This Week's Houston Deal Sheet
Generation Park has kicked off the next phase of development, a 25-acre industrial park.
McCord Development secured an anchor tenant for, and broke ground on, Lockwood Business Park, the Houston Business Journal reports. The project includes three facilities being built on spec — two 58K SF flex office/industrial buildings and one 45K SF building — and two pre-leased assets. President Ryan McCord said the first spec building should deliver in the first half of 2018.
Lockwood Business Park is being constructed across the street from TechnipFMC’s headquarters. McCord Development also signed a headquarters relocation in Generation Park, a 35K SF pre-lease at 250 Assay St., an 87K SF building under construction. McCord told the HBJ he has an “intense pipeline of large transactions” that might close this year.
Generation Park is a 4,000-acre mixed-use project in the West Lake Houston area.
LEASING
Wrist USA renewed 67K SF of industrial space at East Belt Business Park in Pasadena. JLL’s Ryan Fuselier and Travis Secor repped the tenant. CBRE’s Faron Wiley represented the park’s owner, Morgan Stanley. Wrist USA occupies about half of the 118K SF Class-A warehouse at 1485 East Sam Houston Parkway. JLL research shows that Southeast Houston continues to be one of the city’s most active industrial submarkets. In Q1 2017, it recorded 1.8M SF of positive net absorption.
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Freddy’s Frozen Custard & Steakburger ground-leased 1.1 acres in Bay Colony Town Center in League City. NewQuest’s Rebecca Le represented the landlord, and Colliers' Robert Hantgan represented the tenant.
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Phyng Thi Kim Luk and Chuong T. Phan ground-leased a one-acre retail tract at 8706 Highway 6 in Houston. NewQuest Properties’ Glenn Dickerson represented the landlord, AJO Enterprises. Lone Star Realty’s Tony Tran represented the tenant.
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Another tenant is leaving Bank of America Center. Crestwood Equity Partners will vacate its space to move into a 90K SF sublease space from Shell at BG Group Place. Crestwood is taking the 32nd, 33rd and 34th floors in the building. Cushman & Wakefield's Scott Wegman and David Guion repped Crestwood. Joe Peddie, also with Cushman & Wakefield, repped Shell. The build-out of Crestwood's new space will cost roughly $1.2M, the Houston Business Journal reports.
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The Hudgins Law Firm leased 9,459 SF in Weslayan Tower, 24 Greenway Plaza. NAI Partners’ Dan Boyles represented the tenant, and Granite Properties’ Sandy Benak represented the landlord in-house.
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ENT Specialist renewed 16K SF at the Woodlake Park Office building at 2500 Tanglewilde St. in Houston. Moody Rambin’s Terri Torregrossa represented the landlord, Woodlake (Texas) Properties. Cushman & Wakefield’s Tim Relyea represented the tenant.
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NGKF’s Brandi McDonald repped Codilis & Stawiarski in leasing a full floor, totaling 20K SF at 400 North Belt. Hartman REIT, the landlord, was repped by Corinne Agrella and Richard Maloof.
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NAI Partners’ Chris Haro repped RE:3D in leasing 7K SF of industrial space at 1100 Hercules in Houston. John Braun of Bayou Properties Realty represented the landlord, Aerotech Business Sources.
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MFT Interests’ Glen Clements repped Dish Society in a 3,800 SF lease in the Heights Central Station, the new low-rise urban mixed-use development by MFT.
SALES
Weingarten Realty sold Broadway Shopping Center, a 74K SF power center in Galveston. HFF’s investment sales team led by Ryan West repped the seller.
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United Equities bought eight acres for development of a new business park, Beltway-225 Business Park, at the Sam Houston Tollway and Meadow Wood Drive in Pasadena. Phase 1 will be a 21K SF 10-ton crane-ready industrial facility and a 19K SF 10-ton crane-ready industrial facility. There are 3.6 acres available for a build-to-suit project. NAI Partners’ Travis Land and Michael Keegan represented the buyer, and CBRE’s Tom Lynch represented the seller, Wodan Real Estate Co.
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On behalf of the seller, a developer, Marcus & Millichap’s James Bell completed the sale of Lone Star Market, an 8K SF retail property in Cypress. Marcus & Millichap’s Nate Newman and Logan Kelly repped the buyer.
Urbahns Property Group purchased Grand Crossing II, an 8,500 SF strip center delivered in Katy in 2016. The fully leased property is at the intersection of I-10 and the Grand Parkway. HFF’s Ryan West represented the seller, Edifis Group.
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River Oaks Equity Partners closed the sale of two multifamily properties to one undisclosed investor. Laredo Apartments and Manor Apartments in Houston traded in an all-cash deal at the seller’s full asking price.
EXECUTIVE MOVES
Steve Burch has been appointed president of White Construction Co. Neel White will serve as chairman of the board, Guy White will serve as CEO, and the company’s founder, Charles White Sr., is appointed chairman emeritus.
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Mohr Partners Inc. completed a management buyout, led by CEO Robert Shibuya, that includes the Houston office. Additional MPI shareholders include Eric Beichler, Eric Karl, Stephen Hemphil and Robert Pipkin. The new board of directors has an eye to growth and is focused on key investments in technology, marketing and talent. The Houston office will continue to be run by Kevin Barr, who opened the branch in 2014.
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Chamberlin Roofing & Waterproofing roofing and sheet metal superintendent Donald Gautier was honored by the National Roofing Contractors Association as one of 10 roofing workers nationwide selected annually as MVPs. Gautier has been in the roofing industry for 18 years, and oversaw the completion of the massive Project Delta, the construction of Exxon’s 400-acre campus in Springwoods Village that spanned 7,500 tradesmen.
CORRECTION, MAY 5, 11:12 a.m. CT: Freddy's Frozen Custard & Steakburger's ground lease in League City was not a direct deal. The story was updated to reflect the tenant representation, Colliers' Robert Hantgan.
