This Week's Houston Deal Sheet
Wolf Capital has begun renovations on what will soon be the only Class-A medical office building in the Heights, according to Transwestern, which is handling leasing of the building.
Wolf Capital will perform extensive improvements to HeightsMED, a 117K SF building at 427 West 20th St.
Capital improvements started with the demolition of vacancies, construction of a spec suite and upgrades to the HVAC and plumbing systems.
This month, construction crews are refreshing and enhancing the streetscape, upgrading the exterior architecture and reimagining the lobby. Plans also include a redesign of the entry and exit routes, plus a revamp of the upper floor common spaces, elevator cabs, restrooms, and mechanical, electrical and plumbing systems.
The project was designed with architecture firm Heights Venture. CTC is the contractor. Transwestern's Justin Brasell and Christian Connell are leasing the building.
PEOPLE
The Signorelli Co. hired Todd Hamilton as its new director of land development for Austin Point in Fort Bend County. In this role, Hamilton will lead the company’s efforts to develop Austin Point, the largest master-planned community announced in the county in more than 40 years.
Prior to joining The Signorelli Co., Hamilton served more than seven years as senior development manager at Johnson Development Corp. In that time, he oversaw residential and amenity development for Cross Creek Ranch and Cross Creek West, with a focus on land planning, engineering and landscape architecture. Hamilton is also a licensed professional engineer with over 10 years of experience supporting development of several Houston-area communities.
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David Baker will join Newmark as an executive managing director. Baker specializes in office landlord representation.
Most recently, Baker served as an executive vice president with Transwestern, where he oversaw the leasing of an office portfolio totaling over 8M SF and the marketing of numerous land sites for build-to-suit office product.
SALES
HG Venture acquired the 16K SF Commons at Harvest Green Phase 2, a fully leased retail project on 1.65 acres at 11143 Harlem Road in Richmond’s Aliana corridor. NewQuest Properties arranged the sale.
The asset was sold by its developer, ARVO-III LLC. Matt Berry, Drew Reinking and Robbie Kilcrease of CBRE represented the seller.
The Commons at Harvest Green Phase 2 was completed in 2022 and quickly became fully leased.
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Olive Garden Holdings took the ground lease for one of the few remaining pad sites at NewQuest Properties’ Grand at Aliana in Richmond. Olive Garden will break ground this month on an 8K SF restaurant on the 1.63-acre tract.
NewQuest broke ground on the Grand at Aliana three years ago. It is approaching 400K SF of retail and 98% occupancy.
NewQuest's Josh Friedlander and David Meyers represented the landlord in the ground lease negotiations. Olive Garden's brokers were Brad Kilbride and Grant Walker of Lee & Associates.
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Emmanor Capital 1 acquired the 18K SF Cypress Lakes Crossing on 2.27 acres at 14102-14106 Mueschke Road in Cypress from Arbed Mueschke LP. Nick Ramsey and Kevin Sims of NewQuest Properties represented the seller. Josh Sebesta of S&P Interests represented the buyer.
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Colliers facilitated the sale of 350 acres on FM 2004 in Texas City. Colliers’ Harrison Kane, James Kadlick and Chris Hutcheson represented the seller of 250 acres, a local investor, and the buyer of 100 acres, a single-family developer.
The land is between Highway 3 and Interstate 45 in Galveston County. The buyer of 100 acres has plans to develop a single-family subdivision, which will be zoned to Dickinson ISD.
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Richmond, Virginia-based 37th Parallel Properties bought the Grand Reserve, a 291-unit multifamily complex in Katy. The off-market acquisition brings 37th Parallel’s historical transaction totals to over $1B.
The property features one-to-three-bedroom units with an average floor plan size of 933 SF. The property has a pool and 141 attached and 69 detached garages.
CONSTRUCTION AND DEVELOPMENT
Sueba USA opened a new upscale multifamily community in the Energy Corridor. San Estrella at 13475 Rincon Drive, near the corner of Eldridge Parkway and Westheimer Road, features 318 Class-A apartments.
This is Sueba’s fourth multifamily project in the Energy Corridor, where it has also developed more than 2,000 single-family homes and two grocery-anchored centers.
Floor plans at San Estrella range from studio to three bedrooms and 480 SF to 2K SF. The complex also offers the option for detached garages, some with fast-charging capability. Amenities include a Starbucks coffee station, a gym with interactive cardio equipment, a pool and hot tub, and valet trash collection.
LEASES
Partners Real Estate arranged a 47K SF lease for Sunrgy Solar Distribution at 12411 City Park Drive in Missouri City. The facility will serve as Sunrgy's new headquarters.
Partners’ A.J. Williams and Travis Land represented Sunrgy in the transaction. Cushman & Wakefield’s Beau Kaleel and Brooke Swerdlow represented the landlord, Logistics Property Co.
FINANCING
Resia closed on $96.5M of construction financing for a 573-unit apartment complex in Houston. Santander Bank led the senior financing, with Valley Bank participating and Artemis Real Estate Partners providing preferred equity.
The project, Resia Ten Oaks, broke ground in Q2 2022 and is expected to begin leasing in Q4 2023 before construction completion in Q2 2024.
The complex is across from Houston Methodist West Hospital. It will have one-to-three-bedroom floor plans across three 12-story buildings.
