This Week's Houston Deal Sheet

Another luxury condo tower is coming to the Galleria area. 

Houston-based Pelican Builders is constructing a 17-story condominium project. Mission Capital Advisors secured a $7.3M nonrecourse land loan for the acquisition of 1.26 acres at 5656 San Felipe St.  

The 323K SF property will have 67 luxury residences and 191 parking spaces. On-site amenities will include a pool deck, a resident lounge, a state-of-the-art fitness center and a dog park. The project is expected to break ground in October.

“With the property’s strong location and the unmet demand for luxury condos in this prime area of Houston, we were able to structure favorable financing with a national real estate finance company,” Mission Capital Managing Director Jason Parker said.

Residents will have access to a wide range of shopping and entertainment options such as Whole Foods, an iPic Theater, the Houston Country Club and The Galleria.

Mission Capital's Parker, Steven Buchwald and Alex Draganiuk represented the borrower. 

EXECS

Grant Hortenstine was promoted to vice president at Avison Young. He specializes in industrial tenant representation and represents clients across an array of industries, including distribution, manufacturing logistics and food and beverage.  

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Chase Cribbs and Justin Tunnell were promoted to principals at Lee & Associates. Cribbs specializes in industrial, land and investment brokerage. Tunnell specializes in commercial industrial leases, acquisitions and dispositions, and investment sales. They both have been with Lee & Associates in Houston since the merger with The National Realty Group in 2015.

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NAI Partners' Landlord Services Division promoted four employees within its Property Services Group: Michelle Mitchell, Crystal Ghaben and Linda Clayton were named senior property managers, while Melissa Franco was promoted to assistant property manager-retail.

SALES

BS North Loop West LLC, an affiliated entity of Simpkins Group Inc., acquired 1919 North Loop West, a 129K SF office property in Houston. JLL's Rudy Hubbard, Kevin McConn and Rick Goings represented the seller, Weingarten Realty Investors. JLL’s Paul House and John Ream represented the buyer. 

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Oxford Enterprises Inc. purchased The Ranch at Waller, a 224-unit community in Waller. Institutional Property Advisors' Will Balthrope, Drew Kile, Jennifer Campbell and Michelle Kneeland represented the buyer and the seller, T.R. Inscore. 

LEASES

UniversalPegasus International, part of Huntington Ingalls Industries, inked a 113K SF lease for its corporate headquarters at 4848 Loop Central Drive in Houston. Transwestern's David Baker, Doug Little and Kelli Gault represented the landlord, a joint venture of Griffin Partners and Wheelock Street Capital. CBRE’s Lucian Bukowski represented the tenant. 

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Stream Realty Partners’ Houston team has been awarded office leasing responsibility for Gemini Rosemont’s Houston office portfolio of more than 1.2M SF. The portfolio is 80% leased with office availabilities ranging from 500 to 17K SF in eight Houston locations.

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OneLife Church renewed a 14K SF lease at 16920 Texas Ave. in Webster. Finial Group's Amy Rienstra represented the landlord.

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Foro Energy Inc. renewed a 20K SF industrial lease at 5506 Clara Road in Houston. Lee & Associates' Thomas Leger represented the tenant and the landlord, Clay Development.

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Quality Solutions Inc. signed a 12K SF industrial lease at 4407 Halik St. in Pearland. Lee & Associates' Stephen Hazen and Drew Aston represented the tenant and the landlord, Halik 35 LLC.

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Two new leases were signed at Capitol Tower. Skanska, the property developer, will relocate its offices to the new 35-story skyscraper from 3009 Post Oak Blvd. in Uptown Houston. The developer will occupy 12K SF on the 12th floor. MONA Fresh Italian Food inked a lease in Understory, the 35K SF community hub and culinary market at Capitol Tower. 

FINANCING

New York Life Real Estate Investors secured $44.5M in bridge financing on behalf of New York Life Insurance Co. for 515 Post Oak, a 275K SF office building in the Galleria area. The asset is on Interstate 610 and I-69. 

DEVELOPMENT

1010 Lamar and 1111 Main in Downtown Houston will undergo a $7M investment for leasing and tenant improvements and building renovations. Owner Younan Properties has also secured refinancing of the property. Houston-based Ziegler Cooper will be responsible for the design. As part of the renovation, the property will be renamed Lamar Plaza.

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Creekside Park The Residences, the first apartment development in the Creekside Park community in The Woodlands, is now open. The apartment has one-, two- and three-bedroom residences ranging from about 600 to 1,400 SF. On-site amenities include a one-story clubhouse, a resort-style pool with a full outdoor kitchen, a fitness facility with a yoga room, a dog park, bike storage and a children’s play area. The asset is at 26700 Kuykendahl Road.  

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Houston-based Adkisson Group Inc. has acquired a 225-acre business park site from Houston-based Parkside Capital. Bay 10 Business Park is at 100 Kilgore Parkway in Baytown. Adkisson will offer several sites for sale or build-to-suit and will construct 10K to 30K SF free-standing buildings. Lee & Associates' Robert McGee, Thomas Leger, Chase Cribbs and Josh Cheatham represented the buyer. HFF's Davis Adams, Rusty Tamlyn and Trent Agnew represented the seller. 

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Hunton Distribution opened a new location in southeast Houston. The 76K SF distribution center is at 735 FM 1959. This marks the third Houston-area location.

THIS AND THAT

Century 21 Real Estate LLC, in partnership with the Hispanic Heritage Foundation, has selected 40 winners of the scholarship initiative Empowering Latinas. The program helps the winners obtain their real estate licenses by covering the 180-hour course tuition fees for the Champions School of Real Estate, plus the cost of the agent exam. In its second year, more than 285 applicants ages 18 to 60 applied for the scholarship. 

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The Houston Apartment Association elected its 2019 Executive Committee and board of directors. The professional trade board includes: 

• President — Starla Turnbo, SMI Realty Management
• Immediate Past President — Michelle Pawelek, Greystar
• President-Elect — Clay Hicks, Dinerstein Cos.
• Secretary/Treasurer — John Boriack, Veritas Equity Management
• Vice President at Large — Tina Cavaco, Centra Partners
• Vice President at Large — Ian Douglas, Allied Orion Group
• Vice President at Large —Ira Gross, Integrity Cove
• Vice President at Large — Christy Rodriguez, Greystar