This Week's Houston Deal Sheet
Oden Hughes is tapping into the Clear Lake submarket. The firm recently broke ground on a 380-unit luxury multifamily community near NASA and Port Houston.
“There’s a lot of demand for new apartments in this area but land use restrictions and a shortage of utility infrastructure make it challenging to build,” Oden Hughes Vice President of Development Tim Shaughnessy said in a release.
Situated at the northeast corner of Bay Area Boulevard and Middlebrook Drive, the community will feature 360 apartments and 20 townhomes in the Clear Lake Independent School District. It will have one-, two- and three-bedroom units with rents ranging between about $1,100 and $2,300 a month. The community is scheduled to open in mid-2020.
On-site amenities will include attached and detached garages, carports suitable for boat storage, an on-site coworking space, fitness facilities, a resort-style pool with cold spas, jogging trails, a dog walking area and dog washing station, and a playground.
The Clear Lake area has few multifamily communities on the ground or in the pipeline, according to Oden Hughes' release. One multifamily developer broke ground in the area last year and so far Oden Hughes is the only developer to announce plans to develop a multifamily project in the area in 2019. The firm acquired the 21-acre site from San Jacinto Community College in December.
Austin-based Oden Hughes is seeking to attract employees from nearby major employment hubs, including the NASA-Johnson Space Center, Boeing Space Exploration Headquarters, the University of Houston at Clear Lake and the Port of Houston Bayport Terminal.
“We really like this site because it’s highly visible and well-connected to this great neighborhood,” Shaughnessy said. “People can walk to work in just a few minutes. The community also will be in a great school system and offer amenities that can’t be found in any other multifamily development in the area today.”
Newly formed real estate investment equity firm MXCAP is a significant investor in the project, per the release. Founded in 2010, Oden Hughes has developed Class-A properties in Austin, Dallas, Fort Worth and Houston.
EXECS
Transwestern Commercial Services added eight professionals to its healthcare management and construction services team nationwide. The healthcare advisory team operates from 19 cities, includes more than 145 members, and provides services such as project management and construction services, property management, leasing, tenant advisory and investment.
The new hires include five Houston execs: James Selmser and Mark Harrison as senior vice presidents, Annette Littleton and Andy Dermawan as senior project managers and Mitch Silverman as a project manager. Other new hires are in San Antonio, Austin and Tallahassee.
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Skanska USA promoted Carlos Alvarez to Environmental, Health and Safety director overseeing the Texas market. Based in Skanska's Houston office, Alvarez joined the company in 2011 and most recently served as senior EHS manager. He has overseen a number of regional construction projects, including Harris Health Systems’ Smith Clinic, Houston Community College’s San Jacinto Memorial Building, CyrusOne’s data center and Bank of America Tower, the 35-story Class-A office building in Houston’s Central Business District. In this new role, Alvarez will be responsible for Skanska's regional EHS programs and initiatives and supervise the firm’s EHS professionals in Texas.
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Gibson, Dunn & Crutcher hired Kimberly Schlanger as a commercial real estate partner to expand its practice in the Houston office, according to law.com. The Texas office has grown to 25 lawyers since it opened in 2017. Previously with Baker Botts, Schlanger has worked with the capitalization of real estate projects and the representation developers and investors. In the new role, she will also be responsible for expanding into private equity representation.
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Colliers International hired industrial broker Robert Alinger as senior vice president and office broker Blake Virgilio as vice president. With more than 12 years of experience, Alinger specializes in industrial landlord representation and project leasing, tenant and buyer representation and site acquisition and disposition. Bringing over a decade of experience, Virgilio focuses on office leasing and sales, assisting tenants with renewals, relocations, purchases, dispositions and financial analysis of commercial real estate.
SALES
Tampa Bay Buccaneers co-owner and Manchester United Soccer Club principal owner Kevin Glazer picked up an office property in Sugar Land, according to the Houston Chronicle. Glazer Properties acquired One Sugar Creek Center from Equus Capital Partners. The real estate firm owns and manages Class-A office and retail properties in the U.S. The Houston portfolio includes Centre at Louetta in Spring, The Plaza at Lakewood Forest, Louetta Center in Cypress, Midtown Market in Missouri City, Plaza on San Felipe, Star Plaza in Clear Lake and Woodlands Green in The Woodlands.
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An undisclosed buyer has purchased 29.6 acres on 59 South and Reese Road in Rosenberg. Retail Solutions' Mohamed Gamal represented the seller, Gamal Enterprises' Kareem Gamal.
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An undisclosed buyer has purchased 7 acres on Ella Boulevard and Rushcreek Drive in Houston. Retail Solutions' Mohamed Gamal represented the seller, Gamal Enterprises' Kareem Gamal.
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An undisclosed buyer has purchased 1.5 acres on Louetta in Spring. Retail Solutions' Mohamed Gamal represented the seller, Gamal Enterprises' Kareem Gamal.
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An undisclosed buyer has purchased 1 acre on Atascocita Road in Humble. Retail Solutions' Mohamed Gamal represented the seller, Gamal Enterprises' Kareem Gamal.
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Taalvi LLC purchased Shops at Kirby at 11401 Broadway St., Pearland. Tenants include Zero Degrees, Dickies BBQ, Victory Nails and Expedia. BHW Capital's Bryan Tran represented the buyer. Colliers International's Ed Benton represented the seller, Dallas-based developer Vaquero Ventures.
LEASES
Family-owned FINS swim school signed a long-term lease at Birnham Woods Marketplace, 4057 Riley Fuzzel Road, Spring. The new 7K SF indoor facility is the company's second Spring location and fifth in Houston. The swim school will be a part of the free-standing addition to Birnham Woods Marketplace. Construction on the annex started in May, and FINS is expected to start build-out in October. Foldetta Commercial Real Estate's Ross Foldetta represented the tenant. Capital Retail Properties' Eric Walker and Anderson Smith represented the developer in-house.
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Patrick Henry Creative Promotions renewed a 13K SF office lease at 1177 West Loop South, Houston. Newmark Knight Frank's Jack Warmington and Greg Marconi represented the tenant. Spire Realty Group represented the landlord, 1177 WLS.
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International Standard Valve inked a 79K SF industrial lease at 13124 Trinity St., Stafford. Newmark Knight Frank's David Husid and Taylor Scheps represented the landlord, Gupta Management.
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Clark, Duncan & Morris renewed a 26K SF industrial lease at 9330 West Airport Blvd., Houston. Newmark Knight Frank's Jack Warmington and Greg Marconi represented the tenant. Holt Lunsford represented the landlord, BREP Beltway Distribution.
DEVELOPMENT
Hancock Whitney opened a new bank at 1051 Halsey St. in East Houston.
