This Week's Houston Deal Sheet: Downtown's GreenStreet Poised For Upgrade
Real estate company Rebees announced plans to upgrade GreenStreet, a four-block, 611K SF district in Downtown Houston. The district includes a 260K SF Class-A office tower, 326K SF of retail space and tenants like House of Blues, comedy club Punch Line Houston, The Laura Hotel and Life Time Fitness.
The planned enhancements include a new pedestrian alleyway experience with local food and beverage purveyors, four city blocks of rooftop solar panels, and upgraded office space with new landscaping and gardens.
Rebees’ Matt Ragan and Tom Paterson are leading the repositioning. Rebees will also lead property management, retail leasing, marketing and events. Transwestern Real Estate Services will serve as the partner for office leasing, led by Eric Anderson, Katy Gragg and John Heard.
International design collective Rios will head the design of the project. Construction of Phase 1 is set to begin in the first quarter and be completed by Q3.
“The readaptation of GreenStreet will create a new model for urban space in Downtown Houston,” Mark Motonaga, creative director and partner at Rios, said in a news release.
PEOPLE
Newmark hired Meredith Cullen as senior managing director in the firm’s land services group. He will focus on the acquisition and disposition of industrial, office and retail land developments and master-planned communities.
Cullen has more than 20 years of experience, most recently co-leading a land brokerage team as a director at Cushman & Wakefield.
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The Signorelli Co. hired Cathy Reich as senior vice president of accounting. Reich has nearly 20 years of experience, most recently as vice president of accounting at Lovett Industrial. She has managed $3B in commercial real estate transactions and handled financial and accounting operations for land holdings, development, acquisitions and property management.
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Lee & Associates - Houston hired Brandi Dees as senior director specializing in retail and land transactions. Dees has more than 20 years of experience focused on corporate acquisitions and dispositions, tenant representation and land transactions.
Her notable national tenants in the Houston area include Five Guys, Jack in the Box, Comcast and Xfinity, and Seattle’s Best Coffee. Dees also built a niche business in retail fuel services, leading Shell Oil Co. in more than $200M of land acquisitions and dispositions.
SALES
History Maker Homes acquired 131 acres at the northeast corner of Stockdick and Schlipf roads in Katy from Holigan Farms. History Maker Homes plans to develop a community with 379 single-family lots on the site, which is adjacent to the Sunterra community.
Newcor Commercial Real Estate’s Josh Cheatham and David Alexander brokered the transaction.
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PCCP LLC acquired a 13-acre parcel for the construction of Skymor at Pearland, a 109-unit, gated, build-to-rent townhome community. Integrity Community Builders, a David Weekley Homes company, has been commissioned to immediately start construction on finished lots. The first homes are expected in February.
Skymor at Pearland, on Old Chocolate Bayou Road in Pearland, will feature a mix of three- and four-bedroom units. Every unit will have a two-car garage and a two-car driveway. The community will include green spaces, a walking trail, a playground and a dog park.
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Gamal Enterprises Inc. sold 7 acres at the lighted intersection of State Highway 96 and Lawrence Road in League City to a local retail developer. Meredith Cullen, then with Cushman & Wakefield, represented the seller.
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Christopher Todd Capital closed escrow on its first Texas build-to-rent acquisition. Christopher Todd Capital is an Arizona-based family office and parent company to Christopher Todd Communities.
The company purchased The Cottage Green at 15770 Old Conroe Road in Conroe, a 314-home community spanning 40 acres with cottages, townhomes, bungalows, garden homes and lofts.
HMFA Houston Property Owner I LLC was the seller. Willow Bridge Property Co. was selected as the property management company. The Cottage Green will be rebranded as Cottage Living.
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Toll Houston TX LLC sold an acre at 26842 FM 2978 in Magnolia. SVN | J. Beard Real Estate’s Diana Gaines represented the seller. The buyer, STNL Development LLC, was represented by David Boyd of Boyd Commercial. The land will be home to The Learning Experience, an early childhood education provider.
LEASES
Pro Parts, an auto parts supplier, leased 120K SF at Fairbanks Northwest Distribution Center in Houston. CBRE's Jason Dillee, Greg Holmes and Savannah Smith represented the landlord, Triten Real Estate Partners. Greg Egan is Triten’s tenant rep broker.
Fairbanks Northwest Distribution Center is a newly constructed two-building, 358K SF warehouse distribution center on 23 acres. This lease brings the project to 80% occupancy, with 75K SF remaining available.
CONSTRUCTION AND DEVELOPMENT
Sueba USA opened Ivy Lofts, which includes 355 apartment units above 11K SF of ground-level retail space and a five-story parking garage at 1466 Ivy Park Terrace in Pearland. The development is within Ivy District, a master-planned, 42-acre mixed-use development by America Modern Green Development.
Ivy Lofts offers a mix of studio, one- and two-bedroom apartments. The community has a resort-style pool with spa and a separate lap pool, rentable storage spaces, a pet spa and a coffee bar.
FINANCING
The AIC CEI-Boulos Opportunity Fund, a joint venture between Woodforest Financial Group subsidiary Allivate Impact Capital and CEI-Boulos Capital Management, invested majority equity in the Knowles-Rowland House. The Knowles-Rowland House is a permanent supportive housing project backed by Bread of Life Inc., a Houston-based nonprofit.
The 21K SF building at 2019 Crawford St. in Midtown Houston is an adaptive reuse of the Knowles-Rowland Center for Youth, transforming it into 31 new units of permanent support housing for people who experienced chronic homelessness. It was originally constructed in 1999 as a gymnasium and youth center.
The project is also supported by $7.2M in American Rescue Plan Act funds from Harris County.
