This Week's Houston Deal Sheet

One of the largest industrial sales so far this year in Houston closed this week. Northwest Houston Industrial LLC purchased a 19-building, 459K SF industrial portfolio, the buyer’s first acquisition in the Houston market. 

The 19-building portfolio extends across six locations:

• 6125 West Sam Houston Parkway N, 97K SF, five buildings

• 6830 North Eldridge Parkway, 99K SF, three buildings

• 8807-8815 Emmott Road, 167K SF, six buildings

• 9230 Keough Road, 20K SF

• 6000 Berry Brook Road, 43K SF, three buildings

• 16623 Aldine Westfield Road, 33K SF, 2 acres of excess land

NAI Partners’ Joshua Lass-Sughrue and Clay Pritchett represented the seller, JHV-1 LLC. 

EXECS

LJA promoted David Rivera to vice president of Houston land development. He joined the company in 2004 with experience in design and civil engineering for land and site development. He previously served as district engineer for Harris County Municipal Utility District No. 120, East Montgomery County MUD Nos. 5, 6 and 7, and Baybrook MUD No. 1.  

SALES

An undisclosed limited liability company purchased Jacinto Palms, a 123-unit apartment complex at 10202 Challenger 7 Drive in Houston. Marcus & Millichap’s Jeffrey Fript, Christian Mazzini and Ryan Armstrong represented the seller, a limited liability company. Fript and Armstrong also represented the buyer.

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An undisclosed buyer purchased 2 acres near West Mount Houston Road and Old Hickory in Northwest Houston. Caldwell Cos.’ Daniel Greco represented the buyer. Caldwell Cos.’ Bill Ginder represented the seller.

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An undisclosed day care development buyer purchased 0.91 acres near FM 529 and Enchanted Creek Drive. Caldwell Cos.’ Daniel Greco represented the seller. SRS Realty’s Jonathan Hicks represented the buyer.  

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An undisclosed buyer purchased a 113-acre tract near Stockdick School Road in Katy. Caldwell Cos.’ Daniel Greco represented the buyer, and Caldwell Cos.’ Keith Grothaus represented the seller.

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LaSalle Property Fund purchased Memorial Hermann Medical Plaza, a 28-story, 510K SF Class-A medical office building within the Texas Medical Center, the world’s largest medical complex. HFF’s Scott Galloway, Colby Mueck and Rusty Tamlyn represented the seller, a partnership comprised of Mischer Healthcare, Memorial Hermann Health System and other private investors.

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An undisclosed buyer purchased a 10-acre tract off Breen Road in Northwest Houston. NAI Partners’ Trey Martin and Travis Land represented the seller. The buyer, represented by Caldwell Cos.’ Daniel Greco, plans to use to property as its corporate headquarters.

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An undisclosed buyer purchased 3.9 acres to develop an office condo project off Champion Drive in North Houston. Caldwell Cos.’ Keith Edwards and Clay Roper represented the buyer and seller.

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An undisclosed buyer purchased Tomball Town Center, a 67K SF center shadow-anchored by a Kroger Signature store in Tomball. At closing, the property was 91% leased with 25 tenants. Disney Investment Group’s David Disney and Adam Crockett represented the seller, InvenTrust Properties.

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S & R Realty Group LLC purchased a property at 6410 Langfield Road in Houston. The 53K SF manufacturing facility is within the Northwest Crossing Industrial Park. Finial Group’s Keith Bilski and Dylan Schopper represented the seller, Buks Global Enterprises. Caldwell Cos.’ Ron Roberson represented the buyer.

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An undisclosed buyer purchased a 12K SF senior housing property for a listing price of $2.5M. The Cottage of Spring Branch is at 1842 Hollister Road in Houston. Marcus & Millichap’s Rod Llanos and Doug O’Toole represented the seller.

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Royalty Dental Associates purchased a 1.5-acre commercial tract for a 10K to 12K SF medical office project in Northwest Houston. The facility is near Barker Cypress Road and Longenbaugh Drive. Royalty Dental plans to occupy part of the building and lease the rest to another medical services provider. NewQuest Properties’ J.J. McDermott represented seller Cypress 1999 Ltd. Capital Heights Properties’ Maher Moukarim represented the buyer of record, RF Hamada LLC. 

LEASES

Four restaurants inked leases at a shopping center at 820 Bay Area Blvd. in Webster. The 2-acre site near Baybrook Mall includes two buildings totaling about 15K SF.  Baker Katz’s Lunden McGill represented the landlord. 

• Hopdoddy signed a 10-year lease for a 4K SF space and was represented by Frank Seely.
• Snooze, an A.M. Eatery signed a 10-year lease for 3,700 SF and was represented by Jason Baker. 
• MOD Pizza signed a 10-year lease for 2,800 SF and was represented by SHOP Cos.’ Chris Reyes.
• Main Squeeze Juice signed a five-year lease for a 1,340 SF space and was represented by Transwestern Retail Services Group’s Chace Henke and Ryan Holliday.

FINANCING

Hines and Ivanhoé Cambridge secured construction financing by New York Life Real Estate Investors for a new 47-story, 1M SF office tower in Downtown Houston. The project will be on the former site of the Houston Chronicle at 800 Texas Ave. Hines is relocating its global headquarters to the building and inked a 155K SF lease. Local law firm Vinson & Elkins signed a 212K SF lease. JLL represented the owners in the financing.

DEVELOPMENT

Accredo Packaging, a supplier of packaging solutions for prepackaged food and consumer products, began its third expansion at 12682 Cardinal Meadow Drive in Sugar Land. It invested over $50M to build more than 200K SF of warehouse and manufacturing space and to equip the facility. When complete in 2019, the campus will total 32 acres.

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Capital Retail Properties is planning to break ground on a 10K SF lot at 802 West 18th St. later this year. The 3K SF retail development called 18th Street Bungalows will accommodate two tenants with availability starting at 1K SF and target uses split between food and beverage and medical. Capital Retail Properties’ Connor Lynch and Jacob Weersing are overseeing leasing.

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Sugar Land Town Square has completed new upgrades, including a 1,300 SF elevated deck positioned between two large oak trees, a 1K SF shaded canopy, a 9K SF cushioned artificial turf area, LED lighting, music streamed throughout the deck area, free WiFi and increased seating for up to 165 people. The plaza will celebrate the renovations with a grand opening this weekend.

THIS AND THAT

ARCON-Solutions changed its name to 9YARDS. Rebranding of the company, which has almost 30 years in the business, reflects its expansion of services to modernize the entire property development process. It provides clients with the 9YARDS package called DIRT to DONE, a complete suite of services including real estate, architecture, engineering, construction and facilities management.