This Week's Houston Deal Sheet
On behalf of Griffin Partners, HFF brokered the sale of a six-story, 143k SF office building in Stafford. The deal is a sign of a strong week of transactions.
HFF’s Dan Miller and Martin Hogan repped the seller. The five-acre site is directly across from the former Texas Instruments campus that is being redeveloped into a four-phased mixed-use project with more than 2,400 multifamily units, 18-plus retailers and restaurants, a 350k SF distribution center, hotels and entertainment venues.
SALES
The J. Beard Real Estate Co’s Rosa Dye repped Dr. Jose Iglesias, Dr. Alfonso Cordoba, Dr. Jose Sagbini and Dr. Phillip Sutton in the sale of the Red Oak Surgical Arts building at 17203 Red Oak Drive in Houston. The buyer, repped by DN Commercial's Danny Nguyen, intends to continue using the 11k SF building for medical purposes.
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Drever Capital Management acquired Aria at Rollingbrook, a 240-unit Class-A apartment community previously known as Watercolor, a half-mile from ExxonMobil Baytown. CBRE’s Clint Duncan repped the seller. Drever Capital's Tom Cabibi repped the buyer.
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FH Holdings purchased a rail-served distribution facility at 4702 Windfern Road in northwest Houston. First Houston Properties' Patrick McKiernan repped the investment group, and Steve Adkission with Adkission Development repped the seller.
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Marcus & Millichap’s Jerry Goldstein brokered the sale of Inwood Forest Shopping Center, a 78k SF Foodarama Grocery Store-anchored property at the northeast corner of Antoine and Victory in Houston. It is approximately 96% occupied.
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Black Label Commercial Group's Beau Harris repped Stratton Development & Construction in the sale of a 10k SF office/warehouse at 2101 Humble Westfield. The purchaser was The Compressor Warehouse.
LEASES
TEAM Inc extended and expanded its lease at Stockdale Capital Partners’ Sugar Creek I and II. TEAM is taking an additional 27k SF lease (bringing it to around 65k SF) and extending out to 2028. Stream's Ryan Bishop and Craig McKenna repped the landlord, and JLL's Chad Baker and Matt Sanderson repped the tenant.
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Raising Cane's Restaurants ground-leased a 33k SF pad site in Stableside at Falcon Landing in Katy, at the intersection of Gaston Road and Falcon Landing Boulevard. NewQuest Properties’ Austin Alvis and Brad Elmore repped the landlord in-house. Jonathan Probst of the Retail Connection repped the tenant.
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Avison Young’s Monique Gonzalez brokered a 6k SF lease for Bacon Bros. Public House, a franchise “powered by bacon” out of Greenville, SC. The operation's first Texas location will open in Sugar Land Town Square this December.
FINANCING
Pillar’s Cullen O’Grady secured a $15.6M refinance loan for Heritage at Hooper Hill. The property is a 200-unit Class-A multifamily complex built in 2005 in Conroe. Cullen secured a Fannie Mae fixed-rate 12-year loan on a 30-year amortization schedule with four years of interest-only payments for a well-capitalized Washington, DC-based property owner/developer.
THIS AND THAT
Moody Rambin has been retained by National Life Group as the exclusive leasing and management agent for Clear Lake I at 1300 and 1290 Hercules Ave in the NASA/Clear Lake submarket. The two-building portfolio has approximately 130k SF of Class-B office space available.
