This Week's Houston Deal Sheet
Fairfield by Marriott Inn & Suites in Missouri City opened Friday.
Situated at 3533 FM 1092 Road, the 75-room hotel will operate as a Marriott franchise, owned by SSV Hospitality and managed by Imbue Investments LLC of Kingwood.
“Delivering both function and comfort, our new design and décor elevate the Fairfield brand, setting a new standard in the moderate tier category,” Classic Select Brands Senior Vice President and global brand leader Janis Milham said in a release. “The Fairfield Inn & Suites Houston Missouri City is a truly stunning example of the brand’s contemporary look and feel, and we are pleased to introduce Fairfield Inn & Suites hotels in the Missouri City area.”
Hotel amenities include an outdoor swimming pool, a fitness center, valet laundry service, complimentary WiFi and a business center. The hotel also provides 2,291 SF of meeting space and the Ambassador Bar in the lobby. The hotel promotes having convenient access to the Smart Financial Centre, First Colony Mall and NRG Stadium.
SALES
Exeter Property Group acquired Century Oaks Business Park at 10621 – 10641 South Sam Houston Parkway, Houston. The park consists of six industrial buildings totaling 246K SF on 19 acres. Rubicon Representation's Daniel Miller and David Moore represented the buyer. Bearden Investments' Clay Peeples and Boyd Commercial's Bo Pettit represented the seller.
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An undisclosed buyer acquired the Automotive Shop at 5118 Ashbrook Drive, Houston. The shop is near H-E-B, Starbucks and Walmart and transportation thoroughfares: U.S. 59, Rice Avenue and Bissonnet Street. Century 21 Commercial Top Realty's Mike Pittman and Real Broker's Russell Vidrine represented the seller. Vanguard Commercial Group's Stephen Jenkins represented the buyer.
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An undisclosed buyer purchased a corporate-backed Advance Auto Parts retail space at 909 Telephone Road. The site is near the East End and upcoming East River project in Houston. Belvoir Real Estate Group's Rin Willis represented the seller, C6 Holdings LLC. Lewis Property Co. represented the investor.
LEASES
Wharf Marine Solutions LLC leased a 10K SF industrial space at 811 Success Court, Stafford. ICO Commercial's Mike Gornek and Peyton Easley represented the landlord, 3 Holks Ltd.
FINANCING
HFF arranged $92M in financing for a three-property student housing portfolio in Texas, Iowa and South Carolina. An undisclosed buyer secured the three-year, floating-rate loan through a large institutional lender. Financing will be used to refinance existing construction financing. HFF's Doug Opalka, Casey Wenzel and Michael Johnson represented the buyer. The portfolio is made up of:
- Aspen Houston, two four-story, 717-bed, wrap-style buildings at 4971 Martin Luther King Blvd. in Houston, which serves the University of Houston.
- Aspen Ames, a 422-bed, garden-style property at 3306 Lincoln Way in Ames, Iowa, which serves Iowa State University.
- Aspen Conway, a 514-bed property totaling 116 cottage-style buildings at 2251 US-501 East in Conway, South Carolina, which serves Coastal Carolina University.
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Tremont Mortgage Trust secured a $28M first mortgage bridge loan to provide refinancing for 1711 Caroline Apartments, a 220-unit multifamily property in Houston. This floating rate loan has a one and a half year initial term with two one-year extension options, subject to the borrower meeting certain conditions.
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Flagship Capital Partners arranged the funding of a senior bridge loan for the acquisition and repositioning of a Class-B retail center in Southwest Houston. The nonrecourse senior loan includes a 24-month initial term with two six-month extensions and 12 months of interest only. The funds will be used for acquisition, capital improvements, tenant improvements and leasing commissions.
DEVELOPMENT
RCR Hempstead Logistics Park broke ground on a 137-acre site in Hempstead, Waller County. The project is expected to open for business in June serving national and international-grade manifest and transload firms in the northwest part of the Houston metro with rail service from Union Pacific rail.
THIS AND THAT
Allied Orion Group CEO Ricardo Rivas was named by EY (formerly Ernst & Young) as a finalist for the Entrepreneur Of The Year 2019 Award in the Gulf Coast Area. The program recognizes entrepreneurs and leaders in high-growth companies who are excelling in areas such as innovation, financial performance and personal commitment to the businesses and communities. Winners will be announced at a special gala on June 21 at the Marriott Marquis Houston.
