This Week's Houston Deal Sheet
It's been such a busy week in Houston it's hard to know where to start. Retail remains hot with the acquisition of two land tracts for the expansion of Restaurant Depot, which will be adding two stores to the Houston area.
One of the new locations is five acres just north of Spring Cypress Road on the west side of SH 249 in Tomball, the other is 5.4 acres on the northeast side of Preston Road between Beltway 8 and Crenshaw in Pasadena. Each facility will consist of a 60k SF distribution warehouse store. Colliers' Marshall Clinkscales and Tom Condon Jr repped the buyers, JMDH Real Estate and Preston Park, respectively. Caldwell Cos. Keith Edwards repped the seller in Tomball while Alix Fox with Qualified Properties repped Mattie Faye in Pasadena.
EXECS
Kirksey held its annual company-wide meeting to celebrate the firm's 45th year in business. Many had an extra reason to celebrate, as 16 promotions were announced.
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Lee Jeane joined Lee & Associates as director. Lee is a 30-year veteran of the Houston commercial real estate industry specializing in office buildings.
SALES
NAI Partners' Trey Martin repped Toy Shedz in the purchase of seven acres for the development of an RV/boat facility in Brookshire. Keller Williams Signature's Anna Dittemore repped the seller.
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Marcus & Millichap’s Jerry Goldstein and Kelly Workman arranged the sale of an office building in Spring at 17331 Stuebner Airline Rd. The asset had a list price of $1.3M.
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Rahul and Neelam Sangal purchased 2.92 acres at the corner of Smithstone and Sommerall to build a mixed-use development. CBRE's Darin Gosda repped seller Houston Copperwood.
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Caldwell Cos' Jack Russo and Blake Virgilio sold 10590 Westoffice (above), a 27k SF office building in Westchase. Proximity Real Estate Advisors' Leigh Anne Ahr repped the buyer.
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Live Oak Garden apartments was sold by Marcus & Millichap's Christian Mazzini and Jeffrey Fript to a private investor. The 55-unit property in West Columbia had a list of $2M.
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SHB Development purchased a 3.6-acre land parcel at Katy Gap and Roesner roads in Katy, for the development of a new office condominium park. JLL’s Mark Raines and Matt Parsons repped the buyer, and ARA Newmark's Tim Dosch repped seller PinPoint Commercial.
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Marcus & Millichap's Jeffery Fript and Christian Mazzini arranged the sale of The Alara, a 155-unit apartment community in Houston. The asset was listed as a request for offer.
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Rockstar Property sold an office building at 5700 Northwest Central with the help of Doug Pack at NAI Partners. The 73k SF property is 15% occupied. The new owner is planning significant renovations.
LEASES
Akurate Dynamics leased 31k SF at 7618 Bluff Point. NAI Partners' Travis Land and Nick Peterson repped the landlord, Carson Cos, and Colliers' David Carter repped the tenant.
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Abercrombie, Simmons & Gillette renewed 12k SF at the Hollister & Hillmont building at 5300 Hollister Rd. Terri Torregrossa of Moody Rambin represented the building owner, Genoso Holdings.
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CBRE's Kevin Saxe repped D&M Auto Leasing in negotiations with EP Office Holdings, repped by John Hornbuckle. The parties agreed to a 14k SF relocation to Executive Plaza at 4635 Southwest Freeway. D&M Auto Leasing is the largest consumer car leasing company in America.
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Blue Lion Salon Studios signed a new 10k SF retail lease at Birnham Woods Marketplace in Spring. JLL’s Mark Raines and Matt Parsons repped the tenant. Capital Retail Properties’ Eric Walker and Anderson Smith repped the landlord.
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Techniweld signed a new 19k SF industrial lease at 5910 West by Northwest Blvd in Houston. JLL's David Buescher repped the tenant, and Holt Lunsford Commercial's John Kruse repped the landlord, Buckhead Houston Industrial Portfolio.
DEVELOPMENT
Construction began in Sugar Land on a 2.88-acre public plaza next to the Smart Financial Center. The plaza will serve as a focal point for a mixed-use development. A formal grand opening event planned by ACE is set for January 2017.
FINANCING
HFF arranged JV equity for the development of Mason Road Self Store, an 81-unit facility in Richmond at the intersection of Westpark and FM 1093. Scheduled for completion in 2017, the facility will have 82k RSF spread across three buildings.
THIS AND THAT
Lincoln Property Co was awarded the leasing assignment of four Class-A office buildings, Brookhollow Central I, II, III and Westchase Park Plaza, coming to just over 1M SF.
