The Deal Sheet
A new mixed-use property is popping up in Fort Bend County, and it’ll serve an interesting blend of neighborhood residents and interstate travelers. (That's also how they'll divide the teams for pickup basketball.)
JPR Commercial Real Estate’s Jennifer Raymond and Jim Shaw (above, at a golf tourney yesterday, though hopefully not looking for their balls in that jungle) closed the acquisition of 15 acres at the intersection of I-69/US 59 and Williams Way, and are principals in the partnership that purchased it. Jennifer tells us the site is in front of RiverPark West master-planned community (which has 1,100 homes) and is anchored between 540 luxury multifamily units. Just down the street is the Fort Bend County Justice Center and Memorial Hermann. The new project will be called Williams Crossing and will include shopping, dining, medical, professional services, and hospitality.
Williams Crossing will be divided into eight to 10 pad sites, and Jennifer says the team is already getting a crazy number of calls to purchase tracts. She tells us its biggest challenge will turn into a major plus: Construction on 69 will launch here within a year, causing disruptions at first but then opening up visibility to the property. NewFirst Bank financed the transaction, Boucher Design Group is handling the land plan, and LJA Engineering is performing engineering. This is the JPR partnership’s second development in Houston—it’s also handling Museum Square at Telfair, a 13-acre project. Jennifer says four sites have sold there, and her team is working on two more.
EXECS
CBRE promoted three: Jim Stark to SVP, Alex Makris to VP, and Mark Raines to VP. Jim handles industrial properties, while Alex and Mark work in retail.
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Marc Vecchio joined Boxer as director of operations. He has over 20 years of commercial real estate experience with stints at Hines, CBRE, and JPMorgan Chase.
SALES
Fortuna Land purchased 20 acres on Highway 75 in Willis. Newcor’s Rob Banzhaf repped seller The Belinoski Estate and Realty Links’ Leena Wong repped the buyer.
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An all-cash 1031 buyer purchased Kemah Park, a 17k SF retail property in Kemah. Marcus & Millichap’s Justin Miller and Derek Hargrove listed the property at $4.4M and sold it in just 15 days.
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Chibber Real Estate Holdings purchased 19k SF of land at 1026 Blackhaw St at the corner of the future Park Row Boulevard near Eldridge for future commercial development. Greg Lacy and Associates’ Greg Lacy repped the buyer and M Kidd Properties’ Mark Kidd Sr repped the sellers.
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Beeson Properties purchased 9.5 acres for future residential development on Loop 610 and West 12th Street. Cassidy Turley’s John Nicholson and Nathan Wynne repped seller Wackman Properties.
LEASES
Newcor’s Rob Banzhaf repped two tenants in lease expansions and renewals at 2319 Timberloch Place in The Woodlands. A Memorable Event extended its 13k SF lease, and AlphaGraphics reconfigured 6,500 SF. Lincoln Property’s Brandon Brooks repped the landlord in both transactions.
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Capital Realty Group’s Cece Garrett and Brant Widener repped the landlord in two leases at the Lyric Centre (440 Louisiana). Doyle, Restrepo, Robbins and Harvin leased 16k SF. It relocated from Chase Towers and was repped by Candace Baggett. The Gibson Law Firm expanded to 9k SF, repped by CBRE’s William Boyer.
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Capital Realty Group’s Cece Garrett and Brant Widener repped the landlord in three leases at Houston Medical Centre Building (6655 Travis). UT Health Science renewed 42k SF and expanded by 5k SF, and AIGB (True Results) leased 6,557 SF. The latter was repped by Case Commercial’s Tiffany Angelle.
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Concrete Support Systems leased 26k SF at 7043 Satsuma. JLM Commercial Advisors’ Mary Jo Giammalva repped the tenant and Capital Realty’s Brant Widener and Cece Garrett repped the landlord.
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IHS Inc leased 47k SF at 1401 Enclave Pkwy. JLL’s Louis Rosenthal and Anya Marmuscak repped the landlord and Colliers’ Jay Kyle repped the tenant.
DEVELOPMENT
Johnson Development announced its fifth Fort Bend master-planned community, a yet-unnamed 1,300-acre property at the intersection of the Grand Parkway and West Airport Boulevard. It’ll include 2,700 homes, retail and commercial facilities, public and private schools, churches, and environmental-focused rec amenities. Development is expected to begin this summer with the first lots available to builders in Q1 2015.
FINANCING
Q10 Kinghorn, Driver, Hough & Co’s Matt Franke and Ray Driver handled financing for four retail properties in Houston, two multi-tenant strip centers and two CVS ground leases. The fixed-rate, non-recourse loan has a 20-year term. It was arranged through Advantus Capital Management.
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Commercial Resource Capital’s Jason Dannatt and Toby Kettle provided $21M in financing for CAF Partners’ purchase of Oaks at Northpointe, a Class-A apartment project in Tomball. CRC’s financing package was 85% of purchase price.
THIS AND THAT
Moody Rambin was retained as exclusive leasing agent for the Woodbranch Building at 12012 Wickchester Ln. The six-story, Class-B building is 109k SF with only 1,535 SF available. Griff Jaggard and Derek Beck will handle the assignment.
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CBRE was retained to market the NW Houston Industrial Portfolio, consisting of seven institutional-quality buildings totaling 1.2M SF. The properties, which include Northwest Industrial Park and Park Ten Distribution Center, are 99% leased and located in Houston’s strongest industrial submarket. (It boasts 4.1% vacancy, 120 bps lower than Houston’s average, and 18.5% YOY rent growth in 2013.) CBRE’s Jack Fraker, Josh McArtor, Jonathan Bryan, Heather McClain Venegoni, Tom Lynch, and Paul Segreto will handle the listing and partner with Scott Lewis from the debt team.
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The University of Texas MD Anderson Cancer Center Alkek Hospital expansion received the 2014 Vista Award for New Construction from the American Society of Healthcare Engineering. McCarthy handled the design-build project with architect HKS.
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Colliers and HPA International Real Estate were awarded leasing of Oasis MOB at 11929 W. Airport Blvd in Stafford. It’s a 207k SF Class-A building. Ace Schlameus, Jenny Seckinger, and Helen Pokrajac are handling the assignment. Colliers’ Tim Seckinger, Joel Bracewell, and Jennifer Metcalf are leading property management.
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IronStone Realty Advisors is joining Colliers, expanding the latter’s presence in Sugar Land and Fort Bend and stretching down to South Texas in the Eagle Ford Shale. IronStone prez Barkley Peschel, who has 15 years of experience, will join Colliers’ Sugar Land office.
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Asset Plus was awarded management of Donovan Village, a 78-unit apartment community. New owner Investar USA will implement extensive interior upgrades and will enhance curb appeal through new landscaping.
