This Week's Houston Deal Sheet
Dallas-based Fountain Residential Partners and JV partner Virtus Real Estate Capital from Austin will build The Gateway on Cullen, a new apartment complex very close to the University of Houston and Texas Southern University.
The complex will be built on 7.7 acres on Cullen Boulevard next to the feeder road for I-45, near the main entrance of UH. Marketing for the complex will target students, but being a student is not a requirement.
The project will consist of 191 units, including townhomes and apartments of up to five bedrooms. A retail center across from the complex, where the warehouse for Finger Furniture Center used to be, is also in the works.
The community will deliver by fall semester 2017.
EXECS
Jonathan Hicks joined SRS Real Estate Partners as SVP. He specializes in tenant representation and land sales. He'll lead the Houston office alongside Cody Persyn.
SALES
Baker Katz acquired 30k SF of land and completed a 7k SF lease on behalf of Advance Auto Parts.
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Baath Investments acquired 10 acres on Highway 288 at FM 518 in Pearland. Hill Bates Commercial's Doug Bates and Joel Hill repped the seller, a private individual. Newquest's Brad Lybrand repped the buyer.
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Coral Loop Partners purchased one acre on the North Loop between Arlington and Cortlandt streets, adjacent to the Houston Heights. It will develop a shopping center on the site. JLL's Matt Parsons and Mark Raines repped the buyer. The sellers were repped by Tarantino Properties' Jim Gribble and by Glen Graef.
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Argen Polymer purchased two tracts totaling 10.75 acres and a 15k SF warehouse building on Telge Road in Cypress. Cypressbrook's Greg Usher repped the buyer. Adkisson Group's Steve Adkisson repped the seller, SF Telge Park.
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Darren Alexander Realty Enterprises purchased an 11k SF facility at 21227 Hufsmith-Kohrville Rd in Tomball. Lee & Associates' Patrick Wolford and Mike Spears repped the seller, Tomball Industrial Park LP.
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USA Inc purchased a 22k SF facility on 2.4 acres at 7536 Fairview St. Finial Group's Keith Bilski repped the seller, Fairview Equity Holdings. First Houston Properties' Patrick McKiernan repped the buyer.
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Ultimate Shutters purchased a 23k SF warehouse building at 7536 Fairview St. Finial Group's Keith Biliski repped seller Heard Development, and First Houston Properties' Patrick McKiernan repped the buyer.
LEASES
Weingarten completed improvements and signed leases to Party City, Churrascos and Jersey Mike's at Baybrook Gateway. Weingarten bought the property at 1001 Bay Area Blvd in Webster in January 2015.
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Pearl Meyer & Partners extended and expanded its lease at 3 Riverway to over 9k SF. CBRE's Kevin Saxe co-brokered the extension with Cushman & Wakefield's David Guion. CBRE's Steve Rocher repped landlord Unilev Management.
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Total Tent Solutions leased 25k SF at 7134 Satsuma. Moody Rambin's Jim Autenreith repped the landlord, Barchild Properties, and his colleague Jim Vann repped the tenant.
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Circle 8 Fluid Services leased 40k SF of industrial space on 9.6 acres at 3004 – A Aldine Bender. NAI Partners' Chris Caudill repped the tenant, and Capital Real Estate Commercial's Hart Schleicher repped the landlord.
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Texas Installs leased 13k SF of office and distribution space at 18209 Chisholm Trail. NAI Partners' Chris Caudill and Wade Cater repped the tenant, and Bridge Commercial's Jon Michael repped landlord Colfin Cobalt.
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InterMoor renewed 20k SF at Ashford 7 (900 Threadneedle St). CBRE's Kevin Saxe and Connor Tamlyn repped InterMoor, and Moody Rambin's Bob Cromwell repped landlord Accesso Partners.
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Discount Appliances & Wholesale leased 15k SF of showroom space on 1.2 acres of land at 7530 North Fwy. The Landlord is Gulf Warehouse Associates. First Houston Properties' Jonathan McDaniel and Patrick McKiernan repped both parties.
DEVELOPMENT
A new Waffle House will be developed on a one-acre lot in Humble that Colliers International recently sold. Construction is set to begin by Q4 2016.
FINANCING
HFF's Ed Coco and Wally Reid arranged a $64.2M refinancing for Brookhollow Central I, II and III, a Class-A office complex totaling 806k SF. Working on behalf of Parmenter, HFF placed the loan with MetLife Real Estate Investors.
THIS AND THAT
Texas Medical Center selected JLL to be its strategic partner responsible for providing facility management services for all TMC-owned corporate real estate.
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CBRE has completed the rebranding and integration of PKF Consulting USA, PKF Hospitality Research and PKF Consulting Inc into its portfolio of global real estate services. The entity will operate as CBRE Hotels, an existing advisory group within CBRE.
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Gordon Group, a NY-based investment firm, is opening up shop in Houston, led by Fred Zeidman.
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NAI Partners are new property managers for Highway Six Professional Building at 16100 Cairnway Drive.
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The US Green Building Council released its Annual Top States for LEED Green Building. Texas ranked eighth in the country (after a three-year hiatus from the list) with 52M SF of LEED-certified property. The USGBC called out a notable LEED project in each ranked city. The Treehouse at Memorial City, MetroNational's part eco-office and part clubhouse, got the honors for Texas.
