This Week's Houston Deal Sheet
Webster is feeling the effects of the growing aerospace and tech industry taking off in Houston. NASA's recent budget expansion has developers in Webster excited about the prospects of a new 28-acre master planned multi-use commercial park.
Odyssey Business Park, on FM-528 just a quarter mile from I-45, will feature build-to-suits and design-build options ranging from 5k to 150k SF. Wycoff is the developer and is planning retail, medical, office, office/warehouse and food service facilities. Development will start in June, with the first buildings breaking ground in October. Look for deliveries next April.
EXECS
CoreNet Global Houston Chapter elected its 2016–2017 officers and board of directors. President-elect is BMC director of real estate and facilities Dan Wright, secretary is Office Pavilion VP Crista Hanser, treasurer is Builtrite Reel & Lumber's Michael Schieffer.
DEVELOPMENT
E.E. Reed Construction is topping out Home2Suites Hotel on Sherwood Forest Street in West Houston. The 83k SF hotel is five stories and consists of 142 rooms. The project team includes developer Mac Haik Enterprises, architect Mitchell Carlson Stone and GC E.E. Reed Construction.
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FlowServe Corp has a new 111k SF building underway at Park 225 in Pasadena. Last September, it completed a 95k SF building in the complex. The business park developed by IDV now has eight buildings.
FINANCING
HFF arranged financing for Pearland Parkway II, a 108k SF addition to the 165k SF retail power center in Pearland. HFF worked on behalf of the developer, Stream, to place the construction loan with Amegy Bank. Additionally, HFF arranged mezzanine financing with a major life insurance company. Stream just broke ground on the second phase.
LEASES
Dorning Investment Group selected NAI Partners as the exclusive leasing agent for three office buildings in the Energy Corridor. 1250 Woodbranch, 11931 Wickchester Lane (pictured) and 15915 Katy Fwy.
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Kiran’s Indian Restaurant leased 6k SF at Kirby Grove. JLL's Don King and Mark Raines repped the tenant.
THIS AND THAT
Skanska USA received the Helping Hand award from the Houston Minority Supplier Development Council. The firm was nominated by B. Bell Builders for Skanska's mentorship and help in improving its procedures and processes. Pictured: Skanska's Brian Winningham, Eric Bunner and Linh Le with NSC Cos president Patricia Thompson.
