This Week's Houston Deal Sheet
Hot Wells Shooting Range, a historically significant site that was once Houston Hot Well Hotel & Sanitarium, is for sale with a list price of $8.5M.
The 48-acre tract is in Cypress, adjacent to Highway 290 between Barker Cypress and Fry roads. It includes Cypress Creek frontage, three lakes and an artesian water well.
The well was discovered by wildcatters in 1904, which led to the construction of the two-story hotel that offered hot mineral baths and recreation for up to 500 guests, according to a news release.
The hotel’s hot mineral waters were believed to be healing and were stored in two concrete basins — one with water over 100 degrees and another at a lower temperature, the release states. It later became a firearms training and shooting range, which has since closed.
Kathy McKinney, veteran ranch and land real estate agent with Compass, represents the property.
“Hot Wells is rare in that it offers significant acreage for the area and has history dating back to the early 1900s,” McKinney said in the release. “These 48 acres present tremendous potential for developers to really get creative.”
SALES
Adkisson Group purchased a 20K SF Class-A office building for its company headquarters at 4809 Westway Park Blvd. Partners Real Estate’s Travis Land represented the buyer, Enclave Partners, an affiliated company of Adkisson Group, in the transaction. Jude Filippone with Transwestern represented the seller.
***
Partners Real Estate arranged the sale of a 37K SF building on 8 acres at 10205 U.S. Highway 59 N. in Victoria, Texas. Partners’ Chris Caudill represented the buyer, Waste Management of Texas, in the transaction. Nancy Garner with Woolson Real Estate represented the seller, Stallion Oilfield Services.
Waste Management will use the facility as a site for hauling and truck maintenance.
***
Westdale, a Dallas-based real estate investment and management company, bought Metro Greenway, a 309-unit mid-rise multifamily complex in Houston.
Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney of Berkadia Houston represented the seller, Simpson Housing, a residential developer and manager based in Denver.
The apartment complex at 4100 Southwest Freeway was built in 2008 by The Dinerstein Cos. The complex has one-bedroom and two-bedroom units that range from 700 SF to 1.3K SF.
LEASES
Aurora Picture Show, a microcinema that currently operates at 2442 Bartlett St., signed a 2.5K SF lease to relocate to the Second Ward/The Plant, Concept Neighborhood announced. The 25-year-old nonprofit media arts center will move its operations to 201 Roberts St. in late 2023. The new location will serve as the organization’s headquarters.
Concept Neighborhood was self-represented in lease negotiations by Jeff Kaplan and Jeremy Roberts, managing principals of Concept Neighborhood. Aurora Picture Show was represented by Sarah Stauder on behalf of the Aurora Picture Show board of directors.
***
Partners Real Estate arranged a 16K SF sublease for Reimer McGuinness Hess PC at 750 Town and Country Blvd. Partners’ Jon Silberman, John Zivley and Pierce Beyer represented the tenant in the transaction. The sublandlord, Altus Group U.S., was represented by Collin Roach of Avison Young.
***
Deufol Worldwide Packaging Inc. leased 112.5K SF at 8575 Volta Drive. Sherwood Hillyer, Jeremy Lumbreras and Abraham Richardson with Stream Realty Partners represented the landlord, ARES.
Partners Real Estate arranged an 11K SF industrial lease for D-Bat Pearland at 18500 Pearland Sites Road. Partners’ Darren O’Conor represented the landlord, HOH Leasing LLC, in the transaction. The tenant was represented by Jose Torres with Tevas Real Estate Group Inc.
***
Houston Online Auction leased 12K SF at 6442 Long Point Road. Jack Rathe and Heath Donica with Stream Realty Partners represented the tenant, Houston Online Auction.
***
Unconventional Gas Solutions leased 25K SF at 844 North Sam Houston Parkway W. in Houston. Partners’ Dan Boyles, Michael Keegan and Andrew Laycock represented the tenant in the transaction. Sam Sammons, Blake Warren and Andrew Armour with Winthrop Realty Group represented the landlord, Long View Equity.
CONSTRUCTION & DEVELOPMENT
Newman Development Corp. is planning a 50-acre development with 120K SF of retail and a 390-unit multifamily complex in The Woodlands.
The developers of the property at the southeast corner of Gosling and West Rayford roads will move three live oaks, which are 150 to 250 years old, from the back of the property to the center of the retail square. Live oaks can live for up to 1,000 years.
“When I walked the property and saw these massive trees, it just didn’t feel right to cut them down,” Nate Newman, a developer and lifelong The Woodlands resident, said in a news release. “At the same time, these trees were located in the back of the property where the detention has to go. So, we began to think creatively about how we could move them to the front and design an interactive mixed-use destination around these incredible oaks.”
Each tree weighs between 400,000 and 600,000 pounds and will be moved more than 2,000 feet to its new location.
Newman will bring the multifamily site to market in the next few months and expects to break ground on the mixed-use component in spring 2024.
FINANCING
Coppertree Village Apartments in the Acres Home neighborhood of Houston will be revitalized through $25M of financing from Berkadia, R4 Capital and the Houston Housing Finance Corp.
Fairstead, a purpose-driven vertically integrated real estate company, developed a comprehensive plan of improvements that will deliver upgrades to the campus, all 324 apartments and building systems. Fairstead acquired the apartments, which are all deemed affordable, in September 2021.
