This Week's Houston Deal Sheet
Two new tenants are headed to Marketplace at Ninety-Six, a 36-acre retail development in League City.
Ace Hardware and Dollar Tree Inc. both signed 10K SF leases in Phase 2, which is set to break ground by year-end. The stores are slated to open in early fall 2019.
The new 209K SF retail building has secured 23K SF in pre-leasing. Talks are underway to bring a liquor store to the development. In the coming weeks, NewQuest Properties will begin the permitting process and accept contracting bids. There are five retail pads and a 1.9-acre development site available.
In addition, Banfield Pet Hospital inked a lease for the last available inline space in Phase 1. The hospital seeks to open in Q1.
Marketplace at Ninety-Six is anchored by a 123K SF Kroger Marketplace and serves residents living in master-planned communities in League City.
NewQuest's Rebecca Le and Heather Nguyen are leasing the property.
League City is poised for more residential growth. So far, developers have built about 7,000 homes with at least 1,200 more on the way. Major attractions for residents include the Clear Lake Independent School District and nearby employers like NASA and the University of Texas Medical Branch. The average household annual income is $121K within the center's 2-mile trade area.
MTN Retail Advisors' Ted Lacy represented Ace Hardware. Read King's Jeffrey Read represented Dollar Tree, and Retail Advisors' John LaRue represented Banfield Pet Hospital.
EXECS
Rob Johnson was promoted to principal at Lee & Associates. He was one of the founding members of the Houston office in 2015. Johnson will continue to focus on tenant representation with a variety of clientele among office, industrial and laboratory users.
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Brooks Shanklin joined Edge Realty Partners in Houston as vice president. He will oversee project leasing for local and regional developers. Previously at Read King Commercial Real Estate Co. for seven years, he leased grocery-anchored development, power centers and neighborhood strip centers.
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Clarence Wittwer was hired as director of public works for the city of Pearland. He will manage the teams overseeing the city's streets, water lines and sewer lines, drainage infrastructure and the collection of garbage and recycling. He will also continue to pursue the development of facility management and asset management programs.
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Blake Morris was hired as the chief financial officer at Boxer Property. Coming from an offshore drilling company, Morris brings expertise in corporate finance and institutional investment in both private and public companies. He will lead the finance and accounting teams in accounting and financial reporting, budgeting and forecasting, treasury management, loan compliance, lender relations, property tax management, income tax planning and compliance as well as property and casualty insurance.
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John Thomas joined Transwestern Development Co. as managing director of the national Logistics Group, previously called Ridge. He will manage the firm's industrial pipeline and lead regional offices in Texas, Illinois, California and Georgia with plans to open more across the U.S. Bringing more than 35 years of experience, he previously served as the senior managing director at CBRE Global Investors.
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NAI Partners Vice President Larry Koestler was named to the Real Estate Forum's 2018 50 Under 40 Rising Stars of Commercial Real Estate List. Koestler is the only marketing and communications executive to make the list, as well as the only professional in the NAI Global network. He was selected among 400 young professionals nationwide.
SALES
ClearWorth Capital LLC purchased Redford Park Apartments, a Class-B multifamily asset in Conroe. Built in 1983, Redford Park has one- and two-bedroom units and a range of amenities such as a lighted tennis court, an outdoor gazebo, a resort-style pool and a clubhouse. CBRE represented the seller. Berkadia's Nathan Stone arranged acquisition financing.
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Oak Ridge Crossing L.P. acquired a 2-acre tract in Oak Ridge Commerce Park in North Houston. Southwest Realty Advisors' Marc Drumwright represented the seller, Zuna L.P. Creighton Realty Partners' Juan Sanchez represented the buyer.
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Lessing Properties LLC purchased a 0.88-acre frontage tract near Grand Parkway in Spring. The property is adjacent to the Exxon Mobil Campus and Springwoods Village. Lee & Associates' Justin Cole and Mike Spears represented the buyer. Newcor Commercial Real Estate's David Alexander represented the seller, DAC Ltd.
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Strategic Storage Trust IV Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, purchased a six-property self-storage portfolio primarily in the Greater Houston area and College Station. The portfolio includes approximately 3,600 storage units and recreational vehicle spaces.
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A limited liability company purchased Cemex Office Building, a 21K SF office property at 16100 Dillard Drive in Jersey Village. Marcus & Millichap’s Thomas Costello and Michael Lea represented the seller and the buyer.
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A limited liability company purchased Cinco Ranch Plaza I, a 21K SF retail property at 24124 Cinco Ranch Blvd. in Katy. Marcus & Millichap’s James Bell and Watt Harrison represented the buyer. Marcus & Millichap’s Derek Hargrove represented the seller, a partnership.
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An undisclosed buyer purchased Nations Storage, a 64K SF storage facility with 516 climate and non-climate-controlled units in Northwest Houston. Marcus & Millichap’s Dave Knobler and Chico LeClaire represented the seller.
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An undisclosed buyer purchased a 62K SF free-standing athletic facility/multipurpose industrial building at 727 Plantation Drive in Richmond. EDGE Realty Capital Markets' Burdette Huffman and Josh Jacobs represented the seller, Slater Sports LLC.
LEASES
Houston-based Darr Equipment Co. signed a 12K SF industrial lease at 11841 South Sam Houston Parkway West in Houston. NAI Partners’ Darren O’Conor and Jake Wilkinson represented the landlord, ASI Investments LLC. Colliers International's John Parsley and Judd Harrison represented the tenant.
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Holt Lunsford Commercial was assigned leasing and property management responsibility for 11451 Katy Freeway in Houston. The 117K SF asset is a Class-A, six-story office near Beltway 8 in the Energy Corridor. The building has a full-time concierge, a landscaped private courtyard and covered parking with direct access to the building. HLC’s Tod Harrison and Brad Segreto will be responsible for leasing.
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Almofa LLC inked a 30K SF industrial lease at 14039 South Gessner Road in Missouri City. NAI Partners’ Darren O’Conor and Jake Wilkinson represented the landlord, Roadrunner LTD. Boyd Commercial's Wes Williams represented the tenant, Almofa LLC.
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The UBS Wealth Management USA will relocate its offices from 5065 Westheimer Road to Town Centre I at 750 Town and Country Blvd. in Houston in March. The company will occupy 19K SF on the fourth floor of a 10-story Class-A office building.
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First Watch, a brunch chain, signed a retail lease at 11609 Broadway St. in Pearland. This is the second location in Pearland and 11th in the Greater Houston area. NAI Partners’ Shaffer Braun and Jason Gaines represented the landlord, SSS Pearland Property LLC.
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Mod Pizza is opening a location at Gleannloch Crossing, a 9-acre, multiphase retail development at Champion Forest Drive and the Grand Parkway. The pizza operator is set to open during the first quarter. The deal brings occupancy of the two existing, multiuse buildings to 100%.
THIS AND THAT
Hotel Granduca, an Italian-inspired luxury boutique hotel in Houston, earned a spot on Condé Nast Traveler’s 2018 Top-Rated Leading Hotels. The hotel, and its sister property Hotel Granduca Austin, were the only Texas-based hotels included on this year's list.
