This Week's Houston Deal Sheet
Builders around Houston have been hotly pursuing the contract for the new downtown campus of HISD's High School for the Performing and Visual Arts ever since plans for the five-story, 168k SF facility were announced. This week, McCarthy Building was awarded the $78.7M project.
HSPVA's new campus will be at Caroline and Austin streets. McCarthy will build the campus on 1.32 acres that HISD has owned for decades. In addition to an 800-seat theater, the building will have two levels of underground parking. The school is expected to handle around 750 students.
SALES
Extra Space Storage purchased Eldridge FM 1960 Storage, a 77k SF facility with 587 units. Bellomy & Co's Bill Bellomy, Michael Johnson and John Arnold repped the seller.
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Marcus & Millichap's Kelley Workman and Jerry Goldstein sold Salon at Rock Creek, an office property in Cypress. The asset was listed for $2.2M.
EXECS
Ron Lindsey joined Read King as VP of retail/mixed-use development. Ron brings over 30 years of experience and has served on the Houston Real Estate Council for 10 years, including as president.
LEASES
Savoy Group leased 9k SF for industrial distribution at Wallisville Industrial Park in east Houston. Warehouse Associates' David R. David and Lee Paris repped the landlord.
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CRC Warehousing Texas leased 78k SF at Griggs Warehouse in southeast Houston. Moody Rambin’s Jim Autenreith repped the tenant while Warehouse Associates David R. David and Lee Paris repped the landlord.
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Epic Piping leased 36k SF at 9260 Bryant St. JLL's Ryan Fuselier and David Buescher repped the landlord, and LaBorde Properties' Joe LaBorde repped the tenant, an industrial pipe fabricator.
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GSL Capital Management signed a new lease on a 100k SF crane-served manufacturing facility on 14.7 acres to an unnamed tenant, in one of the largest crane-served building deals in 2016. NAI Partners’ Clay Pritchett repped the landlord, a subsidiary of Levey Group. CBRE's Carlton Anderson repped the tenant.
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JLL's David Buescher negotiated a 40k SF lease at Stafford Park Business Center on behalf of Executive Personal Computers. It's a 10k SF expansion; the company now occupies half the 79k SF warehouse.
FINANCING
NorthMarq Capital’s Warren Hitchcock arranged the refinance of a construction loan for a retail property in The Woodlands, pictured. The transaction was structured through a life insurance company with a 15-year term and 25-year amortization schedule.
Hitchcock also arranged acquisition financing for Tower Park North, an 181k SF office building located at 10700 North Freeway in Houston. The short-term bridge transaction was aggressively structured with a 4-year term plus extension options on an interest only basis.
THIS AND THAT
Congratulations to the 2016 Regional TOBY Winners from Houston, which are moving on to the next stage of competition.
- BG Group Place (team, led by Hines' Amy Wagner, pictured above) won the 500k to 1M SF category. It's owned by BG Holdco.
- BBVA Compass Plaza won the 250k to 500k SF category. It's owned by RS Post Oak and managed by Stream's Michael Kent.
- Vintage Park Shopping Village took the retail regional award. Dunhill Partners owns the center and its Lindsay Janek handles property management.
- 717 Texas got the Earth Award. Hines' Sara Del Aguila manages for owner Block 59.
- Esperson moved forward in the Historical Building segment. Cameron Management owns and manages, led by Kathy Gonzalez.
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Austin-based Dyal and Partners joined Page. The move will allow Page to formally offer a branding and graphic design service to select clients. The new consultancy will be known as Dyal, Branding & Graphics, A Page Company.
