This Week's Houston Deal Sheet
The Retail Connection (through its development arm, Connected Development Services) broke ground yesterday on Phase 1 of The Shoppes at Parkwest, a 450k SF power center in Katy.
Phase 1 includes 300k SF of retail, half of which is already pre-leased (including deals with Bed, Bath and Beyond; BuyBuy Baby; DSW; Kirkland’s; and DXL), and The Retail Connection Houston president David Stukalin tells us the other half has deals under negotiation. Not only that, but leasing agents Jonathan Probst, Stephen Tou and Zach Hoffer already have interest for 100k SF of anchor space in the 150k SF Phase 2, to break ground shortly after Phase 1 completes in fall 2016. The Shoppes at Parkwest, The Retail Connection’s first high-profile Houston development, is on 40 acres at the northwest corner of I-10 and Katy Fort Bend Road, half a mile from the Grand Parkway and catty-corner from Katy Mills Mall. It’s in Medistar’s 150-acre master planned Parkwest community. It’s designed by Johnson Architects and built by EMJ Construction. Bank of the Ozarks provided financing.
EXECS
Jeff Johnson joined Trademark Property as SVP of development. He has more than 20 years of experience and has acquired, developed and operated 4.5M SF. Most recently he was director of real estate for Fareway Stores; he previously founded Cormac Co.
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Brett Williams joined PMRG as SVP of property management. He was previously with Transwestern.
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Wayne Davis joined Skanska as project executive. He has more than 30 years of experience in construction and renovation projects.
SALES
TMT Wallisville Investments purchased 8787 Wallisville Rd, a 127k SF distribution facility fully leased to Briggs Equipment. (The company has had an absolute net lease in place there since the building was completed in 1975.) HFF’s Rusty Tamlyn, Trent Agnew and Wesley Hightower repped seller Twinrose Investments, and HFF’s Steve Heldenfels and Joe Lerer arranged 10-year, fixed-rate acquisition financing through Deutsche Bank.
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Electro Tech Industries purchased a 115k SF industrial building at 303 W Little York. NAI Partners’ Chris Caudill repped the buyer, and Boyd Commercial’s David Boyd and Greg Barra repped seller EJKeith Commercial Properties.
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Caldwell Cos’ land team closed seven sales:
• RWB Mason LLC purchased 12.5 acres at North Mason and Manor Drive. Caldwell’s Keith Edwards brokered.
• An undisclosed buyer purchased 1.4 acres at 14918 Old Humble Rd. Caldwell’s Keith Edwards repped the seller and Daniel Greco repped the buyer.
• Aldine ISD purchased 62.3 acres at Aldine Westfield and Thiess. Caldwell’s Bill Ginder and Keith Edwards repped the buyer, and Ed Taravella repped the seller.
• FishHooks Realty purchased 3.2 acres on Cypresswood. Caldwell’s Keith Edwards repped the seller, and Daniel Greco repped the buyer.
• Investment Properties Exchange purchased two acres on Highway 6 in Stafford. Caldwell’s Keith Edwards repped the seller, and Edge Realty’s Jonathan Hicks repped the buyer.
• An undisclosed buyer purchased 1.2 acres at Tuckerton and Towne Lake Parkway to build a medical facility. Caldwell’s Keith Grothaus repped the seller (CW SCOA), and NAI’s Dan Boyles repped the buyer.
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Correction: Last week’s Deal Sheet said that Marcus & Millichap repped the seller of Learning Experience’s 10k SF building in Spring. Marcus & Millichap actually repped the buyer; Stan Johnson’s Andrew Peeples, Brett Butler and Jeff Jackson repped the seller.
LEASES
Momentum BMW leased an 18k SF warehouse at 11821 W Sam Houston Pkwy S. CRC Real Estate’s Richard Glass repped landlord Piranha Real Estate, and Great Houston Commercial Properties’ Stuart Rosen repped the tenant.
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Intertek Asset Integrity Management leased 16k SF at 101 Old Underwood in La Porte. Cushman & Wakefield’s Kelley Parker, John Littman, Coe Parker and Tim Thomas repped the landlord, and Colliers’ Gary Mabray repped the tenant.
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G International leased a 14k SF office/warehouse facility at 4553 Brittmoore Rd. First Houston Properties’ Patrick McKiernan and Jonathan McDaniel repped the tenant. Northwinds Commercial’s Dylan Schopper and Clint Hankla repped landlord Brittmoore Investment.
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Burroughs renewed a 10k SF lease at 5611 Campbell Rd. First Houston Properties’ Patrick McKiernan and Jonathan McDaniel handled negotiations.
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EPIC Industrial Solutions subleased 22k SF of industrial space at 13720 FM 529. NAI Partners’ Jake Wilkinson repped the sublessee, and Cushman & Wakefield’s Stephen Schneidau repped sublessor Canyon Offshore.
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LJ Smith renewed 18k SF at 4660 Pine Timbers. NAI Partners’ Ed Bane, Jon Michael and Jake Wilkinson repped landlord GLP, and NAI’s Nick Peterson repped the tenant.
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Downunder Geosolutions leased 14k SF at 16200 Park Row. NAI Partners’ Jon Silberman and Griff Bandy repped the tenant, and Lincoln Property Co’s Kevin Wyatt repped the landlord.
FINANCING
CBRE’s Aron Will and Austin Sacco secured $50M in construction financing for The Village of River Oaks, a 195-unit, Class-A senior housing community. The floating rate loan through a regional bank includes a six-year term with two years of interest-only and an all-in interest rate of 2.18%. The community is being built by Bridgewood Property Co and Harrison Real Estate Capital and is the first senior housing project built in River Oaks. Aron says it was a challenging deal but will be one of the highest-quality senior housing assets in the state.
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NorthMarq’s Suzanne Jones arranged $23M of acquisition financing for Braesridge Apartments, a 542-unit multifamily community. The loan was structured through Freddie Mac with a 10-year term with three years interest-only.
THIS AND THAT
NAI Partners was chosen by Nauru Phosphate Royalties to manage Jacobs Engineering’s 138k SF HQ at 2224 Bay Area Blvd.
