This Week's Houston Deal Sheet
Alamo Drafthouse is coming to Sugar Land’s highly anticipated Imperial Market.
The nine-screen movie theater joins the lineup at the 850k SF mixed-use center that’s slated to open in summer 2017. Alamo Drafthouse will break ground next year in a two-story retail building. The Houston Press recently named Alamo Drafthouse Cinema Vintage Park as the best movie theater in Houston, and Triple Tap Ventures CEO Neil Billingsley-Michaelson (owner/operator of Houston’s Alamo locations) says Sugar Land residents have been commuting to the two existing Houston theaters. Other projects announced in Imperial Market: a 274-unit luxury multifamily complex, 106k SF of Class-A office, a 185-key high-end boutique hotel, the Fort Bend Children’s Discovery Center, the Sugar Land Heritage Foundation, 275k SF of upscale retail and two acres of greenery/park space.
SALES
A Dallas-based self-storage investor purchased Affordable Self Storage Fall Creek in Humble. The Class-A facility was built in ’05 and consists of 319 units in 40k SF. It was 82% occupied at closing and includes three acres of expansion room. Bellomy & Co’s Bill Bellomy, Michael Johnson and John Arnold repped the seller.
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Foxmark Corp purchased a 45k SF building on 6.5 acres in Mason Creek Business Park. It will use the facility for manufacturing and a gallery showroom. NAI Partners’ Lane Morgan repped the buyer, and Transwestern’s Darryl Noon repped seller Transwestern Development.
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Tool-Flo Manufacturing purchased 15 acres to build an 80k SF metal machining facility in Spectrum Business Park in Pearland. NAI Partners’ Dan Boyles Jr. and Lane Morgan repped the buyer, and Urban Meridian Group’s Justin Patchen repped seller Spectrum 86 Partners.
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Long Le purchased two acres at 4911 Spring Cypress Rd in Spring. TNRG’s Patrick Wolford repped the seller.
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Advenir purchased Milan, a 360-unit Class-A multifamily community in Fort Bend. Occupancy was 98% at time of sale. ARA Newmark’s David Mitchell, David Wylie, David Oelfke and Matt Rotan repped sellers BVT Equity Holdings and Fairfield Properties. Advenir will do a light upgrade to the property, which was built in ’06.
LEASES
Janco Foods renewed 62k SF at Silber Road Warehouse (1216 Silber Rd). Stream’s Matteson Hamilton and Michael Flowers repped the landlord, AFO Capital. Jackson & Cooksey’s Griffin Rich and Ross James repped the tenant.
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White Lightning leased 17k SF at Fall Creek Plaza in Humble. Retail Solutions’ Drew Sekaly and Martin Turner repped the landlord, and Simien Properties’ Crystal Williams repped the tenant.
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Box Gang Manufacturing leased 30k SF at 4101 Airline. NAI Partners’ Travis Land repped the landlord, and Cushman & Wakefield’s Will Condrey repped the tenant. Bates Air Conditioning & Service Co, which formerly occupied the space, moved to a new facility at 620 Rankin Circle N.
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General Growth Properties executed five new store leases with Dick’s Sporting Goods in Houston. All five will open in 2016. The deals are in Baybrook Mall, Deerbrook Mall, First Colony Mall, The Woodlands Mall and Willowbrook Mall.
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Three new tenants are opening in Brazos Town Center in Q1, bringing the project to 99% leased. El Pollo Loco is opening at the corner of I-69 and FM 762 in the space formerly occupied by Arby’s. First Choice Emergency Room is opening in an 8k SF building under construction. BrewWingZ Sports Bar & Grill is also underway with a 7k SF restaurant. Brazos Town Center is a 550-acre project that’s still being built out by NewQuest (it’s been under construction for nine years, continuously expanding). VP Bob Conwell says there are ample development opportunities remaining in Phase 1 and 2; his team is working on a restaurant row and theater district on the northwestern side of 69. The project already has an impressive lineup of tenants, including Kroger’s top store in Texas. Bob and colleague Meredith McLeod-Cobb handle leasing.
FINANCING
Walker & Dunlop’s Jeff Lawrence and Matt Baptiste closed a $17M Freddie Mac loan for a 300-unit affordable multifamily project. From application to completion took less than 30 days. The community has undergone $1.4M in capital improvements since ’06.
THIS AND THAT
Esperson Buildings received a 2015 Energy Star Award. Properties with the recognition use 35% less energy and generate 35% fewer greenhouse gas emissions than similar properties across the nation. To reach the status, Esperson installed new HVAC system components to lower central plant operations (which knocked down total facility energy use 4% to 5% annually and reduced steam boiler run time as much as 25%) and implemented auxiliary cooling capacity (reducing central plant run time from 168 hours to as little as 65 per week).
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LandPark Commercial was awarded property management and leasing for 2424 and 2500 Wilcrest Dr. The two multi-tenant Class-B office buildings total about 155k SF in Westchase. Bill McGrath is handling the listing.
