This Week's Houston Deal Sheet
Avison Young’s Tommy LeBlanc and Lee Jones went on a deal spree, closing 10 sales totaling nearly 160 acres.
Lee and Tommy repped seller Gun & Rifle Club in disposing of Tin Hall, one of Texas’ oldest reception halls. (It’s been family owned and operated since 1889.) It’ll continue its streak—the new owner, Mark Martinez, plans to reinvest into Tin Hall and continue operations. However, a portion of the 40-acre property will be redeveloped into high-end single-family homes. ROI Properties’ Pat Kelly repped the buyer. The Gun & Rifle Club turned around and purchased .7 acres on Eldridge Parkway and Westheimer Road. The tract is ground-leased to Pollo Tropical. Tommy and Lee repped the buyer and teammate Hunter Jaggard repped the seller.
The pair’s other recent deals:
• Keith Northpark Properties purchased 4 acres at the northeast corner of West Lake Houston Parkway and Summer Lake Ranch Drive (pictured). It will be developed into an upscale carwash. Caldwell Cos’ Daniel Greco repped seller Ron Holley & Susan Godfrey.
• National Property Holdings bought 40 acres just south of FM 565 on the Grand Parkway; Lee and Tommy repped seller CCD Investments.
• Windmill 2015 Property purchased 11 acres at Windmill Lakes Boulevard and Almeda Genoa Road to develop a retail center and office/flex property. Avison Young repped seller Life Tabernacle of Houston.
• Darvesh Investments purchased 25 acres on Fenske Road in Cypress. Tommy and Lee repped seller Radeke Jr Family Trust.
• Rahim Maknojia purchased 29.5 acres on FM 2100 at Foley Road in Crosby. Patrick Poteet Properties repped the buyer.
• Carl Pittman Jr purchased 3.7 acres at Spring Steubner and Frassati Way. to build a day care facility. The Avison Young duo repped seller Gary Gill; the buyer was repped by Donald Groen Realty Partners.
• Lone Star Saddlebreds Riding Academy purchased 13120 Noack Rd in Magnolia from Broken Antler Stables. Tommy and Lee repped the buyer.
• Avison Young and MKP Self Storage's Bill Brownfield repped SurePoint Self Storage in a site acquisition.
EXECS
Ben Brown joined Baker Katz. He was previously EVP of Retail Properties Group and before that oversaw a 1.7M SF portfolio for Regency Centers.
SALES
Adler Property Cos purchased 15.3 acres at the Gulf Freeway and Calder Road. NAI Partners’ John Ferruzzo repped the seller, the estate of Margaret Arolfo. Edge Realty Partners’ Culver Stedman repped the buyer.
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Donald C. Smith purchased a 15k SF single-tenant office/warehouse at 16130 Hollister Rd. NAI Partners’ Darren O’Conor repped the buyer, and TNRG’s Robert McGee, Thomas Leger and Chase Cribbs repped seller Hightower Investments.
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Cernus Development purchased 156 acres on Lake Olympia Parkway and Fort Bend Parkway in Missouri City. It will build a single-family and commercial/mixed-use development. McAlister Real Estate’s Matt Herring, James Kadlick and Chris Hutcheson brokered.
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An undisclosed buyer from the Pacific Northwest purchased Morningstar of Pasadena, an 88k SF self-storage facility in Pasadena. Marcus & Millichap’s Chico LeClaire and Dave Knobler listed the asset at $4.3M.
LEASES
Boot Barn leased 13k SF at FM 2920 and SH 249 in Tomball. CBRE’s Matt Keener and Rachel Farris repped the tenant, and Baker Katz’ Lunden McGill repped the landlord.
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Stewart Lender Services renewed 76k SF at 9700 and 9702 Bissonnet. CBRE’s Rich Pancioli, Jon Lee and Lucian Bukowski repped the tenant.
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Swift Transportation leased a 12.3-acre yard at the San Jacinto River & Rail Park (18511 Beaumont Hwy). NAI Partners’ Clay Pritchett and John Ferruzzo repped landlord W&P Development Corp.
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Zachry Industrial leased 41k SF of office/warehouse space on 4.5 acres at 121 S Avenue A in Freeport. Cushman & Wakefield’s Coe Parker repped the landlord (Hilzer Family Trust) and colleagues Kelley Parker, John Littman and Tim Thomas repped the tenant.
DEVELOPMENT
The Downtown Redevelopment Authority issued an RFQ for the redevelopment of 1111 Main St into a multifamily and/or hotel property with significant retail. The opportunity includes the 36k SF site, and the adjoining 19-story office tower at 1010 Lamar will provide two or three levels to repurpose into retail space connected to 1111 Main. The party selected would purchase 1111 Main and lease the space in Younan’s 1010 Lamar. The redevelopment is in line with the findings of DRA’s retail task force, which recommended that Dallas Street between Milam and La Branch be converted into unique, premier retail that spurs pedestrian activity. $2.2B of high-profile projects are underway and planned around 1111 Main to this end—Hotel Alessandra and 1111 Travis are under construction adjacent, and 22 other projects are planned in the area. The DRA has already begun construction of major renovations to Dallas Street.
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MCR Development completed renovation of the TownePlace Suites by Marriott Houston The Woodlands. The 124-suite hotel is in Shenandoah. The renovation included new paint/carpets/window treatments, new sleeper sofas and light fixtures, an updated lobby, and new flooring and exercise equipment in the fitness center. MCR, which is the seventh-largest hotel owner/operator in the country, also recently wrapped up renovations at TownePlace Suites by Marriott Houston Intercontinental Airport.
FINANCING
HFF’s Robert Wooten secured financing for Cityside Crossing, a 360-unit multifamily property less than two miles from the University of Houston main campus. He worked on behalf of Commerce Capital Partners to secure a 12-year fixed-rate Fannie Mae loan through M&T Realty Capital Corp. The property is 95% leased.
