This Week's Houston Deal Sheet
The skyline of the Texas Medical Center will soon have a new addition. Medistar Group will develop a 25-story, 550K SF healthcare tower in Houston's healthcare mecca.
The developer will break ground on the tower in the second or third quarter of 2018, Medistar CEO Monzer Hourani told the Houston Business Journal. For now, the building is being built on spec, but Hourani said by the time the building breaks ground Medistar will have locked down a user. Kirksey designed the tower's exterior, which will feature retail and a restaurant on the ground floor.
Medistar is already busy in the area developing the dual hotel-multifamily concept at 6750 Main St., where InterContinental Hotels will open a 353-room hotel, and Greystar will open a 400-unit multifamily complex. Medistar's new tower will connect with the joint development project via a skybridge.
SALES
EDGE Capital Market’s Josh Jacobs and Burdette Huffman represented the seller, Houston Joint Properties, in the sale of Cranbrook Plaza at 13331 Kuykendahl Road in Houston. No other broker information was provided.
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Marcus & Millichap’s Dave Knobler brokered the sale of Fran Road Self Storage, a 274-unit self-storage facility in Katy. No other broker information was provided.
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NAI Partners’ Michael Keegan, John Simons and Holden Rushing represented Sowell Equities in the sale of 62 acres along Highway 90. This transaction is the first user site sold out of Sowell Equities’ 337-acre site.
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River Oaks Equity Partners represented the seller and procured the buyer of Inverness at Westador Apartments in Houston.
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Marcus & Millichap’s Jerry Goldstein represented the seller in the disposition of Naomi Medical Plaza, a 12K SF multi-tenant office property at 2010 Naomi St. in Houston.
LEASES
CDI Corp. renewed a 19K SF office lease at Westchase Place, 11200 Richmond Ave. in Houston. JLL’s Bubba Harkins and Russell Hodges represented the landlord, CREA Investments. CBRE's Jon Lee represented the tenant.
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Stream Realty Partners’ Blake Warren and Justin Robinson represented the landlord of Beltway North Commerce Center in a 101K SF industrial lease with Air General Inc. NAI Partners’ John Ferruzzo and Nick Peterson represented the tenant.
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NAI Partners’ Chris Caudill represented the tenant, 2020 Exhibits, in lease negotiations for a 57K SF industrial building at 13615 South Gessner in Missouri City. Stream Realty’s Justin Robinson and Jeremy Lumbreras represented the landlord, Western C REIT TX.
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Lee & Associates’ Chris Lewis and Jill Nesloney represented the landlord in a 19,500 SF office lease extension at 2001 Kirby Drive in Houston. CBRE and Cushman & Wakefield represented the tenant, Sentinel Trust Co.
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NAI Partners’ John Ferruzzo and Nick Peterson represented Favorite Brands in a 91K SF industrial lease at 9010 West Little York in Houston. Stream’s Matteson Hamilton represented the landlord, KTR Hou IV.
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Smile Brands of Texas renewed 6,200 SF of office space at 5020 FM 1960 in Houston for five years. Transwestern’s Luke Paterson represented the tenant. Hartman REIT’s Rod Hale represented the landlord, Hartman REIT.
