Bisnow Exclusive: Sam Houston BP's Last Building The Deal Sheet
Levey Group has brought Sam Houston Business Park to 95% leased, and it’s moving forward on development of Building 4. (When one door closes, another door begins construction.)
Levey prez David Ebro tells us Flotek Industries signed a 15-year lease for 50k SF in the park (its subsidiary CESI Chemical will occupy the space) and will build out a state-of-the-art lab research facility. That takes up the majority of Building 1, and 11k SF remains available to lease in the park’s existing buildings. CBRE’s Joseph Smith repped Levey, and Cushman & Wakefield’s Hugh Herman and Matt Trozzo repped Flotek. David says Levey is designing a new 56k SF facility, rendered above, to be built on the remaining 3.9 acres.
EXECS
JLL hired two execs in its capital markets team: Tom Podgorski as managing director of real estate investment banking, and Matt Parsons as VP of retail.
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George Montes joined Cypressbrook Co’s brokerage team.
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Oldham Goodwin hired two: Jeff Harrison as VP of brokerage and Bill Pyle as VP. Jeff will rep buyers, investors, and sellers in acquisitions and dispositions throughout the Houston area. Most recently, he was regional leasing director at Weingarten, where he headed a 10M SF central region shopping center portfolio. Bill will work in the retail and office investment brokerage platform. He formerly handled real estate decisions (lease, purchase, and management agreements) for Parking Systems of America in Tulsa and Houston.
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Dan Delforge joined EE Reed as VP. He’s a 36-year industry vet with a specialization in industrial—recent projects include Central Green, Liberty Northwest, Sens Road Distribution Center, and Interport Distribution Center.
SALES
4553 Aldine Bender LLC purchased a 28k SF industrial building in Interwood Business Park. NAI Houston’s John Ferruzzo and Travis Land repped seller BRG Cornerstone Development & Construction. TNRG’s Mike Spears and Mary Moore repped the buyer.
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Container Properties purchased 30 acres at 6710 Lake Houston Parkway. Boyd Commercial’s Robert Alinger and Conrad Bernard represented the buyer. C & G Realty B was the seller.
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K + Developments purchased an 11k SF facility on 1423 Vander Wilt Ln. in Katy. TNRG’s Preston Yaggi repped the buyer and his colleague Mark Ward repped seller Black Gold JV.
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Prosperity Media Ventures purchased a 2-acre tract on 7134 Holmsley Ln. TNRG’s Chase Cribbs, Robert McGee, and Thomas Leger repped the buyer and David Schwarz represented seller KBP Interests.
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NorthStar Realty Finance (in JV with Chatham Lodging Trust) entered into a definitive agreement to acquire a $1.1B hotel portfolio from Inland American Real Estate Trust. It includes 52 upscale extended stay and select service hotels totaling 7,000 rooms. 19% of the properties are in Texas—most are affiliated with Marriott or Hilton. NorthStar also expects to close on another $700M hotel portfolio this month—together, these deals will bring it to a $3.2B hotel portfolio consisting of 159 hotels and more than 20,000 rooms.
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Timber Trails Business Park purchased 27 acres on Cypress North Houston in Cypress. NAI Houston’s John Ferruzzo repped the buyer and Caldwell Cos’ Keith Edwards and Clay Roper repped seller SM Chang, Trustee.
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Rice Management Co and Trademark Property Co closed on the acquisition of the Village Arcade, three retail buildings totaling 193k SF in Rice Village. The partners will completely revitalize the properties and upgrade the merchandising mix, and are considering a rebranding. The buildings haven’t changed since they were built in the late '80s and early '90s.
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A private investor purchased Glenwood Apartment Homes, a 60-unit community on West Sam Houston Parkway South. Marcus & Millichap’s Jeff Fript listed the asset at $2.9M.
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A Texas investor purchased La Quinta Inn & Suites Port Arthur, a 63-room property. Marcus & Millichap’s Rahul Bijlani and Michael Yu repped the seller. The transaction was part of a seven-hotel oil/gas portfolio the buyer acquired.
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Axis Texas Development Group purchased a 4.5 acre tract on West Hardy Road. TNRG’s Thomas Leger, Chase Cribbs, and Robert McGee repped the buyer and Cushman & Wakefield’s Jim Foreman represented the seller, Ann Silver.
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Big Brothers Big Sisters Lone Star purchased a 24k SF site at Washington and Franklin to build a new HQ. The Weitzman Group’s Randy Hopper repped the buyer, taking nearly two years to identify the right location. See our previous coverage for details. BBBS currently operates out of a building in Sharpstown that has already been sold to a neighboring building for expansion.
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An undisclosed buyer purchased an 18k SF office/warehouse at 930 S 14th St in La Porte. Marcus & Millichap’s Alex Bouchard and Gus Lagos listed the asset.
LEASES
One year after its $8M renovation, 515 Post Oak has hit 50% leased. The 275k SF asset is owned by Columbia Property Trust and leased by Stream Realty. Stream says there is significant interest in the remaining space. The current tenant lineup includes Shale-Inland Holdings, NetIQ, and (the newest) Axia Resources.
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Superior Cladding leased a 22k SF industrial building at 11505 Todd St. NAI Houston’s John Ferruzzo and Darren O’Conor repped the tenant and Greater Houston Commercial Properties’ Stuart Rosen repped landlord One Todd VHJT.
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The Salvation Army leased 70k SF at 10333 Papalote from Prologis TLF. Boyd Commercial/CORFAC International’s Robert Alinger repped the tenant.
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Bravo Ranch Supermarket leased 31k SF in Woodforest Shopping Center and is now anchoring the property at I-10 and John Ralston. Tarantino Properties repped the landlord.
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Interstate-McBee leased 26k SF of industrial space in the Central Green Business Park. ICO Commercial’s Payton Indermuehle repped the tenant and Liberty Property Trust’s Hans Brindley repped the landlord in-house.
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Neighbors Health Systems leased 13k SF and Gibson & Gruenert leased 2,700 SF in Pearland Town Center. Evergreen Commercial Realty’s Lilly Golden repped the landlord in both.
FINANCING
Grandbridge’s Tip Strickland and David Schwarz closed a $33M first mortgage loan secured by a 376-unit Class-A multifamily property in Rosenberg. The refi was funded through a CMBS lender.
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Commercial Resource Capital’s Jason Dannatt and Toby Kettle arranged $9.9M in non-recourse financing for WestBelt Park. That 98k SF Class-A flex/warehouse project is on the Sam Houston Tollway in Northwest Houston. The lender was Farm Bureau Life.
DEVELOPMENT
One Lake’s Edge, the eight-story multifamily community in Hughes Landing, has topped out. The property will have 390 units and first-floor retail when it opens in April. Ziegler Cooper handled design, and Hoar Construction is GC.
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1885 St. James is in the dirt, the only multitenant office building to begin in the Galleria this year. Above, reps from developer Nelson Murphree Legacy Partners and leasing team JLL at the groundbreaking. (Chrissy Wilson, Paul House, David Nelson, Ryan Clark, Steve Erikson, Dennis Nelson, Dennis Murphree, Patrick Murphree, John Ream, Laura Carr, and Chris Dekker.) JLL also secured construction financing—Tom Fish, Paul House, and John Ream arranged a loan from Plains Capital Bank. Jackson & Ryan is architect, and Tellepsen is handling construction. 1885 St. James will be nine stories with 165k rentable SF atop six levels of parking. It’s aiming for LEED Silver and is scheduled for occupancy in March 2016.
THIS AND THAT
CBRE was chosen to market Moran Ranch, a 673-acre parcel in Willis and Conroe. It has two miles of I-45 frontage and is primed for a master-planned residential development. Darin Gosda, Jazz Hamilton, Alex Makris, and Gaines Bagby are repping the seller.
