This Week's Houston Deal Sheet
WEDGE Properties purchased Three Sugar Creek, a six-story, 154K SF Class-A office building in Sugar Land.
Three Sugar Creek, built in 2008, is close to the intersection of Highway 69 and U.S. 90, near more than 10 hotels, 70 restaurants and retail offerings like Sugar Land Town Square and First Colony Mall. HFF’s Danny Miller and Marty Hogan represented the seller, Radler Enterprises, with Radler’s Tom Radom. HFF’s Susan Hill and Wally Reid arranged a 10-year, fixed-rate acquisition loan for WEDGE. Three Sugar Creek was 95% leased at time of sale.
EXECS
Mike Harp joined Moody Rambin as director of construction management. He has 20 years of experience in commercial real estate project management and was previously development director for CVS Pharmacy and Stripes.
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Darrell Whiley joined environmental solutions provider RES as chief operating officer. He was previously with Total Safety.
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Perkins+Will promoted a number of professionals in Houston, including Thomas Newsom to associate principal specializing in healthcare and Gerald van Benschop to associate principal. He is director of global technology services and handles information technology for Perkins+Will’s 24 global offices.
SALES
A local private investor purchased a 26,500 SF industrial property in Sterling Industrial Park at 188 White Road. Colliers’ Jason Tangen and Capital Real Estate Commercial’s Hart Schleicher represented the buyer.
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An undisclosed buyer purchased a 15K SF industrial property in Logistics Park at World Houston, 2812 Hamblen Road in Houston. NAI Partners’ John Ferruzzo, Nick Peterson and Ryan Searle represented the seller, Avausa Investments.
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An undisclosed buyer purchased Candlewood Suites Pearland, a 76-room hotel at 9015 Broadway St. in Pearland. Marcus & Millichap’s Skyler Cooper, Lisa Hankamer, Allan Miller and Chris Gomes listed the asset for $7.5M.
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EAP Lab purchased 2.2 acres at Stafford Promenade, on FM 1092 and Avenue E. BHW Capital’s Bryan Tran and Martin Bronstein represented the seller, Tricoastal Partners 08, and Prompt Realty and Mortgage’s Tom Virippan represented the buyer.
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H&B Development and Construction purchased a 55K SF warehouse at 14333 Sommermeyer in Houston. NAI Partners’ Nick Peterson, John Ferruzzo and Ryan Searle represented the seller, Vallourec Tube Alloy, and Clark Gaines Properties’ Justin Clark and Nathan Gaines represented the buyer.
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TLCC Investments purchased a 9K SF office/warehouse building at 14790 Park Almeda in Houston. NAI Partners’ Travis Land represented the buyer, and Boyd Commercial’s Robert Alinger represented the seller. The building is in South Belt Industrial Park and is available for lease.
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An undisclosed buyer has purchased 2 acres at West Mount Houston and Old Hickory Road in Houston. Retail Solutions’ Mohamed Gamal represented the seller, Gamal Enterprises’ Kareem Gamal.
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An undisclosed buyer purchased The Residences at Barbee Street in the Inner Loop. River Oaks Equity Partners represented the seller.
LEASES
Zammitti’s Italian Ristorante, a restaurant in Kingswood’s Kings Landing that was damaged by Hurricane Harvey, is reopening in an expanded space. Weitzman’s Brett Levinson represented the tenant in its 3,412 SF lease at 1660 West Lake Houston Parkway. McAlpine Interests’ Adam McAlpine represented the shopping center.
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Integrated Construction Services renewed 5,500 SF of office/warehouse space at 5414 Ashbrook in Houston. Gerber Realty’s David Gerber represented the landlord, SG Enterprises.
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NAI Partners’ Nick Terry arranged three subleases totaling 11K SF on behalf of AccessData at the Willowbrook Building. AccessData was subleasing out a full floor at the property at 1915 FM 1960 W.
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Tubs Poutine leased 1,588 SF at 13429 Briarforest for its first Houston restaurant. Lone Star Realty’s Stayce Nguyen represented the tenant, and Wulfe & Co.’s Kristen Barker represented the landlord.
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U.S. Well Services leased 9K SF at 770 Post Oak Lane. NAI Partners’ Dan Boyles and Liz Westcott-Brown represented the tenant, and Bobbie Bozarth with Transwestern represented the landlord.
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Gander Outdoors signed a 15-year lease at an 87,500 SF freestanding retail building on Interstate 45 in Spring. The deal is a rebrand and renovation from the previous tenant, Gander Mountain. National Asset Services handled the lease; it got the property/asset management assignment from ownership, a 21-member tenant-in-common investment group, in December.
DEVELOPMENT
Jackson-Shaw and Thackeray Partners broke ground on Parc Air 59, a 320K SF, three-building industrial property in Humble. It is the first industrial component in Archway Properties’ 111-acre mixed-use Park Air 59. Parc Air 59, which has no pre-leasing, will deliver in Q4 with a 160K SF cross-dock facility and two 80K SF single-load buildings. Cushman & Wakefield’s Jason Dillee, Beau Kaleel, Allison Bergman and Nathan Wynne will handle leasing and management. Arch-Con is the general contractor, Powers Brown is the architect, Kimley-Horn is civil engineer and Comerica provided construction financing.
“Parc Air 59 will provide Class-A, last-mile industrial product to the underserved residential growth along the 59 corridor,” Jackson-Shaw Development Manager Grant Person said. “The project is designed to cater to a wide range of industrial users as small as 15K SF, and being located in the city of Humble, will have a competitive tax advantage over surrounding municipalities.”
Jackson Shaw is banking on strong absorption in the North submarket over the past two quarters and a lack of competitive Class-A product in the smaller tenant size range, a spokesperson said.
The broader Park Air 59 project has reserved non-frontage tracts for industrial, Archway Properties partner Don Dennis said. A Rooms-To-Go store and a Sunoco with convenience store and Schlotzskys are open; a three-story medical office building that will house Vital Heart & Vein Center is under construction to deliver in Q4. Dennis said another industrial building is coming just south of Jackson-Shaw’s project, and more national retail deals are planned just south of Rooms-To-Go; more details are coming on those in June.
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Hartman Income REIT Management is renovating the Garden Oaks Shopping Center, adding a new facade, remodeling the pad site and adding 12K SF, allowing for more tenants. Construction is underway, with exterior work completing this year. Lifesavers 24-hour Emergency Room leased 6,300 SF, Dollar Tree leased the 4,700 SF pad site and Aldi will take occupancy of a north end suite in 2019. After the expansion and with these deals, Garden Oaks has 8,514 SF available. That is a 92.6% occupancy rate, a 17.1% increase from this time last year.
THIS AND THAT
2000 West Loop South has been recertified LEED Gold. Shorenstein owns the 357K SF Class-A office building near the Galleria. It has an Energy Star rating of 84, and an alternative transportation rate of 50.5% through tenants’ use of telecommuting, carpooling and vehicles with a high green score.
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Weitzman was chosen to lease Aliana, a planned 29K SF retail center at the southwest corner of West Airport Boulevard and FM 1464 in the Aliana master-planned community. Kyle Knight and Walker Kane will handle leasing of the two-building property.
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CyrusOne was selected by Port Houston for data center services, cloud access, interconnection services, disaster recovery and business continuity. Port Houston’s infrastructure will now be connected to the CyrusOne National Internet Exchange, which connects with other CyrusOne locations across the country.
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LandPark Commercial was selected to manage and lease Willowbrook Center at 17200 SH 249 in Houston. The two-story Class-B office/medical building is 27K SF.
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Advisors Commercial Real Estate opened a Houston office as part of the acquisition of 12 Coldwell Banker Commercial Advisors branches across the U.S. David Hummel will be the managing principal in Houston.
