This Week's Houston Deal Sheet
Frost Bank, a subsidiary of Cullen/Frost Bankers Inc., will nearly double its number of financial centers in Houston through 2020. The financial institution plans to open 25 centers at an average pace of one per month.
The new locations will be in communities across the Houston region from Conroe to League City to Katy to Baytown with several infill areas in between.
"While many other banks are reducing their presence, Frost is growing," Cullen/Frost Chairman and CEO Phil Green said. "Our value proposition, which promises a square deal — excellence at a fair price — and our award-winning customer service will definitely resonate with the fast-growing Houston region."
The expansion will lead to the creation of 200 new jobs and spur additional economic development through the design, construction and renovation process.
In addition to the expansion efforts, Frost recently engaged in a sponsorship with the Houston Rockets that will increase the company's signage at the Toyota Center. The two will also collaborate on future events that will allow fans to meet players and other team officials.
The 150-year-old San Antonio-based bank expanded into Houston in 1977. Frost already has 32 financial centers and around 600 employees in Houston.
SALES
Capital Retail Properties acquired a 5-acre site at FM 1093 and FM 359 in Fulshear. The firm will construct Fulshear Marketplace, a 17K SF retail center, with upscale stores, service businesses and restaurants. The site is expected to break ground in fall 2019 and pre-leasing is now underway. Capital Retail Properties' Connor Lynch and Jacob Weersing will be responsible for leasing.
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Rausch Coleman purchased 93 acres along FM 1485 in Conroe. NewQuest Properties' Jeff Lokey represented the buyer. Jacobs Properties' Tommy Hunter represented the sellers, Thomas Hunter, Deborah Weisinger, Diana Robertson and John Weisinger.
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Oden Hughes LLC purchased 11.63 acres at Grand Crossing in Katy. CBRE's Darin Gosda represented the seller Grand Parkway/ I-10 Associates L.P.
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The city of Jersey Village purchased 23.34 acres at Highway 290 and Jones Road in Jersey Village. CBRE's Darin Gosda represented the seller, Jones Road Holding Ltd.
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An undisclosed buyer purchased a 20K SF industrial property at 8317 North Willow Place in Houston. NAI Partners’ Travis Land and John Ferruzzo represented the seller, Steadfast Development. SRA's Marc Drumwright represented the buyer.
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An undisclosed buyer purchased a 5K SF industrial building at 1315 Soren Lane in Houston. NAI Partners’ Travis Land and A.J. Williams represented the seller, AGTECH International Inc.
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Meritex Co. purchased Park 255, a 122K SF, Class-A industrial building at Highway 225 and Beltway 8 in Houston. CBRE's Tom Lynch represented the buyer. Stream Realty will be responsible for property management.
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Apollo Distributors acquired at 4-acre land tract on Stafford Road in Stafford. Clay Development & Construction Inc. plans to start construction on Apollo's new 67K SF distribution building in the coming months. ICO Commercial's Peyton Easley and Mike Gornek represented the buyer.
LEASES
Mediterranean Shipping Co. inked a 34K SF office lease at 4700 West Sam Houston Parkway North in Houston. The Geneva-based company will relocate its Houston office from 10050 Northwest Freeway to Concourse at Westway in the first quarter. Colliers International's Bob Parsley and Corbin Jansen represented MSC. JLL’s Russell Hodges and Chrissy Wilson represented the landlord, Guggenheim Concourse L.P.
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C&M Moving and Storage signed a 36K SF industrial lease at 1945 Tellepsen Drive in Houston. JLL’s Ryan Fuselier and David Buescher represented C&M Moving and Storage. Insite Realty's Steve Hazel represented the landlord, Billingsley Co.
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Wave Electronics Inc. inked a 37K SF expansion lease at 8648 Glenmont in Houston. CBRE's Eric Lestin represented the tenant. Insite Realty's Logan Greer represented the landlord, Eastgroup Properties L.P.
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Smith Management Co. renewed a 14K SF office lease at 1001 Fannin St. in Houston. Moody Rambin's Ryan Fassett and Josh Marcell represented the tenant. Covill Office Properties' Paula Bruns represented the building owner, FC Tower Property Partners L.P.
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Global Fulfillment subleased 24K SF of industrial space at the Central Green Corporate Center Building 6 at 16501 Central Green Blvd. in Houston. Newcor Commercial Real Estate's Rob Banzhaf and Mikale Vadell represented the sublandlord, Manuli Hydraulics (Americas) Inc.
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Tri Star Freight Systems Inc. inked an 81K SF industrial lease at 4545 Eastpark Drive in Houston. Moody Rambin's Zack Taylor and Doyle Toups represented the building owner, Kadiwal Investments L.P. Newmark Knight Frank's Griffin Rich represented the tenant.
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Westin Homes signed an 18K SF lease at Sugar Land Town Square in Sugar Land. The Houston-based luxury homebuilder and interior designer will use this space as its new corporate headquarters.
DEVELOPMENT
Atlanta-based The Flying Biscuit Café will open its first Houston location at 2850 Fannin St. The restaurant will be on the ground level of The Midtown, a luxury residential tower in Midtown, and is expected to open in August.
THIS AND THAT
Avison Young's Houston team volunteered at two charitable organizations, Bo's Place and Interfaith Ministries for Greater Houston for the annual Global Day of Giving on Oct. 25. All 84 of the company's offices spent the day on various volunteer efforts.
The Houston team spent the morning planting, painting and quilting at Bo's Place, Houston's largest free-standing bereavement center. The center was named in memory of Laurence Bosworth "Bo" Neuhaus Jr., the brother of Avison Young principal Charlie Neuhaus. Bo passed away at 12 years old from liver cancer in 1985.
