This Week's Houston Deal Sheet: Former Schlumberger Office Slated For Mixed-Use Makeover

Market Square Cos. and Tenon Property Co. are jointly developing a vacant office building site into a mixed-use development in West Houston.

Ashford Yard will be a 13-acre mixed-use lifestyle center at the site of a former Schlumberger building at the northeast corner of South Dairy Ashford Road and Briar Forest Drive.

Plans call for 90K SF of retail and restaurants and 350 Class-A apartments centered around a green space called The Yard. Austin-based Nelsen Partners is designing the project.

Groundbreaking is expected in the spring. Shawn Ackerman of Henry S. Miller Brokerage will oversee leasing, targeting restaurants, service-oriented retail, and wellness and fitness tenants.

The project received the first city of Houston green stormwater infrastructure tax abatement for projects that incorporate green stormwater techniques to help manage rainwater while enhancing the environment, according to a news release. 

SALES

Partners Capital, the investment platform of Partners Real Estate, acquired Dixie Farm Business Park in an off-market transaction. The asset is an eight-building, 196K SF flex/retail property at the intersection of Interstate 45 and Dixie Farm Road in Southeast Houston. 

The property is 96% occupied and was acquired through Partners Capital’s Opportunity Fund V. 

Partners Capital financed the acquisition with Brent Reed and Peyton Jones at Veritex Community Bank. Partners Capital's asset management team will execute capital improvement projects to enhance the asset’s functionality and cosmetic appeal. 

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Stonepeak, an alternative investment firm specializing in infrastructure and real assets, acquired six logistics properties totaling 2.3M SF in Houston. The assets are less than 8 miles from Port Houston. Simpson Thacher & Bartlett LLP served as legal counsel, and JLL served as financial advisor to Stonepeak. 

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CBRE announced the sale of Baybrook Passage, a 198K SF shopping center at 19425 Gulf Freeway in Webster. Mark Witcher, Jolie Duhon, Chris Cozby, Jim Batjer and Harrison Tye with CBRE National Retail Partners arranged the transaction on behalf of the seller, Gulf Coast Commercial Group. The buyer, SLS Properties, was self-represented. 

The shopping center was built in 2003 and is anchored by Best Buy and Staples. Additional tenants include Boot Barn, Skechers and Memorial Hermann. The center was 97.2% occupied by 29 tenants with an average tenure of 18 years at the time of sale. 

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PTR Holland Group purchased a 63K SF industrial property at 15211 Woodham Drive in Houston. Jack Gowan and Peyton Easley of Titan Commercial represented PTR Holland Group. The seller, CJC Investments LP, was represented by Olesya Korneva with Lumicre.

This is PTR Holland Group’s first owned operational facility in the U.S.

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J. Alan Kent Development acquired 119 acres adjacent to a 411-acre parcel on FM 1097 in Montgomery that it purchased earlier this year. The Newcor land team of David Alexander and Josh Cheatham represented the buyer. Jennifer Tucker of Land Home and Ranch Realty represented the seller. 

The buyer plans to use the land for a mixed-use community with large-lot residential properties and commercial uses. 

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Colliers announced the sale of 11999 Katy Freeway, a 105K SF office building on 3 acres in Houston’s Energy Corridor. David Carter and Bill Byrd of Colliers represented the seller. 

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Gamal Enterprises Inc. sold 11 acres on the corner of FM 362 and Cochran Road in Waller to Fuel Maxx. Jeff Lokey represented the seller. The property was one of Gamal's two 11-acre commercial reserves from a larger development. The remaining 260 acres is slated to become a single-family residential subdivision.

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Kareem Gamal of Gamal Enterprises Inc. sold 24 acres across from the Aliana master-planned community next to the intersection of West Bellfort Avenue and Harlem Road. Mohamed Gamal of Domain Commercial represented the seller.

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Scarlet Capital Group acquired two shopping centers, including the 70K SF multitenant Williamstown Shopping Center at 9501 to 9533 Southwest Freeway and a 10K SF property leased to Dollar General at 7728 Lockwood Drive. Scarlet Capital Group is led by brothers Alexander and Daniel Ron. It is pursuing vintage triple-net-lease retail sites. 

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Houston-based Wu Properties bought Woodlake Square, a 157K SF shopping center in the Westchase District. CBRE's Mark Witcher, Jolie Duhon, Chris Cozby, Jim Batjer and Harrison Tye represented the seller, Edens, in the transaction.

The shopping center at 9600 Westheimer Road was 80% occupied by 21 tenants at the time of sale. It has been anchored by Randall’s and Walgreens since the 1970s. 

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Provident Industrial sold Hall Road Distribution Center to David Wang and Yong Lin, owners of local seafood logistics company Ocean Kingdom. The 139K SF industrial building will serve as Ocean Kingdom’s operational hub, supporting the import and distribution of frozen seafood products. 

Construction of the project was completed in December 2024, led by general contractor Angler Construction. The development was a collaboration between Provident, Junction Commercial Real Estate and Singerman Real Estate. Provident’s Christen Vestal oversaw the project.

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Timberline Environmental Services bought two industrial buildings totaling 15K SF at 12062 and 12068 FM 3083 in Conroe. The buyer was represented by Joel English and Flavio Beato of Texas CRES. Seller FDJ Holdings was represented by Michelle Soderberg and Tom Condon Jr. of Colliers. The closing was coordinated by Brandi Jones with Stewart Title of Montgomery County. 

LEASES

National Road Logistics LLC subleased 74K SF of industrial property at 1300 E. Barbours Cut Blvd. in La Porte from sublessor Green Mile Logistics. Devon Gasaway, Jack Gowan and Peyton Easley of Titan Commercial represented Green Mile Logistics. The subtenant was represented by Kyle Cheung and Will Clay of JLL.

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Howard Hughes announced the following leases in its buildings: 

• Tachus, a fiber internet company, leased 25K SF for its primary headquarters at 3831 Technology Forest. Ryan Roth and Jerrod McQuain with JLL represented Tachus.
• Weaver, an accounting and consulting firm, is expanding its lease to 26K SF at One Hughes Landing. Scott Morse and Katherine Jessen Pool of Citadel Partners represented Weaver.
• Beusa Energy and its family of companies — Evolution, Dynamis, Amp and Mertz — expanded their operations, leasing an additional 14K SF at Three Hughes Landing. 

Scott Fikes and Jack Russo of JLL represented Howard Hughes in the transactions. 

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Pressify Inc. leased 35K SF at 9960 W. Sam Houston Parkway S. Oxford Partners’ Jacob Summers and Stephen Hazen represented the tenant. The landlord, Stone Mountain Properties, was represented by Matt Easterling and Ryan Burnaman of LandPark Commercial.

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Lee & Associates - Houston announced the following leases at Republic Square at 13501 Katy Freeway: 

• Gate Holdings renewed and expanded its headquarters lease to 29K SF. The family of companies provides services for the energy sector, including project delivery, engineering, commissioning, field services, operations and staffing. Bill Insull and Blake Virgilio of Lee & Associates - Houston represented the landlord, Houston EC Development LLC. Alex Taghi of Franklin Street represented Gate Holdings.  
• Axens Americas, which provides solutions for the conversion of oil and biomass to cleaner fuels for petrochemical intermediates, leased 30K SF. Insull and Virgilio represented the landlord and Bobbie Bozarth of Transwestern represented the tenant.