This Week's Houston Deal Sheet: Howard Hughes Breaks Ground On Ritz-Carlton Condos
Howard Hughes broke ground on The Ritz-Carlton Residences, The Woodlands. The first standalone Ritz-Carlton branded condominiums for sale in Texas are set on the last available large-scale residential site on Lake Woodlands.
The condominium project is designed by Robert A.M. Stern Architects. In a release, Howard Hughes said the Ritz-Carlton Residences has experienced unprecedented sales since being announced earlier this year, with 69% of the homes presold.
“The project commenced its long-awaited pre-sales in late March and closed that first quarter with more than half of its residences pre-sold at prices per square foot never seen in the Houston market,” Howard Hughes CEO David O’Reilly said in the release.
The project features about 15K SF of indoor wellness experiences and 3 acres of outdoor amenities, including 1,200 feet of lakefront shoreline for the private use of owners. Douglas Elliman Development Marketing is the exclusive listing brokerage for the project
SALES
Texas-based real estate developer Urban Logistics Realty and a real estate investment fund advised by Crow Holdings Capital sold the Urban District 290 business park development to a local distributor in Northwest Houston.
The two-building, shallow-bay project totals 238K SF and is ULR’s first development in Houston. It is near the corner of U.S. Highway 290 and Bingle Road.
A real estate investment fund advised by Crow Holdings Capital was the investment partner, and Inwood National Bank provided financing. Powers Brown Architecture was the architect, Kimley-Horn was the engineer, and Burton Construction was the general contractor. Nathan Wynne and Jason Dillee with CBRE managed the sale for ULR and Crow Holdings Capital.
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W E Mauney LLC bought a 16K SF office warehouse on 2.5 acres in the Tomball Business & Technology Park at 2121 S. Persimmon St. in Tomball. The buyer will eventually relocate three of its businesses into this single location, according to a news release.
Tom Condon Jr. of Colliers represented the seller, KTB Properties LLC. Al Gosen of Texas United Realty represented the buyer. The closing was coordinated by Jane Mathews and Erin O’Neal with Stewart Title – Tomball.
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Industrial Consulting & Support Corp. West Inc. purchased a 21K SF building at 1524 Mooney Road in Houston. Oxford Partners’ Matt Rogers represented the buyer, and Matthew Clay and Patrick Wolford of Lee & Associates represented the seller.
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Michael Vaughn Cavanaugh purchased 2.3 acres at 0 Windfern Road in Houston. Oxford Partners’ Rogers represented the buyer, and Cody McMillian of Vision Real Estate represented the seller.
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Eastham Capital partnered with Mosaic Residential in the acquisition of Amber Oaks and Park Place, two multifamily communities in Pearland.
South Florida-based Eastham Capital invested in the deal through its current fund, Eastham Capital Fund VI LP. Mosaic Residential, which has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The acquisition price was not disclosed.
Amber Oaks, totaling 63 units at 2685 Old Alvin Road in Pearland, is 95% occupied. Park Place, at 3340 E. Walnut St. in Pearland, has 101 units and is 96% occupied. The communities are adjacent to each other and share amenities.
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A private investor purchased a property that houses a 14K SF Walgreens on an outparcel of a Kroger-anchored shopping center in Spring.
Hanley Investment Group’s Kevin Fryman, Garrett Wood and Ed Hanley, in association with ParaSell Inc., represented the seller, a private investor based in Houston. The buyer, a private investor from Alexandria, Louisiana, was represented by Melissa Gerber Brams of Gerber Realty.
“We procured a private 1031 exchange buyer and achieved an aggressive cap rate,” Fryman said in a news release. “By advising the seller to extend Walgreens’ lease, we provided the buyer with greater confidence in the store’s long-term viability, thereby maximizing value.”
The Walgreens building is on 1.7 acres at 18535 Champion Forest Drive in Spring.
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Enviroguard Solutions acquired 20110 GH Circle in Waller, a manufacturing campus that sits on about 13 acres and has 108K SF of heavy-crane-served space. The facility will serve as its Texas location.
John Ferruzzo and Jack Ferruzzo of KBC Advisors represented Enviroguard Solutions. Andrew Laycock and Michael Keegan with Partners Real Estate represented the seller.
LEASES
Homebase, a technology firm, leased 11K SF at The Quad at Brittmoore, a joint venture mixed-use development between Pagewood and Wile Interests in Spring Branch. The Quad is transforming industrial warehouses into a “four-building boutique workspace community,” according to a news release.
With Homebase and other tenants, The Quad at Brittmoore is now 80% leased. Parker Noble and Matt Asvestas of Stream Realty Partners represented the landlord. Homebase was represented by Noah Kruger of Savills.
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Lodging Solutions LLC leased 44K SF at 750 Almeda Genoa Road and 44K SF at 13131 Almeda Road in Houston. Oxford Partners’ Rogers represented the tenant.
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Vaalco Energy Inc. leased 23K SF at 2500 CityWest Blvd. in Houston. Win Haggard of Cushman & Wakefield represented ownership under the direction of Dennis Tarro and Phillip Moore of Patrinely. Joshua Brown and Audrey Selber of Newmark represented Vaalco Energy, which will occupy the fourth floor of the building. Patrinely oversees the building’s leasing and management.
CONSTRUCTION & DEVELOPMENT
Jackson-Shaw broke ground on Greensport Logistics Park, a Class-A industrial park with two buildings totaling 535K SF. The development is on 38 acres on Haden Road, just south of Interstate 10 in Houston.
Building 1 is 149K SF and Building 2 is 386K SF. Both buildings are designed with flexibility for multiple tenants.
Greystar-Thackeray is the equity partner, Burton Construction is the general contractor, Goree is the architect, Kimley-Horn is the civil engineering firm, and Comerica is the lender. The leasing team includes Cushman & Wakefield’s Beau Kaleel, Michael Foreman and Brooke Swerdlow.
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Fidelis celebrated the groundbreaking of the San Jacinto Marketplace project on Wednesday along with Baytown City officials, including Baytown Mayor Brandon Capetillo. San Jacinto Marketplace is a redevelopment of the San Jacinto Mall, which first opened in 1981.
Fidelis purchased the mall in 2015 with plans to demolish and redevelop it. San Jacinto Marketplace will feature shopping, dining and an open green area.
“While it has taken longer than any of us wanted, we are seeing real progress, and I can’t wait for our residents to see that the San Jacinto Marketplace was worth the wait,” Capetillo said in a release.
