This Week's Houston Deal Sheet
Hines began construction on Grand National Business Park, a 107-acre industrial-driven mixed-use project in Northwest Houston.
The firm purchased 107 acres at the southeast corner of Beltway 8 and Gessner Road to develop over 1.5M SF in industrial/logistical space. The park will also feature an amenity retail center on the Beltway 8 frontage road and a business-class hotel. The first phase of Grand National Business Park will consist of 500K SF of logistics space.
Hines is selling land for additional retail and non-logistics use within the master-planned park.
Northwest Houston is and has long been Houston's strongest industrial submarket, and Hines' behemoth Pinto Business Park is there.
“We are pleased to follow our success in the immediate market area with Houston’s most core logistics location," Hines Senior Managing Director Palmer Letzerich said in a statement. "We have solid activity on the site already and are very much looking forward to starting construction.”
Cushman & Wakefield’s Jim Foreman and Allison Bergman will be responsible for leasing. Maxaam Inc. was the seller.
EXECS
Kevin Holland was promoted to principal at EDGE Realty Capital Markets Houston. He joined the company in April 2016.
EDGE also hired Micha van Marcke as principal, Chace Henke as senior vice president and Ryan Holliday as senior associate.
SALES
GVA Real Estate Group purchased Huntington Glen at 12023 Bissonnet St. in Alief. HFF secured a three-year, floating-rate acquisition loan with two one-year extension options through one or more funds for the new owners. Marathon Asset Management L.P. manages the loan. HFF's Joey Rippel, Chris Young and Connor Phillips represented the seller, BH Equities/L5 Investments.
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Long View Equity purchased a 25K SF office property at 8448 North Sam Houston Parkway West in Houston. Lee & Associates’ Mike Spears and Preston Yaggi represented the seller, BCC Management.
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Dolmar Legacy L.P. purchased an 11.6-acre tract at 630 Riley Road in Pearland near the Spectrum District. NAI Partners’ Clay Pritchett and Zane Carman represented the seller, Estate of Edgar Sanders.
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An undisclosed seller purchased AAA Spring Storage, an 80K SF storage facility in Spring. The facility consists of 673 climate- and non-climate-controlled units, 77 rentable outdoor parking spaces, 14 climate lockers and one retail space. Marcus & Millichap's Dave Knobler and Charles LeClaire represented the seller.
LEASES
Smith Pump Co. signed a 10K SF lease at 6824 Bourgeois Road in Houston. Finial Group represented the tenant.
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PennWell Corp. renewed a 19K SF lease at 1455 West Loop South in Houston. Moody Rambin’s Bob Cromwell and Kevin Nolan represented owner Koswood Investments NV. Cushman & Wakefield’s Grayson Wallace and Rich Claussen represented the tenant.
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Rotating Machine Services Inc. signed a 14K SF lease at 9797 Galveston Road in Houston. NAI Partners’ Clay Pritchett and Zane Carman represented the landlord, Walia Estates LLC.
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JLL was selected to lease The Mission Cos.’ Ashford I, II, III and IV, a 245K SF office portfolio in West Houston. The portfolio includes four two-story Class-B office buildings at 14800, 14811 and 14825 St. Mary’s Lane and 950 Threadneedle St., and is about 82% leased. JLL’s Jack Russo and Scott Fikes will be responsible for marketing and leasing.
FINANCING
Australia-based Caydon secured debt and equity financing for its luxury residential tower at 2850 Fannin St. in Midtown, its first U.S. development. The project is the first high-rise development in Midtown. HFF’s Matthew Kafka and Dustin Selzer represented the borrower.
DEVELOPMENT
Clay Development is developing a 349K SF spec distribution center, named Cedar Port IV, at Fisher Road and the Grand Parkway. Construction is set to begin in October and be completed by the summer of 2019. The site can accommodate a 73K SF building expansion. CBRE’s Billy Gold and Joseph Smith and Clay Development & Construction’s Charlie Christ will handle sales and leasing. Clay Development & Construction will handle construction and architecture. Frost Bank financed the construction.
THIS AND THAT
Thomas Title & Escrow opened a Houston office, its second Texas location. Senior Vice President Matthew Skalka opened the new office, near the Galleria, in May and it will specialize in both energy and national commercial services.
