The Deal Sheet
Fallbrook Distribution Center II, a 400k SF behemoth, has delivered. Now it's seeking tenants. (Do optimists see the building as half full?)
Cadence McShane built the spec warehouse/distribution facility (here's how it looked yesterday) for developer Liberty Property Trust. It’s divisible down to 100k SF and was designed by Seeberger Architecture. LPT city manager Jay Kraft tells us it features 32' clears, 70' speed bays, T-5 lighting throughout, 2,800 SF of built-out spec office, and LED lighting in the truck court. (It's where trucks go when they break the law.) He says there's a lot of leasing activity but nothing signed yet. Fallbrook Distribution Center I— using the same development team—ended up leasing fully to The Home Depot.
EXECS
Asset Plus Cos COO and Greystone Asset Management Division prez David Hargrove received the National Apartment Association Education Institute apartment career education award. David has served as president of the Texas Apartment Association, where he formed the basis for the org's military initiative to hire veterans to the rental housing industry. He’s also an instructor for the graduate real estate program at U of H.
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Cole Henley joined CBRE as senior transaction manager in its consulting group.
SALES
Karl Kaiser purchased 25.6 acres near FM 2978 and Shady Lane, just west of The Woodlands in Magnolia. Newcor CRE’s David Alexander facilitated the off-market sale. The sellers were Albert and Cheri Friday.
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An affiliate of Hartman Short Term Income Properties XX purchased Mitchelldale Business Park from an affiliate of Falcon Southwest. The park includes 12 industrial buildings totaling 378k SF in the Northwest submarket. It’s 92% occupied. HFF’s Rusty Tamlyn and Trent Agnew repped the seller and Hartman’s Dave Wheeler, Julian Kwok, and Russell Turman repped the buyer in-house.
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A California-based private investor purchased Cypresswood Kroger Center, a 35k SF retail property in northwest Houston. The 56k SF Kroger shadow anchor was not part of the transaction. Marcus & Millichap’s Garrette Matlock and James Bell repped seller AMG Guaranty Trust. It was 95% occupied at TOS; all leases are triple-net.
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Mustang CAT purchased three acres in Brittany Business Park. Wycoff Development will build a 7,500 SF industrial facility on the site. (Maybe it'll look like this, a 7,500 SF spec facility available within the park.) Finial Group’s Taylor Schmidt and Reed Vestal repped the seller and NAI Houston’s John Ferruzzo and Dan Boyles repped the buyer.
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AKA Properties purchased an acre on John Audubon Parkway in the Clear Lake Crossing mixed-use development. It plans to build an MOB on the parcel. SE Covington’s Patrick Sprouse repped seller CLCB Ltd (an affiliate of Wile Interests), and Liles CRE’s June Liles repped the buyer.
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P Investments purchased a 52k SF office/warehouse on three acres at 10506 Kinghurst St. The seller was Movest. Southwest Realty Advisors’ Patrick McKiernan and Marc Drumwright repped the buyer.
LEASES
Inspectorate America Corp expanded its HQ at 12000 Aerospace Ave. It’s occupied 22k SF there since ’04 and now fills 30k SF, a 28% increase. Rosemont Realty’s Carrie Powledge repped the landlord in-house and Colliers’ John Parsley and Don Schmidt repped the tenant. 12000 Aerospace is 96% occupied.
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Physician Specialty Center (1900 North Loop West) reached 80% preleasing. It’s a Class-A MOB developed by J. Stone Development Ventures’ Robert Day and constructed by J. Stone Construction. Leasing agent Bedrock Properties’ Karen Kizer tells us the property will serve as the Center of Excellence for Integranet Health’s care coordination model. She’s also locked in leases with 15 other tenants, including Memorial Hermann Endoscopy Center, GI Associates, SNG Dialysis Center, Orthopedic Associates, Meomrial MRI, and urgent Doc. The building will open this October.
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PFP Technologies leased a 21k SF facility at 1823 Sherwood Forest. TNRG’s Thomas Leger and Mike Spears repped the landlord (Sherwood Forest Properties) and Sheryl Prestige repped the tenant.
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Richey FM 1960 Industrial completed a BTS lease for a 75k SF building on nine acres. J Kraft will occupy the facility. TNRG’s Mike Spears repped the tenant.
FINANCING
Q10 Kinghorn, Driver, Hough & Co’s Larry Peters secured permanent financing with a 20-year term for a group of 20 commercial condo buildings. The 93k SF complex is just off of Highway 290 in Northwest Houston. It’s 100% leased. Larry says the quality asset and solid operating history made the hurdle of refinancing commercial condos a bit easier. (Most lenders won’t look at this type of asset.)
THIS AND THAT
The Houston Apartment Foundation received an Anthony V. Pusateri Apartment Career Promotion Award from the National Apartment Association Education Institute. The honor recognizes those who have made the biggest impact creating awareness of careers in the apartment industry among high school and college students, military veterans and spouses, or career changers through outreach activities. The Houston Apartment Foundation won the award for Comprehensive Apartment Career Promotion Program—it developed five initiatives last year to promote careers in the industry, including a Community Career Night at Houston Community College, where several jobseekers were hired, and the community college received new registrations for its certificate program in residential property management.
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Moody Rambin was selected by TT Partners as exclusive leasing agent for the Offices on Brooks Lake. The four-story, Class-B building is at 1449 Highway 6 in Sugar Land. It totals 32k SF and has 13k SF of office space available.
