This Week's Houston Deal Sheet
Macy's sold its 243K SF location at West Oaks Mall. The purchase completes 1st Emporium's takeover of the mall, which it plans to revitalize. The asset will be updated and rebranded as The Outlet at West Oaks.
“Experiencing the downturn of West Oaks Mall was very discouraging and I wanted to bring life back to this area,” Mehta Investments' Sunil Mehta said. 1st Emporium is Mehta Investments' retail division.
The plan is to revitalize the center by focusing on the growing demand for discounted goods. The Outlet at West Oaks is expected to open in the next few months and house outlet-priced clothing and goods. One of the retailers will be Formal Gallery, a formal dress shop owned and operated by Rita Mehta, Sunil’s wife.
CBRE's Brian Ashby and Sydney Dixon represented Macy's Holdings in the sale.
SALES
Marcus & Millichap’s Alex Zylberglait, Keith Lloyd and Chris Jones completed the sale of 3033 Chimney Rock, an 80K SF office property in Houston. The team secured both the buyer and seller, two limited liability companies.
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NAI Partners’ Joel Michael represented the buyer, Persons Development & Construction Services, in the purchase of a 13K SF industrial asset at 6425 Storey Drive in Humble.
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A 5,300 SF restaurant in the River Oaks/Upper Kirby submarket changed hands. The former Merrill House restaurant at 2502 Algerian Way was bought by Oficina de Vino, which was represented by NewQuest Properties' Chris Dray. The structure will be repurposed to house law offices and a mediation center.
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Giro Real Investments sold a 7.1-acre vacant tract along Hollyoak Drive in Houston to NH-Holly Oak L.P. NewQuest Properties’ Danny McCormack represented the seller in the direct deal.
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Black Label Commercial Group’s Jeremy Bran represented CBMJ Investments and Development in the purchase of a 73-unit apartment complex in Montrose.
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NAI Partners’ Travis Land represented the seller, Ellisor Investments, in the sale of a 14K SF industrial asset at 6616 Gant Road in Texas.
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A two-building, 10K SF property one block east of the Beltway and just south of Highway 59 sold on Nov. 9 and then again on Dec. 29. The fist seller, G & H Air Conditioning, was represented by Colliers’ Michelle Soderberg, who sold the building to Gamal Enterprises, represented by RE/MAX Westside Commercial’s Sky Pulford. Sideline Interactive was the second buyer, arranged by Pulford on behalf of the seller, Gamal.
LEASES
Jackson Walker, represented by Cushman & Wakefield’s Tim Relyea, renewed 74K SF and expanded 3K SF at 5 Houston Center. Transwestern's Eric Anderson and Tyler Garrett represented the landlord, Spear Street Capital.
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Skanska reached a lease agreement with Crossmark Global Investments for 16K SF at West Memorial Place. JLL’s Russell Hodges and Bubba Harkins represented Skanska while CBRE’s Kevin Saxe represented the tenant, Crossmark Global Investments.
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Apogee Stem Discovery Academy leased 8K SF at 12921 South Post Oak Road in Houston. Retail Solutions' Lauren Shepperd represented the landlord.
HIRES/PROMOTIONS
Powers Brown Architecture appointed founding principal Jeffrey Brown as CEO.
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Todd Stewart joined JLL as managing director. Stewart will join Managing Directors Greg Austin and Chip Nash and Vice President Bob Heard in Houston, focusing on institutional multifamily business.
