This Week's Houston Deal Sheet
HighTower Texas signed a 16K SF lease for its headquarters to 4400 Post Oak Parkway in Houston. The wealth management firm committed to an eight-year lease to occupy the 26th floor and plans on expanding services in Houston.
HighTower Texas recently acquired SalientPrivate Client and Salient Trust Company LTA, which were headquartered at 4265 San Felipe St. That office will be relocated into HighTower's new HQ. This relocation marks the company's largest single-office-location acquisition to date and its entry into the Texas market.
“We are excited to assist HighTower Texas with its relocation as the firm enters the Texas market and expands its wealth-management footprint with a well-established advisory practice,” Avison Young principal Harry Holmes, who represented the tenant with Cushman & Wakefield's Trey Strake, said in a release. “The employees of HighTower Texas will enjoy a quality office building in an amenity-rich location that is easily accessible.”
The space will be enhanced with modern upgrades prior to the move-in, which is slated for January. The building recently added conference and fitness centers.
“The 4400 Post Oak Parkway location provides convenient access for our client base concentrations in River Oaks, Tanglewood, Memorial, West University, and downtown Houston,” HighTower Texas Director Matthew Summers said in a release. “It gives us the space necessary to continue to grow our practice.”
Colvill Office Properties' Damon Thames represented the landlord, SRI Nine Five POP L.P.
EXECS
Michael Kasmiersky was promoted to vice president of property management for Lincoln Property Co. He returned to the company in September 2017 as general manager of CityNorth. Kasmiersky graduated from Southwestern University and received an MBA from Southern Methodist University and has 22 years of experience in property management.
***
Bringing more than 30 years of commercial real estate experience, Kevin O’Neil and Mark Allyn launched a new healthcare venture, Fidelis Healthcare Partners. The duo will leverage past leadership expertise at Trammell Crow and CBRE to develop and acquire high-quality medical properties. The firm is an affiliate of Houston-based Fidelis Realty Partners.
SALES
Houston-based real estate owner InterCapital Group and national real estate private equity fund manager Citymark Capital partnered to purchase Thornbury Apartments, a 408-unit apartment community in Houston.
***
InSite Real Estate LLC purchased a 1.2-acre site at Interstate 10 and Federal Road in East Houston. The company plans to divide and develop the pad sites at 1011-1015 Federal Road. Baker Katz sold the property.
***
Big Tree Estates LLC purchased a 5-acre tract along Hufsmith Road adjacent to Bogs Road near FM 2978 in Tomball. Colliers International's Todd Edmonds and Michelle Soderberg represented the seller, Prourban Properties LLC. Newcor Commercial Real Estate's David Alexander and Rob Banzhaf represented the buyer.
***
Pinnacle Storage Properties purchased Preferred Mini Storage at 4300 West Davis St. in Conroe. Phase 1 of the property was built in 1996, and Phase 2 was added in 2017. Greysteel's Daniel Hartnett secured an interest only nonrecourse bridge loan on behalf of the buyer.
***
An undisclosed buyer, an out-of-area investor in a 1031 exchange, purchased Harris Professional Pavilion, an 18K SF retail center at 4600 Fairmont Parkway in Pasadena. Marcus & Millichap's Justin Miller, Harris Brooks and Davis Hansen represented an undisclosed Houston-based seller. Marcus & Millichap's Tommy Lovell III and Richard Robson represented the buyer.
***
An undisclosed Houston-based realty group purchased Brookshire Brothers Shopping Center in New Caney. The 56K SF shopping center is anchored by the 42K SF Brookshire Brothers. STRIVE's Daniel Wenz represented the seller, a Florida-based investor.
***
An undisclosed buyer purchased University Plaza, a 96K SF retail center in Houston. EDGE Realty Capital Markets' Micha van Marcke and Chace Henke represented the seller.
***
ClearWorth Capital LLC purchased Edge at City Centre Apartments, a Class-B multifamily asset near NRG Stadium and the Texas Medical Center. Built in 1983, the apartment community feature two pools, a fitness center, a renovated clubhouse with business center and washer/dryer connections in all units. The new ownership will renovate the interior and exterior, including improvements to the existing social areas and adding new amenities. HFF's Joey Rippel, Chris Young and Connor Phillips represented the seller. Berkadia's Nathan Stone arranged acquisition financing.
LEASES
Newmark Homes is leasing half of a 24K SF office building at Parkside Capital's University Center along Interstate 10 and Grand Parkway in Katy. The building, owned by Newmark, will serve as the company's new corporate headquarters and will house Newmark Design Studio. The entire 12K SF bottom floor is available for lease and has drive-thru capabilities. Edge Realty Partners is handling the leasing.
***
ARUP USA Inc. extended its 14K SF lease at Towers at Westchase I, 10370 Richmond Ave., in Houston. NAI Partners' Vince Gyorgy represented the tenant. Stream Realty Partners' Brad Fricks and Ryan Barbles represented the landlord, FSP Westchase LLC.
***
Wise Safety & Environmental renewed a 22K SF lease at 9187 Winkler Drive in Houston. NAI Partners’ Taylor Wright represented the tenant.
***
MegaPower Inc. signed a 26K SF industrial lease at 7120 Brittmoore Road in Houston. JLL’s Geoff Perrott and David Buescher represented the tenant. Derrick Jones represented the landlord, Sealy & Co.
***
Husch Blackwell relocated to the JPMorgan Chase Tower at 600 Travis St. in Downtown Houston. The new location in the central business district allows for future expansion, positions the firm closer to its clients and provides technology upgrades that impact all areas of practice.
***
Stream Realty Partners was selected to lease and manage 10111 Richmond Ave., a Class-A office building in the Westchase District. The 184K SF property is 56% leased. Stream’s Paul Coonrod and Mathew Volz will be responsible for leasing, and Monica Trevino will oversee property management.
DEVELOPMENT
Phoenix Tower, at 3200 Southwest Freeway in Greenway Plaza, will break ground on a 247K SF parking garage by year-end. The garage annex, operated by Parkway Property Investments LLC, will adjoin the original eight-story garage and also provide direct, covered access to The Hub, the restaurant and amenity core of the Greenway Plaza complex. The project is slated to wrap up in late 2019. HOK is the architect, and Kimley Horn is the property engineer.
***
Sean Marshall and Chaz Lusk are opening a Downtown dining spot, Coterie. The farm-to-table breakfast, lunch and dinner spot is at 738 Preston St. in Houston, on the ground level of Market Square Tower.
***
Edifis Group completed the redevelopment of Palmer Plaza, FM 1764 at State Highway 146 in Texas City. The group acquired the project in February 2016 and wanted to create a cohesive visual project to match the community's improvements and the addition of H-E-B to the center.
***
Mainland Medical Center, an HCA-affiliated hospital in Texas City, completed the $5M expansion of its emergency department. The improvements include a 6,200 SF space and 13 new private patient rooms. In the most significant upgrade since opening in 1952, the renovations were completed to meet the hospital's growing demand for emergency services.
***
Texas Sterling Construction Co. and J. Banicki Construction Inc. were tapped by Houston City Council for Phase 1 of the Houston Spaceport project at Ellington Airport in Houston. The companies will complete the infrastructure to support the development of 90 acres set aside for Phase 1. The $17.2M project is in the design phase and construction is expected to start in Q1 2019. It is expected to be completed in 2020.
THIS AND THAT
Levy Park was honored as co-winner of the ULI Urban Open Space Award for 2018. The award recognizes the outstanding examples of public spaces that socially and economically enhance their communities. Reopening in 2017, the park features a creative children’s garden, a rain garden, a community garden and a dog park.
***
The Houston District Council of the Urban Land Institute selected nine finalists for the 2019 Development of Distinction Awards. A jury of three national real estate experts will travel to Houston to tour the finalists' projects Nov. 13-15. The winners and finalists will be recognized on Jan. 29 at a reception at the Astorian.
2019 Development of Distinction Awards:
In the For-Profit – Large category, projects over 100K SF:
609 Main, by Hines
The Star, by Rusk at San Jacinto Partners L.P., Provident Realty Advisors
In the For-Profit – Small category, projects under 100K SF:
Heights Mercantile, by Radom Capital LLC
East Village, by Eado Investments L.P., Ancorian
In the Not-For-Profit category:
Moody Gardens Aquarium Redevelopment, by Moody Gardens
HARC, by HARC
In the Open Space category:
Emancipation Park, by City of Houston
Exploration Green, by Clear Lake City Water Authority
The Woodlands Waterway, by The Howard Hughes Corp.
