This Week's Houston Deal Sheet
The Signorelli Co. broke ground on Bluestem, a 356-acre master-planned community in Waller County. Representatives from the Signorelli Co. development team, EHRA Engineering, the county commissioner’s office and Royal ISD were present at the groundbreaking ceremony.
At build-out, Bluestem is planned to feature over 1,300 single-family homes in a variety of sizes and offer ample access to the outdoors. The community will feature a planned 24 acres of preserved green space, with miles of walking trails and 2 acres of open recreation space. Residents can meander throughout these areas, enjoying lakes and creeks, as well as the local prairie grasses that give Bluestem its name.
The community is in Brookshire but close to shopping and dining options in Katy, including the recently announced H-E-B and Target a few minutes away.
Models are expected to be open by early 2024. The homebuilders include First America Homes, Legend Homes and CastleRock Communities.
PEOPLE
Jennifer Campbell’s team, including Joshua Hoffman and Avery Klatt, is moving from Institutional Property Advisors to Cushman & Wakefield, where they will join the firm’s Sun Belt multifamily advisory group.
Led by Campbell, the team will be responsible for Class-A and B multifamily investment sales throughout the Houston metro area. Campbell, Hoffman and Klatt will be based in the firm’s Houston office, serving as executive managing director, senior director and director, respectively.
During her career, Campbell has closed more than $5B in sales, representing over 30,000 units in multifamily transactions across the state of Texas.
Cushman & Wakefield’s Sun Belt multifamily advisory group is a 109-person investment sales team covering 11 states.
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David Jones, the longtime communications director and senior editor at the Texas Real Estate Research Center at Texas A&M University, has retired after nearly 50 years.
Jones joined the TRERC staff in 1975. His credits include creating TG magazine, RECON, Total RECall and the calendar format for TRERC’s annual report. Under Jones’ direction, the TRERC communications team earned some 250 awards.
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Tyler Garrett has joined JLL’s Houston office as the executive vice president, managing director of agency leasing. Garrett will lead the region’s landlord representation team.
Garrett was named the Houston Office Leasing Brokers Association’s broker of the year for 2021. Garrett also led one of the city's largest office leasing deals in 2022, representing landlord Cousins Properties in leasing 328K SF to Apache for its new headquarters at Briarlake Plaza.
Over the course of his career, Garrett has leased approximately 4M SF with a lease value of more than $1B. Most recently, he was senior vice president with Transwestern.
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CRBE promoted Kevin Kushner to vice chairman, the highest title for producers at the company. Kushner joined CBRE’s occupier and advisory practice in 2011 after beginning his career as a real estate attorney.
Kushner works with occupiers to develop and deliver real estate strategies. In addition to his typical tenant representation work, Kushner has completed transactions involving one of the largest private U.S. land sales in the modern era and complex capital markets leases. While the bulk of his practice resides in Houston, Kushner has led transactions for clients throughout the United States, Central and South America, Europe and the Middle East.
SALES
Fort Capital acquired the Houston Prime III Industrial Portfolio, a 240K SF Class-B industrial portfolio of 10 buildings. The firm acquired its largest portfolio to date (711K SF) from the same seller in August. That relationship allowed Fort Capital to acquire the newer portfolio off-market.
Fort Capital now has 3.9M SF of Class-B and C industrial property across Houston.
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A New York-based 1031 exchange investor bought the 94K SF Northeast Market Place in the U.S. Highway 59-Little York Road corridor. Through the off-market transaction, the investor gains control of the fully leased retail center at 10660 Eastex Freeway.
NewQuest’s David Luther represented the seller, Rosenbach Nemp LLC. Dakota Workman and Thomas Turner of NewQuest represented the buyer, 37Y Properties.
The lone vacancy in the retail center, a 21K SF junior anchor spot formerly occupied by Office Depot, was leased to a family footwear retailer shortly before the sale.
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Main Street Commercial Partners ended its first year with a dozen acquisitions. Completed deals include the purchase of a slice of the now-shuttered Gulf Greyhound Park in La Marque and the off-market procurement of a Golden Corral restaurant in a Humble retail corridor at 9663 FM 1960 Bypass Road W.
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Matthews Real Estate Investment Services represented the seller, a REIT, in the disposition of a SignatureCare Emergency Center at 5835 Highway 6 N, which generated more than 10 offers. The transaction was handled by Matthews’ Josh Cordray, Michael Moreno and Rahul Chhajed.
The buyer represented itself. The property has eight years remaining on the lease.
SignatureCare Emergency Center owns and operates 21 freestanding ERs throughout the Houston and Austin areas.
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SVN | J. Beard Real Estate of Greater Houston completed the sale of a Class-A multitenant office building at 1710 West Lake Houston Parkway in Kingwood. The 26K SF, two-story building was originally designed by Woodforest National Bank for retail banking and operations as part of the mixed-use King’s Harbor development.
At the time of sale, the building included a mix of corporate tenants. Genesis Medical Group will occupy the majority of the space.
SVN | J. Beard Real Estate's Jeff Beard represented the seller, Woodforest National Bank, and the company's Bonnie Pfrenger represented the buyer, Fire King Holdings.
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Partners Real Estate arranged the sale of 1.6 acres at 1501 Westborough Drive in Katy. Partners' Michael Keegan and Andrew Laycock represented the seller in the transaction. Chandresh Patel represented the buyer.
LEASES
Partners Real Estate arranged two leases totaling 164K SF at 2425 Broad St. in Houston. Lightning Inc. renewed its 62K SF lease, and Rigmore inked a new lease for 102K SF.
Partners’ Michael Keegan and Andrew Laycock represented the landlord, SL5 Urban Industrial, in both transactions. Grant Hortenstine and Drew Morris of Savills represented Lightning Inc.
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Partners Real Estate arranged a 42K SF lease renewal for VeriTrust Corp. at 2155 Silber Road in Houston. Partners’ Chris Kugle represented the tenant in the transaction. The landlord was represented by Carter Holmes and Matt Dewhirst of Holt Lunsford Commercial.
CONSTRUCTION & DEVELOPMENT
Sueba USA is adding San Paseo to its portfolio of upscale multifamily developments. The complex will feature 272 Class-A apartments and 20 two-story townhomes at 1724 Partnership Way, off the Grand Parkway and less than a mile north of Interstate 10.
The apartments will range from studios to three-bedroom floor plans and from 496 SF to 2K SF. The complex will have a resort-style pool, outdoor cabanas, an athletic center, complimentary covered parking and app-enabled access at all entry gates.
The townhomes all feature three bedrooms and at least three bathrooms. They each have a two-car garage. Floor plans range from 2,400 to 2,600 SF.
The property will be managed by Southhampton Management Inc., an affiliate of Sueba USA.
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The Learning Experience, a childcare franchise, plans to open six new locations in Houston over the next two years. Each location will be a newly built 10K SF building with a 5K SF playground.
All of the centers will employ about 30 staff members qualified to serve upward of 180 children from 6 weeks old to 6 years old.
The new locations will open in Houston at 1621 Bingle Road in Q2 2023, in Conroe near Davis Street in Q4 2023, in Tomball in Q2 2024, in Houston at 2111 West 34th St. in Q3 2024, in Jersey Village in Q3 2024 and in Katy near Stockdick School Road in Q4 2024.
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Constellation Real Estate Partners and Cadre acquired 20.8 acres on the northeast corner of Beltway 8 and Telephone Road in Houston where it plans to develop a Class-A, two-building, 192K SF rear-load industrial project known as Constellation Telephone.
Designed by Seeberger Architecture, Constellation Telephone will feature Beltway 8 frontage, multiple points of ingress/egress, Early Suppression, Fast Response sprinkler systems, 28-foot clear heights, LED lighting, and excess land for additional parking and outside storage. Building 1 will be 94K SF, and Building 2 will be 98K SF. The location, access, visibility and design of the project were planned with distribution, fulfillment, e-commerce and light industrial users from 21K SF to 98K SF in mind.
FINANCING
Northmarq’s Houston debt and equity team, including Michael Borden and Matt Franke, arranged the refinancing of Town Creek Storage in Montgomery. The 251-unit self-storage property at 22852 Highway 105 W was built in 2017. The transaction was secured 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.
