This Week's Houston Deal Sheet: Local CRE Firm Merges With Banking And Investment Company
Commercial real estate firm Lee & Associates - Houston acquired Commercial Resource Capital, a full-service mortgage banking and real estate investment services company based in Houston.
The two teams will merge to navigate the complexities of capital markets.
“By integrating CRC’s expertise in capital markets and investment brokerage, Lee & Associates - Houston is poised to offer a more comprehensive suite of services to its clients, which includes investment sales, debt and equity placement, and structured finance,” Managing Principal Mike Spears said in a news release.
The two companies have worked together for decades, according to Jason Dannatt, founder of CRC and head of capital markets. Lee & Associates — Houston seeks to expand its footprint and market presence and hopes that incorporating CRC into its operations will contribute to growth, the release says.
The terms of the deal weren't disclosed.
PEOPLE
JLL hired Ed Bovermann as the regional managing director of its property management group in Houston and New Orleans. Prior to his role at JLL, Bovermann held positions at Hines and Transwestern. He has more than two decades of real estate experience.
Bovermann’s new role was held by Connie O’Murray, who now leads JLL’s medical real estate property management business.
“Ed’s relationship-based approach and attention to client satisfaction will be a seamless addition to our property management service line,” Mark Zettl, JLL president of property management, said in a release.
SALES
Glenmorangie LLC sold a 26K SF industrial building on 2.2 acres at 4303 South Drive in Houston. Christopher Winters and Walter Menuet of Colliers represented the seller. Michael Stavinoha with Dominion International Group | EXP Realty represented the buyer.
LEASES
Xavier Academy leased more than 29K SF at 6100 Hillcroft Ave. in Houston. The private education institution will occupy a floor and a half of the seven-story office building.
Bill Insull and Blake Virgilio of Lee & Associates - Houston represented the landlord, Tenant Managers Hillcroft LLC. Robby Winston of Savills represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Trammell Crow Co., in a joint venture with an affiliate of South Atlantic Services, tilted walls at Carpenters Logistics Center, TCC’s industrial development in the Houston area. The project at 15600 Carpenters Logistics Drive in Channelview is anticipated to deliver in January.
The logistics center will have a 752K SF cross-dock facility, 5 acres of contiguous industrial outdoor storage, a 40-foot clear height and 330 trailer stalls.
The developers are improving infrastructure around the project by widening and adding a turn lane to Sheldon Road and constructing a new road along the northern perimeter.
Seeberger Architecture serves as the project’s architect, and BGE Inc. serves as the civil engineer. D.E. Harvey Builders is the general contractor. Fifth Third Bank is providing construction financing.
The CBRE team of Andrew Jewett, Cape Bell, Jason Dillee and Kayla Ripple is marketing the project.
FINANCING
Legalist Inc. provided a $50M bankruptcy financing package for the Chapter 11 reorganization of a large real estate development in the Houston suburbs. The developer is Arete Real Estate & Development Co., which has 521 acres at 50 Crosby Pines in Crosby, a community in northeast Harris County.
The land has the potential for 2,750 single-family lots. The financing package should help the developer move past bankruptcy, reorganize its debt and provide infrastructure development for the land. The transaction secured takedown contracts with seven national and regional homebuilders, according to a release.
