The Deal Sheet
Shop away, Southwest Houston; Marcus & Millichap first VP Jerry Goldstein just closed two retail investment sales out your way. (Just remember that if the credit card gets too hot it might melt.)
The two properties total almost 100k SF and Jerry says they were fairly simple transactions thanks to their location in strong submarkets and good tenant mixes. Waterside Commons (40k SF in Richmond) was listed at $8.9M. It was built in ’08 and is 96% leased. It was snapped up by a Canadian buyer repped by Lewis Property Co's Greg Lewis. Jerry also sold Colony Plaza Shopping Center, a 55k SF property in Missouri City. It was formerly an Albertson’s but was reconfigured in 2004 to accommodate three tenants, including anchor Star Cinema Movie Grille. (Movie stars are always looking for special treatment.) It was listed at $8.4M, was purchased by a New York exchange buyer, and included assumption of a CMBS loan. Next on Jerry's plate: He's marketing Fairport Green, a 48k SF center at the corner of Grand Parkway/146 and Fairmont Parkway. It's near Barbour's Cut, and Jerry's asking $8.5M for it.
EXECS
Duke’s Cory Driskill was promoted to VP of leasing. He has been with the firm since 2007.
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Shelley Watson was named SVP and director of national operations for Morgan. She will oversee a portfolio of multifamily assets in Texas, California, Florida, Missouri, and North Carolina. She has over 20 years of multifamily experience. She was previously managing director with Greystar.
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NAI Houston COO Elke Laughlin was named to NAI Global’s leadership board. She is one of four new members to join the board.
SALES
An undisclosed buyer purchased Northeastern Plastics, a 41k SF net-leased property at 14221 Eastex Fwy. Marcus & Millichap’s Alex Bouchard and Gus Lagos listed the asset at $1.3M.
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Titus Colaco purchased 1.8 acres on Fairbanks N. Houston from Galoostian Family Trust. Boyd Commercial/CORFAC International’s David Boyd and Greg Barra repped the buyer.
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BC Lakes purchased 38 acres in League City’s Bay Colony. It will develop a residential subdivision there. Moody Rambin’s Bob Gulley repped seller Nuway Development. Zane Segal and Mark Coldwell repped the buyer.
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Donald E McMahon Foundation purchased 12 acres at FM 359 and Church Road. It will use the land for future expansion. Moody Rambin’s Bob Gulley repped seller Ronald & Inez Sparks.
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905 Live Oak LLC purchased 40k SF of office/warehouses at 905 Live Oak and 910 Nagle St. Cushman & Wakefield’s Kelley Parker, John Littman, Tim Thomas, and Coe Parker repped seller Seewald Realty Co. Charles Taylor repped the buyer.
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An undisclosed buyer purchased 6701 Pinemont, a 14k SF office building off Hwy 290. It’s 75% leased. Moody Rambin’s Chris Dray repped the seller; the property was listed at $1.4M.
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Ram-Gil purchased a 21k SF industrial building at 6440 Eastwood St. Coldwell Banker’s Robert Bain repped the seller.
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Borderville Church of Christ purchased a 20k SF church at 1823 Aldine Mail Route. Coldwell Banker’s Vince Elder and David Hummel repped seller Grace Missionary Baptist Church; Equity Venture’s Kenneth Phillips repped the buyer.
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LAACO purchased two acres on Westpark Tollway just west of Mason Road to be developed as a StorageWest. It will be the brand’s fourth location in Houston. JLL’s Mark Nicholas and Cliff West repped the seller and EDGE Realty’s Jonathan Hicks repped the buyer.
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Garry Sams purchased a 46k SF parcel on Marina Bay Drive just north of FM 518. It will be developed as a Dunkin Donuts/Baskin Robbins, the fifth in Southeast Houston. Gary Green’s Madonna Morris repped the seller and EDGE Realty’s Jonathan Hicks repped the buyer.
LEASES
Chadwell Supply leased 48k SF at 16501 Central Green Blvd. Lee & Associates’ Tom Walrich, Reed Parker, and Billy Snowden repped the tenant and IDI’s Ben Newell repped the landlord in-house.
DEVELOPMENT
609 Main at Texas is officially in the dirt. The 48-story, 1M SF office tower will deliver in February 2017. It’s designed by Pickard Chilton and is being built by DE Harvey.
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Cypressbrook is partnering with Avanti Senior Living to develop its future communities, including six planned to deliver over the next 24 months. It’s already closed on two sites in Shenandoah/The Woodlands and Cypress. Cypressbrook’s Joyce Sterling is handling site acquisition and Jeff Presnal is leading the development program. Each property will be about 76k SF and feature assisted living and memory care units plus amenities like salon, nail bar, and multiple dining options. Rendered above is a typical Avanti community.
