This Week's Houston Deal Sheet
CBRE arranged the sale of Houston 610 Loop Portfolio, a fully leased eight-building industrial portfolio totaling 1.2M SF. TCAP Partners purchased the portfolio from CenterPoint Properties for an undisclosed price.
Nathan Wynne, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
All eight buildings feature functional, unique specifications like 20-to-34-foot clear heights, front-load and cross-dock configurations, and rail capability. The portfolio is leased to an array of tenants with an average remaining lease term of 3.76 years.
The properties are the 188K SF 8500 Market St., 124K SF 8530 Market St., 232K SF 8550-A Market St., 49K SF 8550-B Market St., 74K SF 8570 Market St., 213K SF 3240 South Loop E, 153K SF 7700 Cannon St. and 142K SF 7703-7749 Cannon St.
PEOPLE
Julia Buthman has joined Houston-based Whitestone REIT’s Board of Trustees, bringing the board to 50% women. She was elected May 12 at Whitestone’s annual shareholders meeting.
Buthman is an investment professional with more than 35 years of experience investing in senior debt, subordinated debt and structured equity. She is a former managing director at Prudential Private Capital and has extensive experience on both nonprofit and for-profit boards.
Jeff Jones, Amy Feng, David Taylor, Nandita Berry and David Holeman were all re-elected to the board. The average board tenure is now under three years.
SALES
Quick N Clean Carwash acquired a 2-acre tract at FM 762 and Wildwood Park Road in Richmond from HW 589 Holdings. Nick Ramsey of NewQuest Properties represented the buyer. Jennifer Johnson of Johnson Commercial Partners represented the seller.
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Partners Real Estate arranged a 23K SF sale at 18315 Aldine Westfield Road to close out a three-building industrial spec development project totaling 93K SF for TNRG Development at Intercontinental Crossing Business Park.
The buildings are 18321 Aldine Westfield Road, a 50K SF freestanding, dock-high loading distribution building on 2.56 acres; 18311 Aldine Westfield Road, a 20K SF freestanding, dock-high loading distribution building on 1.5 acres; and 18315 Aldine Westfield Road, a 23K SF freestanding, dock-high loading distribution building on 1.3 acres.
Partners' Clay Pritchett and Zane Carman represented the seller, TNRG Development, in each of the transactions.
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Partners Real Estate arranged the sale of a 15K SF multifamily property at 4525 Weaver Road in Houston.
Partners’ Ryan DeGennaro represented the seller, Mell Investment Group, in the transaction. Enrique Moreno Jr. of eXp Commercial represented the buyer.
LEASES
Daiohs USA leased 14.6K SF at Prologis Greens Parkway at 835 Greens Parkway. Jeremy Lumbreras and William Carpenter of Stream Realty Partners represented the landlord, Prologis.
CONSTRUCTION & DEVELOPMENT
Lincoln Property Co. is nearing completion of its two-phase, three-building industrial project at 9400 FM 2920 in Tomball. The Grand Parkway project is near the northwest corner of Grand Parkway and FM 2920. The Class-A industrial project is immediately available for tenant construction.
Kevin Wyatt, Robert Willard and SuAnna Sanchez are handling leasing for the project.
Phase 1 includes the construction of Buildings 1 and 2. Building 1 is 110K SF and offers a 24-foot clear height, 160-foot building depth, Early Suppression, Fast Response sprinkler system, 40 dock-high doors and two oversized doors with ramps. Building 2 is 147K SF with a 32-foot clear height, 200-foot building depth, ESFR sprinkler system, 37 dock-high doors and two oversized doors with ramps.
Building 3 will be developed in Phase 2, featuring 248K SF with a 36-foot clear height, 360-foot building depth, ESFR sprinkler system, 100 dock-high doors and four oversized doors with ramps.
THIS & THAT
Hyatt Regency Conroe will open its doors and welcome guests on May 25.
The hotel offers 250 rooms, including 13 suites and 11 accessible rooms, two ballrooms and six meeting rooms. Avenue A, the hotel’s lobby bar and lounge, will serve cocktails and small plates and has outdoor seating available.
Serving breakfast, lunch and dinner, Conroux, the hotel’s full-service restaurant, will combine Texas Gulf cuisine and Vietnamese flavors. Indoor and outdoor seating options will be available, as well as private and semiprivate dining rooms for events.
The hotel will feature a 24-hour market with a coffee shop and to-go selection of sandwiches, snacks, treats and bakery items. Hyatt Regency Conroe is at 1001 Grand Central Parkway in Conroe, just south of the city's historic downtown.
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Satya, a Houston-based commercial real estate consulting firm, announced the grand opening of Hyatt Place Houston Medical Center and Hyatt House Houston Medical Center at 7329 Fannin St. The 350K SF hotel is the first dual-branded project the Hyatt Hotels Corp. has opened in Texas.
The combined hotel comprises 298 rooms and suites, 6K SF of meeting and event spaces, 24-hour dining options, and a 2K SF rooftop pool deck with day beds, cabanas and a poolside bar.
The 14-story property will provide two hotel experiences in one tower. Hyatt Place Houston Medical Center features 157 guest rooms with a sleeper sofa. Hyatt House’s 141 apartment-style studio and one-bedroom suites are equipped with a multipurpose kitchen island, refrigerator, microwave, dishwasher, stovetop, small appliances and utensils.
The hotel will have a restaurant, bar and lounge called Texas Comfort on Fannin that serves cocktails, beer and wine, with a menu offering shareable bites and full entrée selections.
The project team includes TMC Hotel Ltd., an entity of Satya, as owner and developer; Dallas-based G2, project architect; Vision Complete, interior design; E.E. Reed Construction LP, contractor; The Mathis Group, project management; Aimbridge Hospitality, management company; and IBC Bank, financing.
