2 Houston Center to 1000 Louisiana St., CBRE announced. The new lease totals 18.3K SF.
Warren Savery and Marilyn Guion of CBRE represented the unnamed landlord, and Steve Burkett with JLL and Michael Webber with Advocate Commercial Real Estate Advisors represented Clark Hill.
The 71-story office building known as 1000 Louisiana offers valet parking, a newly renovated fitness center and Adair Downtown, a popular lunch spot in the Central Business District.
THIS AND THAT
Common Desk opened 25.7K SF of coworking space within City Place in Spring. This is the Texas-based coworking and hospitality company’s sixth location in the Houston area.
The new location at 1401 Lake Plaza Drive offers flexible coworking, office and event space spread over two floors that includes five conference rooms, 62 private offices and five office suites. Amenities include chat booths, a wellness room, a full kitchen, and a coffee and espresso bar.
Common Desk developed the City Place location in a joint venture with Patrinely Group.
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NAI Robert Lynn opened a Houston office and formed a joint venture with Hiffman National.
NAI Robert Lynn is based in Dallas and opened in 2011. Hiffman National is based in Chicago and already has a Houston presence with 4.7M SF of commercial property under management.
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Memorial Hermann Medical Plaza was awarded the Environmental Protection Agency's Energy Star certification for its energy performance, JLL announced. The award verifies the 510K SF, Class-A medical office tower at 6400 Fannin St. is in the top 25% of buildings nationwide based on weather-normalized source energy use.
