This Week's Houston Deal Sheet
After two straight years in the top spot, Houston fell to No. 2 in Site Selection magazine's annual ranking of corporate relocations and expansions. The Houston metro added/expanded 265 facilities in 2014, bested by the Chicago metro with 385. Houston has been ranked first or second every year since 2011, and also earned top honors in 2009. In the state comparison, Texas was named No. 1 for corporate relocations and expansions. Site Selection's annual ranking considers criteria that are key factors for job growth and retention. New corporate facilities must be over $1M in capital investment, create more than 20 new jobs, and add at least 20k SF to be counted.
EXECS
NAIOP Houston announced its 2015 board of directors. Planned Community Developers principal Don Janssen was named president and Trammell Crow managing director Aaron Thielhorn is president-elect. Griffin Partners president Ed Griffin is immediate past president.
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NAI Partner added two: Lisa Hankamer joined as VP of hospitality investment sales and Ami Figg as an office leasing agent. Lisa was previously managing principal of Uniquity Real Estate Partners. She has been in the hotel industry for more than 25 years and has closed more than $260M in hotel sales in the past several years. Ami was previously with Hartman Income REIT, where she leased a 1M SF portfolio.
SALES
Rutco Agency (dba Wholesale Electric) purchased 101k SF on four acres 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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105 Riley Road LLC purchased a 26k SF facility on 105 Riley Rd. TNRG’s Preston Yaggi and Stephen Kuper repped the buyer, and Clay Pritchett represented the seller, Dominant Development.
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CastleRock Communities purchased 106 acres from Sowell & Co at the northwest corner of Garth and Wallisville roads in Baytown. It will build a single-family subdivision on the site. McAlister Real Estate’s Chris Hutcheson, Matt Herring and James Kadlick brokered the transaction.
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MacDougall & Co purchased a 56k SF facility at 9510 North Houston Rosslyn Rd. Joe MacDougall repped the buyer and TNRG’s Mike Spears and Robert Noack repped seller Innovative Drive Systems.
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A local law firm purchased two office buildings totaling 24k SF off the West Sam Houston Parkway just north of Westheimer. NAI Partners’ Doug Pack and Sam Hansen repped the seller.
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Nitya Capital purchased two multifamily properties, Shadow Creek and The Bays. ARA’s Zach Springer repped the seller, Ascension CRE. He tells us investors were attracted to the school districts (Cy-Fair and Clear Lake), value-add opportunity and high-growth submarkets (Brookhollow, Clear Lake).
LEASES
Sellers Bros renewed 33k SF at 5900 Renwick Dr. CBRE’s Alex Makris repped the landlord, Capcor Orchard Green.
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Alliant Insurance Services leased 39k SF at 5444 Westheimer. JLL’s Bill Fleck, Ronnie Deyo and Beau Bellow repped the tenant, and CBRE’s Cody Armbrister and Elliott Hirshfeld repped landlord Franklin Post Oak.
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Kraft leased a 41k SF facility at 903 Kaufman St. TNRG’s Mike Spears repped the tenant, and Jeremy Mercer repped the landlord, Briggs II Investments.
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Hesselbein Tire Southwest leased 73k SF at DCT Northwest Crossroads. Proximity Real Estate Advisors’ Robin Moore repped the tenant, and DCT’s Will Hedges repped the landlord in-house.
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Conn Appliances renewed 31k SF of retail space at Northline Commons. Stream’s Mark Sondock and Court Richardson repped the landlord, and CBRE’s Matt Keener repped the tenant.
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Starplast USA renewed 76k SF and Eugene B. Smith & Co leased 120k SF of industrial space at Bay Area Business Park. Stream’s Justin Robinson repped the landlord. JLL’s Ryan Fuselier repped Starplast, and Beeman Strong & Co’s Beeman Strong repped Eugene B. Smith.
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Stream’s Matteson Hamilton and Jeremy Lumbreras repped the landlord in three leases:
• US Expediters (dba CPAP.com) leased 50k SF at Freeport Business Center. JLL’s Ryan Fuselier and Jarret Venghaus repped the tenant.
• Grand Slam Transportation renewed 11k SF at Prologis Park IAH Logistics Center. Boyd Commercial’s Greg Barra repped the tenant.
• Pitney Bowes Presort Services renewed 40k SF at Freeport Business Center. DTZ’s James Halepis repped the tenant.
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Party City leased 22k SF in Green Tree Shopping Center. Stream’s Ralph Tullier repped the landlord, and Baker Katz’s Jason Baker and Traci Holman repped the tenant.
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Butter Emporium leased 10k SF at 4141 Greenbriar in Stafford. NAI Partners’ Chris Caudill repped landlord JND Properties and Moody Rambin’s Jim Autenreith repped the tenant.
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Columbus McKinnon leased 45k SF at 845 Greens Pkwy. NAI Partners’ Chris Kugle repped the tenant, and JLL’s Richard Quarles and Mark Nicholas repped landlord DCT Greens Parkway.
DEVELOPMENT
Novare Group, Peter Dienna and Batson-Cook Development have broken ground on SkyHouse Main, a 24-story luxury apartment high-rise. The property is a mirror image to SkyHouse Houston, which sits just to the south in Downtown. It will have 336 residences and 7,200 SF of ground-floor retail.
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Medistar is developing Kindred Parkwest Skilled Nursing Facility, an 80-bed property at Katy Fort Bend Road and Colonial Parkway. The 60k SF, $12.3M facility is being built by Satterfield & Pontikes and will break ground early this year for an 11-month construction period. The site includes room for future expansion to 120 inpatient rooms.
FINANCING
HFF’s Jason Bond and Dan Kearns secured $15M in financing for the Trails of Ashford, a 514-unit multifamily property in southwest Houston. The borrower, Bayshore Properties, got a 10-year fixed-rate loan from Jefferies LoanCore. Proceeds were used to refi and recapitalize the asset.
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NorthMarq’s Greg Duvall arranged refinancing for Discovery at Kingwood Apartments, a 324-unit community in Kingwood. The transaction was structured through Freddie Mac with a 10-year term with five years I/O.
THIS AND THAT
Asset Plus was awarded management of The Chateaux Normandie, a 123-unit multifamily community.
