This Week's Houston Deal Sheet
The highly anticipated new luxury Hotel Alessandra reached a major milestone, topping out the 20-story development. To commemorate, Midway, Valencia Group and Hoar Construction crowned the hotel with a live tree.
Hotel Alessandra is set to be complete in mid-2017 and will anchor GreenStreet, a mixed-use shopping center. Approximately 175k SF of elevated concrete slab were poured in nine months. In total, the development has uses 11,000 cubic yards of concrete, about 1,100 trucks worth. The massive amount of concrete needed has slowed construction due to rain delays.
DEVELOPMENT
Investment & Development Ventures and a Fortune 500 energy client have signed a long-term agreement for construction of a build-to-suit office building in Pasadena. The facility is designed as a three-story, 83k SF office building on about five acres.
SALES
Colliers’ Tom Condon and Barkley Peschel repped Unity National Bank in the sale of a 27k SF special purpose facility (above) on a 1.6-acre site to Fort Bend County. County Judge Robert Hebert and First Assistant County Attorney Marcus Spencer repped the buyer.
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CBRE’s Patrick Rollins repped the buyer in the purchase of 188 acres near the intersection of State Highway 225 and Beltway 8 in Pasadena. The buyer, a leading energy infrastructure company, plans to use the acreage to build a marine terminal that will improve its vessel and barge access at the Houston Ship Channel.
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Nate Newman and Thomas Costello in Marcus & Millichap’s The Woodlands office negotiated the sale of Mattress Firm Headquarters, a 54k SF net-leased property in Houston. The asset had a list price of $6M. The buyer was an undisclosed LLC.
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Klein Independent School District purchased a 17k SF office/warehouse facility on 15 acres at 4016 Spring Cypress in Spring. Cypressbrook's Jim Cooper repped Thomas Manis, and Colliers' Todd Edmonds repped the buyer.
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Marcus & Millichap's Gus Lagos, Alex Bouchard and Nik Kapetanakis completed the sale of West Junction Shopping Center (above), a 66k SF retail property in Houston. The buyer was secured and repped by Marcus & Millichap’s Evan Altemus. The asset had a list price of $7M.
LEASES
Cypressbrook Co announced a number of deals:
- Kimberly DeVos repped the tenant, Mark W. Todd Architects, in the renewal and expansion of 5,352 SF of office space at 1440 Lake Front Circle in The Woodlands. The landlord, Woodlands-Sarofim #1, was repped by Colliers' Norm Munoz.
- Denise Ksiazek acted as intermediary between tenant Innerspace Construction and landlord AJCR Enterprises in the leasing of 2,604 SF in the Longmire Office Building at 704 Longmire Road, Conroe.
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Tuesday Morning inked a new 23k SF lease at Parkdale Place. The Woodmont Co's Karen Mitchell repped the landlord. SRS Real Estate Houston's Jonathan Hicks repped the tenant.
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Marshalls opened a 23k SF store in Baytown Marketplace in Baytown. EDGE Realty's Culver Stedman repped the tenant, and Danny Miller of Gulf Coast Commercial repped the landlord.
EXECS
Robert Garcia joined Transwestern’s healthcare advisory services team as VP. He joins from Victory Healthcare in The Woodlands, an eight-campus hospital system.
FINANCING
BMC Capital's Clayton Wells arranged a $2.2M loan for the refinance of an IHOP restaurant in Montgomery. The terms included 72% cash-out with a 3.65% floor floating rate with no prepayment penalty, amortized over 25 years.
