This Week's Houston Deal Sheet
Two months after making headlines by announcing its namesake tenant would be moving out, Bank of America Center has positive news. Alvarez & Marsal, a global consulting company, has expanded its lease by nearly 20K SF, moving from the ninth to the 32nd and 33rd floors.
Alvarez & Marsal has called Bank of America Center home for nearly a decade. The firm considered taking sublease space Downtown but ultimately opted to remain at Bank of America Center, the Houston Business Journal reports. It would not have been the first to leave; earlier this year Crestwood Equity Partners vacated Bank of America Center for a sublease space.
LEASES
NAI Partners' Jake Wilkinson and Chris Caudill repped the landlord, 1010 Properties, in lease negotiations for a 20K SF industrial warehouse and office lease at 10101 Stafford Center Drive in Stafford. JLL’s Jarrett Venghaus repped the tenant, Intelliworks.
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Finial Group repped the landlord, Southwest Business Properties, in the lease of 5,400 SF at 9000 Hempstead Road in Houston. The tenant is Oasis Fire Protection. No broker information was provided.
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NAI Partner’s Chris Caudill repped KSSM Industries in leasing 10K SF of industrial warehouse and office space at 34153 Sunset Lane in Brookshire. Lee & Associates’ Preston Yaggi and Pat Wolford repped the landlord, Clover RE.
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Colvill Office Properties' Brad Beasley and Clark Thompson repped Hines in negotiations for a 7K SF lease at San Felipe Place. Cushman & Wakefield’s Angus Hughes repped the tenant, Renewable Biofuels.
SALES
Marcus & Millichap’s Dimitri Jordan, Derek Hargrove, Justin Miller and Davis Hansen completed the disposition of Palm Springs Plaza, an 11.5K SF shopping center in Houston. No buyer information was provided.
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Newcor’s David Alexander repped Shree Sai Rang Krupa in purchasing 1.3 acres in Humble, where the buyer plans to build a new hotel, Americas Best Value Inn. Riverway Retail’s Jake Baker repped the seller, Cross Road Venture.
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A 158-acre tract in Montgomery County at Esperanza Road and Highway 75 was sold to an international company at an undisclosed price and it is intended to be a multimillion-dollar rail-served distribution center. MHW’s Jody Czajkoski and Mitchell Oxman repped the seller, the estate of William Westmoreland.
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Marcus & Millichap’s Skyler Cooper, Chris Gomes, Lisa Hankamer and Alan Miller completed the sale of an 86-room hospitality property in Channelview. The asset had a list price of $1.6M.
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MHW’s Mitchell Oxman and Jody Czajkoski were the procuring brokers for Willis 119, which purchased 12 acres of land in Willis for a future business park.
DEVELOPMENT
Newcor’s David Alexander repped the buyer, Piney Woods Storage, in negotiations for two 5.5-acre tracts on Shaw Road, where an 11-acre storage facility will be built. The seller of the 5.6 acres at 18111 Shaw Road was repped by Katy Walston at Keller Williams Greater Northwest. The seller of the 5.55 acres at 18037 Shaw Road was repped by Caldwell Cos.' Clay Roper.
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FedEx announced plans for another phase of development at its Katy area distribution center. FedEx will add roughly 200K SF, bringing the facility to 1.1M SF, capable of handling half a million package a day.
