This Week's Houston Deal Sheet
This weekend, Houston’s first adaptive sports facility opened, serving children with mental and physical disabilities.
The J.E. and L.E. Mabee Adaptive Sports Complex is at the Langham Creek Family YMCA. It’ll be used by the Miracle League, which organizes baseball for children with disabilities. They'll play on the new Harriet and Joe Foster Field, which has a synthetic surface. The complex includes a covered pavilion, barrier-free playground and green space. H2B Engineers, which has a long track record in sports facilities, worked on the design—its Travis James is a Miracle League volunteer.
SALES
KM Realty Advisors is under contract on 4.4 acres at the southwest corner of West Bellfort and FM 1464 inside Aliana in Richmond. It will build The Shops at Aliana, a 20k SF neighborhood retail center, and market pads for ground lease. It’s adjacent to a proposed CVS. Aliana was the eighth top selling master-planned community nationwide.
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Allen Harrison Co purchased three acres at the northeast corner of Frankway and Braeswood. Read King’s Tony Patronella and Christie Amezquita repped the seller.
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Studio Movie Grill purchased 5.6 acres in The Shops at Boulder Creek. Retail Connection’s David Stukalin repped the buyer, and Read King’s Christie Amezquita repped seller RKR Pearland Venture.
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An undisclosed buyer purchased 103 acres on Magnolia Road. Caldwell Cos’ Keith Edwards and Daniel Greco repped the seller.
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Brighton Homes purchased 9.2 acres on West Road. Caldwell Co’s Keith Grothaus repped seller PNC Bank.
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The YMCA purchased land in Katy Main Street to build the org’s second location in Katy. Transwestern’s Tony Armstrong and Grant Walker repped the land seller—the duo is marketing the 44-acre master-planned development. (We had previously reported they were leasing space in the project—no leasing here!)
LEASES
Walgreens ground leased 15k SF in Westheimer Center. Read King’s Will Bradley, Ryan Orr and Christie Amezquita repped the landlord.
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PCI Promatec leased 11k SF at 8846 N Sam Houston Pkwy W (in Sam Houston Business Park). Phase 1 of the park is now 100% leased. Another 56k SF building is under construction. CBRE’s Joseph Smith repped the landlord and NAI Partners’ Chris Caudill repped the tenant.
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Supreme Pet expanded by 15k SF at 4300 Pine Timbers. Caldwell’s Bill Ginder repped the tenant.
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Home Consignment Center leased 10k SF at Wood Ridge Plaza in Oak Ridge North. The space is directly across I-45 from The Woodlands Mall. Colliers’ Crady Newton repped the tenant, and Wulfe & Co’s Katherine Wildman and Bunny McLeod repped the landlord.
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CVS ground leased one acre at South Shepherd and West Alabama. Read King’s Ryan Orr and Christie Amezquita repped the landlord.
FINANCING
LMI Capital closed three deals.
• Brandon Brown arranged $4.3M in debt to refinance two Class-A boutique multifamily assets totaling 68 units in Spring Branch. He obtained 10-year, fixed-rate loans with 4% interest rate and flexible prepayment.
• Jamie Stein arranged a $6.5M acquisition loan for a 144-unit apartment property in Northwest Houston. She secured a 10-year fixed-rate loan inclusive of capital improvements with a CMBS lender. It was over 80% of purchase price and included three years I/O.
• Brandon Brown closed an $8.4M refinance for a senior housing property in Missouri City. The 10-year fixed-rate CMBS loan was 75% LTV and provided cash-out proceeds to the client.
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Hunt Mortgage Group’s James Kelly provided a $44M Freddie Mac loan to facilitate the acquisition and upgrading of the Park at Research Forest, a 396-unit multifamily community in The Woodlands. The seven-year loan includes full-term interest-only payments. The property was built in ’01 and received more than $2.5M in upgrades over the past two years. The loan structure will allow new owner Southstar to complete the upgrades of the last 133 units. The transaction involved a 1031 Exchange and a borrower structure that included three tenants-in-common arranged by Southstar Capital Group.
DEVELOPMENT
Cresa is developing a 500k SF Class-A industrial project on 32 acres in southwest Houston. It will begin construction on Lower Kirby District (at the southeast corner of Kirby Drive and Airport Boulevard) in Q3 ’15. Phase 1 is 181k SF and is 60% pre-leased; it’s expected to deliver next summer. The project will include nearly 245k SF of rear-load space as well as 234k SF of cross-dock. The team is also in discussions with a potential tenant to build an office project on site, and there is additional land suitable for build-to-suits. The area (the Highway 35 Corridor) is picking up lately; an HCC campus, Houston Sports Park, and a Methodist sports clinic are all underway nearby. Ferguson (a distributor), the Houston Livestock Show and Rodeo, and the City of Houston all own large tracts in the area.
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ULI believes the Astrodome “can and should live on” as a multi-use park, according to its The Astrodome, Harris County Texas: A Vision for a Repurposed Icon report released this month. The publication is a follow-up to recommendations made last December by nationally renowned land use and urban planning experts. ULI convened the group at the request of the Harris County Sports and Convention Corp. The experts evaluated reuse possibilities for the Astrodome and determined it could be a popular tourist destination and catalyze economic development benefiting the whole region. Their recommendations: build a museum celebrating the Astrodome’s history, redevelop the Dome as a multi-use facility, develop 1,500 additional parking spaces, create a new ground floor inside the Dome and an outdoor public space, construct permanent outdoor pavilions, and use the Dome for programs like extending the game-day experience for Texas fans, providing new spaces for the Rodeo, and hosting community festivals and charity events.
