This Week's Houston Deal Sheet
A former senior housing development site will soon become a mid-rise luxury residential development in River Oaks.
North Carolina-based Crescent Communities is constructing an eight-story building, dubbed Novel River Oaks, at 2511 Willowick Road, according to Crescent's website.
Construction will begin in late February or early March, the Houston Business Journal reports. The project will feature about 330 units, 14K SF of ground-floor retail and restaurant space along Westheimer Road, and a row of two-story brownstone-style townhomes. It is expected to open in the second half of 2020.
In 2015, Crescent Communities acquired The Georgian, a senior living community that opened in 1963. Redevelopment of the 3.4-acre property was delayed until now.
"We are humbled to have the opportunity to reimagine this corner and grateful to the various parties involved in the transaction back in 2015,” Crescent Communities Managing Director Michael Blackwell said in a release. “Since then we have simply tried to be good landlords, decent neighbors, and thoughtful stewards of a truly unique property."
Hoar Construction will serve as the general contractor, and Ziegler Cooper Architects will continue to oversee design. Drake Realty Group's Kyle Drake was the sole broker representing several parties with interest in the property.
EXECS
AJ Breneman was promoted to principal of Powers Brown Architecture's Houston office. Previously serving as senior design manager, she led projects such as the Houston-Galveston Area Council’s headquarters, the 4.3M SF Daikin Texas Technology Park in Waller County, the Nalco Champion headquarters in Sugar Land, Stream Realty Partners’ Sierra Pines Phase 2 (the first six-story tilt-wall building in Texas) and the Memorial Hermann Medical Office prototype.
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Taylor Doyle was promoted to senior associate at Avison Young's Houston office. He specializes in lease negotiations, expansions and relocations for office tenants.
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Tim Moore was promoted to a newly created role of head of IDI Logistics' Central Region. Previously, he served as the senior vice president and regional director of the Midwest. The Central Region includes 99 Class-A industrial properties in Cincinnati, Indianapolis, Chicago, Memphis, Dallas, Houston and Austin, totaling 33M SF. An additional 3.3M SF is under construction in the region.
Justin McAfee was promoted to president and CEO of Rogers-O’Brien Construction. Preston McAfee stepped down as CEO and will assume the role of chairman at the company. Justin continues his family's legacy, as the third generation of leader of the firm. Rogers-O’Brien Construction was founded by Pat O’Brien, Justin's late grandfather, and Steve Rogers in 1969.
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Colliers International's John Parsley will join the Ronald McDonald House executive board in Houston. Parsley serves as principal and director of the Houston office. He has more than 20 years of experience and has been the company's top producer consistently throughout his career.
SALES
An undisclosed buyer purchased Spencer Mini Storage, a 57K SF storage facility in La Porte. The 595-unit facility is on two parcels that total 9.05 acres and have 11 single-story buildings. Marcus & Millichap's Dave Knobler and Chico LeClaire represented the seller, a California family trust.
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G-Tech Development purchased a 33K SF industrial property on 7 acres at 35002 Cooper Road in Brookshire. Lee & Associates' Reed Vestal and Taylor Schmidt represented the seller, Koomey Building. NewQuest Properties' Glen Dickerson represented the buyer.
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Crossover 1463 Partners LTD purchased a 2.5-acre tract at FM 1463 and Crossover Road in Katy. The group is planning future retail development. McAlister Real Estate's Harrison Kane, Chris Hutcheson, Matt Herring and James Kadlick represented the undisclosed seller. Orr Commercial's Campbell Anderson represented the buyer.
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An undisclosed buyer acquired a 58-acre tract on FM 529 in Brookshire. SIS Group's Anastasio Sanchez represented the buyer. McAlister Real Estate's Harrison Kane, James Kadlick, Matt Herring and Chris Hutcheson represented the seller.
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An undisclosed buyer purchased 2 acres on Richey Road in Houston. Retail Solutions' Mohamed Gamal represented the seller, Kareem Gamal of Gamal Enterprises.
LEASES
The Houston Trust Co. inked a 13K SF lease to relocate its headquarters to 3737 Buffalo Speedway. CBRE’s Weldon Martin represented the tenant. MadisonMarquette represented the landlord, Houston 3737 Buffalo L.P.
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U.S. Well Services signed a 20K SF office lease at BHP Billiton Tower at 1360 Post Oak Blvd. in Houston. NAI Partners’ Dan Boyles and Liz Westcott-Brown represented the tenant. Cushman & Wakefield's Morgan Relyea Colt represented BHP.
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Spec's Wine, Spirits & Finer Foods signed a 12K SF lease at Berry Farms Marketplace at 24527 Gosling Road in Spring. Retail Solutions' Joaquin Orozco, Lyle Cowand and Taki Dallis represented the landlord.
FINANCING
HFF secured a fixed-rate loan with Amerant Bank for Northwood Plaza, a 137K SF grocery-anchored retail center in northeast Houston. The plaza is 91% leased. HFF's Ryan West, John Indelli and Charles Strauss represented the seller, Brixmor Property Group. HFF's Michael Johnson and Stuart Hepler represented the undisclosed buyer.
DEVELOPMENT
The city of Houston is in the planning stage of redesigning and building a new Alief Community Center. The facility will incorporate three key city departments: health, library and parks.
