This Week's Houston Deal Sheet
Satake USA is doubling its Houston footprint—it purchased a 145k SF office/warehouse in Freeport Southwest Business Park.
Southwest Realty Advisors’ Marc Drumwright, Steven O’Connor and Patrick McKiernan repped the buyer (pictured is Jonathan McDaniel with Patrick and Marc) and tell us Satake’s vision systems operation won’t be moving far to take this property—its old 60k SF space is across the street. After doing some improvements on the new building (10900 Cash Rd), it’ll move in around March 1. NAI Partners’ John Ferruzzo, Chris Kugle and Chris Jackson repped the seller.
SALES
Jones Mist purchased 1.4 acres on Jones Road at Mist Lane. TNRG’s Alex Wisnoski and Mike Spears repped the seller, IMC Group.
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KFB Industrial purchased 15 acres on Katy Fort Bend Road. TNRG’s Taylor Schmidt and Reed Vestal repped the buyer, and Caldwell Cos’ Keith Edwards and Clay Roper repped seller Tamoozi Investments.
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An undisclosed buyer purchased the 800 and 888 West Sam Houston Pkwy office buildings, which total 88k SF in Westchase. NAI Houston’s Doug Pack repped seller American Spectrum, and Logan Brown Investments’ Logan Brown repped the buyer.
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Myriad Fabrication purchased a 12k SF crane-served manufacturing building at 9811 Windmill Park Ln. NAI Houston’s Michael Keegan repped the buyer and TNRG’s Preston Yaggi and Steve Kuper repped the seller.
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Alvarado Brothers Brick purchased 15k SF of industrial land on Trendale Road. Cushman & Wakefield’s Kelley Parker, John Littman, Coe Parker and Tim Thomas repped seller Y2ME Partners. Coldwell Banker’s Donna Winfrey-Varner repped the buyer.
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An undisclosed buyer purchased Safe Harbor Boat and RV Storage, a 40k SF self-storage property in Cypress. Marcus & Millichap’s Justin Miller and Dave Knobler repped the seller. The facility received eight offers within two weeks on the market.
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A private investor purchased the new CVS at 4523 LJ Parkway in Sugar Land. Marcus & Millichap’s James Bell handled the 1031 exchange.
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An undisclosed buyer purchased Plazas at Lake Houston Parkway, a 15k SF retail property in Humble. Marcus & Millichap’s James Bell listed the asset at $3.8M.
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Rutco Agency purchased a 101k SF industrial warehouse at 6201 South Loop E. TNRG’s Eric Bunting repped the buyer and CBRE’s Bill Rudolf and Gray Gilbert repped the seller.
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Ashley-Jordyn Properties purchased a 45k SF warehouse at 5633 Old Clinton Dr. NAI Partners’ Clay Pritchett repped the buyer and The Locher Group’s Bill Locher and Wes Williamson repped seller Amtech International.
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Whitestone REIT purchased Williams Trace Shopping Center (262k SF) in Sugar Land for $41M. Williams Trace Shopping Center (two distinct properties, Williams Trace Plaza and Shops at Williams Trace) is 90% leased and was sold by a partnership of Henry S Miller and Dome Equities. HSM’s Greg Miller, Chance Johnson and John Downs repped the seller with HFF’s Rusty Tamlyn, Ryan West, Matt Berry and Robbie Kilcrease. The acquisitions are Whitestone’s first in Houston since it went public in 2010, and brings its local portfolio to 2.6M SF.
FINANCING
LMI Capital’s Jamie Mullin arranged two loans in Houston; a $3.7M refi for a 21k SF shopping center and 14k SF of self-storage in South Houston, and a $17M acquisition loan for a 500-unit multifamily community. The shopping center/self-storage asset was built in ’09, and the borrower got a five-year fixed interest rate of 4.44%. It paid off a mini perm used for construction and lease-up. The multifamily loan provided 80% of the borrower’s cost, and includes capital improvement dollars to upgrade the asset. It also featured 18 months of interest-only and a fixed interest rate.
DEVELOPMENT
Mischer Investments announced plans for Cypress Creek Lakes, a 29k SF Class-A medical/office development in Cypress. Construction will begin when the property is 50% pre-leased; Transwestern’s Ashley Cassel is handling leasing. The two-story building will be at the southeast corner of Fry Road and Cypress North Houston, across from the main entrance to Bridgeland. Mischer also developed the retail center just north of the site, and the surrounding Cypress Creek Lakes residential subdivision.
