This Week’s Houston Deal Sheet: 463K SF Infill Industrial Project To Get Underway By Year's End
Standard Real Estate Investments is making an equity investment to develop Veterans Memorial Business Park, a 463K SF industrial park, in partnership with Investment & Development Ventures.
The infill site is at 10326-10330 Veterans Memorial Drive in Northwest Houston. Construction is anticipated to begin by the end of this year.
“Houston’s industrial market has been on a steady growth trajectory representing one of the strongest markets in the nation with solid occupancy and consistent demand,” Tim Harrington of IDV said in a news release. “We believe this project brings a rare opportunity to deliver shallow bay, infill product to meet this growing demand and are thrilled to have a partner like Standard to make this project a reality.”
Veterans Memorial Business Park will have three speculative front-load, Class-A industrial buildings of 219K SF, 151K SF and 93K SF. The park will accommodate tenants as small as 46K SF.
PEOPLE
Moody Rambin appointed Shane Cawood as executive vice president of property management. Cawood most recently worked at Rebees Management Co., where he spearheaded operations for an experiential property management startup.
Cawood will lead Moody Rambin’s property management division to ensure its continued growth.
***
Lincoln Property Co. hired Gabe Lerner as executive vice president in Houston. Lerner will focus on growing Lincoln’s service businesses and development and investment portfolios in the Houston market.
Lerner comes from AOG Living, where he was managing director leading acquisition, development and financing. He spent 10 years with ZTC Investments, leading global investments and developments, and started his career in Houston as an attorney.
***
Jack Moody joined Houston-based Baker Katz as its director of acquisitions.
Moody was previously an investment sales associate with JLL Capital Markets, responsible for all stages of a deal cycle, including property valuation projections, marketing and due diligence. He closed more than $1.6B in transactions in Houston.
SALES
D.R. Horton, the largest homebuilder in the country, bought 14.4 acres in Montgomery to expand the Chapel Lakes community it is developing on 138 adjacent acres. Newcor’s David Alexander and Josh Cheatham facilitated the sale between D.R. Horton and the seller, Rabon Chapel 14 LLC.
***
Zermeno GTB LP purchased 14.8 acres on Becker Road near Waller-Tomball Road in Northwest Houston. Zermeno GTB plans to develop an industrial park on the site that will tentatively deliver in 2025.
Brandon Wuntch and Drew Altmann of Cresa represented the buyer.
***
The Farm League bought 35 acres at the northwest corner of State Highway 149 and FM 1488 in Magnolia. It plans to build a recreational sports facility, combining the new land with 12 additional acres for a 47-acre complex. Completion is anticipated in 2026.
Parkside Capital facilitated the sale.
CONSTRUCTION AND DEVELOPMENT
Aetna, a CVS Health company, was joined by Harris County Housing and Development, Harris County Precinct 4, Blazer and other community partners at a groundbreaking ceremony for Hartwood at Spring Shadows, an affordable housing community in Northwest Houston.
The development, to be constructed at Clarblak Lane near Clay Road, will have 125 multifamily housing units, including 112 affordable rental units for households earning between 30% and 60% of the area median income, plus 13 market-rate units. There will be 48 one-bedroom units, 58 two-bedroom units and 19 three-bedroom units.
Of the 112 affordable housing units, nine will be set aside for residents with special housing needs, including individuals with disabilities, people with HIV/AIDS, older adults, individuals with alcohol and/or drug addictions, domestic violence survivors and public housing residents. Three units will be reserved for people experiencing homelessness.
Aetna supported the development with a $17.9M equity investment through Boston Financial. The property will also benefit from $10M in financing from the Harris County Housing Finance Corp. The total development costs are $34.5M.
Blazer is the developer and property manager.
