This Week's Houston Deal Sheet
Construction is underway on an upscale retail/office/industrial project in Stafford. With a massive entryway, mix of uses and design features like a floating staircase, it'll be a unique development.
DMAC Construction & Development is developing the 100k SF facility, which will feature a 50-foot, two-story entryway. The property will serve as a showroom and store, office and distribution center, and will be concrete tilt-wall with a glass curtain wall and wood pattern panels. The open lobby will include a coffee bar and floating staircase. Pictured is the erection of the entryway panel; the team had to bring in a custom spreader bar to pick up the panel at 16 different lift points. Three Square Design is the architect, and designed around keeping as many mature trees on site as possible. The building will deliver in March, and Ellen Lighting has room for a second phase, which would bring it to 250k SF.
SALES
A local investor purchased Silver Club Apartments, and set a new record price per unit for a property of its vintage in southeast Houston. Marcus & Millichap’s Clint Roberts listed the 46-unit property at $2.3M.
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M-M Properties (on behalf of an institutional client) purchased IMT Alden Landing, a 292-unit Class-A multifamily community in The Woodlands. It’s one of the last value-add opportunities in The Woodlands proper and was 97% occupied at time of sale. ARA’s David Oelfke repped seller IMT Residential.
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BAK LLC purchased a 17k SF newly constructed property at 10120 Fairbanks North Houston. NAI Houston’s Joel Michael repped the buyer and TNRG’s Mike Spears and Mark Ward repped seller Black Gold JV.
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DGM purchased a 22-acre tract at 18727 Kenswick Dr in Humble adjacent to the George Bush Intercontinental Airport freight terminals. It will develop a 150k SF industrial packing plant on the site. CBRE’s Glynn Mireles repped the buyer. The Urban Cos is overseeing construction. Phase 1 will break ground in February and deliver next summer. Phase 2 will add 100k SF of warehouse. DGM will continue to occupy its 70k SF facility on Greens Road.
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An undisclosed buyer purchased Dover Pointe Apartments, a 168-unit community. Marcus & Millichap’s Jeffrey Fript marketed the property. The buyer will complete the upgrade program started by the previous owner to take advantage of demand created by the explosive increase of jobs by the Port of Houston.
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An undisclosed buyer purchased Mason Place, a 30k SF retail property in Katy. Marcus & Millichap’s James Bell and Watt Harrison listed the property at $6.5M.
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A Dallas-based private investor purchased a 109-room Holiday Inn Express Hotel & Suites. Marcus & Millichap’s Jake Gaddy and Steve Swenholt repped the seller. Marcus & Millichap’s Chris Gomes and Allan Miller repped the buyer. The property was built in 1999 on Airtex Drive and was recently converted to a Holiday Inn Express & Suites.
DEVELOPMENT
Crimson Real Estate Fund and USAA Real Estate Co broke ground on The Residences at CityWest, a 266-unit property in Westchase. The JV purchased the site adjacent to 2500 City West Blvd office building in November 2011. The project team includes Looney Ricks Kiss Architecture and Jordan Foster Construction. It will deliver in July 2016.
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Western International broke ground on two hotels in Ten Oaks: Courtyard by Marriott and Hampton Inn & Suites by Hilton. Also in Ten Oaks, Aramco Research Center (60k SF) just opened, and Lincoln Properties is putting the finishing touches on the first of two 150k SF office buildings. The first is 55% leased (and should be full soon), and Lincoln plans to start the second in the first half of 2015. NACE International has moved into 5835 Park Ten Place, and Om Shanti Hospitality is under construction on a 112-room SpringHill Suites by Marriott. Ten Oaks still has 6.6 acres available.
THIS AND THAT
Apartment Realty Advisors was acquired by BGC Partners. The $110M deal is expected to close by year-end.
