This Week's Houston Deal Sheet
A second retailer is making an investment in Sienna Plantation in Missouri City in southwest Houston.
Palta Inc. purchased a 3.2-acre lot near the 10,500-acre master-planned community. It plans to construct small shop space fronting Houston Methodist's emergency care center and primary care facility.
Development interest skyrocketed last summer when the undisclosed seller announced plans to subdivide 12 acres, which prompted a 7-acre sale in an unrelated deal.
"We have attracted two experienced retail developers now that the land's been subdivided. That decision has generated a lot of momentum," NewQuest Properties' J.J. McDermott said.
The land seller has also finalized plans with the Texas Department of Transportation to construct a turn lane at Highway 6 and Oyster Creek Place. The firms expect to start road construction in May and break ground on the retail centers around the same time.
NewQuest Properties' McDermott and Jon Jamison have 4.2 acres remaining of the subdivided acreage, along with an adjacent 13-acre land tract for Lieven Van Riet. There are no plans to subdivide the 13-acre site.
"Sienna Plantation has been leading Houston's residential growth for three or four years running," McDermott said. "It's a strong area with higher-end demographics. And, there is not a lot of available land."
Since 2010, the population within 3 miles of the retail site has increased by more than 50% to 66,806 residents. More than 50,000 vehicles per day use Highway 6 to commute from southwest Houston to employment centers like the Texas Medical Center and Downtown. The average income is $143,763.
S&P Interest's Josh Sebesta represented the buyer.
EXECS
David Doran was appointed director of construction management services for Texas operations for Manhard Consulting, a national civil engineering and surveying firm. Bringing more than 20 years of experience, Doran will manage from the Houston-area office as the company seeks to expand its residential, industrial, business and retail projects throughout both the city and Texas.
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Patrick Windley was named the vice president of acquisition and leasing at Hartman Income REIT Management Inc. Before joining the company, he spent 12 years at Schostak Brothers & Co. and helped acquire 80 properties in 24 states. Windley has been directly involved in more than $3.5B in transactions.
SALES
GVA Real Estate Group purchased Winding Trails, a 438-unit, garden-style apartment community at 10330 Wilcrest Drive in southwest Houston. Winding Trails has one-, two- and three-bedroom units averaging 803 SF. HFF's Joey Rippel, Chris Young and Bailey Crowell represented the seller, One Real Estate Investment. HFF's Robert Wooten and Michael Johnson represented the buyer.
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201 Heights L.P., a partnership affiliated with Radom Capital, acquired the Simon Lewis building at 375 West 19th St. in Houston. Built in 1921, the building served as Ward's Drug Store and Soda fountain until 1965. Neil Sackheim, the most recent owner, purchased the property in 1994 from Harold J. Wiesenthal and opened the locally famous deli Carter & Cooley Co. The deli's name pays homage to the founders of the Heights: Oscar Martin Carter and Daniel Denton Cooley. Carter & Cooley Co. will remain as a tenant and continue under the director of Sackheim. Davis Commercial represented the buyer.
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An undisclosed buyer purchased a 10-acre tract at 27319 FM 529 in Katy. Lee & Associates Reed Vestal, Taylor Schmidt and John Erck represented the seller and buyer.
LEASES
Van Beest USA signed a 29K SF industrial lease at Boulevard Oaks Business Park in southwest Houston. The firm will move its U.S. headquarters to 5615 West Fuqua. JLL’s Ryan Fuselier and Geoff Perrott represented the tenant. Cushman & Wakefield’s Allison Bergman, Beau Kaleel and Jim Foreman represented the landlord, Hines.
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Murex Petroleum Corp. inked a 20K SF lease at 363 North Sam Houston Parkway East in Houston. Moody Rambin's Terri Torregrossa and Kurt Kistler represented the building's owner, TA Realty Associates. Moody Rambin's Ryan Fassett and Josh Marcell represented the tenant.
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Lucky Penny Cycles, a seller of pre-owned motorcycles, signed a 28K SF retail lease at 211 FM 1960 Road West in Houston. NAI Partners’ Laura Diggs represented the tenant. NAI Partners’ Chris Holder represented the landlord.
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Florida Water Products inked a 22K SF industrial lease at 1430 Vanderwilt Lane in Houston. NAI Partners’ Shaffer Braun represented the landlord.
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Arena Energy signed an 87K SF office lease at 2103 Research Forest Drive in Spring. Lee & Associates' Josh Cheatham represented the tenant. The landlord was The Woodlands Land Development Co.
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HomeGoods Inc. signed a 20K SF lease at Weslayan Plaza Shopping Center in Houston. EDGE Realty Partners' Culver Stedman represented the tenant and the landlord, Regency Centers.
THIS AND THAT
Allied Orion Group was selected to manage The Heights at 2121 at 2100 Tannehill Drive in North Houston. The 504-unit apartment community offers one- and two-bedroom units. On-site amenities include four resort-style pools, a 24-hour fitness center, picnic areas, a leash-free pet park and valet trash. Property owner Arel Capital plans to add a new upscale leasing center, fitness center and resident lounge, and will upgrade the pools, picnic areas and pet park. In-unit amenities include upgraded cabinetry, granite-style countertops, hardwood-style flooring, built-in bookshelves, designer lighting, private patios or balconies and large walk-in closets.
DEVELOPMENT
Bayou on the Bend, a luxury community at 5201 Memorial Drive in Houston, has undergone a multimillion-dollar renovation after experiencing Hurricane Harvey damage. The project upgraded 152 damaged units, revamped the exterior and updated interior and community amenities. The community offers one-, two- and three-bedroom units ranging from about 700 to 2,475 SF. New amenities include a rooftop pool and lower level infinity-edge pool, a state-of-the-art fitness center, a social lounge, an executive business center, conference rooms, a domed clubroom and indoor steam rooms. Bayou on the Bend, a 242-unit, high-rise community, was purchased by Arel Capital in May 2017.
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The Howard Hughes Corp. broke ground on Creekside Park West, a 12-acre retail development in Creekside Park Village Center in The Woodlands. Moviehouse & Eatery will anchor the development and feature 11 wall-to-wall screens, a full bar and a scratch kitchen. The 42K SF movie theater is on the west side of Creekside Park H-E-B at 26500 Kuykendahl Road and marks the first location in the Houston area.
