This Week's Houston Deal Sheet
Houston-based Hines cut ties with a massive industrial lot near the Ship Channel.
An undisclosed family purchased a 448K SF industrial property in a 1031 exchange at 13770 Industrial Road in Houston. The property was fully leased at the time of the sale to Houston-based AFGlobal Co., a technology and manufacturing company. The asset is within the 650-acre Greens Port Industrial Park, the largest private, multitenant park in the Gulf Coast, according to the seller's broker.
“The quality of the location and attractive lease structure, along with excellent market fundamentals, drove demand for this asset,” Stan Johnson Co. Director Todd Moore said. Moore represented the seller.
“We were able to secure multiple offers from institutional and private capital geographically dispersed across the country. Hines did an excellent job structuring an attractive lease on great real estate which ultimately drove value for this asset.”
The industrial demand within this submarket is largely due to the billions of dollars in ongoing petrochemical plant and refinery expansion, along with the sustained high volume of container traffic within the port. Industry leaders expect increased demand for warehouse and manufacturing buildings as the oil and gas sectors reemerge.
“Not many net lease deals in the Port of Houston make it to the open market,” Moore said. “A rail-served site with access to the Houston Ship Channel is going to get a lot of attention in today’s investment market, which we proved by securing multiple competitive offers.”
EXECS
Jerrod McQuain joined JLL as senior vice president for the office tenant representation team in Houston. In his 14 years of experience, he has represented a broad range of clients from the legal, energy, construction, shipping and technology industries. McQuain has completed more than 250 transactions adding up to more than 2.5M SF during his career.
SALES
Grant Road REH#2 LLC purchased a 19K SF industrial building at 8902 & 8904 FM 2920 in Spring. Lee & Associates’ Mike Spears and Nick Bergmann represented the seller, AMT Properties LLC. Lee & Associates’ Clint Hankla represented the buyer.
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Soren Strategies LLC purchased a 5-acre tract on House Hahl Road in Cypress. Lee & Associates’ Reed Vestal, Taylor Schmidt and John Erck represented the owners, Dom Nguyen and Phuong Nguyen, and the buyer.
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A Houston-based private investor purchased retail property on about an half-acre at 8952 Long Point Road in Houston. Marcus & Millichap’s Justin Miller and Davis Hansen represented the buyer.
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Imperial Lin L.P. purchased a 13K SF industrial property at 8139 East Tidwell Road in Houston. Colliers International’s Chris Klein represented the buyer. NAI Partners’ Darren O’Conor represented the seller, Bayou City Pump Co.
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An undisclosed buyer purchased an 18K SF industrial building at 17225 Hufsmith Kohrville Road in Tomball. The asset closed at $1.2M. Marcus & Millichap’s Michael Lea and Thomas Costello represented the seller.
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Olympus Property purchased Alexan Auburn Lakes, a 346-unit apartment complex in The Woodlands/Spring area. The multifamily property, which was built in 2015, is at 6000 West Rayford Road and offers one-, two- and three-bedroom units. Berkadia’s Tucker Knight and Nick Murphy secured financing on behalf of the buyer. Berkadia’s Ryan Epstein, Jennifer Ray, Wes Breeding and Scott Bray represented the sellers, Trammell Crow Residential and Prime Property Investors.
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Blazer Real Estate Services purchased a 4.5-acre lot for a senior living facility in Spring. Evergreen Commercial’s Lilly Golden represented the seller, Elmfield Holdings Ltd.
LEASES
GHD inked a 21K SF, full-floor lease at 11451 Katy Freeway in Houston. This deal raises the occupancy to 96% with about 36K SF still available, including a full-floor opportunity. The boutique office building offers a landscaped private courtyard with a putting green, full-time concierge services, delicatessen and on-site security. Transwestern’s Doug Little, Louann Pereira and Matthew Seliger are responsible for leasing for the landlord, Katy Freeway Investors L.P.
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Trailer manufacturer TexTrail Inc. signed a 35K SF industrial lease at 12014 FM 529 in Houston. NAI Partners’ Jake Wilkinson represented the tenant.
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Old Vintage renewed an 18K SF lease at 9135 Wallisville Road in Houston. Moody Rambin’s Jim Autenreith and Sam Rayburn represented the building owner, Ivest LP.
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Candor Midstream, an independent energy company, inked an 11K SF lease in the Energy Tower IV office building at 11750 Katy Freeway. Mac Haik Realty’s Steve Bryant and Brandon Poynter represented the landlord. Paula Hagerman represented the tenant.
DEVELOPMENT
Phase 1 of Parkway Place, a new shopping center in Cinco Ranch, is complete. The two-story center at Westheimer Road and the Grand Parkway has about 12K SF among four rental spaces available. EDGE Realty Partners is responsible for leasing and looking for restaurant, service, medical or retail outlets. Phase 2 will be a second building with 35K SF of retail.
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Blackhawk Self Storage, a 107K SF facility at 10646 Blackhawk Blvd. in Pearland, is open. The three-story, Class-A facility was constructed by Grow Your Storage General Contracting, a subsidiary brand that builds self-storage facilities for the company’s internal development projects and third-party clients across the U.S.
THIS AND THAT
Allied Orion Group was selected to manage Bella Palazzo, a high-tech, 242-unit apartment complex in Houston’s Energy Corridor. The luxury complex is at 13098 Westheimer Road and offers one-, two- and three-bedroom units that range from about 630 to 1,300 SF. Amenities include a resort-style pool, 24-hour fitness center, private yoga room, gazebo and grilling areas, and social lounge with TV screens and pool tables.
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LandPark Commercial was chosen to manage NRG Towers, located at 2616 and 2626 South Loop West in Houston. The buildings offer an on-site deli, conference room, DHL, FedEx, Lone Star and UPS drop boxes and 24-hour secure key card access.
