This Week's Houston Deal Sheet
Covenant House Texas broke ground on its new 104K SF facility in Montrose. The Montrose-based nonprofit provides housing and support services to youth experiencing homelessness, and the new four-story building will provide increased residential capacity and facilities for support services.
The building will be constructed on the grounds of the nonprofit's recently demolished facilities on Lovett Boulevard. During construction, youth residents and staff are staying at temporary residences in the Third Ward, which Covenant House said is already an upgrade from its prior facilities.
The new building was designed by Gensler. Expanded clinic space will allow the organization’s trained medical staff to provide expanded physical and behavioral healthcare. Features will include a digital resources library, computer lab, music studio, fitness center, chapel and outdoor green spaces. Covenant House’s holistic approach aims to provide youth with a home-like atmosphere, a sense of community, and the opportunity to develop skills and goals for the future.
Covenant House’s services include mental health and substance abuse counseling, educational and vocational training, transitional and permanent living programs, street outreach and prevention, pastoral ministry and parenting classes.
Harvey Builders is the contractor for the project.
LEASES
Fuseco Inc. expanded its space by 17.3K at Prologis Greens Parkway at 835 Greens Parkway. Jeremy Lumbreras and William Carpenter of Stream Realty Partners represented the landlord, Prologis.
SALES
Silver Star Properties REIT, formerly Hartman Short Term Income Properties XX, sold a 12-building flex space property portfolio at 5151, 5200, 5201, 5400 and 5401 Mitchelldale St. in Houston, known as Mitchelldale Business Park. Partners Capital was the buyer through its Partners Investment Fund IV.
The 378K SF property was initially built in 1977 and Silver Star Properties bought it in 2014. The property has after-hours controlled access, live 24-hour surveillance and what it described as ample surface parking.
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Cushman & Wakefield arranged the sale of a 1.3K SF retail building at 1005 Hogan St. Mike Pittman II represented the undisclosed seller in the transaction, which is expected to turn into an adaptive reuse project.
CONSTRUCTION & DEVELOPMENT
Excel Commercial Real Estate opened its Laurel Springs RV Resort, a gated RV community in Kingwood. Excel also acquired Eric & Jay’s RV Resort in southeast Houston. Both RV resorts are managed by Jetstream Communities.
Excel Commercial Real Estate developed Laurel Springs RV Resort at 1355 Laurel Springs Lane in Kingwood as a high-end property, with amenities that include a putt-putt course, a dog wash station, a dog park, a walking trail and a pool. The 4K SF clubhouse has an outdoor patio and grill area, a fitness center, arcade, business center, hospitality kitchen, laundry room and restrooms with showers.
Each of the 226 RV pads have full water and sewer connections along with fiber internet and electric hook-ups. The pads come in a variety of sizes to accommodate buses of any size.
Eric & Jay’s RV Resort at 2935 Lockcrest St. is a 10-acre tree-lined site with 114 landscaped spaces with hookups and picnic tables. Amenities include WiFi, sewers, a pool, a jacuzzi, a stocked lake and an outdoor dining area. The clubhouse has a game room, "spa-like shower rooms," a fitness facility and laundry. It offers short- and long-term stays.
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Inspire Communities will open Rockrose Ranch at Lake Conroe, a master-planned community for active adults and families, on March 25. The grand opening will give visitors a chance to tour six fully furnished model homes.
Spanning 170 acres, Inspire Communities’ largest ground-up development is located in Willis at 11848 Calvary Road, 2.5 miles west of Interstate 45 and 2 miles east of Lake Conroe. At build-out, the community will have 700 homesites and will offer a gated active adult village along with an all-ages section.
Starting in the $110Ks to $220Ks, the energy-efficient homes offer two- and three-bedroom, two-bath plans with front porches, vaulted ceilings and open-concept living areas. Amenities include 3 miles of paved walking trails, lakes, a dog park, a playground and a swimming pool.
The adult village will have a heated lap pool, a fitness center, a clubhouse, a ballroom and pickleball and bocce ball courts. A full-time lifestyle director will coordinate programming.
Vault Partners broke ground on Vault Distribution Center, a new standalone Class A industrial building developed and owned by Vault Partners. The development is at 13606 Furman Road in the South Houston submarket.
Upon completion, the rear-load building will offer 185K SF and be divisible up to 40K SF. Shell delivery is anticipated in the fourth quarter of 2023. Stream Houston Managing Director Tyler Maner and Senior Associate Woody Hillyer will serve as the leasing agents.
The development will feature a rear-load configuration with 32-foot clear heights, 34 dock-high doors, two drive-in ramps, and parking spaces for 137 vehicles and 23 trailers.
