This Week's Houston Deal Sheet
A full block of retail space is getting a facelift in the Texas Medical Center.
Pearl Hospitality is transforming the street level with its recently announced Westin Houston Medical Center redevelopment, which is set to open in early 2020. The 273-room hotel replaces the historic Medical Towers building.
Multiple national and local fast-casual restaurants signed 10-year leases: MOD Pizza, Roti Modern Mediterranean, Poke in the Bowl, Antone’s, JuiceLand, SusieCakes and The Halal Guys.
The revitalization efforts will include renovated storefront facades and curated landscaping to go along with dedicated patio areas for tenants.
“The Texas Medical Center market brings a unique mixture of visitors, employees, students, physicians and patients that interact in a concentrated area every single day," Shop Cos. landlord representative Christie Amezquita said in a release. "Pearl Hospitality’s creation of this sophisticated urban street-level experience featuring high-quality food and beverage is the perfect amenity to serve such a diverse community and is unlike any other project in the City of Houston. ”
EXECS
Craig Young and James Patterson have joined CBRE's Valuation & Advisory Services in Houston as executive vice president and director, respectively. The duo will focus on right of way services for transportation, environmental, utility and development projects of all types. With nearly 30 years of experience, Young will lead business development for right of way acquisitions. Patterson brings 17 years of experience in right of way appraisal and consulting assignments. He will co-lead the right of way specialty practice with Mike Miggins. Both joined CBRE from JLL, where they managed valuation and consulting services for large-scale infrastructure projects.
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Manhard Consulting, a national civil engineering and surveying firm, has opened a new office in Katy. The location will be home to Manhard’s commercial site team, led by Senior Project Manager Guillo Machado. The Katy office will handle residential and land development for projects in the region. This marks the firm's fourth office in Texas.
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Matteson Hamilton was promoted to partner at Stream Realty Partners. Hamilton's new leadership role will be in addition to managing the industrial leasing team and day-to-day advisement of a 25M SF leasing and management portfolio. Since Hamilton joined the firm in 2009, he has grown Stream's Houston industrial portfolio by 350% and been instrumental in completing over 5M SF of industrial development.
SALES
The Camp Bow Wow franchise acquired 0.77 acres at 16641 Telge Road in the Cypress Telge Business Center in Houston. Lee & Associates' Justin Tunnell and TNRG's Mark Ward represented the seller, JDFM Telge LLC.
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Terry Allen Enterprises Inc. purchased 4.18 acres on Intercontinental Crossing Drive in Houston. Lee & Associates' Robert McGee and Thomas Leger facilitated the deal.
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Kenneth Cadizon, Jakee Desai, Palak Desai and Grace Chung purchased 3.6 acres on Wright Road in Houston. Lee & Associates' Preston Yaggi, Pat Wolford and Stephen Kuper represented the seller. Keller Williams Realty represented the buyers.
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An undisclosed buyer purchased a 33-acre land site in Hempstead. NAI Partners’ Shaffer Braun represented the buyer. McAlister Investments represented the seller.
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Three Diamond Capital Holdings LLC acquired 4.1 acres in Bryan. The tract sits on the southwest side of Highway 6 between Highway 21 and Highway OSR. Finial Group represented the buyer. Clark Isenhour Real Estate Services LLC represented the seller, LMFAO L.P.
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GYS Development LLC purchased a 2.3-acre parcel at Montgomery Crossing at Interstate 45 and Highway 105 in Conroe. EDGE Realty Partners' Krystal Mutina and Josh Jacobs represented the seller, Montgomery Crossing LLC. Avison Young's Tommy LaBlanc represented the buyer.
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WB NASA BYPASS LLC purchased 27.8 net acres (51.5 gross acres) near NASA Parkway and the NASA Bypass in Webster. Transwestern's David Schwarz and Carlos Bujosa represented the seller.
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Zhalunglu-MT purchased a 7,365 SF surgery center at 2622 Marina Bay Drive in League City. Colliers International's Beth Young represented the seller. Keller Williams Commercial's Ada Wang represented the buyer.
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An undisclosed buyer acquired 7.7 acres at Port Crossing Commerce Center in La Porte. Colliers International's Gary Mabray and Walter Menuet represented the seller. Retail Solutions' Marcus Banasik represented the buyer.
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Sens Road Industrial LLC purchased 75.9 acres on Sens Road in La Porte. Moody Rambin's Doyle Toups and Zack Taylor represented the buyer. CBRE's Ed Frantz represented the buyer.
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Manuel & Son Trucking Inc. purchased 4.8 acres on Genoa Red Bluff Road. Rutledge Commercial Real Estate's Wayne Rutledge represented the seller. Realty Associates' Domingo Palomino represented the buyer.
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A local developer purchased a 4-acre parcel to develop two 19K SF retail centers in League City’s Victory Lakes development. Two pad sites will also be available. The location is between Lowe’s and Victory Lakes Intermediate School.
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Rehco Clear Lake LLC bought 9.5 acres along the Gulf Freeway between FM 2351 and El Dorado in Houston. The property will be used for a Jaguar and Land Rover dealership. Moody Rambin's Bob Gulley represented the buyer. JT Lynch's Terry Lynch represented the seller.
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Chiang Family Trust acquired a 14K SF building at 1180 Clear Lake City Blvd. Walgreens is the tenant. HFF's Ryan West and Charles Strauss handled negotiations.
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David Weekley Homes has acquired the largest available tract of land on the eastern side of the Heights to develop a $50M urban community. The 4.8-acre tract at 2100 Airline Drive and a 1.3-acre tract at 1602 Northwood St. are accessible to Interstate 610 and Interstate 45. The larger site housed a mobile home park, the only one left on the Heights' east side. NewQuest Properties' Chris Dray represented the seller.
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CESU LLC purchased 2 acres in Cross Creek Ranch at the intersection of FM 1093 and Cross Creek Ranch Boulevard. in Fulshear. NewQuest Properties' Ronnie Miranda and Ryan Kelsall represented the buyer. CCR Texas Holdings L.P. sold the site.
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Kingston Properties Ltd. acquired the 12K SF Tiki Plaza office project at 101 Tiki Island Drive, Galveston. NewQuest Properties' Ronnie Miranda represented the buyer. Tiki Plaza Ltd. sold the property.
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Avighna Enterprises LLC purchased 1.7 acres at 23300 Kuykendahl Road, Spring. NewQuest Properties' Ronnie Miranda represented the buyer. B. Pennington Commercial Real Estate Inc.'s Brenda Pennington represented the seller, Kuykendahl Investments LLC.
LEASES
Skylar Grace Spa signed a lease at 26400 Kuykendahl Road, Creekside Park Village Green in The Woodlands. Build-out is expected to be complete this summer.
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Britmore Investments LLC leased a 14K SF industrial property at 4553 Brittmoore Road in Houston. Lee & Associates' Clint Hankla and Justin Cole represented the landlord.
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MRC Global Inc. expanded its footprint in Port Crossing Commerce Center by taking an additional 128K SF in a recently completed 600K SF cross-dock building at 1302 Wharton Weems in La Porte. This lease brings occupancy in the building to 100%. In 2017, the company leased 493K SF at Port Crossing. MRC Global is a distributor of pipe, valve and fitting products and a service provider to the energy and industrial markets. Colliers International's Walter Menuet and Gary Mabray represented the landlord, Liberty Property Trust. Cushman & Wakefield's Scott Wegmann and Kelley Parker represented the tenant.
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Hobby Lobby leased 48K SF at Fairway Center in Pasadena. The center is on the northeast corner of Beltway 8 and Fairmont Parkway. Riverway Retail's Scott Shillings represented the tenant. Edge Realty Partners' Debbie Adams represented the landlord.
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Crazy Boss, a soft goods retailer, leased 26K SF at 1222 South Shaver St., Pasadena. The company plans 10 additional locations in the next few years. NAI Partners' Lesley Rice and Andy Parrish represented the landlord. Bolder Capital's Chris Holder represented the tenant.
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MaSTherCell U.S., a global medical manufacturing and biotechnology firm, leased 32K SF at 253 Medical Center Blvd. in Webster. This lease represents the company’s expansion to the U.S. — it has other locations in Brussels, Israel and Asia. CBRE's Brandy Bellow Spinks represented the landlord. Transwestern's Robby Winston represented the tenant.
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IB Supply leased 21K SF at 9311 Bay Area Blvd. in Bay Area Business Park in Pasadena. Lee & Associates' Trey Erwin represented the tenant. Stream Realty Partners' Justin Robinson and Jeff Pate represented the landlord.
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FleetPride Inc. leased 18K SF at Port Crossing’s newly constructed building at 1814 Highway 146 South in La Porte. Colliers International's Walter Menuet and Gary Mabray represented the landlord, Liberty Property Trust. Cushman & Wakefield's Stephen Schneidau represented the tenant.
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Three leases totaling 17K SF were executed for office space at 1300 Hercules Ave. in Clear Lake. Cimarron Software Services took 7,427 SF, JSC Federal Credit Union took 6,976 SF and South Land Title took 2,712 SF. Transwestern's Doug Little, Louann Pereira and Matt Seliger represented the landlord.
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Ham, Langston & Brezina leased 12K SF at 11550 Fuqua in Houston. NAI Partners' Griff Bandy represented the tenant.
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River Park Shopping Center signed three leases. BurgerIM leased 3,086 SF. Ironbridge Realty’s Court Richardson represented the landlord, ShopCore Properties. Jersey Mike’s leased 1,371 SF. Retail Connection's Lane Zieben and Lasater Miller represented Jersey Mike's. Twin Liquor leased 4,532 SF. BKD Realty's Bryan Dabbs represented the tenant.
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Alpha Insulation & Waterproofing Inc. signed a 19K SF industrial lease at 14820 Tomball Parkway in Houston. NAI Partners’ Darren O’Conor and Jake Wilkinson represented the tenant.
FINANCING
Venterra Realty acquired financing for Shadowbrooke and Silverbrooke, two multifamily communities totaling 552 units at 1025 Dulles Ave. and 1020 Brand Lane in Stafford. HFF secured two 10-year, fixed-rate loans with interest-only payments throughout the term. Loan proceeds were used to refinance existing financing that HFF arranged in 2014. Completed in 2003, Shadowbrooke features 240 units that are 92% leased. Completed in 2007, Silverbrooke has 312 units and is 93% occupied. The properties are adjoined by a private park, including shared amenities such as a jogging trail, sand volleyball court, playground and putting green. Each community houses its own resort-style swimming pool, hot tubs, clubhouses and fitness centers. HFF's Cortney Cole and John Williamson represented the borrower.
DEVELOPMENT
MAN Energy Solutions has opened its North American headquarters in The Uplands at Twinwood. This is the first facility to launch operations in the new 400-acre business park development at 1758 Twinwood Parkway in Brookshire. The new headquarters is a 137K SF build-to-suit owned by Houston-based Welcome Group.
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Century Communities Inc. is opening a new community in Porter, north of Kingwood and 30 minutes from Downtown Houston. Northpark Woods' community amenities will include walking trails, a covered pavilion, a splash pad and a playground. Northpark Woods will have 370 single-family home sites with 12 floor plans ranging from 1,205 to 2,760 SF starting from the $160Ks.
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Panattoni is developing a 643K SF cross-dock building on 41.6 acres at the Bayport South Business Park in Pasadena. The specifications are 36-foot clear height, 60-foot loading bay, 56-foot by 50-foot column spacing, dock-high and four overhead doors. Construction is expected to wrap in the fourth quarter.
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Johnson Development Associates Inc. is building a 248K SF cross-dock building at the Bayport South Business Park in Pasadena. The specs are 32-foot clear height, 50-foot by 52-foot column spacing, 60-foot speed bays, dock-high and drive-in doors. The building will be ready for occupancy mid-summer. Another 248K SF building was recently completed and leased to Unis LLC.
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Phase 3 is underway at Bay Area Business Park in Pasadena. The 1.3M SF project on 95 acres consists of three buildings: 250K SF, 300K SF and 784K SF, which is expandable to 1M SF. Availability is anticipated for the first quarter of 2020. Dosch Marshall Real Estate's Tom Dosch represented Stream Realty in the land purchase.
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Restaurant Depot, a grocery and food service supplier, will build a 60K SF facility on Genoa Red Bluff Road in Pasadena.
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Danner’s Inc. recently broke ground on 4 acres at 3551 Pasadena Blvd. This will be the company's new headquarters, relocating from east Houston after more than 80 years.
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Tannos Land Holdings is building a new 63K SF office building at 505 South Friendswood Drive in Downtown Friendswood. The $10M building is four stories with retail and restaurants on the ground floor and office space on the upper floors for one or more tenants.
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Virgata Commons, a new commercial center at 1765 and 1769 South Friendswood Drive near the intersection of FM 528, is under construction. Two buildings totaling 20K SF will include Orangetheory Fitness, Mod Pizza and Jersey Mike’s. Virgata Property Co. is looking for a 3K SF to 3,500 SF restaurant. Three of the four pad sites are leased to Chick-fil-A, Chipotle and Valvoline. The fourth at 3.7 acres is available.
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Shadowbend Business Park is under construction at 105 East Shadowbend, Friendswood. The 10K SF development, consisting of two buildings, is ready for retail and office tenant build-out. Minimum lease space is 1,666 SF.
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West Parkwood Place is under construction at 1501 West Parkwood Ave., Friendswood. The $4.75M commercial center will be complete and ready for build-out in August.
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A new retail center is underway at Fairmont Parkway and Allen Genoa in Pasadena. The developer is looking for an anchor tenant in the range of 20K to 25K SF. Pad sites and smaller inline spaces are available.
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Holiday Inn Express is planned for the intersection of League City Parkway and the Gulf Freeway. Three acres were sold to the hotel from a 19-acre parcel. Plans were recently announced for the remaining 16 acres to be developed as a part of the proposed Epicenter League City project. Brockway Commercial's James Brockway represented the seller, RIG Member LLC.
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Staybridge Suites will be built in La Porte at 1328 Highway 146 South.
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Marriott Fairfield Inn & Suites will open this summer at 1144 Pinnacle Drive in League City. The hotel will feature five floors and 112 rooms.
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The new owners of Macroplaza Mall, formerly Pasadena Town Square, will begin work on an extensive renovation to the mall. Redevelopment includes additional entertainment, restaurants and medical space. The facade will take on a colonial-style similar to that of the El Bolillo bakery that was recently built nearby.
THIS AND THAT
A new rotating art installation is coming to Understory, the 35K SF community hub and culinary market at the Bank of America Tower in Downtown Houston. The new collaboration is in partnership with Houston's Sawyer Yards, a creative community in Houston. Curated by Grace Zuñiga, Sawyer Yards' creative director, the inaugural installation titled Natural Abstraction will feature eight women and include paintings, ceramics and a mural. The pieces will explore the human connection to natural environments and aim to deepen one’s understanding of home. The installation will be on display from June 1 through Dec. 30. Every six months, the 100-foot glass wall lining Milam Street, known as the Milam Art Wall, will feature work from Sawyer Yards artists. Curated themes will vary with each installation.
