This Week's Houston Deal Sheet
The Greens Bayou Corridor Coalition secured $55M in financing and is gearing up to reduce flooding impacts in the 212-square-mile Greens Bayou watershed.
The org celebrated with a press conference with Congresswoman Sheila Jackson-Lee yesterday. The $55M will be disbursed in the Greens Bayou Flood Damage Reduction Project, which will be handled by the Army Corps of Engineers Galveston District and the Harris County Flood Control District. Work in north Harris County (near Antoine Road and the Sam Houston Tollway) will begin this year due to $8M in startup funding allocated in the Army Corps' federal 2015 Civil Works budget. The Coalition has been working since 2009 to secure this funding. Pictured: GBCC board of directors/Greenspoint District chief development officer Regina Lindsey; GBCC chairman/Reginald Lillie Insurance owner Reginald Lillie; US Rep Sheila Jackson-Lee; GBCC past chairman/Oxberry Group VP Bill Franks; GBCC executive director Jill Bouillion; and GBCC board of directors/Jersey City manager Dr. Mike Castro.
EXECS
Greenspoint District president Jerry Lowry is retiring on March 31. He has worked with the District since 2000, taking the presidential mantle in 2013. During his tenure, he helped create a comprehensive strategic plan to guide the District through 2030, and established the Greenspoint Community Partners nonprofit foundation to expand public safety, beautification and recreational development programs. Bart Baker (VP of planning, operations and infrastructure) will serve as interim president.
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Andy Hoyns and Sydney Hicks joined Hicks Ventures’ property management team. Andy is coming on as VP and will primarily manage Two WestLake Park. He was previously a senior property manager for Parkway and Thomas Properties. Sydney was previously with Midway and Transwestern and has managed 1.5M SF of Class-A and –B office buildings in Houston.
SALES
JK International purchased an 18k SF facility at 7308 West Little York. TNRG’s Preston Yaggi and Stephen Kuper repped the buyer, and TNRG’s Robert McGee and Thomas Leger repped seller Terry Allen Enterprises.
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ORN/Robinson purchased 1.8 acres on Robinson Road in Oak Ridge North. TNRG’s Mike Spears repped both parties.
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Main & Fondren Business Center LLC purchased a 60k SF multi-tenant business park at 13475-13483 Fondren Rd. TNRG’s Preston Yaggi and Stephen Kuper repped the seller, and James Hubbard repped the buyer.
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Makhan S. Banga and Rashpal K. Banga purchased 2.3 acres on the north line of Spring Cypress Road just east of TC Jester Boulevard in Spring. They will develop a retail center. Colliers’ Tom Condon Jr repped the seller (Schultz Family Trust), and RE/MAX Northwest Realtors repped the buyers. Stewart Title’s Jane Mathews coordinated closing, and Prosperity Bank’s Eddie Chumley provided financing.
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Park Land Development purchased the former AquaDyne facility on W 11th St. The 70k SF property is on 3.9 acres and is in the path of redevelopment as the northeast Inner Loop corner of 610 continues to turn to single-family, retail and office properties. ICO Commercial’s Payton Indermuehle and Gloria Casimir repped the seller, and Park Land’s Brent Friedman and Adrienne Schwartz repped the buyer.
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Rush Enterprises purchased 38k SF of office/warehouse space at 8401 East Fwy. Cushman & Wakefield’s Kelley Parker, John Littman, Coe Parker and Tim Thomas repped seller Gilbert D. Gaedcke, and JLL’s Devin Rogers and Ben Crawford repped the buyer.
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Pilates Place of The Woodlands purchased a 13k SF office/warehouse building at 33219 Forest West Dr near the intersection of FM 1488 and FM 2978. Newcor CRE’s Rob Banzhaf and Krissie Vanyo repped seller Zinterests, and Keller Williams’ Rick Stallings repped the buyer.
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1888 Stebbins LLC purchased a 24k SF industrial building at 1888 Stebbins. Boyd Commercial’s Clay Peeples repped the seller (Three-B Properties), and NAI Partners’ Randy Wilhelm and Liz Westcott-Brown repped the buyer.
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Brance-Krachy Co purchased a 20k SF office/warehouse at 13715 North Promenade Blvd. NAI Partners’ Chris Kugle repped the seller, E&F Anaya Enterprises, and Delta Realty’s Forbes Henderson repped the buyer.
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Homefoods Properties purchased a 27k SF office/warehouse at 10531 South Wilcrest Dr. NAI Partners’ Darren O’Conor repped seller Woodfield Pharmaceutical.
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Prairieton Holdings IV purchased a 24k SF industrial building at 8101 Pinemont. NAI Partners’ John Ferruzzo and Michael Kegan repped seller Capital Commercial Investments, and TNRG’s Preston Yaggi and Steve Kuper repped the buyer.
LEASES
US Physical Therapy renewed 39k SF at the Briar Forest Crossing building (1300 West Sam Houston Pkwy South). Moody Rambin’s Derek Beck and Griffin Jaggard repped building owner TSVF I Briar Forest. Cushman & Wakefield’s Kevin Snodgrass and David Guion repped the tenant.
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Chick-fil-A leased a 65k SF parcel of land in Katy Green, a mixed-use development being built by Wile Interests. Jeff Mallett & Co’s Jeff Mallett repped the tenant, and Capital Retail’s Anderson Smith repped the landlord.
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The YMCA leased space in Katy Main Street, marking the org’s second location in Katy. Transwestern’s Tony Armstrong and Grant Walker repped the landlord—the duo is leasing the 44-acre master-planned development.
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Power Home Remodeling Group leased 16k SF in WA Development’s Corporate Centre Shepherd. The project is now 100% leased.
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Brunel Y Sucar leased 15k SF of flex space at 15864 W Hardy Rd. Cypressbrook’s Joyce Sterling repped the tenant, and Warehouse Associates’ Lee Paris repped the landlord.
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Stream’s industrial team signed 470k SF of deals in February. They include:
• Prefco Distribution purchased a 105k SF building. Justin Robinson repped seller G&I West Loop Cold.
• Dunavant Trans Gulf Transportation expanded to 186k SF in Bay Area Business Park in Pasadena. Justin and Kyle Valentine repped landlord Principal Financial Group.
• JFC International renewed 60k SF at Alamo Crossing Commerce Center (7885 Northcourt Rd). Justin and Matteson Hamilton repped landlord Cornerstone Real Estate Advisors. CBRE’s Billy Gold repped the tenant.
• Pitney Bowes Presort Services renewed 40k SF at Freeport Business Center in Stafford. Matteson and Jeremy repped landlord DRA Advisors and DTZ’s James Halepis repped the tenant.
• JD Martin Co expanded to 29k SF at McCarty Business Park. Matteson and Jeremy repped landlord Stockbridge.
FINANCING
Q10 KDH’s Ryan Watson secured a $4M fixed-rate loan for Forest Palm Apartments with correspondent lender Stancorp. The Class-A multifamily property was built in 2014 and includes 119 garden-style units. Ryan says the borrower had finished the construction and lease-up of the property and was looking to lock in the interest rate for an extended period.
THIS AND THAT
Gupta Partners selected Moody Rambin to lease and manage its 600k SF Houston office portfolio. The assignment includes 10700 Richmond (pictured) and 3200 Wilcrest in Westchase; 2180 and 2190 North Loop West; 19946 Dairy Ashford in Sugar Land; and 550 Westcott in Midtown. The portfolio is 88% leased. Moody Rambin's Kurt Kistler, Derek Beck and Karen Wright will lease the buildings (including repositioning them as alternatives for value and quality in their respective submarkets), and Abbie Jacobson will handle property management.
