The Deal Sheet
Oden Hughes broke ground on its third community in Houston, a 342-unit multifamily project called Parkside at Bella Terra.
The Class-A property is near the intersection of the Grand Parkway and Westpark Tollway just south of Katy. Director Mac McElwrath tells us it'll have an unusually wide range of unit options to cater to a more diverse set of households. It's got a high percentage of one-bedroom units to attract single young pros from the Energy Corridor. The project will be part of the high-end Lakes of Bella Terra master-planned community and in the Lamar Consolidated ISD, so the multitude of larger units will appeal to couples and families wanting to take advantage of the nearby amenities and schools. Parkside Bella Terra will deliver in spring 2015.
EXECS
Liberty Property Trust’s Hans Brindley was named VP of leasing and development. He's now responsible for management/leasing of the firm’s 7.1M SF of office and industrial in the Houston region. Hans has been with the firm since 2007—in that time, he’s negotiated 130 transactions totaling 7.2M SF and has been involved in the development of 12 buildings totaling 2M SF.
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M Kidd Properties’ Mark Kidd Jr was promoted to director. He has been with the company two years.
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Cory Burkhalter joined O’Donnell/Snider Construction as project exec. He is creating a new medical division. He has 20 years of experience and was formerly with SpawMaxwell/Balfour Beatty.
SALES
1855 Investments purchased a 3.8-acre tract on Robinson Road in Oak Ridge North. TNRG’s Mike Spears repped the seller and MHW Real Estate’s John Page repped the buyer.
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Tiger Woods Design purchased an existing golf course and neighboring land parcel in Montgomery (the teeny city in Montgomery County) to redevelop into a new course and high-end residential golf community. (Is Mickelson allowed to buy a house there?) Tiger and a group of investors bought the existing Blaketree National Golf Club and neighboring land from Duggan Realty Advisors. Here’s Duggan partner LJ Erickson and prez Jim Duggan with Tiger. This is Tiger’s first golf course scheduled to open in the US. The new club will be called Bluejack National. (Possibly because Tiger hopes to make Jack Nicklaus blue when he beats Jack's major championship record?) Beacon Land Development will handle all the development, LJ tells us. Bluejack National will include 755 acres of rolling hills and wooded countryside. In addition to the 18-hole golf course (which will have no rough), Bluejack National will also include a short course for families and entertaining; a cutting-edge golf performance center; and a hangout (called The Porch).
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Interstate Prosperity Hospitality Group purchased 1.8 acres at 10500 Katy Fwy. UCR’s Ed James repped seller Joseph Michael & Margaret Ann Girard and CBRE’s Matt Parsons repped the buyer.
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Craig/Houston Properties (Ditch Witch Dealership) purchased 5.1 acres on I-45. It will develop a 20k SF dealership there, with construction launching this summer. Ditch Witch is relocating from its location on W. Little York. HSM’s Doug Bates and Joel Hill repped the buyer. Claridge Properties’ Reda Martin and CBRE’s George Jones repped the seller.
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Lexington 2128 Ltd purchased 30k SF of office/warehouse space at 3901 Sherman. Cushman & Wakefield’s Jim Foreman and Beau Kaleel repped the buyer and Alan Ward repped the seller.
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Prime Property Investors purchased Estates at Fountain Lake (formerly Alexan Fountain Lake), a 306-unit multifamily community in Stafford. It acquired the asset from Trammell Crow Residential—the two firms are partnering on the development of Alexan Auburn Lakes. It will fully renovate the property, which was built in ’98, over the next two years. It’s 96% occupied, and rents grew 12% over the last six months. ARA’s Matt Rotan, David Oelfke, David Wylie, and David Mitchell repped the seller, and ARA’s Adam Allen assisted in its capitalization.
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Vahak Khoikan purchased 2.5 acres on S. Post Oak and Anderson Road. CMI Brokerage’s Trent Vacek repped seller Spoak.
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Southern Realty Advisors’ Michael Faust repped the seller of two multifamily communities: Ennis Apartments and Palm Apartments. The former is a Class-C apartment complex and the latter is a student housing property.
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Katy Development Partners purchased six acres off of Porter Road in Katy. The seller was Living Way Church of Katy. CMI Brokerage handled the transaction.
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Houston Methodist Hospital purchased 58 acres to develop a new hospital campus in The Woodlands. The site is at TX 242 and I-45; the system will break ground on a 470k SF hospital there in early 2015 and deliver in 2017. A 135k SF MOB will open there late next year. The $328M campus will be modeled after the Houston Methodist West Hospital near Katy. The seller was the Woodlands Development Co. Colliers’ Bob Parsley and Coy Davidson repped the buyer.
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An undisclosed buyer purchased a 110k SF warehouse net-leased by Lectrus Corp. It’s a 35.5-acre site. Marcus & Millichap’s Ben Tashakorian and Toby Boessen listed the property and colleague Timothy Speck assisted in closing.
LEASES
MyCelx Technologies Corp leased an 11k SF facility at 1442 Vander Wilt Ln in Katy. TNRG’s Preston Yaggi and Eric Bunting repped the landlord.
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Flexpipe renewed and expanded to 15k SF in the Ashford 6 building on Dairy Ashford. Moody Rambin’s Bob Cromwell and Kevin Nolan repped the owner.
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William Jacob Management leased 29k SF of office space at Broadfield Park Ten (15810 Park Ten Place). Stream’s Stewart Lyman and Ryan Bishop repped the landlord and Office Space Advisors’ John Richardson repped the tenant.
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BASF renewed 73k SF at Crosspoint Warehouse (1701 Crosspoint Ave). Stream’s Matteson Hamilton and Jeremy Lumbreras repped landlord DRA Advisors. Fischer & Co’s Jeff Kernochan repped the tenant.
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Prairie Supply renewed 20k SF of industrial space at Clay-Campbell Business Park (9506 Clay Rd). Stream’s Justin Robinson and Matteson Hamilton repped landlord Liberty Property Trust, and LeaseSquareFeet.com’s Greg Egan repped the tenant.
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Titan Fitness Texas dba Fitness Connection leased 46k SF at Fondren Road Plaza. Retail Connection’s Sherman Hinkleman repped the tenant and Hartman’s Jennifer Rabon repped landlord Hartman Short Term Income Properties XIX in-house.
THIS AND THAT
The $260M merger between Savills and Studley is complete, officially creating Savills Studley.
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Central Management was awarded management of Cardiff Commons, a 17k SF retail center at 4031 FM 1463 in Katy. CMI’s Nancy Garcia is property manager.
