This Week's Houston Deal Sheet
Houston-based Hines announced the creation of EXP by Hines, a business unit designed to integrate environmental, social and governance initiatives with venture investing.
The business unit consists of two business groups: Global ESG and the newly created Global Venture Lab.
Kathryn Scheckel leads the new Global Venture Lab, which combines supporting early stage startups with a venture investing arm, according to Hines. The lab’s Venture Studio works “across the entire venture lifecycle, from ideation and incubation to acceleration and scale,” Hines' website says.
Peter Epping, Hines’ global head of ESG, is leading the Global ESG platform. That team is focused on reducing carbon emissions in existing buildings and infrastructure, according to a news release.
EXP highlights the company’s intention to experiment with innovative solutions for sustainability that can add value and expedite ESG outcomes for clients, according to the news release.
Doug Holte, a senior partner in Hines’ West region from 1987 to 2009 who returned to Hines after a career at the Irvine Co. and his own innovation firm, Agile Workweek Investments, was named CEO of EXP.
LEASES
Proactive Supply Chain Group signed a 227K SF lease at a newly delivered cross-dock industrial space, Bayport 146 Distribution Center.
Transwestern’s Carter Thurmond represented the tenant, Proactive, and the company's Brian Gammill, Nick Peterson and Darryl Noon represented the landlord, AIM.
Located at 5803 Old Highway 146 in Seabrook, part of Houston’s southeast submarket, Bayport 146 offers 455K SF with 36-foot clear heights, two separate driveways, abundant trailer parking and transit options.
The distribution center was recently purchased from Houston-based Transwestern Development Co. by a real estate fund managed by Ares Management. TDC delivered the project in February 2023.
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Avison Young negotiated a long-term, 46K SF lease on behalf of Cougar USA, a supplier of water control systems for commercial buildings, for use as its corporate headquarters. The 8850 Fallbrook Drive space will include 18K SF of office, with the rest to be used as warehouse space.
Cougar USA will relocate from 14824 Tomball Parkway, expanding its space by 120%. Move-in is anticipated for July 2023.
Avison Young’s Anthony Squillante and Drew Coupe represented Cougar USA. The landlord, Prologis, was represented by Jeremy Lumbreras and William Carpenter of Stream Realty Partners.
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Suderman & Young Towing Co., a harbor towing services company, signed a 6K SF lease in East River’s Trail Head 1 office building. The company, which was founded in the late 19th century in Galveston, will relocate its headquarters to East River.
Midway has completed construction on three building components, two office and one retail, of East River’s first phase.
Phase 1 of East River will offer 300K SF of leasable office space; three 10K SF independent office structures dubbed The Studios at East River, which are under construction and geared toward businesses looking to own their own space; The Laura, a five-story, modern-industrial multifamily community of 360 apartment homes; and an additional 100K SF of retail at the ground floor of the office buildings, including garage and bayou restaurant pavilions.
CONSTRUCTION & DEVELOPMENT
Home Run Dugout, a sports bar, restaurant and entertainment venue featuring indoor soft-toss baseball, will open to the public March 30 at 220 Grand West Blvd. in Katy.
The 46K SF facility has 12 indoor batting bays, which are similar to batting cages, but with proprietary pitching technology and augmented reality. Players can simulate their hit in any Major League Baseball stadium, including Houston’s Minute Maid Park, and digitally track the ball’s exit velocity, distance and location. Each bay can fit 12 people.
The venue also includes the Biergarten Baseball miniature field, which can accommodate league play or a pickup game of whiffle ball or kickball. The field offers stadium lights, an outfield net, professional turf and a vintage scoreboard. The field will offer open play on a first-come, first-served basis and eventually will host league play, Dinger Derby tournaments, movie nights and concerts.
It also has a full restaurant and bar.
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The Signorelli Co. completed the utility and infrastructure work for Angel Reach Village, a community in Conroe designed to provide homes for youths at risk of homelessness. The company’s homebuilding division, First America Homes, has begun construction on the first eight duplexes in the community.
Angel Reach Village is a community program supporting the faith-based charitable organization Angel Reach, whose mission is to help youths aging out of foster care and those at risk for homelessness between the ages of 16 and 24.
The Signorelli Co. contributed over $1M in donations, goodwill services and expertise. Its 200-plus team members raised another $1.2M to make the project possible.
FINANCING
Chris Dannatt at Commercial Resource Capital arranged new permanent financing for the owners of the Staybridge Suites at The Fountains on the Lake in Stafford with one of his life insurance company lenders.
THIS & THAT
Michael Hsu Office of Architecture announced its second Design for All Partnership, which will provide $20K in pro bono design and consultation services. It is seeking a nonprofit partner that demonstrates a need for design services in Austin or Houston, where the firm has offices.
The firm released a request for proposals for interested nonprofit organizations and will accept submissions through May 19.
Austin Angels was selected as the recipient for the inaugural partnership in June 2022. MHOA is designing a community center as part of a 2.5-acre former church facility in Buda, Texas, that will support children and families in foster care.
Interested nonprofits can submit the application form and optional supplemental information here.
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JW Marriott Houston by The Galleria finished the last phase of its multimillion-dollar renovation to guest rooms, suites and corridors.
Upgrades include new carpet, wallpaper, technology, lighting fixtures, furnishings and locally curated art. Other changes include new 55-inch televisions and upgraded bedding options.
Owned by Host Hotels & Resorts, JW Marriott Houston by The Galleria has 516 guest rooms, 41K SF of meeting space, an outdoor pool, a fitness center with cardio and weight training equipment, JW Market for coffee and snacks, and the Stray Horse Restaurant, which was revamped and reopened last summer.
