This Week's Houston Deal Sheet: Partners Capital Buys Old Town Spring Business Park
Partners Capital, the investment platform of Partners Real Estate, acquired Old Town Spring Business Park, a 196K SF flex industrial development with four 49K SF buildings.
The park is on West Hardy Road in Spring. It is the second property acquired through Partners Capital’s fifth opportunity fund.
The park is more than 95% occupied, Partners Capital President Andrew Pappas said in a news release.
“This acquisition was made at an attractive yield and strong in-place occupancy that provides immediate cash flow to the Fund V portfolio,” Adam Hawkins, partner of opportunity funds, said in the release. “Additionally, there is significant upside opportunity through leasing improvements and the development of additional product on the adjacent 1.937-acre pad site.”
Partners Capital financed the acquisition with Brent Reed and Peyton Jones at Veritex Community Bank.
PEOPLE
JLL promoted Richard Quarles to senior managing director, leading the Houston industrial agency leasing brokerage team. He will oversee seven brokers specializing in landlord representation.
Quarles said in a release that he was honored to lead the group after working with JLL’s clients and employees over the last two decades.
SALES
Century Communities bought 46 undeveloped acres on Main Street in La Marque, where it plans to develop a single-family subdivision. Colliers’ Harrison Kane, Chris Hutcheson and James Kadlick represented the seller, a local investor.
“We continue to see builders buying land in the Greater Houston area for new subdivisions,” Kane said in a news release. “Houston is still undersupplied on lots and the secondary market is tied up because of interest rates. Houston is seeing excellent population growth, and we believe we have a good runway ahead of us in the single-family land market.”
LEASES
Eco Thrift leased 29K SF of retail space in Willowbrook Plaza at 17355 Tomball Parkway in Houston from Mishorim 255 LLC and Mishorim Gold Houston LLC. Austen Baldridge and Bob Conwell of NewQuest Properties represented the tenant. Radkey Jolink, Bruce Wallace and Cole Rainer of Jolink Wallace Commercial represented the landlord.
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Dallas-based architecture and design firm Corgan moved its Houston office to 9 Greenway Plaza, leasing 10K SF. Corgan entered Houston in 2008 and now has more than 35 employees in the area. It also plans to hire more this year, according to a news release.
Corgan offers architecture and design services for businesses in the aviation, commercial, education, workplace interiors and healthcare sectors.
CONSTRUCTION AND DEVELOPMENT
Houston-based Levey Group broke ground on Levey Logistics Park, which will consist of two industrial buildings totaling 660K SF. It will be the largest industrial business park in Pearland city limits. The development is on 38 acres near South Sam Houston Parkway and Almeda School Road.
Brokerage services for Levey Logistics Park will be provided by Cushman & Wakefield. Construction services will be provided by Harvey Builders, with completion scheduled for the second quarter of 2025.
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The Kirby Group co-founders Andy Aweida and Jeff Barati, along with former Houston Dynamo player Brian Ching, are opening a second location of Pitch 25 in Katy. Pitch 25 is a soccer-focused entertainment complex and beer garden with one location in East Downtown.
The 25K SF second location will offer three fields, an outdoor pavilion, and special events and games, including bubble soccer and ax-throwing. The location at 22838 Grand Circle Blvd. in Katy will open in late spring 2025.
