This Week's Houston Deal Sheet
A 156K SF speculative distribution development in northwest Houston is now fully leased with the signing of a single tenant.
KHD Group, a furniture vendor and supplier that started its business with the Vecelo brand, will occupy Raceway Northwest Distribution Center at 9707 Fairbanks North Houston Road. Stream announced the completion of the warehouse in March.
Stream Houston’s Jeremy Lumbreras and Boone Smith identified and secured the tenant for the development. Kyle Fletcher led the development and construction management of the facility.
Raceway Northwest Distribution Center was constructed to modern distribution development standards, including a front-load configuration with 36-foot clear height, 25 dock-high doors, and 109 vehicle and 22 trailer parking spaces. The development delivered in move-in condition with speculative office space, a white-boxed interior warehouse, LED warehouse lights, and a fully fenced and secured truck court.
Raceway Northwest Distribution Center is owned and overseen by Stream Realty Partners.
PEOPLE
Lee & Associates – Houston hired Richard Glass as principal. Prior to joining Lee & Associates, Glass was one of the founders of CRC Real Estate, where he spent over 15 years as a producer in development, sales and leasing in the Greater Houston area.
Before his time at CRC Real Estate, Glass worked for The National Realty Group Inc. for nine years as an industrial sales and leasing agent in southwest Houston.
LEASES
Partners Real Estate arranged a 15K SF industrial lease with Ekkovision at 1519 Industrial Drive in Missouri City. Partners’ Darren O’Conor represented the landlord, Bison Warehouse LLC, in the transaction.
Lime Rock Management, an energy-focused private equity firm, renewed its lease in Brookfield Properties’ Heritage Plaza. Lime Rock Management leases about 57K SF in the office tower at 1111 Bagby St. in Downtown Houston.
Lime Rock Management has called Heritage Plaza home since 2005.
Lime Rock Management was represented in lease negotiations by Kevin Kushner and William Padon of CBRE. Brookfield Properties was represented internally by Tyler Merritt and William Holliday.
In 2021, Houston-based Kirksey Architecture delivered Heritage Plaza’s redesign. The 52-story building comprises 1.1M SF of Class-AA office space and offers direct access to downtown’s tunnel system.
Enhancements included a revamped sky lobby with an exterior patio; updated interior finishes and fixture upgrades throughout the main and sky lobbies; a boardroom-style conferencing space; collaborative seating areas on the sky lobby level; and a catering kitchen.
SALES
Ashlar Development, a Dallas-based master-planned community developer, sold 40 acres within The Groves in Humble. Read King, a Houston-based commercial real estate firm, purchased the parcels of land near Madera Run Road and Woodland Hills Road for future retail centers.
Less than 20 acres of commercial property remains before the community will be sold out of land holdings. Ashlar Development recently sold the remaining residential land to Perry Homes, although new home sales are anticipated to continue into 2025.
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Justin Beck and Grant Hankins of Whitebox Real Estate represented the undisclosed buyer of Bayside Storage, a 29K SF, 324-unit storage property in Galveston. The sale closed July 25.
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HVS Brokerage & Advisory has sold the 52-key Quality Suites North Houston at 150 Overland Trail.
The property, built in 1998, was purchased by San Benito-based Om Sai Rudra from Shree Rajprabhu, based in Houston. HVS Brokerage & Advisory team members James Rebullida, Eric Guerrero, Fadi Rawashdeh and Kyle Peterek participated in the transaction.
THIS & THAT
The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, finished a $4M capital improvement initiative at The Life at Beverly Palms, a 308-unit multifamily community in Pasadena.
Interior elements of the capital improvement program included new paint and window replacements across the property. Exterior improvements included sidewalk and concrete repairs, landscape improvements, roof repairs, security system upgrades, new paint and a series of repairs to the LED lighting across the property.
Repairs were also made to the shared resident amenity spaces, including the community room, the pool and picnic area, the laundry center, the dog park and the children’s playground.
