This Week's Houston Deal Sheet

Building off its Remy on the Trails multifamily community, McNair Interests broke ground on its second On the Trails community. The project is part of the larger, 24-acre lakefront enclave on Deerwood Road in the Westchase District.

Anticipating move-in by summer 2024, the multifamily community at 10505 Deerwood Road spans 6.8 acres and will include a public, 2K SF all-day café by an established local operator. The project encompasses approximately 200K net rentable SF over four stories. The unit mix consists of 221 one-, two- and three-bedroom apartment units.

Amenities include a fitness center with Peloton bikes, bicycle storage, a dog park and fire pits. The property will also have extensive indoor and outdoor work-from-home areas, as well as electric vehicle charging capabilities.

Partners are lender Cadence Bank, general contractor Arch-Con Corp., The Preston Partnership for architecture, interior architecture by design firm MaRS and Kimley-Horn for landscape architecture.

PEOPLE

NAI Robert Lynn, a full-service commercial real estate brokerage firm, hired Nick Peterson as president of the industrial division of its new Houston office. With more than 13 years of experience, Peterson will be responsible for growing the firm's presence in the industrial market. NAI Robert Lynn, which is headquartered in Dallas with an office in Fort Worth, announced its Houston office opening in January.

In his new role, Peterson will oversee a team of brokers while working with clients to execute leasing strategies. He will also lead business development.

Prior to joining NAI Robert Lynn, Peterson served as co-leader of the industrial occupier solutions group at Transwestern. 

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Moody Rambin hired Landon Cole as a senior associate. Cole has eight years of experience in brokerage, capital markets and investments. His expertise includes landlord representation, tenant and buyer representation, property disposition and investment sales.

LEASES

Partners Real Estate arranged a 10K SF office lease renewal with Southeast Texas Regional Advisory Council at 1111 North Loop W. in Houston.

Partners’ Ryan Hand, Harry Holmes and Charlie Neuhaus represented the tenant in the transaction. Guy Brown of Texas Overland Co. represented the landlord, Nitya Capital.

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Brookfield Properties announced Moss Adams LLP, an accounting, consulting and wealth management firm, committed to a new lease at One Allen Center, the Class-A office tower at 500 Dallas St. in downtown Houston.

Under the terms of the agreement, Moss Adams will relocate within One Allen Center and expand to lease approximately 21K SF of contiguous space through 2035. Moss Adams was represented by Kevin Kushner and William Padon of CBRE, and Brookfield Properties was represented by Bubba Harkins, Russell Hodges and Jessica Ochoa of CBRE in the lease negotiations.

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Stream Realty announced the following leases:

• KHD Group leased 156K SF at Raceway Northwest Distribution Center at 9707 Fairbanks North Houston Road. Stream Realty was also the landlord in the deal, and Stream brokers Jeremy Lumbreras and Boone Smith represented the company. 
• All-Tex leased 85K SF at Pinnacle Logistics Park at 11525 Tanyard Creek Drive. Jeremy Lumbreras and Heath Donica of Stream Realty Partners represented the landlord, Hillwood.
• Schenker Inc. leased 100K SF at Beltway North Commerce Center at 971 North Sam Houston Parkway E. Jeremy Lumbreras and Woody Hillyer of Stream Realty Partners represented the landlord, High Street Logistics Properties.

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M-M Properties and CBRE announced that law firm Weil, Gotshal & Manges LLP has expanded and extended its lease space at TC Energy Center at 700 Louisiana St. in Downtown Houston. Weil will relocate within the 1.2M SF office building to an approximately 23K SF space on the 37th floor. 

CBRE’s John Spafford represented M-M Properties and John Burke of JLL represented Weil. 

TC Energy Center recently completed the second phase of a $16M renovation program that added a large tenant conference center, a coffee lounge and a fitness center.

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Waste Connections US Inc. renewed and expanded its lease at 3 Waterway Square in The Woodlands for a total of 117K SF of Class-A office space spanning more than five floors. The renewal and expansion add 21K SF to its existing lease.

Waste Connections was represented by Jason Whittington with Partners. The Howard Hughes Corp. was represented by Robert Parsley, Norman Munoz and Jillian Fredericks with Colliers.

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Stream Realty Partners has leased more than 74K SF at a West Houston office building as ownership announces a multimillion-dollar capital improvement project.

Eldridge Oaks, at 1080 Eldridge Parkway and adjacent to Terry Hershey Park in the Energy Corridor submarket, is owned by Broadshore Capital Partners.

Broadshore worked with Stream Houston, IA Interior Architects and OJB to redesign the building. Stream provides leasing, property management and construction management services at Eldridge Oaks. Stream’s Brad Fricks and Matt Asvestas served as leasing agents. 

O’Donnell/Snider Construction is overseeing the construction, that will be completed this fall.

Leasing activities include:

• Gulf Cos. signed a 52K SF lease, represented by Beau Bellow of JLL.
• Ryder Integrated Logistics executed a 7K SF lease, represented by Gary Lawless of Cresa.
• VSMsq Structural Engineers executed a 6K SF lease, represented by Anthony Fritsche of Fritsche Anderson Realty Partners.
• CCL Global leased 5K SF, represented by Scott Visin of Cushman & Wakefield.
• Hanwha Global Investments Corp. secured a 3K SF lease, represented by Tripp Pruet with Stream.   

Eldridge Oaks is a 14-story, Class-A office tower built in 2009 offering amenities including on-site property management, 24/7 security and an above-market parking ratio. The building can accommodate tenants from 3K SF to 235K SF and has move-in-ready speculative suites available.

SALES

Northmarq’s Riley Sharman arranged the sale of a 12K SF shopping center at 3709 Center St. in Deer Park. Sharman represented the seller, a Florida-based private investor. A local investor purchased the property in a 1031 exchange. Northmarq’s Larry Peters and Michael Borden secured financing for the buyer. 

At the time of sale, the strip center was leased to five tenants. The Shoppes at Town Square is 75% occupied by a restaurant and other service-oriented tenants and adjacent to a 264-unit multifamily community.

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A local partnership sold a 14K SF Class-B shopping center in southwest Houston. Newman Kelly’s Logan Kelly represented the seller and generated five offers on the property.  

THIS & THAT

Method Architecture announced the opening of its new Houston office. The new location, at 2920 Riverby Road, Suite 200, will be the home for Method’s entire Houston staff and is in Midway’s East River project. As the new development's first office tenant, Method’s new space marks a milestone in the company's and East River’s growth. 

Method’s Houston office has called East Downtown home since 2016 when the firm combined two offices into a new location on Lamar Street at Ancorian’s East Village development. Method’s new 8.6K SF space is the same size but utilizes the space differently, reflecting changes in daily workflows that have seen a large uptick in virtual meetings. 

The new space will house around 60 employees with 30% more collaborative space, featuring a variety of formal and informal meeting rooms and huddle spaces. 

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The Women’s Home was selected as the recipient of Michael Hsu Office of Architecture’s $20K pro-bono design and consultation services through its second Design for All Partnership. Michael Hsu Office of Architecture is a Texas-based architecture and interior design firm that supports community-driven partners.

The Women’s Home serves women and families who are homeless or vulnerable to homelessness, and many have histories of addiction, mental illness and trauma. MHOA will help design a new workforce development facility for The Women’s Home in the Spring Branch neighborhood, providing feasibility, site planning and conceptual design services. 

The Women’s Home recently acquired a 1-acre plot in Houston’s Spring Branch. MHOA will analyze the site and develop architectural renderings for a building that will serve as both a childcare facility and workforce-development space for low-income families. The new facility will provide services that support financial and computer literacy, workforce training, childcare, and a community of safety and trust for undocumented immigrants seeking work.