This Week's Houston Deal Sheet
After a long search, Houston's First Baptist Church has purchased a Downtown office building at 1730 Jefferson. With the help of Kirksey, the 40k SF building will be converted into a sanctuary.
The building is on 2.1 acres in the southeast corner of Downtown Houston, the Houston Chronicle reports. First Baptist Church brought back service to the Downtown area in 2011, and has since been meeting on the tunnel level of 1010 Lamar. With a new sanctuary, the church hopes to attract worshipers from Midtown, the Heights and EaDo.
SALES
Lane Equipment Co. sold a 15K SF industrial building on 0.34 acres at 4005 Chenevert St. to Hou Properties. NewQuest Properties' Neal Thomson represented the seller in the direct deal.
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CBRE Hotels arranged the sale of Holiday Inn Express & Suites, at 2440 Gulf Fwy. in Texas City. Texas City Hospitality purchased the hotel from Peet Hotels as an investment opportunity or an undisclosed price. CBRE's Eric Guerrero, Michael Yu, Rahul Bijlani and Dennis Drake represented the seller and the buyer.
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Glam Gibson sold a 5,400 SF retail building on 0.53 acres at 3930 Gibson St., to Tuckus Holdings and 3930 Ego. NewQuest Properties' Chris Dray repped the seller. The Reyna Group's Sasha Milby repped the buyer.
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On behalf of the seller, Houston Joint Properties, EDGE Capital Markets' Josh Jacobs and Burdette Huffman brokered the sale of Park 45, a 21K SF retail center at 26436 Lexington Road in Spring. Reed Parker of Lee & Associates repped the buyer. Park 45 is 83% leased.
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Quest IRA Inc. sold 5.1 acres at the intersection of East Hufsmith Road and Hospital Street in Tomball to Depado Partners Ltd. NewQuest Properties' Rob Whitaker repped the seller. Kay Whitaker of RE/MAX Vintage repped the buyer.
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EDGE Capital Markets' Josh Jacobs and Burdette Huffman brokered the sale of West Rayford Retail Center, a 19K SF multi-tenant center at 8633 West Rayford Road in Spring. The seller was LSP Rayford. Hollingsworth & Associates' Sumner Hollingsworth repped the buyer.
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SRI Commercial I LLC sold a 7,200 SF office building on 0.17 acres at 6212 North Main St., Houston, to Jed Silverman Enterprises North Main. NewQuest Properties' Chris Dray represented the seller in the direct deal.
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IKA Group LLC sold 3.5 acres at the intersection of Reading Road and FM 2977, Rosenberg, to Fei Lung Chan. NewQuest Properties' Brad LyBrand and Ori Batagower repped the seller. Independent broker Yao Renae Chen repped the buyer.
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Black Label Commercial Group’s Dawn Brewer repped the buyer (TVT Holdings) in the purchase of a 16K SF office/warehouse in Spring at 7810 Eagle Lane.
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Boyd Commercial's David Boyd and Wes Williams worked on behalf of the seller, Tube America, in the disposition of 3.5 acres at 6550 Bingle. Boyd Commercial’s Greg Barra repped the buyer, Kris-Con Investments.
LEASES
Rebellion Photonics recently expanded by 3,800 SF at 2327 Commerce to 16K SF. NB Realty Partners' Julie King represented the tenant and Andrew Kaldis represented the landlord, 2315 Commerce Ltd.
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Altar’d State’s new Rice Village store will open in the heart of the shopping and dining destination at 2530 University Blvd. and in adjoining space formerly occupied by Starbucks. The Starbucks in Rice Village will reopen this fall in a larger space at 2531 Amherst.
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Stream Realty's Richard Barbles and Craig McKenna renewed a lease with Legacy Trust Co. at 600 Jefferson. In January 2018, the group will move its office from the third floor of the building to 22K SF of newly renovated space on the 19th floor. Legacy Trust was repped by Fritsche Anderson Realty Partners' David Anderson and Jay Cliburn.
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Colvill Office Properties has closed on four new office leases at 811 Louisiana:
- 19K SF to Willis Towers Watson; CBRE's Jeff Cairns, Bob Denney and Brandon Clarke repped the tenant
- 6,100 SF to McFarland PLLC, repped by CBRE's Kevin Kushner and William Padon
- 4,400 SF to EVX Midstream Partners, repped by Alex Taghi of NAI Partners
- 3,300 SF to Booking.com; CBRE's Weldon Martin repped the tenant
Colvill's Paula Bruns, Damon Thames and Chip Colvill repped the building’s ownership, Busycon Properties, in each lease transaction.
FINANCING
JLL’s Capital Markets experts, led by senior vice president Griffin Guthneck, secured financing for the construction of SurePoint Self Storage’s newest development in Pearland. A regional bank provided the five-year, non-recourse, floating-rate construction loan.
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NorthMarq Capital’s Warren Hitchcock negotiated the refinance for Hidden Lakes Retail I and II, a 38K SF retail property in League City. The transaction was structured with a fully amortizing 20-year term. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.
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Q10 KDH vice president Ryan Watson arranged $11.5M in financing for a Houston multifamily property through Fannie Mae. The property includes 350 units. Fannie Mae was able to give the borrower a 4.6% rate for 10 years, two years of interest only, followed by a 30-year amortization.
HIRES/PROMOTIONS
CBRE announced two promotions and a new hire:
- Jeff Cairns has been promoted to vice president.
- Paul Penland has been promoted to vice president.
- Marcus Moody joined CBRE as an associate on the retail services team.
DEVELOPMENT
Rubicon Realty Group has broken ground on construction of its new strip center at 1310 Northpark Drive in Kingwood. The building will contain 12K SF, and has been partially pre-leased. Construction is anticipated to be completed in June. The property is in front of the 213-acre Kings Mill master planned community.
