This Week's Houston Deal Sheet
CBRE was selected to sell several properties for Coca-Cola Southwest Beverages, including a 15.6-acre lot at 2800 Bissonnet St.
In May, the beverage company, a subsidiary of Mexico-based Arca Continental, announced plans to consolidate operations and build a manufacturing and distribution facility in Pinto Business Park in north Houston. The facility will cost $250M, according to the Houston Business Journal.
The Bissonnet location is in a prominent location for premier mixed-use development, CBRE Senior Vice President Brendan Lynch said. Lynch and CBRE's Darin Gosda are marketing the sites.
“The significant interest that we have already received on this property is not a surprise given that it is situated among enviable neighborhoods and employment centers," Gosda said. "This is an area that embodies Americana, there are boulevards lined with oaks trees and nearby parks with families enjoying Little League Baseball. That’s hard to find in a city the size of Houston, making this an exceptional redevelopment opportunity."
Beyond the site on Bissonnet, the other five assets, totaling 396K SF, are:
- 3706 North Frazier St., Conroe.
- 5800 Surrey Square, Houston.
- 5221 Market St., Channelview.
- 1722 Brittmoore Road, Houston.
- 2819 Berkley St., Houston.
SALES
LHI LLC purchased a 76K SF industrial asset at 8130 McHard Road in Houston. Lee & Associates' Mike Spears and Thomas Leger represented the buyer. Amy Silbey represented the seller, Clay-McHard Road Partners L.P.
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Brennan Investment Group acquired Hempstead Business Park in Houston. The 12-building, 134K SF industrial park at 10612-10616 Hempstead Highway is 92% occupied.
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An undisclosed buyer purchased Madison Park Apartments in the Westchase District. The asset, at 9801 Meadowglen Lane, is 91% leased. The apartment complex includes four swimming pools, two playgrounds, nine laundry centers, a dog park, two fitness centers and a large central park. CBRE’s Clint Duncan and Matt Phillips represented the seller. CBRE’s Michael Thompson handled financing.
FINANCING
Canada-based Nicola Crosby Real Estate secured a loan for Westgate I, a 249K SF, Class-A office building in west Houston. The loan is for a seven-year, 4.63% fixed-rate acquisition loan through Principal Real Estate Investors. The property is on about 6 acres at 17220 Katy Freeway. HFF’s Cortney Cole represented the borrower.
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Eastern Union Funding secured a $14M loan for Lone Star Capital Group to acquire Cranbrook Forest. It is a 261-unit apartment complex at 13875 Ella Blvd. in northwest Houston. The 17-building property sits on 11 acres. Eastern Union Funding's Michael Muller and Marc Belsky represented the buyer.
LEASES
The attorney general's office for the state of Texas inked a lease for 15K SF of office space at 10777 Northwest Freeway in Houston. NAI Partners’ Jon Silberman and Zach Leger represented the landlord, ManhattanLife Assurance Company of America. The property is leased and managed by NAI Partners.
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Following a recent acquisition by Houston-based Kanaly Trust, Mercer Advisors signed a lease at Marathon Oil Tower, 5555 San Felipe St., in the Galleria area. Mercer Advisors, which will occupy 19K SF of office space, joins Kanaly Trust, a longtime tenant of the tower. CBRE’s Elliott Hirshfeld represented M-M Properties, a real estate investment firm that owns Marathon Oil Tower. NAI Partners’ Vince Gyorgy and Brad Marnitz and Hayes Commercial’s Liam Murphy represented the tenant.
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M Kidd Properties Inc. was selected to lease and manage Energy Park West in Katy. The 157-acre, master-planned business park offers industrial build-to-suit developments ranging from 3 to 8 acres with regional detention in place. It is located at the northwest corner of Clay and Katy Hockley Cutoff roads.
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Ricoh USA Inc. signed a 10K SF lease at 12012 Wickchester Lane. Newmark Knight Frank's David Husid represented the tenant. Stream Realty Partners' Craig McKenna and Matthew Asvestas represented the landlord.
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Boxer Property Management Corp. was selected to manage and lease two Galleria properties: 200K SF at 50 Briar Hollow Lane and 222K SF at 1001 West Loop South. The company plans major renovations at both assets.
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Ashford-Houston Investment Co. selected Moody Rambin to lease Ashford Place at 1500 South Dairy Ashford in Houston. The three-story building totals 134K SF in the Katy Freeway submarket. Moody Rambin’s Kurt Kistler and Terri Torregrossa will be responsible for leasing.
DEVELOPMENT
Houston-based Capital Retail Properties wrapped up construction on La Marque Crossing, a 15K SK retail center near the 2,000-acre, master-planned community Lago Mar. The center is at 6608 Gulf Freeway and is 65% leased. Identity Architects is the architect and Axiom Construction is the general contractor.
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VIGAVI began construction on three buildings totaling nearly 25K SF at the Hardy Industrial Center. The new facilities, which are available for sale or lease, are speculative development, metal buildings with 10-ton crane capability with grade-level doors.
