This Week's Houston Deal Sheet
Katy Ranch signed its first office tenant, just in the nick of time before delivering the first phase this month.
Moody Rambin’s Kurt Kistler and Griffin Jaggard are leasing the 150k SF Class-A Phase 1 building, which will be part of Katy Ranch Crossing, a 2M SF mixed-use development at I-10 and the Grand Parkway. US Silica Co leased 17k SF, repped by JLL’s Don Foster. Katy Ranch Phase 1 began construction early last year and will deliver at the end of this month. The first floor of the six-story building is leased, and 132k SF remains available. Griff says there's been high demand for top-notch Class-A office product in Katy.
EXECS
Tucker Knight joined Berkadia as SVP and branch manager, and Corby Chaffin joined as VP. The duo came from HFF and will originate loans across the US.
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Trammell Crow promoted five: Sean Nolan to SVP, Kevin Schmok to SVP, Zeena Pinto to VP, George Farish to VP and Jeff Pate to VP. Sean oversees the development of a 173-acre office/industrial campus. Kevin leads the office development management team and oversees Energy Center 3, 4 and 5.
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Patrick McKiernan joined First Houston Properties as VP. He was previously with Southwest Realty Advisors.
SALES
Porter Franz purchased 14.3 acres at the northwest corner of Franz and Porter roads in Katy. TNRG’s Taylor Schmidt and Reed Vestal repped the buyer, and Tom Bagby repped seller Augment LP. The buyer will develop a business park with spec buildings for sale or lease and build-to-suit/design-build opportunities.
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A private investor purchased the 15k SF CVS at 5902 FM 1463 in Fulshear. Marcus & Millichap’s James Bell listed the asset at $9M.
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MCGC Properties purchased two metal office/warehouse buildings totaling 12k SF at 1513 Mintz Ln. European Auto Techniks (a full-service Porsche shop) will relocate there. Colliers’ Tom Condon Jr. repped seller Mintz Lane Project, and Greenbriar Real Estate Services’ Rich Norris repped the buyer. StarTex Title’s Diana Gamez coordinated, and JPMorgan Chase provided SBA financing.
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Rashidah purchased a 23k SF dock-high industrial warehouse with rail at 1330 Hahlo. RE/MAX Memorial’s Sky Pulford repped the buyer, and Cushman & Wakefield’s Beau Kaleel repped the seller.
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An undisclosed buyer purchased the office building at 6671 Southwest Fwy. NAI Partners’ Doug Pack and Logan Brown Investment’s Logan Brown negotiated the deal. The 153k SF property was formerly owned by Fugro.
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Caldwell Cos’ Keith Edwards and Daniel Greco closed six land sales:
• Blossom Development purchased 96 acres from Clint Hendricks at Spears and Ella.
• An undisclosed buyer purchased 1.6 acres off North Houston Rosslyn for a gas station. Antony Clay repped the buyer.
• An undisclosed buyer purchased 4.1 acres off Louetta Creek Dr in Spring for a townhome project.
• Greenspoint Investors purchased 10 acres from Janet Jones on I-45 just south of FM 1960.
• An undisclosed buyer purchased 9.8 acres on Spring Cypress near FM 2920.
• An undisclosed buyer purchased 0.44 acres on Brittmoore.
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CAR Transport purchased 9.6 acres on FM 1960 at Humble Westfield. Colliers’ Todd Edmonds and Michelle Soderberg repped the seller.
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Kholle 7221 purchased a 50k SF facility (23k SF office and 27k SF HVAC warehouse) at 7211 Gessner Rd. The deal includes 3.3 acres of undeveloped land. TNRG's Reed Vestal and Taylor Schmidt repped the seller, Rasch Graphic Services Corp. Drew Montz repped the buyer.
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BPM Partners (“The Buger”) purchased 8031 Airport Blvd, a 34k SF Class-B office building. Tarantino Properties’ Peggy Rougeou repped the seller.
LEASES
Harris County Public Library leased 21k SF of flex space at 9220 Kirby Dr for general offices and book depository. Realty Executives International’s Sne Patel repped the tenant and WA Development’s David R. David repped the landlord in-house.
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Dollar Tree signed a 20-year lease for 11k SF at 7042 Bissonnet. Hartman Income REIT’s Jennifer Rabon repped the landlord in-house.
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Heritage Texas Properties renewed 20k SF at 1177 West Loop South. NAI Partners’ Dan Boyles repped the tenant, and PMRG’s Michael Sieger and Wade Bowlin repped landlord Spire Realty Group.
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Two tenants joined the roster at 2051 Greenhouse Rd: Creel & Associates and Transparent Energy Services leased a combined 11k SF. The 114k SF Class-A building delivered in December. CBRE’s Steve Rocher, Kristen Rabel and Parker Duffie repped landlord D’Agostino Cos, and Stream’s Greg Marconi repped both tenants.
DEVELOPMENT
Trammell Crow completed construction of Medical Plaza II on Memorial Hermann’s Katy campus. The four-story, 100k SF facility is the second developed on the 66-acre complex by TCC. The new facility resembles the first MOB but this one uses tilt-wall construction, allowing for a shorter construction schedule and lower price point. It’s a prototype design by Powers Brown and at least four other buildings under construction or planned throughout Houston will use the same design. TCC (led by Davis Griffin) is currently developing a similar building at Memorial Hermann Sugar Land Hospital; it’ll complete this fall.
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KM Realty is developing a 25k SF retail center called Chambers Commons on SH 146 at I-10 in Baytown. Steven Stone is handling leasing and so far has signed up Phu Vo Nail Spas & Salons, Stonefield Liquor and Great Clips. The property is directly across the street from NewQuest’s Chambers Town Center.
FINANCING
Q10 KDH’s Larry Peters and Adam Unger arranged financing for Homestead Apartments, a 100-unit senior-living apartment community. It’s 97% occupied. The pair provided a 70% LTV floating rate loan at an initial interest rate below 3%. At the borrower's choice, the floating rate can be converted to fixed during the seven-year term at no cost. The borrower also secured some cash-out for capital improvements.
THIS AND THAT
Latipac Commercial was awarded property management of four retail properties: 14039 FM 2100 in Crosby (53k SF), 5102-5192 Avenue H in Rosenberg (103k SF), 9050 Highway 6 in Missouri City (6k SF) and 7960 Long Point Rd in Houston (40k SF).
