The Deal Sheet
The day has come, North Houston—your very first Whole Foods is opening June 25. (So get yourself some jalepeño cilantro hummus and some dried figs and throw a party.)
The store is part of Read King's Vintage Marketplace, an eight-acre project on Louetta. It includes the 42k SF Whole Foods (the first in Houston north of I-10) and two retail buildings totaling 32k SF. (One adjacent tenant, Nothing Bundt Cakes, is also nearly built out.) The property was designed by Gensler and built by Arch-Con.
SALES
NewQuest’s Jeff Lokey handled the sale of a total 320 acres for a master-planned development at the corner of FM 2920 and Stuebner Airline. It took over two years to assemble the site and create a new MUD. Ryland Homes and Hines will build 600 residential lots on 285 acres, and Stoneleigh Cos will develop multifamily on 35 acres. CBRE’s Ned Torian repped Stoneleigh and Greater Houston Group’s Jerry Ashmore repped the seller of 170 acres.
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A private investor purchased 7880 San Felipe, a 38k SF office building that’s 100% occupied. Tarantino Properties’ Peggy Rougeou repped the seller.
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Quad Hotels purchased one acre on the 7300 block of Garth Road in Baytown. It will develop a Marriott Extended Stay hotel. The seller is R&S Five Star Properties. Claire Sinclair Properties’ Claire Sinclair Gavrel repped the buyer.
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Taking Back God’s Creation International purchased 6.8 acres at 325 Massey Tompkins Rd in Baytown to build a church. The seller is ESV Properties; Claire Sinclair Properties’ Wade Sinclair facilitated.
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Alliance Residential purchased City Park (formerly The Retreat at City Park), a 308-unit, Class-A multifamily property. The property is at 1640 East TC Jester Boulevard and has direct access to the White Oak Bayou hike and bike trail. It was built in ’03 (one of the last Inner Loop garden-style communities) and is fully leased. HFF’s Todd Marix, Todd Stewart, Chris Curry, and Tre Banks repped seller Fulton Property Group, and its Colby Mueck arranged debt through a life insurance company for the buyer.
LEASES
Chevron renewed 16k SF at 363 N. Sam Houston Pkwy. Moody Rambin’s Griff Jaggard and Terri Torregrossa repped the landlord and Cypressbrook Co’s Greg Usher represented the tenant.
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First Choice ER ground leased 52k SF at Brazos Town Center in Rosenberg. NewQuest’s Bob Conwell repped the landlord and CBRE’s Mark Raines repped the tenant.
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Weir Seaboard leased 20k SF of industrial at 6805 Silsbee. Boyd Commercial/CORFAC International’s David Boyd represented landlord Gillebaard USA Corp.
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Texas American Title renewed 50k SF at 2000 Bering. Tarantino Properties’ Patrick Frese repped the landlord and Mac Haik Realty repped the tenant.
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Flow Solutions Holdings leased 16k SF at the Vickery Industrial Plaza. United Equities’ Doug Freedman repped the landlord, Vickery-Aldine Bender, and CBRE’s Billy Gold repped the tenant.
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Tyndale USA leased 25k SF of warehouse space at 8844 N. Sam Houston Pkwy W (in Sam Houston Business Park). CBRE’s Joseph Smith repped landlord Levey Group and Michael Hill Properties’ Marc Emde repped the tenant.
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Energes Oilfield Solutions leased a 25k SF office/warehouse facility in Commerce Oaks Industrial Park in Oak Ridge North. Southwest Realty Advisors’ Marc Drumwright and Patrick McKiernan repped landlord Nickson Spectrum Industrial and Colliers’ Blake Gibson repped the tenant.
DEVELOPMENT
Panattoni broke ground on a 135k SF spec office building in Beltway 8 Corporate Centre. The project’s existing eight buildings have vacancy below 1%, so partner Todd King is confident this latest will do well. Arch-Con is the design-builder and is teaming with Power Brown. Cassidy Turley’s John Pruitt and Jessica Ochoa will handle leasing.
FINANCING
Q10 Kinghorn, Driver, Hough & Co’s Ray Driver, Matt Franke, and Travis Fite sourced $8.3M in acquisition financing for a recently built 112k SF office/warehouse in northwest Houston that’s fully occupied by Archer Well Co. The deal closed in 44 days through a leading life insurance company. It features an I/O period and is non-recourse.
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Grandbridge’s David Schwarz IV and Tip Strickland arranged acquisition bridge financing for a 142k SF Class-B office building in southwest Houston. The loan is 65% LTV and non-recourse.
THIS AND THAT
We’ve all heard about Houston sprawling, but this is the first we’ve heard of it taking over Austin and San Antonio…NAI Houston (NAI Global’s member of the year for Western North America in 2013) is broadening into Austin and San Antonio, with new offices opening in each market. Griff Bandy will lead efforts to build these markets, including recruiting in both cities.
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Gazeley and IDI are combining to form a $3.5B global logistics property platform. Going forward, it will be known as IDI Gazeley, part of Brookfield Logistics Properties. Globally, it owns and operates 58M SF of occupied industrial warehouse space with an additional 68M SF under development.
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Memorial Hermann The Woodlands, Medical Plaza 1 received top honors in the EPA’s 2013 Energy Star National Building Competition, which evaluated the energy performance of 3,000 buildings nationwide. The CBRE-managed facility prevented 99 metric tons of greenhouse gas emissions and reduced utility consumption by 18.7% in 2013, placing it at the top of 96 properties competing in the MOB category. The property management team was led by Autumn Bay, Michael Goza, Larry Newlands, and Matt Hatchett. CBRE managed 15 of the nation’s top 25 MOBs ranked in the competition.
