This Week's Houston Deal Sheet
Downtown’s historic Stowers Building (at Fannin and Walker) is getting a new purpose—Starwood Hotels and Trend Hospitality are redeveloping it into an Aloft hotel.
Here’s part of the project team: Arch-Con Construction’s president and CEO Michael Scheurich, historic renovation expert and development partner for Aloft Houston Downtown Bill Franks and Arch-Con’s Allen Ferguson, giving you a sneak peek and a view from the top of the Aloft. This time next year, they’d have to be in swim trunks; the team is putting in a 12k SF terrace with rooftop pool. Arch-Con tells us the 102-year-old building’s façade is in wonderful shape, which means very little exterior work has to be done. The inside will be built out with 173 hotel rooms. Construction has begun and will complete in June 2016. The building was designed by Green & Finger and first opened in 1913 as the GA Stowers Furniture Co store.
EXECS
Ben Newell joined Ridge Development and is expanding the firm (the industrial development arm of Transwestern Development) into Houston. He will serve as SVP of its Southern region and will lead local operations of Chicago-based Ridge. Ben was most recently with IDI Gazeley, another position in which he opened a Houston office.
SALES
Sultanali Raji Maknojia purchased 2.2 acres at Champions Forest and Spring Cypress in Spring. Edge Realty Partners’ Josh Jacobs and Sara Allen repped the seller (Satya Inc), and Realm Real Estate’s Olivia Williams repped the buyer.
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ATCAP Partners purchased 8451 Market St, a 121k SF industrial building. It’s fully leased. HFF’s Rusty Tamlyn, Trent Agnew and John Rogers repped seller Mayfield Properties; the team also previously sold the asset to Mayfield in 2010. HFF’s Brian Carlton arranged acquisition financing.
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An undisclosed local investor purchased 2656 South Loop, a 107k SF office building. NAI Partners’ Doug Pack, Sam Hansen and Josh Lass-Sughrue repped the seller.
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An undisclosed buyer purchased Laurel Bay Center, a 22k SF retail property in League City. Marcus & Millichap’s Nik Kapetanakis, Gus Lagos and Keith Lloyd listed the asset at $3M.
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Faryad Inc purchased 16k SF of land on the north side of North Loop 610 West at Cornell. Cypressbrook Co’s Denise Ksiazek repped seller Sylvia Evans.
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Strategic Capital purchased Broadstone Post Oak, a trophy multifamily property developed by Alliance Residential in 2014. CBRE’s Ryan Epstein, Clint Duncan and Wes Breeding repped the seller.
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Montessori School of Sugar Land purchased 2.5 acres in Sienna Plantation next to Baines Middle School. Rubicon Realty’s Inna Gallagher and Scott Weaver brokered.
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TriStar Glass Products purchased a 66k SF crane-served design-build facility in IAH Business Park. Levey developed the build-to-suit and always planned to sell to TriStar upon completion of construction.
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International Frontier Forwarders purchased 20 acres with a 10k SF office/warehouse off Smith Road in Humble. Barney Van Huss repped seller BJ Hardin & II CB, and Proximity Real Estate Advisors’ Matt Rogers and Leigh Anne Ahr repped the buyer. Charter Title Co’s The Vintage branch provided title services.
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The H Real Estate purchased West Lands Centre (previously called Superior Business Park), a 46-acre tract across from Lakes of Windcrest on FM 1488 just west of The Woodlands. The park includes retail, office and industrial buildings, and the new owner will convert some of them and vacant land into a Class-A mixed-use project. Trey Halberdier, Chris Boone and Eric Day repped The H in-house. The deal propelled the firm to open a new property management division, which Eric will lead.
LEASES
SCS Inc leased a 25k SF office/warehouse at 5540 Brittmoore Rd in Brittmoore Tanner Business Park. SRA’s Marc Drumwright and Steven O’Connor repped both tenant and landlord Mor-Mon.
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An undisclosed tenant leased 33k SF at San Felipe Plaza. JLL’s Dan Bellow and Beau Bellow repped the tenant and DTZ’s Eric Siegrist and JP Hutcheson repped landlord Parkway Properties.
FINANCING
Q10 KDH’s Ryan Watson secured a $6.3M seven-year, fixed-rate loan for a 204-unit multifamily property on I-45. The borrower had purchased the property several years ago and made major renovations.
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LMI Capital’s Brandon Brown arranged $6M in debt to refinance a 200-unit apartment complex in Northwest Houston. The 10-year non-recourse loan was five years I/O and an interest rate below 3%.
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LMI Capital’s Brandon Brown arranged a $6M acquisition loan for a 160-unit multifamily complex in Lake Jackson. The bridge loan was 87% of the purchase price and included 1.5 years I/O.
