This Week's Houston Deal Sheet: Transwestern Acquires Luxury Uptown Hotel
Transwestern Hospitality Group acquired Hotel Granduca, a 122-key luxury hospitality property on 3.5 acres at 1080 Uptown Park Blvd. in Houston.
THG partners Tyler Lavin and Thomas Duncan, supported by Transwestern’s investment team, facilitated the transaction and will lead a repositioning project at the hotel.
“Hotel Granduca is an irreplaceable five-star property located in an amenity-rich, walkable enclave situated between the River Oaks and Galleria submarkets,” Lavin said in a news release. “In a world where travelers increasingly expect a memorable, authentic experience, this is a rare opportunity to embrace the individuality of one of the city’s most distinct hospitality spaces.”
THG is collaborating with Ring on Hook, which specializes in hospitality renovations and venue activations, as well as other placemaking consultants on a repositioning of the asset that will begin midyear 2024. Design firm Kara Childress has been selected as the lead interior designer for the project. Westmont Hospitality Group has been selected to operate the hotel.
THG plans to transform the ground floor into a gathering place with a restaurant, improve and enlarge the event spaces, add new workout facilities and curate programming.
“Our good friend, Giorgio Borlenghi, as Master Developer of Uptown, designed and built this iconic hotel some 17 years ago with his signature quality standards and remarkable eye for detail,” Transwestern Chairman Robert Duncan said in the release. “We are privileged to have this opportunity to further elevate the Granduca hospitality experience for our guests. And we are delighted that Giorgio remains a stakeholder who will consult with us to unleash the full potential of this extraordinary property.”
PEOPLE
Cushman & Wakefield hired Nicholas Murphy as a senior director in Houston. Murphy joins Cushman & Wakefield’s Houston equity, debt and structured finance team and will advise clients on capital-stack strategies, with a particular focus on the multifamily sector.
Murphy joins Cushman & Wakefield from Sync Residential, where he was director of acquisitions. Prior to that, he was a director at Berkadia.
SALES
Bobby Orr acquired a 3.24-acre development site with an 11K SF vacant building at 3330 Antoine Drive in Houston from Groove 34th Antoine Partners LP. Kevin Sims and Nick Ramsey of NewQuest Properties represented the seller. Orr, of Orr Commercial, represented himself.
***
Pagewood, a commercial real estate owner, operator and developer, acquired the company’s first multifamily asset, the 152-unit Costa Mesa apartment community at 14150 Tomball Parkway in northwest Houston.
The community consists of 12 two-story buildings, with seven floor plans ranging from 614 SF to 1,044 SF. Amenities include an outdoor pool, community clubhouse, playground, business center, laundry facilities, on-site management and maintenance, and gated access.
Pagewood’s Jackson Randolph led the effort to acquire Costa Mesa.
RPM Living, a multifamily management and investment firm, will manage the property. Pagewood’s in-house team will oversee construction and property upgrades. Amegy Bank of Texas provided acquisition financing for the transaction.
***
Marcus & Millichap announced the sale of Seabrook Shopping Center, a 10K SF retail center at 603 Kirby Road in Seabrook. The shopping center is 100% occupied, featuring a medical and professional tenant mix.
Alex Wolansky and Gus Lagos of the Lagos Retail Group at Marcus & Millichap marketed the property for the seller and procured the buyer, a private investor who purchased the property without financing in a 1031 exchange.
***
Partners Real Estate arranged the sale of a 14.8K SF industrial building on 17.7 acres at 699 U.S. 59 S in Cleveland. Partners’ Wyatt Huff and Hunter Stockard represented the seller, Rakesales, in the transaction. Paul Compton, with JLA Realty, represented the buyer, American Friction.
***
Pearlmark closed on a mezzanine debt investment for the acquisition of The Henry at Lake Houston, formerly known as The Cobalt at Lake Houston, a 296-unit, 2020-vintage, garden-style multifamily property in Humble.
The property consists of 14 three-story apartment buildings with 410 parking spaces and a mix of one-, two-, and three-bedroom units. Amenities include a clubhouse, fitness center, swimming pool with a sun deck, putting green, business center, game room and storage lockers.
The investment was made on behalf of Pearlmark Mezzanine Realty Partners V. Timbercreek Capital provided the senior loan. The property was acquired by Momentum Multifamily, a real estate investment firm based in Fort Worth and Houston.
Taylor Coy of JLL represented the borrower, Momentum, as an adviser in the project capitalization. Erin Sullivan, vice president of Pearlmark, arranged the transaction for Pearlmark.
***
Oxford Partners announced the following sales:
- Zar Law Firm purchased a 45.6 K SF building at 17 S. Briar Hollow Lane in Houston. Oxford Partners’ Ryan Hartsell represented the buyer while Bill Byrd and Marshall Clinkscales of Colliers represented the seller.
- Unishow Inc. purchased a 50.1K SF building at 5919 Bonhomme Road in Houston. Oxford Partners’ Jacob Summers and Dylan Stiteler represented the buyer while Martin Tijmes of eXp Realty represented the seller.
- Recycling Technology Consultants sold a 22.5K SF building at 3635 Trailmobile Drive in Houston. Oxford Partners’ Nathan Buckhoff and Matt Rogers represented the seller while Andrew Jewett of CBRE represented the buyer.
***
Alterra IOS, an industrial real estate platform, acquired a 26K SF building at 500 Mayo Shell Road in Galena Park. The acquisition is part of a portfolio Alterra IOS acquired through a partnership with ConGlobal Industries. The transaction was spearheaded by Parker Pearson with Alterra Property Group.
Following the acquisition, ConGlobal Industries, an operator of intermodal, finished vehicle and depot service terminals, entered a long-term sale-leaseback arrangement for the four properties. The depots are strategically positioned within dense IOS clusters, in proximity to key port and rail infrastructure and ConGlobal’s customer base.
***
Partners Real Estate arranged the sale of a 16K SF industrial property on 3 acres at 12311 Amelia Drive in Houston. Partners’ Braedon Emde and Travis Land represented the buyer, SMI Holdings LLC. Boomer White with CBRE represented the seller.
LEASES
Newcor executed a 25.2K SF industrial lease for RAE Security at 8844 N. Sam Houston W in Houston. RAE Security will use the space for its office and warehouse needs. The space will serve as its headquarters, more than doubling its office and warehouse footprint.
***
Transwestern's Michelle Wogan represented Five Point Energy, a private equity firm focused on the environmental water management and sustainable infrastructure sectors, in the extension and expansion of its lease at CityCentre Five to 16.8K SF. Connor Saxe with Cushman & Wakefield represented the landlord, Lionstone Investments.
CONSTRUCTION & DEVELOPMENT
Constellation Real Estate Partners, an investor and developer of logistics properties, acquired 25.8 acres at 6401 N. Eldridge Parkway in Houston’s northwest submarket. The company will demolish an existing administrative building to develop Constellation Eldridge, a Class-A, 537K SF warehouse. Construction will begin in the first quarter of 2024, with completion scheduled for Q4.
Designed by Seeberger Architecture, Constellation Eldridge will feature a 40-foot clear height, 56-foot column spacing, 560-foot building depth, 127 trailer parking spaces, truck circulation drives and an ESFR sprinkler system.
Faron Wiley and Joseph Smith with CBRE’s Houston office have been appointed as the leasing agents for the project.
***
Stream Realty Partners, a national commercial real estate firm with an integrated platform of services, acquired two land sites in Houston’s south and north submarkets that are slated for speculative industrial development.
The south submarket parcel is at the intersection of Kirby Drive and North Spectrum Boulevard, spanning 24.4 acres. The north submarket parcel, with frontage along Holzwarth Road, spans 16.3 acres.
The acquisition of the 24.4 acres on Kirby Drive was handled by Stream’s industrial development services team, including Justin Robinson, Tyler Wellborn, Craig McKenna and Kyle Fletcher. The tract off Holzwarth Road was handled by Grant Wisenbaker, along with Robinson, Wellborn and McKenna.
Both acquisitions will be overseen by Stream’s investment management team.
