This Week's Houston Deal Sheet
Coming on the wave of an energy resurgence, one natural gas producer is expanding its footprint in Houston.
BP Lower 48 inked a 91K SF lease at West Memorial Place at 15375 Memorial Drive in Houston.
The company, wholly owned by BP and based in Denver, plans to relocate its Houston office and occupy three full floors later this year. The deal includes 5,500 SF on the ground level to construct an amenity-rich, multiuse space for employees that will feature patio seating overlooking Terry Hershey Park.
“We are thrilled to welcome an industry leader like BP Lower 48 as our newest tenant at West Memorial Place. Their expertise in the energy sector and history in the Houston market make them an ideal addition to our Energy Corridor campus,” Skanska USA Commercial Executive Vice President Matt Damborsky said in a release.
The campus in the Energy Corridor has two Class-A office buildings: West Memorial Place I totaling 331K SF and West Memorial Place II measuring 385K SF. Both consume 30% less energy than typical baseline buildings. The campus has a fitness center with locker rooms and showers, an on-site café, car wash service and a bike-share program.
While the area was impacted by Hurricane Harvey, Skanska announced in November that both buildings were fully functional and were back online. They were reportedly the first office buildings in the Energy Corridor to recover post-storm.
JLL’s Louis Rosenthal and Anya Marmuscak represented the tenant. Skanska is the developer/owner.
EXECS
David Bateman was hired as senior vice president for Transwestern's Healthcare Advisory Services. He will provide agency leasing and occupier solutions services to healthcare clients in Greater Houston. Previously with Hartman REIT, Bateman oversaw leasing and brokerage operations and completed 300 transactions for 6M SF valued at $100M.
SALES
HFF secured three separate buyers for three suburban Houston office properties, totaling 231K SF, on behalf of MetroNational. Amerix Capital purchased 2930 West Sam Houston Parkway. Enterprise Holdings Inc. purchased 10401 CentrePark Drive, and S&B Engineers and Constructors Ltd. (represented by Mission Asset Marketing Inc.) purchased 15150 Memorial Drive. HFF's Dan Miller and Trent Agnew represented the seller.
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An undisclosed buyer purchased Nations Storage, a 64K SF storage facility with 516 units in northwest Houston. Marcus & Millichap’s Dave Knobler and Chico LeClaire represented the seller.
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HASTA Capital purchased WaterWall Place, a seven-story, 322-unit luxury multifamily housing community in Houston's Uptown District. HFF's Kelly Layne secured a loan through Barings Real Estate, part of Barings LLC, for the buyer. HFF's Todd Marix, Chris Curry and Estee Ibanez represented the seller, Hines.
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2ML Atascocita LLC purchased a 24 Hour Fitness-anchored center in Humble. The 53K SF center is at 7068 FM 1960. Streetwise Retail Advisors' Joe Silver represented the buyer. Baker Katz's Neal Wade represented the seller. Baker Katz completed a remodel on the building and coordinated leases to bring in national tenants.
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An undisclosed buyer purchased a 10K SF office building at 4201 Caroline St. in Midtown Houston. Edge Realty Partners' Burdette Huffman represented the buyer. ICO Commercial's Danna Sossen and Tawnya Dornak represented the seller.
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Montfort Capital Partners purchased an Extra Space self-storage property at 22300 Highway 249 in Houston. The facility includes on-site management, climate control storage, surveillance cameras, electronic gate access, RV storage and warehouse space. Greysteel's Daniel Hartnett secured the nonrecourse bridge loan for the borrower.
LEASES
Pima Medical Institute inked a 65K SF lease to anchor 11125 Equity Drive in Houston. The private, accredited medical career college will occupy 66% of the building. Transwestern's Eric Anderson and Katy Stewart Gragg represented the landlord, Founders Properties. Savills Studley's Derrell Curry and Jennifer Jordan represented the tenant.
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Performance Packaging inked a 25K SF lease at Greenbriar Distribution Center at 4000 Greenbriar. Colliers' Jason Scholtz represented the tenant. Stream Realty Partners' Bryan O’Hair and Boone Smith represented the landlord, AIP/KKR.
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Whitehill Manufacturing renewed a 28K SF lease at Executive Drive Business Park at 12603 Executive Drive. JLL's Jarret Venghaus represented the tenant. Stream Realty Partners' Bryan O’Hair and Boone Smith represented the landlord, AIP/KKR.
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Installed Building Products of Houston LLC signed a 35K SF industrial lease at 27347 West Hardy Road in Spring. NAI Partners’ Darren O’Conor represented the tenant. Ryoak Real Estate Group's James Schuepbach and Lisa Nickel represented the landlord, Giddy Up Development LLC.
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Magnalux inked a 12,500 SF lease at Prologis Park IAH Logistics at 2928-B Greens Road. Arledge & Co.'s Jim Arledge represented the tenant. Stream Realty Partners' Jeremy Lumbreras and Jeff Pate represented the landlord, Prologis.
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J.R. Simplot Co. signed a 22K SF lease at Central Green Business Park at 1755 Transcentral Court. CBRE's Carlton Anderson represented the tenant. Stream Realty Partners' Bryan O’Hair and Jeremy Lumbreras represented the landlord, Liberty Property Trust.
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Keystone Engineering Inc. signed a 12K SF lease and doubled its size at 11999 Katy Freeway. Daniel Cantrell represented the tenant. Gary Loh and Leslie Nystrom represented the landlord, Cotter Katy Freeway Bldg. L.P.
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An undisclosed buyer from Dallas purchased Ramada Houston Intercontinental Airport South, a 96-room hotel at 15350 John F. Kennedy Blvd. in Houston. Marcus & Millichap’s Allan Miller and Chris Gomes represented the buyer. Marcus & Millichap’s Lisa Hankamer, Andrew Frosch, Allan Miller and Chris Gomes represented the seller, a limited liability company.
DEVELOPMENT
Endress+Hauser has selected a site in Pearland's Lower Kirby District for its Gulf Coast Regional Center. The 100K SF center will feature a calibration and repair shop and offer office and training space. The site is on 17 acres on the southeast corner of Beltway 8 and Kirby Drive. The Pearland Economic Development Corp. and the city of Pearland provided the company with site consultation.
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Row House, a fitness rowing brand, and StretchLab, an assisted stretching concept, plan to open five locations in Houston. The parent company sold over 100 franchise territories for each brand and will make a nationwide expansion including in the Bay Area, Denver, Tampa and Westchester County, New York.
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Hartman Income REIT Management completed renovations at Ashford Crossing II. The upgrades include the first-floor restrooms, paint in the hallway, new carpet, outdoor seating areas and the tenant lounge.
THIS AND THAT
Hines' 609 Main at Texas has been certified Platinum under the U.S. Green Building Council's LEED BD+C: Core and Shell Rating System. The 48-story, 1M SF office tower is on the corner of Main and Texas streets in Downtown Houston.
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Two privately owned commercial real estate firms, U.S.-based Transwestern Commercial Services and Canada-based Devencore, announced a strategic alliance to extend their integrated service capabilities across North American to serve clients globally. The partnership will allow for collaboration on cross-border occupier, agency and capital markets opportunities and provide research, marketing and consulting to support existing and future clients.
