This Week's Houston Deal Sheet
There's a new hand on the reins at CBRE Houston—Cody Armbrister has stepped up as senior managing director, overseeing local operations.
Cody will lead CB's 600 local employees, and will work closely with Mark Taylor, who will continue to lead the investor services line. The father of three is a guru at renovating and re-leasing office towers across town.
SALES
Terry Allen Enterprises purchased three acres on Intercontinental Crossing Drive. TNRG’s Robert McGee, Thomas Leger and Chase Cribbs facilitated. The buyer plans to build two 15k SF freestanding buildings that will be available for sale Q1 2016.
***
CenterPoint Properties acquired two fully leased industrial properties totaling 240k SF and 11 acres. The assets are at 8501 N Loop East and 8786 Wallisville Rd. CenterPoint liked that they’re close to Barbours Cut and Bayport terminals (users can do three or four daily trips there) and are less than one mile from UP Settegast and UP Englewood intermodal yards. CBRE’s Jack Fraker, Josh McArtor and Heather McClain repped the buyer.
***
An undisclosed local investor purchased a 79k SF multi-tenant industrial property at 16745 North Freeway. It’s anchored by Guitar Center. NAI Partners’ Doug Pack and Josh Lass-Sughrue repped the seller.
***
An undisclosed group of physicians bought four acres on the north side of FM 1488 near Bridlewood Drive in Magnolia. Cypressbrook Co’s Denise Ksiazek repped seller George and Marie Ghazal.
***
Oldham Goodwin’s Bill Pyle repped the buyer in two deals:
• An undisclosed local investor purchased Coles Crossing, an 18k SF multi-tenant retail center in Cypress.
• An undisclosed local investment group purchased Discovery Bay Shopping Center, a 16k SF multi-tenant retail center in Pearland.
LEASES
Giant Dollar leased 11k SF in the Commons at Lincoln Green. Henry S. Miller’s Shawn Ackerman and Cyrus Chen repped the landlord, and Trend Setter Realty’s Hiri Ahly repped the tenant.
***
DNV GL expanded to 47k SF at 22535 Colonial Pkwy. Chambers Street Properties is the landlord.
***
Distribution International Southwest leased 34k SF at 6002 Murphy St. Boyd Commercial’s David Boyd repped the landlord, and Stream’s Ryan Boozer repped the tenant.
***
Yak Gear leased 15k SF of office/warehouse space at 4000 Airline. Cypressbrook Co’s Greg Usher repped the tenant and Kagan Realty Investors’ Andrew Hunt repped the landlord.
***
Marserve leased 25k SF at 1950 South Starpoint. Cypressbrook Co’s John Hornbuckle repped landlord RG&MJW, and Dylan Schopper repped the tenant.
DEVELOPMENT
Preston Business Park is breaking ground soon at 218 N Preston Ave at SH 225 and Beltway 8 in Pasadena. Wycoff Development and Construction is developing four buildings, each about 21k SF crane-ready, tilt-wall with paved outdoor storage. The first will deliver in January. TNRG’s Taylor Schmidt and Reed Vestal are marketing. Additional land is available for build-to-suit opportunities.
***
Queensbury Theatre opened its doors in Moody Rambin’s Town & Country development. The 20k SF theater includes a 250-seat main stage and a black box theater for smaller community events and private events. It’s also home to the Tribble School for the Performing Arts. Kirksey designed the property (including the central feature, the glowing cyclorama wall), and Gilbane was GC.
FINANCING
BMC Capital’s Jada Jordan arranged a $3.2M non-recourse acquisition loan for a single-tenant NNN property in Crosby. The CMBS loan features a 10-year fixed rate at 5.12%.
THIS AND THAT
Hartman Income REIT Management appointed Realty Capital International president Rich Jennings as its IPO Adviser. Hartman manages 40 commercial real estate properties valued at $500M throughout Texas. Its current offering, Hartman Short Term Income Properties XX is a $200M non-traded REIT being distributed nationwide. Founder Al Hartman says it’s considering merging the Hartman affiliates (Hartman Income REIT and Hartman Short Term Income Properties XIX) in the first half of 2016 and doing a public listing of its common shares on the NYSE.
***
Asset Plus was awarded management of Alora Apartments, a 401-unit multifamily complex in Uptown.
