This Week's Houston Deal Sheet
Sam Moon Group unveiled a portion of the anticipated mixed-use development Metropark Square in Shenandoah, a north Houston community by The Woodlands.
AMC Metropark Square 10, a 41,500 SF, 10-screen movie theater, is the first tenant to open at Metropark Square.
"AMC Metropark Square 10 would not be possible without the talent and resources from everyone involved," Sam Moon Vice President Daniel Moon said in a press release. "We had a vision for this development several years ago and we are eager to bring more entertainment and upscale experiences to Shenandoah, The Woodlands and Conroe area.”
AMC Metropark Square 10 opened on March 1, the first AMC-branded theater to open in the Houston area in over 20 years. It features power recliners and food and drink options through AMC Feature Fare and the AMC MacGuffins adult beverage concepts.
“City of Shenandoah officials and myself extend congratulations to all involved in the completion of AMC Metropark Square 10 as the first movie theater in our city,” Shenandoah Mayor Ritch Wheeler said. “We believe Metropark Square will offer our city wonderful new family-friendly options in entertainment, dining and shopping. We can’t wait to watch the development continue to grow.”
Metropark Square will consist of 175K SF of retail, restaurants and entertainment, including Urban Air Adventure Park, a Dave & Buster’s, a Hyatt House hotel and multifamily. The site is on 70 acres in The Woodlands submarket.
EXECS
Jim Autenreith was promoted to executive vice president and managing director of the industrial and investment division for Moody Rambin. He has more than 13 years of experience as a broker and commercial real estate owner.
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Josh Marcell was promoted to executive vice president at Moody Rambin. He joined the company in 2012 and previously served as vice president responsible for the tenant representation division. He has 15 years of experience in the commercial real estate industry.
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Adam Bray joined Liberty Property Trust as associate director of leasing at the Houston office. He will be responsible for the marketing and leasing of the company's 10M SF portfolio. Bray transferred from Liberty's Minnesota office, where he managed the 2.5M SF industrial portfolio in the Twin Cities. He joined the company in 2015.
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Read Hammond was named executive vice president and counsel at Charter Title Co. He will join the company's Downtown Houston office.
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NewQuest Properties promoted 17 commercial real estate professionals, including a new executive vice president, Dave Ramsey, and four senior vice presidents: Bob Conwell, Brad Elmore, Rebecca Le and Brad LyBrand. With more than three decades in the industry, Ramsey specializes in the acquisition and disposition of large residential and mixed-use properties with production volume topping $1.9B in transactions.
SALES
Spectre Innovations LLC purchased Preserve Plaza, a single-story medical retail building at 25450 Kuykendahl Road in Tomball. Built in 2013, Preserve Plaza is an 11K SF building on 1.1 acres near The Village of Creekside Park in The Woodlands. J. Beard Real Estate Co.'s Lisa Hughes represented the seller, EPB Land Developments L.P. IQ Realty Group Inc.'s Duke Iqbal represented the buyer.
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An exchange buyer purchased a 34K SF net-leased property at 11500 South Sam Houston Parkway West in Houston. The asset has a list price of $4M. Marcus & Millichap's David Luther and Morgan Hansen represented the undisclosed seller, a limited liability company.
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Sens Road Industrial LLC purchased 75.9 acres on Sens Road. Moody Rambin's Doyle Toups and Zack Taylor represented the buyer. CBRE's Ed Frantz represented the seller.
LEASES
Netherland, Sewell & Associates renewed a 26K SF lease at 1301 McKinney St. in Downtown Houston. The firm occupies the 32nd floor at Fulbright Tower, a Class-A office building within the Houston Center complex. In January, Brookfield outlined major redevelopment plans for Houston Center, which include a new central plaza, green space, a two-story glass facade and new street-level retail. NAI Partners' Griff Bandy represented the tenant. Transwestern's Doug Little, David Baker, Kelli Gault and Jack Scharnberg and Brookfield Properties' Clint Bawcom represented the landlord, Brookfield Properties.
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The Galleria signed five new retailers, including Paige, Pronovias, the Samsung Experience, Scotch & Soda and Lush. Paige and Samsung are open, while Scotch & Soda and Pronovias will open in the spring and Lush will open in the fall.
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Beta Technology renewed a 16K SF lease at 16810 Barker Springs in Houston. Oxford Partners' Ryan Hartsell and Dylan Stiteler represented the tenant. Insite's Logan Greer represented the landlord, Brookfield Asset Management.
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Maverick Distributing renewed a 15K SF lease at 4555 Airline Drive in Houston. Oxford Partners' Ryan Hartsell represented the tenant. Transwestern's Darryl Noon represented the landlord, Travelers.
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Black Diamond Real Estate Inc. leased a 13K SF industrial manufacturing building on Grant Road in Houston. Lee & Associates' Mike Spears, Robert McGee and Mason Alsbrooks represented the landlord, 6811-6815 Grant Road LLC.
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Scientific Drilling International Inc. signed a 21K SF industrial lease at 19710 Aldine Westfield Road in Houston. Belvoir’s George Froming represented the landlord, Giri Real Estate Corp. Stephen Schneidau represented the tenant.
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CBRE was awarded retail leasing responsibilities at The Star, a residential high-rise at 1111 Rusk in Downtown Houston. The historic 1915 Texaco Building recently renovated 286 luxury apartments and 26K SF of retail. This represents the largest available restaurant space in Downtown. CBRE’s Rachel Farris, Lacee Jacobs and Laura Harness will manage retail leasing for the property owners, Provident Realty Advisors.
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Moody Rambin was awarded office leasing responsibilities of the 50K SF office building at 710 North Post Oak Road in Houston. Moody Rambin also handles property management. The five-story building has a conferencing facility, on-site ownership and a recently remodeled main lobby entrance.
FINANCING
LMI Capital secured the financing for two multifamily complexes: a supplement agency loan for a 440-unit complex in Alief and a $9.5M acquisition loan for a 12-unit asset in Humble. The second loan featured a 4.53% fixed interest rate, a six-year interest only period and funds to complete energy upgrades, water conservation and other renovations. LMI Capital's Brandon Brown and Kurt Dennis represented the borrowers.
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River Oaks Equity Partners secured financing for Oasis Apartments at 610 Ferry Road North in Galveston. Oasis is a 30-unit, Class-C apartment complex near the University of Texas Medical Branch. Clint Roberts represented the seller and the buyer.
DEVELOPMENT
Hines and investment partner Cresset-Diversified QOZ Fund broke ground on The Preston, a luxury, high-rise apartment in Downtown Houston. The 46-story residential tower is on the site of the former Houston Chronicle parking garage at the corner of Preston and Milan streets. The Preston is adjacent to the 1M SF office tower by Hines and Ivanhoé Cambridge, which is under construction at 800 Texas Ave.
THIS AND THAT
McCord Development partnered with The University of Miami School of Architecture's Master of Urban Design and the Master in Real Estate Development programs to give students the opportunity to develop plans for the future Health & Wellness District at Generation Park in Houston. The plan for the park is to reimagine the traditional healthcare ecosystem to create a vibrant, walkable and pedestrian-friendly urban environment centered around community, connectivity and quality of life. The program runs through May, and the McCord team will consider the student's design ideas for the final proposal. The top ideas will be shared on Generation Park's website and social media.
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Discovery Green in Downtown Houston was recognized by the Texas chapter of the American Planning Association as a Great Public Space. The recognition highlights the role planners and planning play in creating a community of lasting value. This marks the third year of the Great Places in Texas program, which is modeled after the national Great Places in America program.
CORRECTION, APRIL 8, 9:40 A.M. CT: A previous version of this article incorrectly identified the executive promotion for Charter Title Co. This story has been updated.
