This Week's Houston Deal Sheet
Westmont, the 17k SF, 60-year-old building that Corinthian Real Estate fixed up last year, is now fully leased. The final tenant is a new entry to Houston: Crossroads Trading.
The resale fashion retailer will open in 3,500 SF in January. Crossroads has 34 existing locations across the country, but none in Texas. This fall, another new-to-Houston concept is opening in Westmont: Snooze, an AM Eatery. Westmont sits at 3217 Montrose. WPW Realty Advisors' Brian Kaplan repped the landlord (Westmont Partners, managed by Corinthian), and Baker Katz' Lunden McGill repped the tenant.
EXECS
Michael Cropper joined Cresa as a principal. He will lead the firm’s project management efforts. He has 30 years of experience.
SALES
Marcus & Millichap closed four deals:
• An undisclosed all-cash 1031 buyer purchased Canal Warehouse Collection, a 45k SF industrial property at 3302 Canal St. Marcus & Millichap’s Derek Hargrove and Roland Keller repped the seller and listed the asset at $1.8M.
• An undisclosed private investor purchased League City Plaza Shopping Center, a 15k SF property at 250 S FM 270. Marcus & Millichap’s Gus Lagos and Alex Bouchard repped the seller and listed the asset at $2.2M.
• A local developer purchased Copperfield Place Shopping Center, a 30k SF property on Highway 6 North.
• An undisclosed Houston owner purchased Jamaica Village Shopping Center, a 21k SF property in Galveston. Marcus & Millichap’s Derek Hargrove and Matthew Mignerey listed it at $2.6M and facilitated the sale with a local bank lender in under 45 days. The seller had previously attempted a sale by owner for over two years.
***
An undisclosed buyer purchased Matagorda Plaza, a 127k SF property in Bay City. Retail Solutions’ Martin Turner and Ryan Hoff repped the seller, and HFF’s Matt Berry repped the buyer.
***
NAI Investment Fund I acquired a 75k SF Class-B office building at 12600 Featherwood. The property is 81% occupied. HFF’s Marty Hogan repped seller Klabzuba Realty, and NAI’s Rob Evans repped the buyer. Amegy Bank provided financing. NAI Partners will manage and lease the building. NAI is targeting further value-add acquisitions in the four big Texas markets.
***
Caldwell Cos closed five land sales:
• Keith Edwards repped the seller of 133 acres to Campcorp Interest.
• Keith Edwards repped seller Hisen D. Chang Trustee in trading 12 acres on Ella to Faith and Grace Church. Realty Associates’ Carlos Iglesias repped the buyer.
• DAD Entrepreneurs purchased two acres at the corner of Queenston and Barker Cypress. Keith Edwards repped the buyer, and Caldwell’s Clay Roper repped the seller.
• Keith Edwards helped Miles Real Estate Enterprises sell four acres at Mason and Mason Manor Road.
• Daniel Greco repped an undisclosed buyer who purchased one acre on SH 249.
***
LMM Investment Co purchased 11.5 acres on the Westpark Toll Road just east of Peek Road. McAlister Real Estate’s James Kadlick, Chris Hutcheson and Matthew Herring repped the seller.
LEASES
FDT leased a 65k SF office/warehouse at 16727 Park Row in Park Ten Business Park. Southwest Realty Advisors’ Marc Drumwright, Steven O’Connor and Justin McGee repped both the tenant and landlord EAS Properties.
***
The Law Offices of Schouest, Bamdas, Soshea & BenMaier (SBSB) expanded to 19k SF at 1001 McKinney, the entire 14th floor of the recently renovated Downtown landmark. The firm began as a 3,673 SF sublease in 2011, making this deal a 423% expansion over the years. Collum Commercial’s Joan Collum repped the tenant, and Cameron Management’s Michael Ross repped the landlord.
***
An undisclosed tenant leased 10k SF at San Felipe Plaza. Fritsche Anderson’s Tommy Wilson repped the tenant, and DTZ’s Eric Siegrist and JP Hutcheson repped landlord Parkway Properties.
***
MSHQ leased 50k SF of industrial space at 12505 Reed Rd. Boyd Commercial’s Alexander Reilly and Bo Pettit repped landlord Crow Holdings. Colliers’ Bill Byrd and Ryan Byrd repped the tenant.
***
Asta Industries leased an 18k SF single-tenant facility at 2500 Farrell Rd. TNRG’s Robert McGee and Chase Cribbs repped the landlord.
DEVELOPMENT
Howard Hughes is building a 128-acre “educational village” in Bridgeland between Mason Road and the Grand Parkway. The 1M SF campus will include multiple Cypress-Fairbanks ISD schools, including a high school, middle school and elementary school. Combined, they’ll host nearly 6,000 students and teachers. At four stories, the high school will be the tallest CFISD academic facility. The schools will have shared common areas and multi-use facilities. The elementary and high schools will open in 2017, and the middle school is planned for a future date. IBI Group Architects is designing the master plan. CFISD’s Roy Sprague and Marney Sims repped the school district in negotiations, and Bridgeland’s Peter Houghton repped the community. Bridgeland already is home to Pope Elementary, and it will eventually include preschool, special needs, private and public schools serving CFISD, Katy ISD and Waller ISD. Bridgeland also plans to include a university center or satellite location near its town center.
***
McCarthy Building Cos is underway on the renovation of Houston Methodist Alkek’s Universal Care center on level nine. It will create a 17k SF universal care unit/ICU with 19 inpatient beds and includes the demolition and replacement of multiple pieces of mechanical equipment on level 10 and the roof.
FINANCING
Q10 KDH’s Matt Franke arranged $44M in financing for Centre at Bunker Hill. The multi-anchor Class-A retail property totaling 431k SF is 100% occupied. Q10 KDH has placed the financing for this property three times since its initial development, the original development funding, financing a portion when current owner Smithco acquired it, and now consolidating debt from three separate lenders into one loan with Northwestern Mutual.
