This Week's Houston Deal Sheet
Investor interest in suburban value-add opportunities is continuing to drive office sales. One Northwind Plaza, an eight-story, 141K SF office building in northwest Houston, is the latest suburban asset to change hands.
“In the case of One Northwind Plaza, recent capital improvements, a diverse tenant base and the anticipated benefits of the Highway 290 expansion made this an appealing offering,” JLL's Rick Goings said.
Goings, Rudy Hubbard and Kevin McConn led the JLL team representing the seller. Skywalker Property Partners' Clint Holland represented the buyer, When Opportunity Knocks.
Built in 1980, the Class-B office building has undergone a variety of capital improvements since 2010, including upgrades to its lobby, elevators, breezeway, lighting and building systems. The buyer will invest an additional $1M in capital improvements. The asset is 66% occupied.
SALES
Lee & Associates’ Taylor Schmidt, Reed Vestal and Chris Nash represented the seller, Habitat For Horses, in the sale of 166 acres at 1431 Meekins Road in Cleveland. 6M Real Estate Group’s Mehdi Mousavidin represented the buyer, 3 Crescent Ranch.
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Business Flooring Specialists acquired a 26K SF free-standing industrial facility at 7222 Ertel Lane in Houston. JLL’s Geoff Perrott and Jeff Venghaus represented the buyer. Wes Williams and David Boyd of Boyd Commercial represented the seller, T&J Medical.
LEASES
The Miner Corp. renewed a 21K SF industrial lease at 8329 Kempwood Drive in Houston. JLL’s Geoff Perrott represented the tenant. Boyd Commercial's Greg Barra represented the landlord, Prologis.
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Lee & Associates’ Thomas Leger, Robert McGee and Mike Spears represented the landlord, Cypressbrook Huntington Volta, in leasing a 112K SF industrial building at 8575 Volta Road in Humble. Brazos ML’s Grady Tibbs represented the tenant, Flexo Converters.
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NAI Partners’ Nick Terry represented Independence Oilfield Contractors in a 5,600 SF lease at 1450 Lake Robbins Drive near The Woodlands. The deal was a short-term extension to allow the tenant to complete construction on its recently leased 23K SF combined office and lab space in The Woodlands, in a transaction that was also arranged by Terry.
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The Westchase III building at 3200 Wilcrest Drive in Houston has had 34K SF of leases signed recently.
- JLL’s Eugene Terry represented Orion Healthcare in renewing 11K SF. Allied Wireline Services renewed 7,500 SF.
- Marcus & Millichap's Keith Lloyd represented CompleteRx in leasing 11K SF.
- NAI Partners’ Randy Wilhelm and Liz Westcott-Brown represented Lakeside Country Club in leasing 5,400 SF.
Moody Rambin’s Kurt Kistler and Karen Wright represented the building's owner, Gupta Richmond Avenue, in all deals.
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Mayekawa USA leased 18K SF at 10810 Train Court in Houston. Clay Development and Construction’s Charlie Christ represented the landlord, Clay-CMBS #2. Moody Rambin’s Ryan Fasset represented the tenant.
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Lee & Associates’ Chase Cribbs and Robert McGee represented E1 Architecture Aluminum Systems in leasing a 22K SF industrial building at 10845 Train Court in Houston. Boyd Commercial’s David Boyd represented the landlord, Herrin Family Partnership.
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Moody Rambin’s Tom Ford represented Sea Ltd. in renewing its lease of 13K SF at 3403 North Sam Houston Parkway W. DCT Industrial Trust’s Michael Flowers represented the building owner.
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Moody Rambin’s Ryan King represented the building owner, Texas Avenue at Live Oak, in leasing 5K SF to Barefoot Ventures at 612 Live Oak.
HIRES/PROMOTIONS
Multifamily Ancillary Group added Tito Estrada as its regional vice president.
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ICO Commercial expanded its property management team with the addition of Linda Larabee as vice president.
