This Week's Houston Deal Sheet
The Center at Pearland Parkway, Stream's first foray into Houston retail development, is now open.
The center totals 165k SF of anchor, junior anchor, inline and pad sites spaces. Stream managing director Mark Sondock says the Center at Pearland Parkway has a great combo of strong national retailers (including TJ Maxx, Ross, Petco, Palais Royal, Five Below, Rack Room and Rue 21) and amazing access for an extremely underserved area of Pearland. It sits at the intersection of FM 518 and Pearland Parkway. Pearland is blooming--it was recently ranked the 15th-fastest-growing city in America.
EXECS
Bart Barrett joined Wood Partners as director of the Houston office. He was formerly managing director at Alliance Residential, where he developed more than 3,400 housing units valued over at $500M.
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HFF’s JC Clemens was promoted to producer and associate director. He focuses on Class-B and –C multifamily assets, secondary markets and the private capital sector. He has been with the firm since June 2011. HFF also hired a new multifamily analyst, Estee Ibanez.
SALES
Unilev Capital purchased 1500 CityWest, a 192k SF Class-A office building in Westchase. JLL’s Rudy Hubbard, Kevin McConn and Rick Goings repped seller MetroNational. Rudy says buyers were drawn to the location and pricing—it’s about a 25% rate discount to nearby properties, and has value-add potential.
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Urban Living purchased 13k SF of land at 5304 Chenevert in the Museum District. Coldwell Banker’s David Hummel and Vince Elder repped the seller.
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Zoya Enterprises purchased a 43k SF building on three acres at 9848 Highway 90-A in Sugar Land. CRC Real Estate’s Richard Glass and Stephen Hazen repped the buyer and CBRE’s Billy Gold and David Adame repped seller Summit Stainless Steel.
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An undisclosed buyer purchased Township Apartments, a 300-unit property built in 1972 in Humble. The property is comprised of 41 buildings on 15 acres. The seller, Gaia Real Estate, had acquired the property in January 2012 and renovated and updated the community. Gaia received over 400% IRR on its investment.
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An undisclosed buyer purchased One Northchase Park, an 85k SF office building. NAI Partners’ Doug Pack facilitated the sale. Jaguar Investors was the seller.
LEASES
International Furniture Direct leased 25k SF at 1819 Turning Basin Dr. Boyd Commercial’s David Munson repped landlord First Industrial Texas, and Houston Realty Advisors’ Ed Ayres repped the tenant.
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UTMB leased 21k SF of office space in Baybrook Office Park in Friendswood. Commercial Houston’s Marcia Davenport and Kelly Hutchinson repped the tenant and SE Covington’s Frank Cole repped the landlord.
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Jacobson Logistics leased the remaining space at Interport II in Bayport. Once it reached 100% occupancy, Prologis purchased the 736k SF building. JLL’s John Talhelm and Kevin Erck repped the landlord in the leases, and then assisted CBRE in the sale.
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CH2M Hill expanded to 83k SF in Ashford 5. Moody Rambin’s Bob Cromwell and Kevin Nolan repped the landlord, and Jackson Cooksey’s Mike Quint repped the tenant.
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Natural Pawz leased 17k SF of office/warehouse space in The Pines Business Park in Spring. Lincoln Property’s Brandon Brooks repped the landlord, and Cypressbrook Co’s Denise Ksiazek repped the tenant.
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Kenyon International Emergency Services leased 10k SF of flex space at 612 Spring Hill Dr. Cypressbrook Co’s Joyce Sterling repped the tenant, and Lincoln Property’s Brandon Brooks repped the landlord.
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Alfa Laval signed a long-term, build-to-suit lease in Pinto Business Park. Hines will develop a 106k SF tilt-wall light manufacturing facility (including 25k SF of Class-A office) to consolidate the firm’s Houston operations into one building. Construction is underway and will deliver in Q2. JLL’s Jarret Venghaus and Jeff Venghaus repped the tenant. The landlord is a JV between Hines, KKR and Pinto Real Estate.
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LEEDO Manufacturing renewed 20k SF at the Churchill Building in Stafford. Moody Rambin’s Griff Jaggard, Kevin Nolan and Spencer Starkey repped the landlord, and Avison Young’s Jeff Lindenberger repped the tenant.
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Architectural Interior Specialists leased 40k SF of industrial space at Long Point Business Center. Stream’s Matteson Hamilton and Jeremy Lumbreras repped the landlord, Agellan Capital Partners.
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K&C Floral Venture renewed 14k SF at Main Park Distribution. Stream’s Julie King repped the tenant, and Transwestern’s Darryl Noon repped the landlord.
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Mirez Aquapure Solutions renewed 12k SF at Silber Business Park. Stream’s Matteson Hamilton repped landlord Agellan Capital Partners.
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Aramark Refreshment Services renewed 21k SF at Town & Country Business Park. Stream’s Jeremy Lumbreras repped landlord Liberty Property Trust.
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TSC Offshore Corp leased 57k SF of new industrial construction on nine acres at 12550 North Houston Rosslyn. NAI Partners’ John Ferruzzo and Michael Keegan repped landlord Summit Realty Ventures. Investment & Development Ventures was the developer.
FINANCING
DPFG’s Rick Rosenberg arranged $9.6M in construction debt financing for Bayside at Waterman’s Public Improvement District in Galveston.
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BMC Capital’s Keith Van Arsdale arranged a $4.8M cash-out refinance loan for a multifamily property. It was non-recourse and featured 65% LTV and a 10-year fixed rate at 4.4%. Keith also arranged an $8.9M refi for a 112-unit industrial property. It had 75% LTV and 10-year fixed rate at 5.2%. The fractured-unit property was 90% occupied at closing. Keith says the capital markets are very liquid for office warehouse.
THIS AND THAT
Transwestern was retained by Banyan Street Capital and Oaktree Capital Management to lease a three-building office portfolio. The properties—Reserve at Greens Crossing II and Timberway One—total 251k SF. Michelle Wogan and Monte Calvert will handling leasing. The assets were Banyan Street’s first Houston acquisition. Reserve at Greens Crossing II has 82k SF available, and Timberway One has 30k SF available.
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Landpark Commercial was named exclusive leasing agent for Decorative Center Houston. The 10-story Class-A office property has 300k SF of office and 200k SF of showroom/retail space. It was significantly upgraded lately, including a multimillion-dollar courtyard renovation and a new full-service restaurant. The property has a variety of leasing opportunities, from small suites to 20k SF of contiguous space. Bill McGrath will handle the assignment.
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Hospitality Ventures Management was selected to operate the 335-room Hyatt North Houston. It’s the firm’s third hotel in Texas and fourth full-service Hyatt.
