This Week's Houston Deal Sheet
Transactions continue to heat up around the Texas Medical Center. The heat has attracted out-of-state investor Advenir, which worked with HFF to acquire the 320-unit Park Lakes Apartment Homes community between the TMC and NRG Park.
HFF’s Todd Marix, Todd Stewart, Chris Curry and JC Clemens led the investment sales team that secured acquisition financing for Park Lakes Apartment Homes, a garden-style community that's 95% leased. Advenir will rebrand the property as Advenir @ The Med Center and will implement a capital improvement program to achieve greater rental premiums.
LEASES
Moody Rambin’s Terri Torregrossa and Kurt Kistler repped the building owner at 363 North Sam Houston Pkwy in leasing 3,800 SF to ORG Chemical Holdings. Townsend Interests' Michael Townsend repped the tenant.
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NAI Partners' Darren O’Conor and Jake Wilkinson repped CT Commercial Products in leasing 21k SF of distribution space at 6004 Griggs Road in Houston. Stream's Blake Warren and Jeremy Lumbreras repped the landlord, SCG Greater Houston.
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NAI Partners' Darren O’Conor and Jake Wilkinson repped Ideal Steel in leasing 66k SF of industrial manufacturing space at 5900 Brittmoore Drive (above) in Houston. Ryan Wasaff repped the landlord, Welcome Group.
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D/G Studios signed a 4,200 SF lease at 3040 Post Oak Blvd. CBRE’s Rima Soroka and Marilyn Guion repped the landlord, and Fritsche Anderson's Tommy Wilson repped the tenant.
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NAI Partners’ Chris Caudill and and Joel Michael repped KRP Ventures in leasing 22k SF of industrial space at 2906 Holmes Road in Houston. Waterman Steel's Mike Easley repped the tenant, Premier Auto Transport.
SALES
Colliers International's Barkley Peschel repped an undisclosed seller in the disposition of a 48k SF industrial facility (above) in north Sugar Land. The buyer, a warehouse equipment importer and wholesaler, was repped by Lily Yan of Champions Real Estate Group.
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Marcus & Millichap's Lucas Fertitta and Juan Cuevas completed the acquisition of Colonial Oaks Apartments, an 80-unit apartment property at 3940 South Shaver.
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ICO Commercial's Lang Motes and Jane Nodkskov helped a longtime client purchase a 6,100 SF investment retail building on 4607 Sienna Pkwy in Missouri City. Stan Johnson Co's Todd Moore repped the seller.
DEVELOPMENT
Surge Homes began development of Museum BLVD, an affordable condominium community in Houston's prestigious Museum District with homes that range from the $140s to the $340s. Located at 4819 Caroline St, Museum BLVD is an $11M, 50-condominium, mid-rise development.
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NewQuest Properties will unveil the first wave of store openings Oct. 28 in the 89-acre Grand Morton Town Center, including a much-anticipated 125k SF Kroger Marketplace. About 60% of Grand Morton Town Center’s 600k SF is pre-leased or under negotiation.
HIRES/PROMOTIONS
NAI Partners hired Alex Taghi as VP of office tenant rep. He was previously an associate director with Cushman & Wakefield.
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Stuart Showers joined Transwestern as Houston research director. He comes from KnowledgeSource Consulting.
FINANCING
ARA Newmark's Adam Allen secured JV equity and construction debt financing to start development of a 384-unit garden style multifamily development in Baytown. The asset will be called Boterra Bay Apartments and is being developed by The Boterra Group.
THIS AND THAT
Linbeck Group received seven Awards for Project Excellence from the Houston chapter of Associated General Contractors. It received two Gold awards for KIPP CONNECT Houston and KIPP Unity Primary School; three Silver awards for JLABS at Texas Medical Center, University of Texas MD Anderson MRI / 9 Renovation, and Houston Methodist Orthopedic and Sports Medicine Building; and two Bronze awards for Kelsey-Seybold Main Campus Expansion and Bay Area Regional Medical Center – Phase 1.
