The Deal Sheet, Part Deux
Royal babies, the jellyfish population, and our waist lines weren’t the only thing that increased from 2012 to 2013; construction also grew exponentially.
BidClerk data shows that new actively bidding construction projects increased 31.2% year-over-year Texas-wide in Q4 ’13. That’s a big leap from 4.5% year-over-year growth in Q4 ’12. The state recorded 8,500 actively bidding opportunities last year totaling over $23B. Houston alone accounted for 3,000 opportunities leading to $7.1B of contracts in 2013. We had $2B in contracts in Q4, a 29.8% increase year-over-year. One notable project that bid in Q4 was SkyHouse River Oaks (rendered here), which is being built by Batson-Cook and is estimated to cost $70M.
EXECUTIVE NEWS
NAI Houston’s Griff Bandy and Jon Silberman were named the No. 1 producers of 2013 for the entire NAI Global network. They’re tied as top producers individually and were also the No. 1 performing team.
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Clay Pearson was named city manager of Pearland. He will join the City on March 10. He was previously city manager of the City of Novi and has over two decades of municipal government experience.
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Boxer’s Kenneth Freeman was promoted to regional director of operations, splitting the portfolio with Joe Aubin. Kenneth will take on Boxer’s smaller “incubator” markets, and Joe will continue to oversee its larger markets.
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Stan Johnson’s Todd Moore was promoted to associate director. Since joining the firm in 2012, he has closed over $315M in net lease sales with his team.
SALES
An undisclosed buyer purchased a 108k SF industrial building at 1000 Blasingame Rd in Hempstead that’s NNN leased to Logan Industries International. Marcus & Millichap’s Chris Jones repped the seller and its Charlie Hampton III repped the buyer. Logan Industries recently signed an extended lease at the property and may need to expand on-site soon (the sale includes land for additional development).
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Joel Perkins dba Gringo's Mexican Kitchen purchased 1.5 acres fronting I-45 in the Center at Spring Park Forest. NewQuest’s Hugh Ruggles repped the buyer, which will build a 7,500 SF restaurant on the site. MetroNational is the seller.
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Samir Ghalayni purchased a 37k SF office/warehouse at 3810 Beaumont Rd in Liberty. Claire Sinclair Properties’ Claire Sinclair Gavrel repped seller Woolslayer Cos and Oxford Partners’ Andrew Brod repped the buyer.
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A private investor purchased Commercial Alliance Insurance Co’s 11k SF NNN property at 415 Lockhaven Dr. Marcus & Millichap’s Derek Hargrove and Justin Miller brokered. The asset was listed at $1.6M.
LEASES
Sunstate Equipment leased 14k SF of office/warehouse space at 5121 Oates Rd. Cushman & Wakefield’s Kelley Parker, John Littman, Coe Parker, and Tim Thomas repped landlord Richter Family Partnership and Mohr Partners’ Kyle Greiert repped the tenant.
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RiexCo leased 18k SF at Sam Houston Business Park. NAI Houston’s Nick Peterson repped the tenant and CBRE’s Joseph Smith repped the landlord.
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Empire Roofing leased 25k SF at Kenswick Airfreight & Logistics Centre. Stream’s Michael Flowers repped the tenant and CBRE repped landlord Clarion/Trammell Crow.
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Stream’s Matteson Hamilton and Jeremy Lumbreras closed three industrial leases:
• C&C Enterprises renewed 19k SF at Blankenship Distribution Center. The duo repped landlord DRA Advisors; the tenant was repped by Stream’s David Buescher.
• ISS Shipping Services leased 17k SF at Prologis IAH Logistics (pictured). The pair repped the landlord and Partners National’s Carson Jones repped the tenant.
• Repped landlord Stockbridge in a 10k SF renewal at Astro Business Park.
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Stream’s Jeremy Lumbreras and Michael Flowers repped the landlord in two deals: a 12k SF renewal at Greenbriar Business Park for Cabot, and an 11k SF renewal in Northgreen Business Park for Agellan Capital Partners.
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Companion DX Reference Lab leased 15k SF of medical/lab space at 10301 Stella Link. Cushman & Wakefield’s Jim Foreman and Beau Kaleel repped landlord Stella Link Investments. JLL’s David Bale repped the tenant.
DEVELOPMENT
PMRG is leading the redevelopment of Exxon’s former 35-acre campus at I-10 and Memorial Drive into a walkable mixed-use project. The site borders Terry Hershey Park; Exxon will vacate it in 2015. Atlas USA Holdings will make a $1B investment into the project over the next 10 years. The firms will create a high-density sustainable community with retail, restaurants, hotel, office, and residential offerings. The site is equal in size to City Centre.
FINANCING
Commercial Resource Capital’s Jason Dannatt arranged $9.7M in permanent financing for Evolve Holdings on its data center on Primewest Parkway in Katy.
THIS AND THAT
Boxer was awarded management of 17171 Park Row, a 70k SF office building in the Energy Corridor. Its John McAllister negotiated the agreement. The assignment brings Boxer’s third-party management portfolio in Houston to 4.4M SF.
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Colliers was chosen to exclusively handle land sales for Tomball Economic Development’s Business and Technology Park. Tom Condon Jr will handle the assignment. The property is master-planned and deed restricted with light industrial zoning.
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ARA was selected to list the Post Rice Lofts for sale. The multifamily property was built in 1913 and the common areas and exterior were extensively renovated (a future owner can add value by upgrading the interiors). The site has quite the history; it was the original site of the Capitol of the Republic of Texas (until Austin rudely stole it away) and was later developed as the Rice Hotel. Randall Davis and Post Apartment Homes renovated it in the late ‘90s and it has remained a multifamily community since.
