This Week's Houston Deal Sheet
Retail developer Greatland Investments will kick off a redevelopment project in the first quarter on a high-profile site at a popular gateway to the Heights Hike & Bike Trail. The 0.3-acre tract at 3215 White Oak Drive is one of the largest sites zoned for new development in the Heights Historic District South.
Greatland Investments plans to develop 4K SF of Class-A retail with bike racks and on-street and surface parking at the hard corner of White Oak Drive and Columbia Street.
"This is a destination location within the Heights. We want to bring tenants to the neighborhood that will make 3215 White Oak the first choice for breakfast, lunch, dinner and drinks," NewQuest's Austen Baldridge said.
As a sample of what is to come, the NewQuest team is negotiating with a Houston newcomer for a high-end coffee concept. The 1,200 SF lease could be finalized soon.
LEASES
Savills Studley represented The Work Lodge in a 20K SF long-term lease at Havenwood Office Park in The Woodlands. The landlord, Havenwood Land Development, was represented by J. Beard Real Estate’s Tim Maczko and Lisa Hughes.
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Black Label Commercial Group’s Nicholas Lyras brokered a five-year lease for the U.S. subsidiary of Norway-based Petroleum Technology Co. Beginning in January, US PTC will occupy 6K SF in a new industrial park on Breen Road in Northwest Houston.
SALES
HFF completed the sale and acquisition financing of Villages of Cypress Creek, a 384-unit, Class-A, garden-style apartment community in Cypress. The HFF investment sales team representing the seller included Todd Marix and Chris Curry. HFF’s debt placement team representing the borrower included Cortney Cole and Jordan Finch.
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Marcus & Millichap’s Gus Lagos and Nik Kapetanakis completed the sale of Plaza de Las Plamas, a 6,600 SF retail property in Conroe. The asset had a listing price of $1.1M.
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Lee & Associates’ Patrick Wolford and Preston Yaggi represented the buyer, The Albion Patrick Crescent Revocable Trust, in the purchase of a 30K SF industrial building in Greens Road Industrial Park at 3040 Greens Road in Houston. Lee & Associates’ Chase Cribbs and Mike Spears represented the seller, J-Kraft.
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HFF closed the sale of Apex Distribution Center, a three-building, Class-A industrial warehouse facility totaling 410K SF in Houston’s Northwest Industrial submarket. HFF’s investment sales team included Trent Agnew and Rusty Tamlyn.
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Marcus & Millichap’s Justin Miller, Derek Hargrove and Davis Hansen completed the sale of The Crossing at Telfair - Pad E, a 7,400 SF shopping center in Sugar Land.
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World Building Materials purchased 7604 Kempwood Drive in Houston from TTC Real Estate Holdings. The recently renovated 82K SF building is at the corner of Hempstead Road and Kempwood Drive. The property is approximately 50% office and 50% warehouse. Lee & Associates' Reed Vestal, Taylor Schmidt and Tim Thomas represented the seller. Lee & Associates' Stephen Kuper and Preston Yaggi represented the buyer.
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On behalf of the seller, CBRE’s Clint Duncan and Matt Phillips arranged the sale of Casa Verde Apartments, a 384-unit apartment complex at 2 Goodson Drive in North Houston. Trinity Private Equity Group and TRI Consulting Group coordinated the acquisition process. Michael Thompson, with CBRE’s Debt and Structured Finance Group, arranged financing on behalf of the buyer.
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CBRE’s Matt Berry represented R1 Rayford Road in the disposition of Rayford Harmony, a 31,500 SF newly constructed shopping center within Harmony, a master planned community in Spring.
HIRES/PROMOTIONS
Michael Zietsman has taken a newly created office investment sales leadership role at JLL. His primary focus will be the Texas and Denver regions.
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Rockspring Capital hired Mike Axelrad as managing director of capital markets. He will be responsible for raising capital associated with Rockspring’s strategic acquisitions of opportunistic real estate, land parcels and residential lots in high-growth areas.
FINANCING
HFF is refinancing 700 Louisiana, the 56-story, 1.2M SF Phillip Johnson and John Burgee-designed office tower in Houston’s central business district. The HFF team led by Cameron Cureton and John Brownlee worked on behalf of the borrower, M-M Properties, in a JV with an institutional capital partner, to secure the loan. The tower is 90% leased.
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LMI Capital’s Brandon Brown and Jamie Safier placed financing for four garden-style apartment complexes. The first was a $10M permanent loan for a 125-unit property. The second was a five-year bridge loan for a 100-unit property. Safier placed a fixed-rate agency loan for an 80-unit asset in Galveston County. Safier also closed a seven-year agency loan for a 90-unit property in southeast Houston.
