This Week's Houston Deal Sheet
The L.A. Center Studio—the former Union Oil Company of California HQ-turned-production facility—rolled out the red carpet for attendees of the 2015 BOMA International Conference & Expo opening party, graciously hosted by BOMA Greater Los Angeles.
Bisnow is on the ground at the conference, where we snapped Hunton Services' Kevin Thoms and Transwestern's Lynn Thoms, both from Houston. They were among the many guests who enjoyed music, stunt actors, classic movie cars and tours of Stage 1, which currently has Amazon's Just Add Magic in production. The studio (which is BOMA 360 certified) has been used by many well-known TV shows and movies, like Mad Men, CSI and Cold Case. (Also the oft-forgotten Newlyweds: Nick & Jessica and Beverly Hills Chihuahua 2.) Check out our ongoing BOMA coverage here.
EXECS
Richard Ziegler joined Cypressbrook to lead the firm’s acquisition program. He has 16 years of experience and has handled $2B of acquisitions, development and recapitalization.
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Inventure Design hired two—Kimberly Phipps-Nichol and Cassie Gresham—and promoted four—Michelle Richardson, Amy Nicholson, Martina Simms-Hilbert and Avan Wolff.
SALES
An undisclosed partnership purchased Creekside at Town Center, a 14k SF retail property at Highway 6 and Southwest Freeway in Sugar Land. Marcus & Millichap’s Jerry Goldstein listed the asset at $7.4M.
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Westmount Realty Capital purchased Braesridge Apartments and is rebranding the community as Westmount at Braesridge. It was built in 1982 and has 542 units. Westmount CEO Clifford Booth says the property was well maintained but offers significant upside potential. It’s renovating the units. NorthMarq arranged acquisition financing.
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MTB Todd Drive LLC purchased two buildings totaling 36k SF in Oak Ridge North. TNRG’s Mike Spears and Robert McGee repped the seller, Texas Property. TNRG’s Thomas Leger repped the buyer.
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An undisclosed LLC purchased The Learning Experience, a 10k SF net-leased property in Spring. Marcus & Millichap’s Nate Newman and Aaron Morris listed the asset at $3.4M.
LEASES
Colvill Office Properties’ Win Haggard Jr, Brad Beasley and Tripp Pruet have leased 36k SF at Brookhollow Central so far this year. The 800k SF office campus is owned/managed by Parmenter Realty Partners. Recent deals include leases to Braemar Technical Services and Total Renal Care in Brookhollow Central I, NGL Crude Logistics in II and Universal Fluid Services in III.
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C Autohaus leased a freestanding 12k SF office/warehouse facility at 5124 Steadmont Dr. First Houston Properties’ Patrick McKiernan and Jonathan McDaniel repped landlord S Warehouse Associates. Coldwell Banker United’s Patrick Buckhoff repped the tenant.
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Intrua Financial expanded to 11k SF in 1502 Augusta. Tarantino’s Peggy Rougeou and Eric Ohlson repped the landlord, and Colliers’ Chadd Bolding repped the tenant.
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ICO Commercial brought six local retail centers to 100% occupancy: 1029 Highway 6, 4621 Austin Pkwy and 7002 Riverbrook (both in Sugar Land), 25114 Grogan’s Mill Rd (Spring), 12545 Briar Forest Dr, and 1315 Grand Pkwy (Katy). Danna Sossen and Tawnya Dornak repped the landlord/seller in all deals.
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RAC Conference Center renewed/expanded to 16k SF at Ashford Crossing II. Moody Rambin’s Terri Torregrossa repped landlord KWI Ashford Westchase Buildings LP. iCore Global’s Will Florence and Drew Lewis repped the tenant.
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GFast leased 16k SF at 2700 Greens Rd. TNRG’s Mike Spears and Preston Yaggi repped the tenant, and Aeroterm’s Dustin Gillioz repped landlord Aero Greensmore.
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Harbor Freight Tools leased 18k SF in Northway Center (10911 Northwest Fwy). Scarborough Real Estate’s Jeff Scarborough repped the tenant, and Wulfe & Co’s Paula Hohl repped the landlord.
FINANCING
Q10 KDH’s Larry Peters arranged $2.8M in permanent financing for 7000 Northwest Fwy through its correspondent insurance company lender Symetra. The 56k SF North Houston property was built in ’74 and is 75% retail and 25% warehouse space. Larry says the challenge was that funding had to coincide with the payoff of a CMBS loan.
DEVELOPMENT
Urban Construction Southwest (a JV of Insite Realty Partners and The Urban Cos) is developing a 10k SF lab building in Grandway West to be leased by Assured Flow Solutions. Stream’s Greg Marconi and Anthony Squillante repped the tenant; the landlord repped itself.
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The Orchard Assisted Living & Memory Care celebrated its grand opening. The 69k SF community is in Katy and can serve 97 residents. It’s owned/operated by the Stroud Cos. The five-acre campus is pet friendly (there are plans to build a dog park) and has three landscaped courtyards with walking paths.
