This Week's Houston Deal Sheet
Venterra acquired Preserve at Colony Lakes, thanks to financing arranged by HFF’s Cortney Cole.
The 420-unit multifamily community is in Stafford. Cortney locked in fixed-rate financing with a life company at 3.22% over a seven-year term. The property was delivered in ’04 and is 93% leased.
EXECS
Sarah Carter joined Transwestern’s healthcare advisory services team as VP. She will spearhead initiatives for the firm’s life sciences team. Transwestern aims to grow its life sciences platform this year. Sarah moved here from Dallas, where she was working for CBRE repping Baylor Scott & White Health.
SALES
Packers Plus Energy Services purchased 17 acres in Tomball Business and Technology Park. The company is consolidating its Houston operations into a single campus there, a $21M project consisting of a 50k SF R&D center, 237k SF manufacturing facility and 40k SF office building. Colliers’ Tom Condon repped the seller, Tomball EDC, and NGKF’s Brandi McDonald repped the buyer. Stewart Title Tomball’s Jane Matthews coordinated closing.
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John S. Beeson, Trustee purchased 73 acres on Katy Hockley Road, south of FM 529 and north of Beckendorff Road. M Kidd Properties’ Mark Kidd Sr. and Mark Kidd Jr. repped seller Craig Calvert.
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An undisclosed buyer purchased Louetta Medical Plaza, a 13k SF retail center primarily occupied by medical tenants. It was 70% occupied at time of sale and includes two acres for future development—the new owner is in the process of developing 12k SF there. Colliers’ Jason Tangen repped the buyer, and Garris Real Estate’s Ron Garris repped the seller.
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Houston Eye Associates bought Lake Pointe MOB, a 15k SF facility on Highway 6 in Sugar Land. Finial Group’s Keith Bilski repped seller RAPKO/WULFE, and Axis Tenant Advisors’ Taylor Wright repped the buyer.
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An undisclosed private investor purchased a 53k SF industrial property at 5325 Telephone Rd. It was 100% occupied at time of sale. Colliers’ Jason Tangen repped the seller and listed the asset at $1.3M.
LEASES
Stream’s industrial team closed three leases totaling 57k SF.
• Stylenquaza (dba Vicostone) leased 28k SF at Bammell Business Park. Stream’s Justin Robinson, Matteson Hamilton and Blake Warren repped landlord Principal Financial Group. NAI Partners’ Robert Lynn and John Ferruzzo repped the tenant.
• Evans Hamilton renewed 15k SF at Commerce Park Westchase. Stream’s Jeremy Lumbreras and Michael Flowers repped the landlord, IIT. Jackson & Cooksey’s Reggie Beavan repped the tenant.
• BFG Tire Supply Co renewed 14k SF at Long Point Business Center. Stream’s Jeremy Lumbreras and Blake Warren repped landlord Agellan Commercial REIT.
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GSI renewed 16k SF in Norfolk Tower. Moody Rambin’s Griff Jaggard and Terri Torregrossa repped landlord The Realty Associates Fund IX, and JLL’s Don King repped the tenant.
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Raptor HIS leased 19k SF of office/warehouse space at 5730 Harvey Wilson from landlord TISC Investments. SRA’s Steven O’Connor and Marc Drumwright repped both groups.
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Tractor Supply leased 28k SF at I-45 and FM 1097 in Willis. NewQuest’s Rebecca Le and Heather Nguyen repped the landlord in-house.
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General Cable renewed 52k SF in Prologis Northpark. JLL’s John Talhelm and Kevin Erck repped the tenant, and Prologis’ Jacob Milligan repped the landlord in-house.
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Clean Power Finance subleased 21k SF at Brookhollow Central II. JLL’s Don Foster repped the subtenant, and JLL’s Steve Burkett repped the sublandlord.
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Capital Cartridge leased 20k SF in Wallisville Industrial Park. CBRE’s Bill Rudolf and Ria Safford repped the tenant, and Warehouse Associates’ David R. David and Lee Paris repped the landlord in-house.
DEVELOPMENT
Boxer Property is renovating Cotter Voss Tower, pouring $1.9M into the property and building Boxer Workstyle into the first floor. The 79k SF office property will get new amenities and more streamlined finishes, and the entire 11k SF first floor will be converted to Boxer Workstyle collaborative suites. This brings Boxer Workstyle to 15 Houston locations and over 500k SF of executive suite type space.
FINANCING
NorthMarq’s John Burke arranged fixed-rate financing for Highpoint at Cypresswood, a 336-unit Class-A multifamily community. It was structured with a five-year term through a life insurance company. Stonelake Capital Partners owns the community.
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CBRE’s Glenn Housman arranged $111M in refinancing for a three-property, 1,254-unit multifamily portfolio in Houston owned by Abbey Residential. Included in the transaction are Abbey at Enclave (pictured), Abbey at Barker Cypress and Abbey at Briargrove. The loans were underwritten individually and were originated through Freddie Mac with fixed interest rates around 3.75% and 80% LTV.
THIS AND THAT
Allied Orion was selected to manage three luxury apartments communities in Spring Branch—Kempwood Hollow, Kempwood Place and Spring Shadows Apartments. The properties are owned by Nimes Real Estate and are within blocks of each other.
