This Week's Houston Deal Sheet
This week saw a major move in the senior living market: Harrison Street and Bridgewood Property closed on a portfolio totaling $210M, with the majority of properties in the Houston area.
Greystone Real Estate Advisors repped the Harrison Street/Bridgewood JV in closing the $210M sale of an eight-property senior housing portfolio in Texas and Oklahoma. Properties in this area include Carriage Inns in Conroe, Huntsville, Katy, Lake Jackson and Bryan and Village On The Park properties in Friendswood and Houston (above).
SALES
The City of Houston completed the purchase of a 17.83-acre tract on Martin Luther King Jr. Blvd between Beltway 8 and Schurmier Road. It will be the site of a state-of-the-art Texas State Veterans Home. The city will donate the land to the Texas Veterans Land Board for the construction of a 136k SF, single-story community living center providing 120 skilled nursing beds, including a 30-bed memory support unit. The $35M project is funded by the State of Texas and the US Department of Veterans Affairs.
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Marcus & Millichap's Tom Costello orchestrated the sale of Preston Avenue Business Park, a 49k SF industrial multi-tenant property in Pasadena. The asset had a list price of $2.2M.
DEVELOPMENT
Pepperl+Fuchs, a world leader in process automation and applications, broke ground on June 2 on a 110k SF facility in Katy in the West Ten Business Park.
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MORGAN opened two luxury apartment communities: Pearl CityCentre (above) and Pearl Residences at CityCentre. Pearl CityCentre contains 311 one- and two-bedroom units in a seven-story concrete and steel building. Pearl Residences at CityCentre has 148 one-, two- and three-bedroom units.
FINANCING
Capital One provided a $32.8M loan package to refinance a portfolio of three medical office buildings in Texas and Colorado owned by Houston-based Medistar Corp. The portfolio consists of Ashford Medical Plaza and River Oaks Tower in Houston, and Austin Bluffs in Colorado Springs.
LEASES
NAI Partners' Dan Boyles Jr and Liz Westcott-Brown repped Patterson-UTI Energy in leasing 36k SF of office space at Remington Square II (above) at 10713 W Sam Houston Parkway N. This location will serve as its corporate HQ. Stream's Ryan Bishop and Brad Fricks repped the landlord, Sun Life Assurance Company of Canada.
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NAI Partners' Griff Bandy repped engineering and architectural firm Johnston in leasing 24k SF of office space at 2603 Augusta. PMRG's Kim Shapiro and Mike Martin repped the landlord, 2603 Augusta Investors.
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Cypressbrook Co's John Hornbuckle repped Premier Eagle Logistics in leasing 6k SF at 16548 Air Center Blvd. Val Costello represented the landlord, Transcentral Associates.
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Cypressbrook Co's Kimberly DeVos acted as intermediary between Dr. Michael Rodriguez with Tomball Women’s Healthcare Center, and the landlord, DNG Investments, in renewing 8k SF at 929 Graham Dr in Tomball.
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Canyon Midstream Partners leased 11k SF at 4 Houston Center (1331 Lamar) in Downtown Houston. NAI Partners' Griff Bandy repped the tenant, while CBRE's Debbie Wilson repped the landlord, Crescent HC Investors.
