This Week's Houston Deal Sheet
Midtown’s Greyhound Bus Station site is officially for sale, according to Cushman & Wakefield, which is marketing the property.
The area near 2121 Main St. has long had something of a sordid reputation, known for being a previous drop-off point for recently released prisoners and located across the street from a McDonald's restaurant that has been saddled with creative nicknames associating it with drugs and violence, per the Houston Chronicle.
Realty News Report noted the property's sale has the potential to transform the area. Greyhound's leaseback expires in October 2024, positioning the property as a coveted land play, Cushman & Wakefield said.
Cushman & Wakefield's Kristen McDade, Matthew Davis and Grant Gibson are marketing the bus station property, a 1.44-acre tract, on behalf of Twenty Lake Holdings.
“Midtown has experienced a continued transformation which will be amplified by the transition from the Greyhound Bus Station to its future use,” McDade said in a news release. “This redevelopment opportunity will completely change the face of Midtown and should directly impact the quality of day-to-day living in this area.”
PEOPLE
Flagship Capital Partners promoted Garrett Nondorf to associate director of investments and hired Skyler Seidman as a financial analyst.
In his new role, Nondorf will originate senior bridge loans and JV/LP equity investments across the U.S. on behalf of Flagship. He first joined Flagship in 2020 as a senior financial analyst. Prior to joining Flagship, Seidman was a market analyst for the agency leasing team at Holt Lunsford Commercial.
LEASES
Texas Logistics and Fulfillment Services leased a 188K SF office/warehouse at 10600 Corporate Drive in Stafford. The property is near the intersection of Interstate 69 and Highway 90.
Transwestern’s Justin Brasell represented the tenant. Colliers’ Barkley Peschel and Jon Lindenberger represented the lessor, AIC Industrial.
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Galleria Park signed its first retail lease under its new ownership, DPEG Galleria Park, which acquired the 410.6K SF Class-A campus in December. The DSTRK Boutique & Salon will occupy 6,100 SF of street-level retail space in the Uptown area office development, meaning the store will move from inside the Galleria. This will give the store a chance to expand its boutique to also include a beauty salon.
Transwestern’s Loch Cook represented the landlord in the transaction.
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Partners Real Estate arranged a 29.7K SF lease expansion and extension at 315 Capitol St. in Houston. The tenant, Symplr, signed an expansion for 12.4K SF and an early extension for 17.4K SF.
Partners’ Michael Sieger represented the landlord, The Cordish Cos., and CBRE’s Wyatt McCulloch and Nick DeMartini represented the tenant.
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Kinetik renewed and expanded its lease at 2700 Post Oak Blvd. to 15.7K SF. Partners Real Estate’s John Zivley and Griff Bandy represented the tenant. Win Haggard with Cushman & Wakefield represented the landlord.
Meridiana Marketplace, a retail center to be built just south of Pearland, secured its first two leases. Next Level Urgent Care will take 3K SF, and Smile Professionals dental practice will take 2,500 SF.
Construction should begin on the site at 19710 Highway 6, near Meridiana Parkway, in spring 2023. Gulf Coast Commercial Group is developing the 20.7K SF retail project designed by CDA Architects.
Next Level Urgent Care was represented by Josh Friedlander of NewQuest Properties. Smile Professionals was represented by Alexander Frias of Phelps Commercial Realty. Danny Miller executed the leases on behalf of Gulf Coast Commercial Group.
SALES
Shea Homes bought 430 acres in west Montgomery County that will be developed into a community of 1,000 homes. Joe Burke and Rob Whitaker of Houston’s NewQuest Properties represented the seller, Crown Ranch Development. Paul King of Texas Land & Commercial Properties represented Shea Homes.
The community is along FM 1486, north of Crown Ranch. Home sales are anticipated to begin in 2025. The full build-out could take eight years.
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The Lagos Retail Group of Marcus & Millichap arranged the sale of a 15K SF Kroger shadow-anchored retail shopping center at 250 South Egret Bay Blvd. in League City.
The center is situated on a 3.12-acre property on the southwest corner of FM 270 and FM 518, close to Interstate 45.
Marcus & Millichap’s Gus Lagos, Alex Wolansky and Zuhare Rizvon had the exclusive listing to market the property on behalf of the seller, a private investor. The Lagos Retail Group also procured the buyer, a private investor.
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Marcus & Millichap arranged the sale of an 18.5K SF industrial office warehouse on 1.5 acres at 20625 Louetta Glen Road in Spring.
Marcus & Millichap’s Gus Lagos and Alex Wolansky had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, also a private investor, was represented by Andy Aronson of Gulfstream Properties.
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Trinnium Equity Group, a real estate investment and property management company based in Salt Lake City, bought Cypress Parc, a 200-unit garden-style multifamily complex in Houston. The apartment at 18001 Cypress Trace Road is a two-story complex with two- and three-bedroom units ranging from 960 SF to 1,400 SF.
Berkadia Houston’s Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix represented the seller, an investment company based in Orem, Utah. Cutt Ableson of Berkadia Houston secured the debt on behalf of the buyer.
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An undisclosed buyer acquired a 14K SF office on just over half an acre at 10122 Long Point Road. Jared Pinto at Newman Kelly Commercial Real Estate represented the seller, AGA Long Point, and also brought the buyer to the transaction.
TopSide Marinas acquired April Plaza Marina, a 4.9-acre property on Lake Conroe in Montgomery. The family-owned and -operated marine facility offers boat storage, boat rental and boat slips available for rent. The April Plaza Marina is the second largest and longest-operating marina on Lake Conroe.
April Plaza Marina has undergone renovations, with a new dock built in 2018. Other improvements include a new gangway from the shore to the marina. The marine facility also includes a ship store that carries fuel, beverages, snacks and more for boaters.
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Quick N Clean Car Wash bought a 0.74-acre tract leased to Classic Hand Car Wash at 4976 Texas Highway 6 N in Houston from IPX 1301 Investment Property Exchange Services. Nick Ramsey of NewQuest Properties represented the buyer in the direct deal.
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CBRE arranged the sale of a 65-property, 7,865-key hotel portfolio across 27 states. Four of the hotels are located around Houston. Massachusetts-based REIT Service Properties Trust sold the portfolio to 21 separate buyers for about $514M.
Al Calhoun and Mark Fair of CBRE represented the seller in each transaction. The list of buyers includes mostly family offices and some private equity firms.
THIS AND THAT
Northmarq’s Michael Borden secured the refinance of a 17.5K SF office/warehouse property at 850 Little York Road. The transaction was structured with a five-year term on a 25-year amortization schedule. Northmarq secured the permanent fixed-rate loan for the borrower through its relationship with an investment firm.
