This Week's Houston Deal Sheet
Masaveu Post Oak Houston Delaware purchased 2200 Post Oak, proving continued interest from foreign investors into Houston assets.
Masaveu is a Spanish private investor. It purchased the 326k SF Class-A office building from Stream, TRC Capital Partners and L&B Realty Advisors. Stream and TRC developed BBVA Compass Plaza in 2013; it was the first office building delivered in the Galleria in 30 years and is now 83% leased. HFF’s Scott Galloway, Danny Miller, Matt Kafka, Colby Mueck and Trent Agnew repped the seller. Danny says the property has transformed Post Oak, putting it at the forefront of urbanization and spurring further construction in the area.
EXECS
The Weitzman Group’s Jacob Grossman was promoted to assistant VP. He leases several retail projects in Houston and as a tenant rep, he recently signed the metro’s first Sub Zero Ice Cream.
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Gensler’s Maria Perez was named a LEED Fellow for 2015. LEED Fellows are nominated by their peers; they must have at least 10 years of experience in green building, hold a LEED AP with specialty credential and they undergo an extensive portfolio review. Only 35 Fellows were named this year; Maria is this year’s only one in Houston and within Gensler. She began using sustainable design and tools in 2003, making her an early adopter.
SALES
An undisclosed partnership purchased West Hardy Business Park, a 69k SF industrial property. Marcus & Millichap’s Thomas Costello listed the asset at $2.2M.
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Lone Star Development and Donald Dildy (dba The Haven Group) purchased 1.7 acres at 6420 Cypresswood Rd in Spring to build senior housing independent living. Caldwell Cos’ Daniel Greco repped the seller, Betz Commercial’s Gloria Parrino repped the buyer, and Alamo Title’s Kerry Wakefield handled closing.
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Kiddie Academy purchased 2.4 acres at 3811 Raoul Wallenberg Ln in Missouri City. TNRG’s Taylor Schmidt and Reed Vestal repped seller Fort Bend Jewish Congregation, and Stream’s Court Richardson and Mark Sondock repped the buyer.
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J. Alan Kent Development purchased 37.8 acres near FM 2978 just south of The Woodlands in Tomball. Newcor’s David Alexander handled the purchase and assemblance of four off-market tracts. He worked with four different owners, a process that took months. The new owner will build a residential community there soon.
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An undisclosed buyer purchased 4.3 acres at 5518 Louetta Rd in Spring. TNRG’s Chase Cribbs repped the buyer.
LEASES
Howden Roots leased 24k SF at Harms Road Industrial Park. NAI Partners repped the landlord (a subsidiary of United Equities), and JLL repped the tenant.
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NorTex Midstream Partners renewed 10k SF on the seventh floor of Total Plaza (1201 Louisiana). Stream’s Anthony Squillante and Jeremy Hunt repped the tenant, and Brookfield’s Jon Dutton repped the landlord in-house.
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Industrial Stream leased 24k SF of industrial manufacturing space at 7522 Santa Fe. NAI Partners’ Travis Land repped the tenant, and Boyd Commercial’s David Munson repped landlord SN & DB Holdings.
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MD Anderson is leasing land on UTMB Health’s League City campus to build a 135k SF outpatient cancer center.
DEVELOPMENT
Chambers Town Center (NewQuest’s first post-recession shopping center development and Walmart’s first new store post-recession in the Greater Houston area) is celebrating a wave of new openings: ShowBiz Cinemas just had its ribbon cutting, and six more tenants are opening this month. Next is another phase of development—Ross is breaking ground on a 25k SF store next year, and NewQuest is adding a third multi-tenant building totaling 21k SF. Phases 1 and 2 are both fully leased; NewQuest’s Bob Conwell says it’s the fastest leasing pace he’s seen in 23 years. Meanwhile, Bob and Brad Elmore (who lease Chambers Town Center) were recently awarded the listing across the street. Fitzgerald Family Trust is selling 156 acres with 1,600 feet of frontage along TX 146 and 770 feet along I-10, a tract the family has owned since the Civil War. More than $5B of refinery expansions are fueling growth in the area.
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CG Roxane (the maker of Crystal Geyser Alpine Spring Water) purchased 20 acres to build a water bottling facility on Leesa Lane at Genoa Red Bluff in Pasadena. Two 130k SF buildings will be constructed over the next five to seven years. The first building is expected to be complete in May 2016.
FINANCING
Q10 KDH principal Gary Hough arranged $6M in financing for two office buildings. The assets total 130k SF and were financed by Thrivent Financial.
THIS AND THAT
Gensler raised $37k for the TMC Foundation during its invitational golf tourney last month. Here’s Texas Medical Center COO Bill McKeon receiving the check from Gensler regional managing principal David Calkins. This is Gensler’s largest single donation to charity in the history of its tournament, despite the heavy rains that day.
