This Week's Houston Deal Sheet
609 Main at Texas signed its first tenant—Kirkland & Ellis is taking the top 2.5 floors of the 1M SF tower.
The law firm will occupy the top 62k SF, or the crown of Hines' building. Kirkland has been officing in 600 Travis and is a 10-year client of Hines (it leases 675k SF from Hines in Chicago and Palo Alto). Kirkland partner Andrew Calder says the law firm has been growing rapidly and wanted to move into the world-class space to reflect its ambitions. JLL's Chad Baker and Steve Burkett repped Kirkland, and Colvill Office Properties' Michael Anderson and Damon Thames repped Hines. 609 Main at Texas will deliver in early 2017.
SALES
Karbach Brewery purchased Mangum Center, a 33k SF retail property. Marcus & Millichap’s Gus Lagos, Evan Altemus and Nik Kapetanakis listed at $3.8M.
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An undisclosed LLC purchased The Commons at Kings Crossing, a 22k SF retail property on West Lake Houston Parkway in Kingwood. Marcus & Millichap’s Gus Lagos and Nik Kapetanakis repped the buyer.
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Worldwide Rock Enterprises purchased 6.7 acres on Theis Lane in Tomball. Lee & Associates’ Reed Vestal and Taylor Schmidt repped the buyer, and Caldwell Cos’ Keith Edwards, Clay Roper and Daniel Greco repped the seller. Wycoff Development & Construction will break ground in January on a 20k SF building on five acres; Reed and Taylor also repped the buyer in the design-build and land rezoning processes.
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InvenTrust Properties purchased two open-air shopping centers, including Price Plaza, a 206k SF, 92% occupied property in Katy. The price tag in Katy: $36M. The other acquisition is in Orlando.
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LC Capital purchased the 12k SF office building at 4200 S Shepherd from Harper Construction and Leasing Co. McAlpine Interests’ Adam McAlpine and Roddy McAlpine brokered. The buyer will renovate the multi-tenant property to better fit its Class-A location. The property is 100% leased.
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An undisclosed buyer purchased Baytown Plaza, a 107k SF shopping center on Garth Road. JLL’s George Cushing, Wendy Vandeventer and Meaghan Gallacher repped seller Gulf Coast Commercial. The property is 98% leased.
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An undisclosed buyer purchased 16055 Space Center Blvd. The Class-A office building is 149k SF. Colliers repped seller Parfinco TX.
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An undisclosed private buyer purchased the 36k SF retail center at 6370 Louetta Rd in Spring. Colliers’ Drew Quin and Jason Tangen repped seller Lou Etta Center. Proximity Real Estate Advisors’ Robin Moore repped the buyer. The 36k SF center was listed at $7M. LMI Capital’s Kurt Dennis arranged debt.
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Janveerkrishna purchased 1.2 acres on Katy Fort Bend Rd. Edge Realty’s Hannah Smith and Culver Stedman repped the buyer, and Edge’s Josh Jacobs and Sara Allen repped seller Katy Promise JV.
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An undisclosed private buyer purchased a two-acre property with a 13k SF office building near 59N and West Little York. Baker Katz had purchased the property this June and planned to redevelop it for restaurant and retail use, but was quickly approached to sell by an end user. Baker Katz development partner Neal Wade says the quick turnaround is indicative of the tight supply and robust demand for well-positioned land in that area. Cunningham Ventures’ Preston Cunningham repped the buyer.
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The Ardenwood Group purchased 7207 Regency Square, a 52k SF multi-tenant office building. The property is 10% occupied and was sold by Malladi Partners. NAI Partners’ Doug Pack brokered.
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An undisclosed buyer purchased a 33k SF distribution center in Bammel 45 Business Park. NAI Partners’ John Ferruzzo and Chris Kugle repped seller Brennan Investment, and Silver Oak Commercial Realty’s Jim Leatherwood repped the buyer.
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RNKC Real Estate purchased a 12k SF industrial building at 4905 Cranswick. NAI Partners’ John Ferruzzo repped the seller, and his colleague Nick Peterson repped the buyer and is leasing the asset.
LEASES
Amegy Bank is leasing 16k SF at Esperson for a street-level retail presence and private wealth management location. IA Interior Architects, which also offices at Esperson, will design Amegy’s space.
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Caldwell Cos announced new tenants at Boardwalk at Towne Lake: The Cheese Bar, Flying Vine, Sam’s Boat and Frontier Title. Sonny Howard is leasing the property.
FINANCING
HFF’s Cameron Cureton and Scott Galloway secured financing for Sunrise by the Park, a newly built 180k SF multifamily community. Sunrise Luxury Living received a 10-year fixed-rate loan from LStar Capital Finance. The proceeds replaced existing construction financing. The community delivered in January near Memorial Drive and Birdsall Street.
DEVELOPMENT
NewQuest is expanding Spring Town Center, scheduling construction to coincide with the Grand Parkway’s Q1 opening in northwest Houston. The 46-acre project already features 320k SF, making it the largest and closest retail development to the Kuykendahl Road exit off the Grand Parkway. NewQuest is adding a nearly 12k SF freestanding building on the southeastern corner of that intersection. Ashley Williams (who leases the project with Bob Conwell) says the team already is in discussion with several retailers and expects it to lease quickly, as it’ll be the best-positioned building in that part of the development. Ashley and Bob are also marketing 31k SF of inline space between the Sprouts and pad sites on the southeastern corner.
