This Week's Houston Deal Sheet
An apartment complex in the Memorial City area is changing hands.
Houston-based Hilltop Residential purchased Villas at Bunker Hill, a 398-unit, mid-rise apartment community at 9757 Pine Lake Drive in Houston.
The four-story property offers one- and two-bedroom units, a five-level parking garage and on-site amenities, including two outdoor swimming pools, grilling areas, a fitness center, a clubhouse, a game room, a business center with a conference room and a demonstration kitchen.
The Class-A asset is less than 2 miles north of Memorial City Mall and Memorial Hermann Memorial City Medical Center.
Houston's multifamily sector remains steady with occupancy rate near 90% as of August, according to ApartmentData.com.
HFF's Chris Curry, Todd Marix and Estee Ibáñez represented the seller, SouthStar Communities.
HFF's Cortney Cole and Jett Lucia secured the new owner a three-year, floating-rate acquisition loan through a national bank.
EXECS
LJA promoted Vince Salazar to vice president for Houston land development. He first joined the company as a college freshman in 1998 and earned a Bachelor of Science in civil engineering from the University of Houston in 2003 while working full time as a designer at The Woodlands Group. Salazar has nearly 20 years of experience in civil engineering design for land development projects and provided leadership for projects such as Woodlands Hills and Woodforest.
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Greystone hired Gill Dolan and Blake Willeford as loan originators in Houston as the company is expanding its small loan platform and has added more than 10 new employees across the country. With over 10 years of experience in commercial real estate finance, Dolan has completed more than $1.5M in loan transactions. Willeford joins the company with 20 years of experience and has handled capitalization on a broad range of product types.
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LJA promoted Edmund Rucker to vice president of Houston land development. He earned a Bachelor of Science in structural analysis and design and an MBA from the University of Houston. With nearly two decades in civil engineering, he has worked with developers, municipal utility districts and local government agencies to provide insight on new development and has experience with large, mixed-use, master-planned communities.
SALES
Arapahoe Texas LLC, an affiliate of Mohegan Capital, purchased the single-tenant, net-leased Caliber Collision Center at 4455 Rex Road in Friendswood. The 21K SF asset is a free-standing industrial building on more than 2 acres. The buyer represented itself. NAI Partners’ Clay Pritchett and Zane Carman represented the seller, Convex Point LLC.
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Jarrar Holdings LLC purchased 19.7 acres on Windfern Road in Houston. Lee & Associates’ Patrick Wolford represented the buyer.
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MAG Fund I purchased a 221.75-acre tract at 21500 FM 1488 in Magnolia. NewQuest Properties’ Rob Whitaker represented the seller, Elvira R. Rodriguez Family Partnership Ltd. NewQuest Properties’ Jeff Lokey represented the buyer.
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Olympus Property purchased Vista at Grand Crossing in Katy. The Class-A garden-style community will be rebranded as Olympus Grand Crossing. The community, which was built in 2015, is near Interstate 10 at Grand Parkway and Kingsland Boulevard.
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GBP Industrial purchased a 64K SF research and development building at 5050 Westway Park Blvd. in Houston. The fully leased asset, which was built in 2009, offers office, warehouse and lab space and is in the Beltway 8 Corporate Center. JLL’s Dustin Volz, Kevin McConn, Rick Goings, Zane Marcell, Richard Quarles and Mark Nicholas represented the buyer and the undisclosed seller.
LEASES
ACF Global Logistics inked a 17K SF lease at 102K SF building at 4845 Homestead Road in Houston. Caldwell Cos.’ Bill Ginder represented the tenant. Holt Lunsford Commercial’s Kelly Landwermeyer represented CenterPoint Properties.
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Fred Loya Insurance Agency renewed a 15K SF lease and expanded by 2,358 SF at 11811 North Freeway in Houston. Thomas Edme represented the landlord, Hartman Income REIT.
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LaSalle Investment Management selected JLL to lease and manage a 510K SF medical office building at 6400 Fannin St. The Class-A office building is in the Texas Medical Center and is connected by a skywalk to the Memorial Hermann hospital. JLL’s Chris Wadley, Tim Gregory and Emily Asmus are responsible for leasing and marketing efforts. Karen Tucker is responsible for property management.
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Safoco Inc. signed a 35K SF office space at 9901 Regal Row in Houston. Lee & Associates’ Jill Nesloney represented the tenant. NAI Houston’s Travis Land represented the landlord, 9901 Regal Row LLC/United Equities.
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Origin Bank signed a lease expansion for 19K SF at the Murphy Oil Building at 9805 Katy Freeway in Houston. The company will occupy the entire second floor of the building. JLL’s Louis Rosenthal and John Burke represented tenant. MetroNational’s Brad MacDougall represented the landlord.
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Texas Children’s Hospital renewed a 42K SF medical office lease at the Sugar Land Health Center at Sugar Land Medical Building II at 15400 Southwest Freeway in Sugar Land. The healthcare provider has served as the lead tenant of the fully leased, three-story, 60K SF medical office asset since it was built in 1999. Healthcare Trust of America purchased the building in 2010. JLL's David Bale represented the tenant. Healthcare Trust of America's Evan Saks and Amanda Houghton represented the company.
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MS Warehousing signed a lease extension to occupy a 143K SF industrial building at 2015 Turning Basin in Houston. The tenant originally occupied 78K SF of the building. Avison Young’s Bob Berry and Grant Hortenstine represented the tenant. JLL’s Richard Quarles and Joe Berwick represented CenterPoint Properties.
DEVELOPMENT
The Hayworth, a luxury apartment community at 1414 Wood Hollow Drive within the Tanglewood neighborhood, is wrapping up construction. The multifamily development offers a walkable community with a tree-lined esplanade connecting residents to upscale restaurants and retailers like Whole Foods. Other amenities include a resort-style pool with indoor and outdoor entertaining areas, WiFi, yoga lawn, furnished guest suite, 2-acre private park with sand volleyball, tennis courts, walking trail and grilling area, resident lounge with 24-hour coffee bar, 24-hour fitness center, bike storage and repair room, and car charging station.
