This Week's Houston Deal Sheet
Pelican Builders and Sudhoff Cos. announced the topping out of The Revere at River Oaks. The nine-story luxury condominium is already 75% sold out and slated to be completed in 2020.
"It’s truly a milestone event for Pelican Builders and confirms that there is a market for people looking for a lock-and-leave luxury lifestyle in a River Oaks location,” Pelican Builders President Derek Darnell said in a release.
The Kirksey-designed project offers floor plans ranging from 2,500 SF to over 4K SF and priced at $1.5M and up. The upgraded units include spacious outdoor balconies, oversized closets and 11-foot ceilings, an exercise room, a meeting room, a catering kitchen and ample storage. The community also features a 24/7 concierge, daily valet and porter service.
The Revere at River Oaks is targeting River Oaks residents that want to streamline their lifestyle without leaving the neighborhood where they raised their children. The 30-unit community is at 2325 Welch St.
EXECS
Katie Sakach was appointed managing director at Transwestern Commercial Services. She will be responsible for asset services, which provides property management, building operations, tenant relations, budgeting, capital improvements, financial reporting and energy and sustainability solutions to clients nationwide. Sakach joined the company in 2003.
***
Brett Williams was promoted to managing director at Transwestern Commercial Services. He will focus on national business development initiatives for asset services and the company's related real estate offerings. This promotion expands his previous responsibilities that focused on business development in Texas. Williams recently rejoined Transwestern from Madison Marquette, where he oversaw 40M SF of properties.
***
Andrew Kaskow joined ICO Commercial as a sales associate for industrial properties. He has over 11 years of supply chain and industrial experience with Fortune 500 companies and the U.S. military. Kaskow previously worked in manufacturing, warehousing, assembly and distribution environments, fulfillment and warehousing needs.
SALES
GSD Pearland-Kingsley acquired 2.35 acres at the intersection of Shadowcreek Parkway and Kingsley Drive, Pearland. NewQuest Properties' Brad LyBrand and Brad Elmore represented the seller, A-S 143 SC Ranch L.P. JLL's Chris Bergmann represented the buyer.
***
An undisclosed buyer purchased Gulf Brook Plaza, a 75K SF retail center at 10703 Gulf Freeway, Houston. Retail Solutions' Benny Nguyen and Marcus Banasik represented the seller. Caisson Real Estate's Michael Maroney represented the buyer.
***
Cedar Port NIT IP 1 LLC acquired a 12.84-acre site at FM 1405 and Oscar Nelson Jr. Drive, Baytown. The company plans to develop a spec four-building, 204K SF park. The planned buildings are about 50K SF and will feature tilt-wall construction and 32-foot clear heights. Construction is anticipated to start in October. Colliers will be handling the leasing on behalf of the developer. Colliers International's Jason Tangen represented the buyer. NAI Partners' Joel Michael represented the seller, TGS Cedar Port Partners L.P.
***
Strategic Storage Growth Trust II Inc. acquired a 637-unit self-storage facility in Houston. This is the third acquisition completed by SSGT II.
LEASES
USA Compression Partners L.P. signed a 24K SF office lease at 945 Bunker Hill, Houston. The company is relocating from northwest Houston to Memorial City with move-in slated for later summer 2019. MetroNational’s Brad MacDougall and Warren Alexander represented the landlord. Axis Tenant Advisors' Scot Ison represented the tenant.
***
Olive Garden and Jason's Deli inked leases for the last two restaurant pads in the Fairfield Marketplace, a 203K SF grocery-anchored neighborhood center in Cypress. Olive Garden will occupy a 1.8-acre site at the main entrance at the intersection of U.S. Highway 290 and Mason Road. Jason's Deli will be built on a 1.05-acre pad. Fairfield Marketplace is anchored by a 123K SF Kroger Signature store that opened four years ago. The retail component is now 100% leased and 4,800 SF of second-floor office space is available.
***
Commando Pressure Control Inc. signed a 14K SF industrial lease at Four Seasons Business Park, 11614 Canyon Trail Drive, Houston. Insite Realty L.P. represented the landlord. Finial Group's Jack Gaffney and John Buckley represented the tenant. Finial Group manages and leases Four Seasons Business Park.
***
Slaughter Industrial Fabrication Co. signed a 12K SF industrial lease in Four Seasons Business Park, 11602 Canyon Trail Drive, Houston. Lee & Associates represented the tenant. Finial Group's Jack Gaffney and John Buckley represented the landlord.
***
United States Postal Service renewed a 110K SF lease at World Houston International Business Center, 4665 Kendrick Plaza Drive, Houston. InSite Realty's Rives Nolen represented the landlord, EastGroup Properties. CBRE's Kyle Golding represented the tenant.
***
ACP Auto Parts leased 37K SF at Prologis Post Oak, 1450 North Post Oak Road, Houston. JLL's Matt Parsons represented the tenant. Stream Realty Partners' Bryan O’Hair and Jeremy Lumbreras represented the landlord, Prologis.
***
Aaron's inked a 13K SF lease in a free-standing retail building for its new concept store, Aaron's Store of the Future, at 2525 Highway 6 South, Houston. Situated across from West Oaks Mall, the store will be designed to offer customers an in-store experience with state-of-the-art technology and new merchandise options. Aaron's operates over 2,000 stores in 48 states.
***
Nippon Express USA renewed a 35K SF lease at Interwood Business Center, 14469 Heathrow Forest Parkway, Houston. CBRE's David Huddleston and Billy Gold represented the tenant. Stream Realty Partners' Jeremy Lumbreras represented the landlord, Black Equities Group.
***
Azteca Enterprises leased 27K SF at Prologis IAH Logistics Center, 3340-C Greens Road, Houston. Avison Young's Faith Pate represented the tenant. Stream Realty Partners' Jeremy Lumbreras and Jeff Pate represented the landlord, Prologis.
***
Physicians Dialysis of Houston renewed its 21K SF lease at Southport Business Park, 5989 South Loop East, Houston. Cushman & Wakefield's Jennifer Doty represented the tenant. Stream Realty Partners' Boone Smith and Jeremy Lumbreras represented the landlord, Agellan Capital.
***
INOVIT leased 13K SF at Griggs Industrial Park, 6008 Griggs Road, Houston. NAI Partners' Darren O’Connor represented the tenant. Stream Realty Partners' Jeremy Lumbreras and Boone Smith represented the landlord, ATCAP Partners.
***
EPlus Technology renewed a 10K SF lease at Northwest Industrial Center, 10633 West Little York, Houston. JLL's David Buescher represented the tenant. Stream Realty Partners' Jeff Pate and Jeremy Lumbreras represented the landlord, Black Creek Group.
FINANCING
Greystone provided a $39.7M Fannie Mae loan to refinance Greenbriar Park Apartments, a 342-unit property in Houston. The loan has a 10-year term at a low fixed rate with full-term, interest-only payments. The funds will be used to continue ongoing renovations and capital improvements and monetize existing equity in the property. Greenbriar offers one- and two-bedroom units with in-unit washer and dryer and private balconies. On-site amenities include metro rail access, carport parking, two swimming pools, a clubhouse, a fitness center, spa facilities, a business center and pet play areas. Greystone's Jason Stein originated the loan on behalf of Alara Ventures.
DEVELOPMENT
A new 179K SF luxury multifamily project is under construction near Six Pines Drive and Timberloch Place in The Woodlands. The Howard Hughes Corp. is developing the 163-unit community adjacent to The Millennium Six Pines and The Millennium Waterway, both in the Howard Hughes portfolio. The seven-story building features one-, two- and three- bedroom floor plans and townhomes with direct street access. The average unit size is 1,100 SF. The units will feature quartz countertops, simulated wood flooring, stainless appliances, walk-in closets, 9-foot-plus ceilings, washer and dryers and home automation technology. On-site amenities include a clubroom, a fitness center, a third-floor amenity deck, outdoor cooking, bike storage, gated entrance to residential units and coworking spaces. The unnamed community is projected to be completed in the fourth quarter of 2020. Shepley Bulfinch will serve as the architect, and Hoar Construction as the construction manager.
***
Williamsburg Enterprises broke ground on the next phase of Sienna Crossing, a 60K SF retail center in Missouri City. Since Williamsburg acquired the property in 2014, the 35-acre lot has been developed in phases and includes tenants such as Academy, IHOP, Chick-fil-A and Jack in the Box. Identity Built has been tapped to perform design-build services and Comanche Contractors will serve as the general contractor.
***
McCarthy Building Cos. has completed construction on the Holocaust Museum Houston, Lester and Sue Smith Campus. The expansion more than doubled the building's size from 21K SF to 57K SF, ranking it as the fourth-largest Holocaust Museum in the United States. Construction began in fall 2017. Located in the heart of the Museum District of Houston, the project consisted of razing and replacing the original one-story building with a larger three-story one. The first floor includes newly expanded galleries such as the Holocaust Gallery, Human Rights Gallery and Young Diarists’ Gallery that includes Anne Frank. The second floor houses The Albert and Ethel Herzstein Theater, which now has double the number of seats. The project also includes new administrative offices, the Boniuk Library, an amphitheater, parking lot expansion and a monument sign.
***
Star Cinema Grill opened in Richmond. The Houston-based, dine-in theater concept will feature the largest Samsung Onyx Cinema LED Screen and the second in the world. It offers guests first run film releases, an extensive menu and a full-service bar. Star Cinema Grill is Houston’s largest dine-in theater group with nine locations with plans to continue expansion throughout the greater Houston area as well as other markets, including Dallas, Austin, San Antonio and Chicago.
***
Chasewood Crossing Three, a six-story, 156K SF office building, is near completion. Tenant move-in is projected for September. This is the third office building of six in the 30-acre Chasewood Crossing office park. On-site amenities include a multilevel parking garage, auto maintenance and detailing services and a proposed multi-tenant restaurant pad. The site is at 19350 Highway 249 near Cypresswood Drive, FM 1690, Beltway 8 and the Grand Parkway. B. Pennington Commercial Real Estate is handling lease-up.
***
Laudadio Polymers Inc. signed a design-build agreement for a 45K SF tilt-wall distribution facility on a 2.69-acre site within Clay Road Commerce Park. The business park is a 90-acre joint venture development of InSite Realty and Urban Cos. near the Grand Parkway and Clay Road. Urban will handle the design and construction of the facility, which is expected to deliver in the fourth quarter. InSite's Rives Nolen, John Stavinoha and Steve Hazel represented the developer. Boyd Commercial's Clay Peeples represented the buyer.
