This Week's Houston Deal Sheet
Caldwell Cos has broken ground on the next phase of Towne Lake: The Boardwalk, a mixed-use project right at the front of the master-planned community. (Contrary to what we've learned from HBO, the mafia will not run this boardwalk.)
The Boardwalk will include 58k SF of office space and 61k SF of lakeside retail, plus a central green area for concerts and events and a breezeway plaza and boulder play area for kids. The team is also building boat slips, so Towne Lake residents can pull right up to their favorite restaurant from the lake. The Boardwalk will open in Q4. Towne Lake is in Cypress and now has half of its planned 3,000 homes on the ground.
SALES
The Department of Public Safety purchased 11 acres on the northeast corner of Veterans Memorial Drive and Mitchell Road. It will build a 24k SF facility. Colliers’ Tom Condon Jr repped seller SOSUSA, and Development 2000’s John Bundy and David Wardlaw repped the buyer. Stewart Title Tomball’s Jane Mathews coordinated.
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Fuller Realty Partners and Independencia purchased Sam Houston Crossing I. HFF’s Danny Miller, Marty Hogan and John Rogers repped the sellers, Duke Realty and Chambers Street. The three-story, 159k SF building was completed in ’07 and is fully leased to six tenants.
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RiverPointe Hospitality purchased 3.2 acres on the northwest corner of Highway 59 and the Grand Parkway in Fort Bend County. Transwestern’s Tony Armstrong repped the seller.
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The William Warren Group purchased four self-storage companies in Texas for $28M. The portfolio totals 350k SF and 2,257 units. Three of the assets are in the Houston area—Brazos Storage & Retail in Richmond, Gosling Road Self Storage in Spring and New Territory Self Storage in Sugar Land.
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FG Asset Management purchased 3000 Post Oak. It’s the Korean investor’s first acquisition in Houston. The 442k SF Class-A office building is 100% leased to Bechtel. HFF’s Jeff Hollinden, Danny Miller and Trent Agnew repped the seller, a JV between Five Mile Capital Partners and Crocker Partners. HFF’s Wally Reid secured financing.
LEASES
Parkway Properties signed two leases totaling 213k SF in Houston. Nabors Industries expanded to 98k SF in One Commerce Green, backfilling Southwestern Energy’s pending vacancy. The Bristow Group leased 115k SF in CityWestPlace, which backfills space being vacated by Halliburton and at 66% higher market rents. Parkway’s Houston portfolio is 94% leased, and now only 9.5% of its portfolio is subject to lease expirations annually for the next five years.
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Associated Reprographics leased 16k SF of industrial space at 5849 Westview. Boyd Commercial/CORFAC’s Greg Barra and David Boyd repped the tenant, and Sealy’s Derrick Jones repped landlord Sealy Northwest Houston.
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Stewart Information Services extended its 230k SF lease at Post Oak Central, changing its expiration date from September 2016 to September 2019. Cousins’ 5.6M SF Houston portfolio is now 96% leased with over six years of weighted average lease term.
DEVELOPMENT
Conor Commercial Real Estate (a member of the McShane Cos) and USAA Real Co acquired a 36-acre site in Missouri City and are planning a three-building, 526k SF development called Gateway Southwest Industrial Park. The site is at the interchange of Beltway 8 and US 90. It will be built in two phases—Phase 1 is a 132k SF front-load facility and a 217k SF cross-dock building, and will deliver in Q4. Phase 2 will be a 177k SF front-load building. Cadence McShane is GC and Powers Brown is architect. Colliers’ Tom Condon Jr repped the site seller and NAI’s Edward Bane and Jon Michael repped Conor/USAA in the land acquisition. They will also market the property for lease.
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Satterfield & Pontikes completed construction of Airtex Distribution Center. The $7.6M, 226k SF industrial distribution facility has 32-foot clear heights and can accommodate up to four tenants. Powers Brown handled design for owner International Airport Centers. CBRE arranged construction financing and will lease the property.
