This Week's Houston Deal Sheet
HealthHelp leased 40k SF in Four Greenspoint. It’s the first tenant to take down some of Exxon’s former space in Greenspoint. (Now watch Exxon get jealous. You don't know what you've got till it's gone.)
Fritsche Anderson’s Sam Pouns (snapped here with Jennifer Bachand) and Anthony Fritsche repped HealthHelp in securing its new HQ location. The firm will occupy two floors when it moves in spring 2015. Sam says his team spent more than a year looking for a new space, and his client was drawn to Four Greenspoint’s room for future growth, parking, new athletic club (GM and Hines have been upgrading the property), and hotel/conference center nearby. Colvill’s Damon Thames and Chip Colvill repped the landlord. Fritsche Anderson has handled some other big deals recently (85k SF for Parker Drilling, 41k SF for HOK, 65k SF for Houston Offshore Engineering), but it's particularly excited about its own move. Besides heading to the top floor of 3411 Richmond, it's preparing to rebrand.
EXECS
ACRP announced its 2015 board, including Seeberger Architecture’s Perry Seeberger as president, Bury’s Jason Atkinson as president-elect and Satterfield & Pontikes’ Tom Langley as immediate past president.
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Bob Berry joined Avison Young as principal specializing in industrial end-user rep. He has 33 years of experience and was previously with JLL for 16 years. He has negotiated more than $5B of industrial leases and acquisitions, and was JLL’s top producing industrial broker in the country in ’08, ’09 and ’12.
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Iggy Grillo joined Stream as VP of multifamily development. He has 17 years of experience and has handled development, construction, acquisitions and dispositions of more than 1,200 units, worth over $180M.
SALES
An undisclosed buyer purchased the Aloft Houston Galleria, a 152-key boutique hotel. HFF’s Dan Peek, John Bourret, Colby Mueck and Austin Brooks repped seller HEI Hotels & Resorts, which will continue to manage the property. The pet-friendly hotel was built in 2009.
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Radco Investments purchased the Texas 3 portfolio, which includes three multifamily communities in Houston and San Antonio. CBRE’s Charles Cirar, Ryan Epstein, Clint Duncan and Michael Wardlaw repped the seller.
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Waterton Associates purchased the Villas at Hermann Park, a 320-unit multifamily community near the Med Center. It will upgrade the common areas and units, and will add fenced-in backyards for 55 ground-level units. This marks Waterton’s entry into the Houston market, which is ironic — it marks seller CenterSquare’s exit from Houston. Waterton already owns five properties totaling 1,400 units in Austin and Dallas.
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Hartman XX purchased the Timbercreek Atrium and Copperfield office buildings. It got the properties at a deep discount to replacement cost and plans to add value through lease-up and more efficient operations. The Class-B buildings total 94k SF along Highway 6 between I-10 and FM 529. Timbercreek Atrium is 79% leased, and Copperfield is 80% leased. NAI Partners’ Joshua Lass-Sughrue, Doug Pack and Sam Hansen repped the seller with C-III Realty Services’ Jordan Summerville. Hartman’s Dave Wheeler, Julian Kwok and Russell Turman repped the buyer in-house.
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Overhead Garage Door purchased a 34k SF office/warehouse building at 5716 Jensen. Cushman & Wakefield’s Kelley Parker, John Littman, Coe Parker and Tim Thomas repped seller Jean Wyckoff. Clay & Co’s Kevin Dalrymple repped the buyer.
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An undisclosed buyer purchased a 10k SF retail building at 9401 Clay Rd. ICO Commercial’s Danna Sossen and Tawnya Dornak repped the seller, and Edge Realty’s Jed Mandel repped the buyer.
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Houston Industrial Development One purchased 6.5 acres of industrial land on Pasadena Boulevard in Pasadena. Cushman & Wakefield’s Kelley Parker, John Littman, Coe Parker and Tim Thomas repped the seller, and NAI Partners’ Clay Pritchett repped the buyer.
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Rockwell Management purchased 9990 Richmond, a 187k SF office building in Westchase. The building underwent numerous renovations from 2011 to 2014, including updating the lobby. It’s 92% leased. HFF’s Danny Miller, Marty Hogan and Wesley Hightower repped the seller, a JV between Fuller Realty and Harbert Management. HFF’s Colby Mueck and William Crawley secured acquisition financing through Natixis Real Estate Capital, a 10-year fixed-rate loan. The Natixis team was led by Vishal Vanjani and Brian Staley.
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Panther FW Investments partnered with a local multifamily investment group to purchase Oaks of Cypress Station Apartments. The property has 294 units and is Panther’s second multifamily property in Houston. The team will extensively upgrade the community.
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Halliburton ESI purchased a three-acre unimproved tract at the corner of JFK Boulevard and Aldine Bender in Interwood Business Park. SRA’s Marc Drumwright repped seller Essex Interwood Investors, and JLL’s Laura Woodall repped the buyer.
LEASES
Rustic Hardwood Inc leased 24k SF at 8017 Pinemont. Boyd Commercial/CORFAC International’s Andrew Sowell repped the tenant and Liberty Property Trust’s Hans Brindley repped the landlord in-house.
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Broadsoft Inc leased 15k SF at the Wildwood Corporate Centre building in The Woodlands. Moody Rambin’s Griff Jaggard and Terri Torregrossa repped landlord Geosouthern Wildwood. CBRE’s Matt Dickson repped the tenant.
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Dynamite Enterprises subleased a 10k SF facility on Pruitt Road in Spring. TNRG’s Chase Cribbs and Alex Wisnoski repped sub-landlord My Fit Foods. Cypresswood’s John Hornbuckle repped the tenant.
FINANCING
Q10 KDH’s Ryan Watson secured a $3.3M 10-year fixed-rate Fannie Mae loan for Bristol Court Apartments. The West Houston property has 164 units and is 99% occupied. Ryan says Fannie Mae spreads were incurring up to 20 bps swings when he was closing this deal, so he corresponded with other Q10 office across the country to see if they had the same issue. He concluded the swing was an overcorrection in the market and told his client to wait until things stabilized. KDH was then able to secure a loan at 4.31% on a non-recourse basis, saving the client 20 bps.
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BMC Capital’s Tony Talamas arranged $829k in cash-out refinance for a multifamily community. The loan was 58% LTV and secured a five-year fixed rate at 4.38% and 20-year amortization.
THIS AND THAT
The Means Group and Burchfield Cos formed a JV called Burchfield/Means to develop, build and manage construction projects across the US and certain developing foreign markets. (It will initially focus on Sun Belt states and developing Central American countries.) Its primary office is in Houston, and it will build multifamily, mixed-use housing, full-service retirement communities and commercial properties. Burchfield/Means has ID’d its first round of opportunities and begun negotiations to acquire the sites and start development.
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Boxer Property was awarded leasing/management of 5450 Northwest Central, a 55k SF Class-B office building built in 1981. Stephen Kradjian and Chris McGhee negotiated the agreement for Boxer.
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Griffin Partners separated its brokerage group and combined it with Lee & Associates. This marks Lee & Associates’ entry into Houston; the firm is the largest broker-owned commercial real estate services firm in the country, with 52 locations. The new office will launch with 10 brokers and two staff members, led by managing principal Chris Lewis and principals Drew Lewis, Josh Cheatham and Travis Taylor.
