This Week's Houston Deal Sheet
Amsterdam-based coworking company Spaces inked a 53K SF lease for the first three floors of Two Post Oak Central.
This marks the second Spaces' location in Houston, a market that is starting to pick up the pace of coworking growth.
The building is within the mixed-use campus Post Oak Central in the Uptown area. The company is scheduled to open there in the fourth quarter of 2019.
"The addition of this offering responds to a key Parkway objective: to provide active and engaging work environments that maximize flexibility, efficiency, and productivity for users of all sizes," Post Oak Central Leasing Manager Amanda Nebel said in a release. "We are proud to welcome an industry innovator to a dynamic and convenience-oriented location."
Spaces' members will have access to a range of amenities, including an internal stairwell, several meeting areas and a private 1,700 SF landscaped terrace. They will also have access to the building's assets such as an activated central green, a conference center, a fitness center, restaurants and a child care center.
Spaces' first Houston location was in the Upper Kirby District and brings the Texas total to four, including two sites in the Dallas area.
Houston is a city on the rise for entrepreneurs to start and grow their businesses, IWG Vice President Network Development Michael Berretta said. IWG acquired Spaces in 2015.
“We are excited to expand our footprint in the area and provide a flexible working environment that gives companies of all sizes the opportunity to thrive and build connections,” he said. “Whenever we consider a new location, we prioritize the things most important to our members — a dynamic neighborhood, convenient transportation and robust amenities. The Post Oak Central location fit all the criteria and was an ideal spot for our next Houston opening.”
Earlier this month, JLL Senior Vice President Beau Bellow told a Bisnow crowd that coworking companies still had plenty of room for growth within the Houston office market. The sector is still in its beginning stages, and companies are expected to enter and expand.
Coworking company WeWork announced earlier this month it will add a location in The Woodlands, bringing its total to three here. Developers are also adding coworking as an apartment amenity.
Nebel and Eric Siegrist represented Parkway Property Investments. CBRE's Kevin Saxe, Kevin Kushner and Mike Cleary represented Spaces.
EXECS
Angie Steadman rejoined The Richland Cos. as the director of leasing and tenant representation. She previously worked at Veritas Title Partners as director of marketing. Steadman will be responsible for marking and leasing the company's 35-property portfolio and strategic third-party properties in Houston, Laredo and Corpus Christi.
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Todd Haines was hired as the chief financial officer at Patrinely Group. He will be responsible for financial management, internal and external reporting for an investment fund, property management and development activity across the platform and will assist in asset capitalization.
SALES
JTL Logistics Inc. purchased a 12,500 SF shopping center at 10824 Kingspoint Road adjacent to Almeda Mall. The center is 100% occupied with longtime tenants of over 25 years, including Kings Kids Academy, Angels Among Us and The Repairers’ Church. Davis Commercial's Ryan Neyland represented the seller.
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An undisclosed buyer purchased a 10-acre tract off FM 529 near Katy Hockley Cutoff Road in Katy. Lee & Associates' Reed Vestal, Taylor Schmidt and John Erck represented the buyer. Clay & Co.'s Amy Silvey represented the seller, FM 529 Cut Off Ltd.
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CC Hollister LLC acquired a 30K SF industrial space at 3815 Hollister Road in Houston. Lee & Associates' Chase Cribbs, Robert McGee and Thomas Leger represented the seller. NAI Partners' Michael Keegan represented the buyer and leased back to seller Perma-Pier Foundation Repair.
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Endeavor Behavioral purchased a 69K SF office building at 1155 Brittmoore Road near Beltway 8 in Houston. NAI Partners’ Jon Silberman represented the buyer.
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ClearWorth Capital LLC purchased The Edge at City Centre, a 284-unit, garden-style apartment in Houston. The multifamily housing is at 8410 West Bartell Drive near the Texas Medical Center and was 94% occupied at closing. HFF's Chris Young, Joey Rippel and Connor Phillips represented the seller, 29th Street Capital.
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ClearWorth Capital LLC purchased Redford Park Apartments, a Class-B multifamily asset in Conroe. Built in 1983, the 212-unit community offers one- and two-bedroom floor plans and features a tennis court, a resort-style pool and a clubhouse. NOIPM, an affiliate of ClearWorth, is the new management company. CBRE represented the seller. Berkadia's Nathan Stone arranged acquisition financing.
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Baker Katz acquired a 34-acre tract on the northwest corner of John Martin Road and Interstate 10 East in Baytown. The firm plans to build a 12K SF site on the property to appeal to restaurant operators. Mary Dunn Real Estate Inc. represented the seller.
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Hyvonen Properties purchased a 12K SF free-standing building on 1 acre at 8715 Golden Spike Lane in Houston. Newmark Knight Frank's Kyle Prater represented the buyer.
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Oak Ridge Crossing L.P. purchased the last 2-acre tract in Oak Ridge Commerce Park in Houston. Southwest Realty Advisors' Marc Drumwright represented the seller, Zuna L.P. Creighton Realty Partners' Juan Sanchez represented the buyer.
LEASES
24 Hour Fitness inked a lease at CityPlace at Springwoods Village in the Houston area. The two-story, 38K SF facility is scheduled for completion in late 2019. Patrinely Group's Dennis Tarro and Transwestern's Nick Hernandez and Crystal Allen represented the landlord. New Quest Properties' Jeff Hayes represented the tenant.
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Gardner Denver extended a 15K SF lease at 785 Greens Parkway in Houston. JLL's Don Foster represented the tenant. Stream Realty Partners' Brad Fricks and Craig McKenna represented the landlord, TPP 223 Greens LLC.
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9Round Kickboxing signed a lease at First Colony Commons Shopping Center in Sugar Land. Wulfe & Co.'s Katherine Widman represented the landlord. Davis Commercial Real Estate's Ashley Casterlin represented the tenant.
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Houston Engineering & Scientific Society Inc. renewed its 21K SF special events and meeting facility lease. The two-level, free-standing building is at 5430 Westheimer Road in Houston. NAI Partners' Jason Whittington represented the tenant. Tanglewood Property Group's Henry Hagendorf and Dean Wilkens represented the landlord, Franklin Post Oak Ltd.
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PulteGroup signed a 21K SF lease at 1311 Broadfield Blvd. in Houston. JLL’s Chrissy Wilson and John Pruitt represented the landlord, an affiliate of Lexington Realty Trust. CBRE's Doug Elliott represented the tenant.
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UT Physicians renewed a 13K SF office lease at 5420 Dashwood Drive in Houston. NAI Partners' Griff Bandy represented the tenant.
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The Aldridge Co. signed a 15K SF office lease at 4543 Post Oak Place in Houston. NAI Partners’ Jon Silberman and Randy Nerren arranged this deal.
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Moonscape Properties LLC signed a 16K SF industrial lease at Seaco Business Park at 629 Howard Drive in Houston. Lee & Associates' Thomas Leger and Mike Spears represented the landlord. 316 Realty Group's Tim Goss represented the tenant, The Miller Group.
FINANCING
NorthMarq Capital’s Warren Hitchcock arranged financing through a bridge lender for The Breakers Apartments, a 272-unit multifamily community in southeast Houston. The transaction features a five-year full interest-only loan term up to 80% of costs.
DEVELOPMENT
The Museum of Fine Arts, Houston, has completed the second phase in the multiyear campus redevelopment plan. The Sarah Campbell Blaffer Foundations Center for Conservation, a 39K SF art facility, was designed by Lake|Flato Architects and is now open.
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Capital Retail Properties completed construction of Shops at Parkway Lakes, at 13K SF retail center on Bellaire Boulevard and the Grand Parkway in Richmond. Newly announced tenants include Smoothie King, Sweet Tooth Smiles and Tooth in Boots. The center has about 6K SF of rental retail space available.
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S & B Engineers and Constructors Ltd. is adding a new 155K SF office building at 15150 Memorial Drive in Houston. The facility will begin staffing by the end of summer 2019.
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McCarthy Building Cos. was awarded two major renovation and expansion projects: Houston Methodist Hospital Research Institute’s imaging suite and the GMP cleanroom in the Outpatient Center. Both projects are expected to be complete in spring 2019.
