This Week's Houston Deal Sheet
After being flooded out by Hurricane Harvey, Saudi Aramco has decided to relocate. The state-owned Saudi oil company will relocate to Two Allen Center from its building in Bellaire, taking a 200K SF bite out of Houston's sublease market.
Saudi Aramco is subleasing the space from Devon Energy, the Houston Business Journal reports. It is not clear if Saudi Aramco will still occupy any of its 160K SF office space at 9009 West Loop South or when the company will relocate. The sublease is less than half of the 500K SF space Devon Energy left behind when the company left Houston in 2013. Devon Energy's lease expires in 2020, but Saudi Aramco extended the lease.
LEASES
Waterworld USA leased a 29K SF free-standing building at 13550 South Gessner in Missouri City from Star Gessner Properties. Lee & Associates’ Taylor Schmidt and Reed Vestal represented the tenant, and Clay & Co.’s Amy Silvey represented the landlord.
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Newcor Commercial Real Estate’s Ryan Dierker and Rob Banzhaf represented the tenant, EPIC, in lease negotiations for the 8K SF space at 20405 State Highway 249.
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NAI Partners’ Zach Leger and Jacob Aldridge represented Featherwood Holdings in a 4,800 SF office lease renewal at 12600 North Featherwood Drive in Houston. Oxford Partners’ Ryan Hartsell represented Abbott.
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Baker Katz’s Lunden McGill represented Pet Supplies Plus in a 7,300 SF lease at the corner of Highway 105 and Lone Star Parkway in The Woodlands. Streetwise Retail Advisors' Scott Gardner represented the landlord, Gulf Coast Commercial. The store is slated to open in early 2018.
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King Dollar leased 7,300 SF of retail space in North Freeway Center, at the intersection of Interstate 45 and Gillispie Road, Houston, from Hana Assets. NewQuest Properties’ Bob Conwell, Brad Elmore and Austen Baldridge represented the landlord in the direct deal.
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Betz Commercial Brokerage’s Gloria Parrino represented Triangle Marketing Group in a 14K SF office/warehouse lease renewal at 4660 Pine Timbers in Houston. The landlord, Icon Owner Pool 6 West/Southwest, was represented by Bridge Commercial Real Estate’s Jon Michael.
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NAI Partners’ John Ferruzzo and Chris Kugle represented Advanced Control Systems in a 28K SF industrial lease at 4903 West Sam Houston Parkway N in Houston.
SALES
JLL’s Chip Nash, Greg Austin and Bob Heard completed the sale of Driftwood Apartments, a 238-unit multifamily community at 7019 Lasker Drive in Galveston. Gulf Coast Kington Properties purchased the asset from M - DW.
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Lee & Associates’ Cameron Hicks represented Bitlut in the purchase of a 16K SF industrial building at 12626 Dairy Ashford Road in Houston. Colliers’ Trey Erwin and Barkley Peschel represented the seller, SuLiBa.
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G Pkwy Land purchased 15.3 acres off Clay Road near the Grand Parkway in Katy from MCI Grand Parkway. Lee & Associates’ Reed Vestal and Taylor Schmidt represented the seller, and NewQuest’s Jeff Lokey represented the buyer.
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One Real Estate Investment completed the sale of the company’s multifamily portfolio, totaling 882 units at Avalon at Royal Oaks and the Village at Uvalde in Houston. The properties were acquired by S2 Capital. No broker information was provided.
THIS AND THAT
Avison Young participated in its Fourth Annual Day of Giving. Employees from Avison Young’s Houston office washed vehicles, cleaned doors and pressure washed driveways at Casa de Esperanza de los Niños — the House of Hope for Children — a safe place for children in crisis due to abuse, neglect or the effects of HIV. Employees also assembled care packages, including blankets, stuffed animals, hygiene items, books and encouraging notes that will be given to children upon arrival at Houston Area Women's Center.
