This Week's Houston Deal Sheet
One of Houston's largest tenants is adjusting its Houston footprint again. Chevron has invested $10M in renovating its Downtown office at 1500 Louisiana and another $2.5M to renovate 3901 Briar Park in Westchase.
Building permits discovered by the Houston Business Journal show D.E. Harvey Builders is the contractor for both buildings. The renovations are a consequence of Chevron's relocation of around 900 employees from its Bellaire campus, a spokesperson for the company said.
LEASES
CBRE’s Steve Rocher, Debbie Wilson and Jason Presley repped the landlord, GeoSouthern Wildwood, in leasing two separate spaces at Wildwood Corporate Centre I. Savills Studley’s Noah Kruger repped U.S. Steel Tubular Products in leasing 22K SF, and Newcor’s Ryan Dierker repped The Studemont Group in leasing 4K SF.
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NAI Partners' Jason Gaines and Hannah Kaplan repped the landlord, Shomer VII, in renewing an 8,600 SF retail lease to The Dance Studio at 3202 FM 1960 in Humble.
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Cushman & Wakefield industrial brokers Jason Dillee and Nathan Wynne recently completed the following lease transactions:
- 77K SF at 300 West Airtex Blvd., Houston, to Amerasia Shipping Logistics, for Industrial Property Trust. 59.8K SF was a new lease and 17K SF was an expansion.
- 97K SF at 1401 South 16th St., La Porte, to Hawthorne Customs and Dispatch Services. David Munson of Boyd Commercial represented Hawthorne.
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NAI’s Chris Kugle repped Texas Southwest Floors in leasing 14K SF of distribution space at 1364 Salford in Houston. Bridge Commercial's Ed Bane and Jon Michael repped the landlord, SL3 HOU Industrial.
SALES
HFF”s Investment sales team led by Danny Miller and John Indelli completed the sale of 520 Post Oak Blvd., a 155K SF, boutique office building in Houston’s Galleria submarket. HFF worked on behalf of the sellers, Balandis Real Estate AG and Griffin Partners. The project was sold to Griffin Partners Office Fund III. Balandis was advised by EII Realty Corp. The eight-story building is 90.1% leased.
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An undisclosed international company purchased 158 acres in Montgomery County at Esperanza Road and Highway 75 at an undisclosed price. It is intended to be a multimillion-dollar rail-served distribution center. MHW’s Jody Czajkoski and Mitchell Oxman repped the estate of William Westmoreland, the seller.
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Baker Katz acquired four acres along the east side of Beltway 8 with plans to construct two buildings totaling 20K SF. Baker Katz was repped by Streetwise Retail Advisors’ Chris Pitts.
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Marcus & Millichap’s Dave Knobler, Justin Miller, Derek Hargrove and Davis Hansen completed the sale of A Discount Ministorage, a 338-unit self-storage facility in Houston at 2755 Mangum. Buyer information was not provided.
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MHW’s Mitchell Oxman and Jody Czajkoski were the procuring brokers for approximately 12 acres of undeveloped land in Willis. The site will be converted to a business park.
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NAI Partners’ Travis Land repped Adkisson in the acquisition of five acres at Lakeview Business Park in Missouri City. Boyd Commercial's Alexander Reilly and Bo Pettit repped the seller, Lakeview BP. Adkisson Group will construct three buildings totaling roughly 60K SF.
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Davis Commercial’s Ashley Casterlin arranged the sale of 8.2 acres on West Bellfort Boulevard just east of Eldridge Road. Larry Riklin represented the buyer, Vay Miu Vo, who plans to develop multifamily on the property.
DEVELOPMENT
City and business leaders gathered to celebrate the groundbreaking of Tool-Flo’s new 75K HQ in Pearland.
FINANCE
The development of CityPlace 2, a 327K SF Class-A project, got permanent construction financing. HHF’s debt team led by Wally Reid, Cortney Cole and Trent Agnew worked on behalf of the borrower — a venture composed of Patrinely Group, USAA Real Estate Co. and CDC Houston — to secure the five-year, fixed-rate loan through American National Insurance Co.
HIRES/PROMOTIONS
Lee & Associates - Houston promoted Robert LaCoure from director to principal of its office division.
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Flagship Capital Partners, a Houston-based specialty finance firm, hired J.C. Clemens as director of investments.
