This Week's Houston Deal Sheet
Leading off the deal sheet is TH Real Estate, Silverpeak Real Estate Partners and Canada Pension Plan Investment Board's finalized acquisition of a combined 49% stake in Houston's Greenway Plaza and Phoenix Tower, valuing the portfolio at over $1B. Parkway is expected to net $315.8M.
Parkway has retained a 51% stake in Greenway Plaza and will continue to lease and manage the building. Greenway Plaza, along with Phoenix Tower, has 11 office properties totaling 5M SF across 54 acres.
SALES
NAI’s John Ferruzzo and Travis Land repped Steadfast Development in the disposition of an 11,250 SF newly constructed building at 13011 Misty Willow in Houston. Brian Harbuck of Transaction Real Estate repped the buyer, CAN Business.
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Davis Commercial's Barrett Von Blon repped the seller, Ambergis Holdings, in the disposition of 8,400 SF of land at 1724 Bissonnet. Scott Weaver of ULR Properties repped the buyer, Sam Nash, who plans to demolish the current structure and develop single-family residential.
CBRE Capital Markets arranged the sale of Bellaire Atrium I and II, two six-story buildings totaling 152K SF. SLS Properties purchased both office buildings, at 5909 and 5959 West Loop South in Bellaire. CBRE’s Todd Casper and Michael Hassler repped the landlord, 5909-5959 Realty.
Trey Erwin and Walker Barnett of Colliers International repped Reytec Construction & RES Bingle Partners in a 14-acre acquisition for its new 32K SF HQ. Thomas Monaghan and Jeff Lindenberger of Avison Young repped the seller.
LEASES
Dirt Cheap has retained JLL for a multiple location rollout throughout the greater Houston area. Matt Parsons, Mark Raines and Chris Burns are leading the JLL team. Dirt Cheap signed three new retail leases in the Houston area: 24K SF at Fairmont-Preston Plaza, 4801 Fairmont Parkway in Pasadena; 27K SF at Westfield Shopping Center, 310 FM 1960 West in Spring; and 25K SF at Meadow Park Shopping Center, 2625 Bypass 35 North in Alvin.
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NAI Partners' Griff Bandy repped The Document Group in 7,040 lease renewal at 1010 Lamar in Houston. Courtney Buckout with PMRG repped the landlord, Younan Properties.
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Lee & Associates' Preston Yaggi repped L&M Installation Solutions in leasing 6K SF at 475 West 38th St. in Northwest Houston. Allison Bergman and Baeu Kaleel repped the landlord, Prologis.
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NAI’s Chris Caudill, Commercial Broker Group’s Wade Carter and Wheeler Properties' Lee Wheeler repped Code Red Safety in leasing a 9K SF industrial facility at 2619 Highway 69 in Nederland. Tammiey Linscomb of Coldwell Banker Commercial repped the landlord, Jim Laughlin.
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Boxer’s Luke Minett worked a long-term renewal and expansion with MPG Pipeline Contractors, totaling 13K SF at Boxer’s two-story office complex in Greenspoint at 16700 Imperial Valley.
HIRES/PROMOTIONS
CBRE has promoted Buddy Urban to managing director, valuation and advisory services, for the Houston office. He will work with Bruce Bailey and Eric Finely, who also serve as managing directors in Houston.
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Brand design experts Jerry Alexander and Dick Lew will join Gensler’s Houston office, effective June 1. Combined they bring over 50 years of design experience to the firm.
THIS AND THAT
Transwestern raised more than $184K for the Make-A-Wish Foundation in less than a year, allowing the charity to fulfill the wishes of 18 children with life-threatening medical conditions. The resounding success of the partnership has prompted Transwestern to commit to Make-A-Wish for another year.
