This Week's Houston Deal Sheet
As the rain came down from tropical storm Cindy, Capitol Tower went up. In a “skybreaking” event to celebrate the commencement of vertical construction, Skanska announced anchor tenant Bank of America has secured the naming rights of the 35-story Class-A office development in Downtown Houston.
Bank of America will reveal the tower's new name when it completes in 2019. Bank Of America previously had the naming rights for Bank Of America Center, but now that the company plans to move, it is unclear what that building's new name will be either.
LEASES
Parkway’s J.P. Hutcheson and Rachel Willams completed a lease with Briggs & Vesela, which signed a 24K SF expansion and 48K SF renewal at Nine Greenway Plaza. The Briggs & Veselka Co. expansion will immediately backfill space Hercules Offshore will vacate during the fourth quarter of 2017. CBRE's Jon Lee repped Briggs & Veselka.
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Two anchor tenants have been signed for the last phase of development at Katy Ranch in Katy. Northern Tool will occupy the eastern endcap of the big-box space with an 18K SF footprint, and Glowzone, a 38K SF entertainment concept that is new to Houston, will occupy the big-box portion that runs parallel to Katy Fort Bend. Evergreen Commercial's Lilly Golden has been leasing Katy Ranch since its inception.
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SPENGA, short for spin-strength-yoga, has retained JLL to facilitate the rollout of multiple studio locations in Houston. The Chicago-based boutique fitness concept has signed its first lease in Houston for 4K SF at 307 Westheimer Road, a retail development expected to deliver later this year. JLL’s Matt Parsons is repping SPENGA in its Houston expansion. Chris Dray of NewQuest Properties repped the landlord, Lower Westheimer Center.
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Newcor Commercial Real Estate’s David Alexander repped the landlord, NOCNIR, in lease negotiations for 21K SF at 3367 North Sam Houston Parkway West. No broker information was provided for the tenant, Ervin Cable Construction.
SALES
Marcus & Millichap’s Nate Newman and Vincent Knipp completed the sale of an Aldi, a 19K SF net-leased property at FM 1488 and Conroe Huffsmith Road in Magnolia. The asset had a list price of $4M.
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The 73K SF Del Papa Galveston Facility was sold to Sullivan Interests of Galveston for an undisclosed amount. Capital Real Estate Commercial's Frank Blackwood and Marc Deer repped the seller. The buyer was unrepresented.
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NAI Partners’ Michael Keegan repped Heilman Holding Co. in negotiations for the sale of 6.85 acres at Highway 90 and Wallisville Road. The buyer, Highmark International Trading FZE, was repped by Bill Farris of Paradigm Commercial Real Estate.
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Marcus & Millichap's Keith Lloyd completed the sale of 7800 Amelia Road that included a 17.5K SF office building on approximately 1.5 acres in the Spring Branch area. The asset had a list price of $1.35M.
THIS AND THAT
Griffin Capital increased the scope of Transwestern’s management services assignment to more than 4.5M SF of predominantly Class-A office and industrial space across seven states. The portfolio consists of 3.45M SF of office space and 1.05M SF of industrial space.
DEVELOPMENT
Lee & Associates is repping a private partner in its development of a more than 270-acre master planned business park near Generation Park at Highway 59 and Beltway 8. Phase 1 of the park includes the development of 26 acres, and the design-build and/or build-to-suit of 20K to 50K SF metal buildings. The first spec building at the site is 21K SF and will be ready for occupancy in September 2017.
FINANCING
Walker & Dunlop closed financing for a 962-unit multifamily portfolio totaling $76.8M with Fannie Mae. The collateral was backed by three Class-A, garden-style properties in Grand Prairie and Katy. Walker & Dunlop’s Doug Hart led the origination team in arranging the debt.
UPDATE. JUNE 27, 5:15PM ET: Another deal was added in the sales section
