This Week's Houston Deal Sheet
Johnson Controls inked a deal for a 30K SF build-to-suit industrial building in southeast Houston.
The building will include 7K SF of office, a training facility and a parts department. The facility is within the southeast port market at Beltway 8 and Highway 225. Construction is slated to begin in early June.
This new facility will serve as the headquarters for the Compress Shop division. This facility will combine two locations in northwest Houston.
CBRE's Carlton Anderson represented the tenant. Vigavi's Luis Garza and Christen Hatfield Vestal represented the landlord in-house.
EXECS
Cresa hired Mustafa "Moose" Fatany as a senior adviser on the industrial services team. Previously, Fatany represented clients including Valkor Offshore, HTX Steel, Allstate Insurance and Edward Jones Financial Services. Cresa also hired Jack Smith as a brokerage coordinator supporting the industrial services team.
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Colliers International added Robert Alinger as senior vice president to the Houston industrial advisers team. He brings more than 12 years of commercial real estate experience specializing in landlord representation and project leasing, tenant and buyer representation, and site acquisition and disposition.
SALES
Wu Investments purchased Beechcrest Shopping Center, a 90K SF grocery-anchored shopping center at 10828 Beechnut St., Houston. HFF’s Ryan West, John Indelli, Charles Strauss and Ethan Goldberg represented the seller, Global Fund Investments LLC.
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A Southern California-based individual investor acquired a 27K SF industrial building at 502 FM Highway 359 Road South, Brookshire. The single-tenant property is fully occupied by H&E Equipment Services on a net lease with more than 10 years of lease term remaining. The property was purchased for $4.2M on a 1031 exchange. Stan Johnson Co.’s Zach Harris represented the seller, a foreign institutional group. Colliers International's Mike Erwin represented the buyer.
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Rehco Clear Lake LLC bought 9.5 acres at FM 2351 and El Dorado. Moody Rambin's Bob Gulley represented the buyer and JT Lynch represented the seller. The property will be used for a Jaguar and Land Rover Dealership.
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An undisclosed buyer purchased a 13K SF free-standing building at 9421 FM 2920 in Tomball. New Quest's Neil Thompson represented the buyer. Caldwell Cos.' Ron Roberson, John Ginder and Bill Ginder represented the seller.
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Salamanca Holdings LLC purchased a 16K SF industrial property at 4512 Pinemont Drive in Houston. Intero Real Estate Services' Marilyn Muguerza represented the buyer. Lee & Associates' Preston Yaggi and Keller Williams Platinum's Robert Noack represented the seller, Exquip Property LLC.
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Bison Warehouses LLC purchased 5.7 acres on South Gessner in Missouri City. NAI Partners' Darren O’Conor and Jake Wilkinson represented the buyer. Lee & Associates' Preston Yaggi represented the seller, C & L Partnership Ltd.
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American Leak Detection acquired 2.7 acres on Louetta Road near Interstate 45 in Northwest Houston for an undisclosed price. Caldwell Cos.' Hunter Grimes represented the seller. The Darvishian Group's Jon Hauso represented the buyer.
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2-C Equipment acquired 4.3 acres on Hollister Road at Beltway 8 in Northwest Houston. Caldwell Cos.' Hunter Grimes represented the buyer. NewQuest Properties' JJ McDermott and David Meyers represented the seller.
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Compakt LLC purchased 1.5 acres at 11818 North Garden St. in Houston. Moody Rambin's Jason Barnes represented the buyer. Lee & Associates' Reed Vestal and Taylor Schmidt represented the seller, Garden Street Investments LLC.
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Salamanca Holdings LLC purchased a 16K SF industrial property at 4512 Pinemont Drive in Houston. Intero Real Estate Services' Marilyn Muguerza represented the buyer. Lee & Associates' Preston Yaggi and Keller Williams Platinum's Robert Noack represented the seller, Exquip Property LLC.
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An undisclosed buyer purchased a 10-acre land tract at FM 529 and Katy Hockley Cutoff Road in Katy. Lee & Associates' Reed Vestal, Taylor Schmidt and John Erck represented the seller and the buyer.
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An undisclosed buyer purchased a 65K SF industrial property at 14549 Minetta St. in Houston. Lee & Associates' Trey Erwin and Robert McGee represented the seller, Equity Resource Partners.
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Waterworld USA Inc. purchased a 29K SF industrial property at 13550 South Gessner Road in Missouri City. Lee & Associates' Taylor Schmidt and Reed Vestal represented the buyer. Clay & Co.'s Amy Silvey represented the seller, Star Gessner Properties LLC.
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An undisclosed buyer purchased a facility at 13942 Chrisman Road in Houston. The fully HVAC, crane-served manufacturing facility sits on 0.7 acres in North Houston. The building is fenced and gated with a paved yard. Finial Group's Doc Perrier represented the seller, John Dunn and Connie Dunn.
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Oil Logging People’s House LLC bought 8.2 acres at Julie Rivers and Reed Road in Sugar Land Business Park. Moody Rambin's Bob Gulley represented the seller, Cirrus SL L.P.
LEASES
Mia Bella’s leased a 3,800 SF space in The Star at 1111 Rusk in Downtown Houston. EDGE Realty Partners' Debbie Adams represented the landlord. Waterman Steel's Emily Durham represented the tenant.
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King & Spalding LLP renewed its multifloor lease at 1100 Louisiana, a 1.3M SF property in Downtown Houston. The law firm has been a tenant at the 55-story skyscraper since 1995. Cushman & Wakefield's Tim Relyea represented the tenant. Colvill Office Properties's Chip Colvill and Paula Bruns represented the landlord, Fantome Tower LP. Hines manages the property.
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Tower Top Solutions signed a 12K SF industrial building at 19434 Oil Center Blvd., Houston. Lee & Associates' Mike Spears and Chase Cribbs represented the landlord, Long View Equity Partners II Ltd. Heritage Texas Properties' Daniel Bekele represented the tenant.
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Kerridge Commercial Systems renewed an 11K SF office lease at 333 North Sam Houston Parkway East. Belvoir Real Estate Group LLC's Rin Willis represented the landlord, Northbelt LLC. NAI Partners' Liz Westcott-Brown represented the tenant.
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Fleetpride Inc. leased 25K SF at Wallisville Industrial Park at 9133 Wallisville Road, Houston. Moody Rambin's Jim Autenreith and Sam Rayburn represented the owner.
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Master Sink Export Inc. leased 11K SF at Gessner Business Park at 4300 Gessner Road, Houston. Moody Rambin's Jim Autenreith and Sam Rayburn represented the owner.
FINANCING
LMI Capital's Jamie Safier closed an $8.1M acquisition loan for a 110-unit asset in the Briar Forest submarket. The first mortgage featured a 4.60% fixed interest rate and three years of interest only to accommodate the borrower’s renovation plans.
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LMI Capital's Jamie Mullin secured a $4.8M floating rate bridge loan for the acquisition of a 75-unit property in west Houston. The bridge debt equated to 95% loan-to-purchase and included rehab proceeds along with a three-year interest-only period allowing the borrower to complete planned property renovation.
DEVELOPMENT
McCord Development Inc., the owner and developer of Generation Park, broke ground on the second industrial building in Lockwood Business Park. The 125K SF building is 60% leased with 50K SF available for lease. The building is scheduled to deliver in September. Method Architecture is the architect. Burton Construction is the contractor, and Woodforest National Bank provided financing. Lockwood Business Park is at 13300 Lockwood Road.
THIS AND THAT
Allied Orion Group was selected to manage Smart Living at Telephone Road at 3852 Telephone Road, Houston. The 240-unit apartment features one-, two- and three-bedroom units.
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AT&T selected CBRE to market a portfolio of 33 industrial sites in California and Texas. The new owner can maximize value through repositioning or redeveloping the assets into infill Class-A industrial, transit-oriented multifamily or other uses with in-place zoning, CBRE said. Nearly all of the properties in the portfolio benefit from excellent access and proximity to major arterials, highways and in many cases, global seaports. Many of the sites are within opportunity zones. CBRE's Patrick Arangio, Jack Howard and Kurt Altvater will represent AT&T.
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Morgan unveiled a new street art installation painted by Houston graffiti artist Sebastien "Mr. D" Boileau at the Pearl Marketplace at 3120 Smith St., Midtown. The new mixed-use mid-rise Pearl Marketplace contains 264 residential units above a 40K SF Whole Foods Market on the ground floor. Lease-up is slated to begin in June.
