This Week's Houston Deal Sheet
Kimco Realty purchased Copperfield Village Shopping Center, another transaction that shows the appeal Sprouts-anchored properties hold for investors.
This is the third Sprouts that HFF's Rusty Tamlyn and Ryan West have sold in Houston (they repped the seller with colleagues Matt Berry and Robbie Kilcrease), and the duo has another one under contract to close this summer. Rusty tells us investors are loving the grocery brand. The combo of strong sales and below market rents also drew interest, Matt says. Kimco now owns assets on three of the four corners of this intersection (a retail mecca) of Highway 6 and Spencer Road/FM 529. Copperfield Village is 165k SF and is 92% leased. Sprouts dual-anchors the center with Ross.
EXECS
Manhattan Construction’s Kevin McKay was promoted to operations manager. He has been with the firm for 32 years and has handled $2B in projects across Louisiana, Texas and Virginia.
SALES
A JV between Princeton Holdings and the Bluestone Group purchased a four-property, 850k SF portfolio of office buildings leased to the General Services Administration. That includes 1433 West Loop S, a 138k SF office building in Houston, as well as properties in DC, San Diego and Sacramento.
LEASES
Pete Stewart Properties’ Pete Stewart closed two retail leases: 10k SF for Truluck’s Steak and Stone Crab Restaurant in Hughes Landing, and 10k SF for Plaza Jewelry Exchange to relocate from the Sharpstown Bank Building into The Park at Sugar Creek.
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Industrial Alloy Fabrication leased 18k SF and immediately expanded by 3k SF at 7210 Harms Rd. LightHill Commercial’s Max Robbins and Don Fincher repped the tenant. NAI Houston’s Travis Land repped the landlord, which is building space for the expansion.
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Roofing Supply Group leased a 20k SF build-to-suit office/warehouse on three acres in Grand Parkway Industrial Park (23559 Clay Rd). JLL’s Kevin Erck repped the tenant and Capital Real Estate Commercial’s Hart Schleicher repped the landlord. This is the first building at the new 70-acre park, which is next to the proposed 103-acre Chevron R&D campus.
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Productive Steel Industrial Services leased a 20k SF crane-served office/warehouse at 15847 Kimberlee. Capital Real Estate’s Hart Schleicher repped the landlord. This is the first building at this location; a 20k SF spec building is coming this summer.
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SRS Distribution leased a 30k SF office/warehouse at 3004 Aldine Bender. Mohr Partners’ Lance McCarty repped the tenant and Capital Real Estate’s Hart Schleicher repped the landlord.
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Compression Generation Services inked a 20k SF build-to-suit in the Smith Road Industrial Park at 14428 Smith Rd in Humble. The 60-ton crane-served building will deliver in March. Northwinds Commercial Realty’s Dylan Schopper and Jon Lindenberger repped the tenant, and Capital Real Estate’s Hart Schleicher repped the landlord.
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Nexans Amercable subleased 16k SF at 10633 W. Little York. Lee & Associates’ Rob Johnson repped the sublessor (in the firm’s first deal since opening its office last month) and landlord Trinity Wire repped itself.
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Page International expanded to 91k SF of office/industrial space in Kempwood Tech Center. Tarantino Properties’ Peggy Rougeou and Eric Ohlson repped the landlord and Pollan Hausman Real Estate Services’ Tony Allen repped the tenant.
DEVELOPMENT
McCarthy Building Cos is building the Museum of Fine Arts, Houston expansion. It’s already one of the largest museums in the US, and is the oldest art museum in Texas (115 years old). The team will redevelop the 14-acre campus, including building a new 164k SF exhibition building, garage and 80k SF facility for the Glassell School of Art, and installing a rooftop garden and architecturally significant tunnel connectors. The team: The Projects Group, Steven Holl and Kendall Heaton. Construction will begin in July and wrap up in 2019.
THIS AND THAT
WGAnderson was certified as a Historically Underutilized Business (HUB) by the State of Texas. The women-owned firm was formed in 2013.
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Stream Realty was chosen to lease the retail portion at 24 Waterway in The Woodlands. The project is at the southeast corner of Lake Robbins Drive and Waterway Avenue, and includes backfilling the former Hubbell & Hudson space. The project has 268k SF of Class-A office and 40k SF of retail. Andrew Bagnall and Court Richardson will handle leasing.
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The Residence was awarded property management for Woodland Park, a 16-unit condo project in the Heights. The Residence is a sister company to the Glass Group.
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CBRE’s Steve Rocher, Kristen Rabel and Parker Duffie were chosen to lease 1500 City West. Unilev Capital recently purchased the 191k SF office building in West Houston. The property will get major renovations and repositioning.
