This Week's Houston Deal Sheet: 45K SF Entertainment Experience Signs On At Signorelli Co.'s Valley Ranch
Lumos, an entertainment experience with augmented reality, 40-foot LED screens, bowling, laser tag, ax-throwing and arcade games, is set to open in The Signorelli Co.’s Valley Ranch Town Center in spring 2025.
Lumos and The Signorelli Co. announced the lease agreement for 45K SF at 22296 Market Place Drive in New Caney.
Lumos, founded by former Shell oil executive Greg Little, advertises its entertainment experience “for families, social adults and corporate events.”
The venue will be in Signorelli Co.’s 60-acre Valley Ranch Entertainment District. Lumos will offer a 6K SF arcade, an arena for virtual reality experiences, karaoke rooms, private event spaces, a cocktail bar and a restaurant.
“Whether people are heading to a trade show, a conference or a youth sports competition, they all want somewhere to go and relax or have fun at the end of the day,” Frank McCrady said in a news release.
McCrady is the CEO of the East Montgomery County Improvement District, which will also feature a 210K SF convention center in the Valley Ranch Entertainment District.
SALES
Alterra IOS acquired four industrial outdoor storage properties totaling 17 acres in the Houston area. The sites include 8121 and 8223 Parkside Ave. in Baytown, 5100 Underwood Road in Pasadena and 9002 Wayfarer Lane in Houston.
The Baytown properties include a combined 7.2 acres and 50K SF of warehouse space. Lee & Associates’ Houston team facilitated the acquisition of 8121 and 8223 Parkside Ave. and will lease the sites.
The Pasadena property is 5 acres with 58K SF of warehouse space. It is occupied by an industrial chemical cleaning company that entered a 10-year sale-leaseback agreement with Alterra. The acquisition of 5100 Underwood Road was sourced off-market.
The Houston property is 4.6 acres with 41K SF of warehouse space. It is occupied by a trucking company. Zane Carman of Partners Real Estate facilitated the acquisition of 9002 Wayfarer Lane. Partners will be responsible for leasing and marketing.
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A California-based investment group sold a 15K SF multitenant retail center on 1.2 acres at 2302 S. Mason Road in Katy. Jared Pinto at Newman Kelly Real Estate represented the seller, and John Baddour at High Street Net Lease Group brought the buyer.
Five offers were generated during the marketing process. The buyer is a local investor who purchased the center in cash with a three-week closing time.
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Lunada Rose Partners, a Los Angeles-based real estate investment firm, acquired a 185K SF industrial property at 13612 Furman Road in Houston. The deal was an all-cash transaction. Lunada declined to disclose the purchase price but said the initial asking price was nearly $21.9M.
The Class-A distribution center, built in 2024, features 32-foot clear heights, 34 loading docks and two drive-in doors. The property is occupied by Empire Auto Parts, which signed a long-term lease as part of its expansion into the Texas market.
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A California-based investment group sold an 18K SF multitenant business park on 1.3 acres at 14340 Auto Park Way in Houston.
Logan Kelly at Newman Kelly Real Estate represented the seller. Pinto brought the buyer.
The property was sold off-market. The buyer is a local investor who purchased the property in cash with a 35-day close.
LEASES
Frost Brown Todd law firm leased about 24K SF at 1100 Louisiana St. in Downtown Houston. The firm will occupy the entire 43rd floor of the 55-story building and move out of its location in the Galleria submarket this month.
Winfield Haggard and Diana Bridger of Cushman & Wakefield represented the landlord, Fantome Tower LP. CBRE’s Jon Lee, Claire Douthit and Paul Tingley represented Frost Brown Todd.
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Wylie Engineering leased about 14K SF at 1177 W. Loop S. in Houston. It will relocate from its office at 1 Greenway Plaza.
Avison Young’s Anthony Squillante and Dustin Devine represented the tenant. Transwestern’s Kelli Gault and Doug Little represented the landlord, Hicks Ventures.
CONSTRUCTION AND DEVELOPMENT
NewQuest Properties plans to break ground soon on a 19K SF multitenant retail building in the Grand at Aliana Phase 3 in Fort Bend County. The building is 75% preleased to tenants including Milano Nails, America's Best Eyecare, Five Guys, Dunkin’, Firehouse Subs and Buffalo Wild Wings Go.
NewQuest plans to deliver the building in March for tenant finishes. Summer openings are planned.
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Lincoln Property Co. reached the dry-in milestone of its 436K SF Maverick Distribution industrial project, meaning it is nearing completion. Maverick Distribution is at 18239 Aldine Westfield Road in Houston, adjacent to George Bush Intercontinental Airport.
Lincoln’s Kevin Wyatt, Robert Willard and SuAnna Sanchez are managing project leasing. The project is slated for completion in the third quarter.
