The Deal Sheet
The third building in Grand Oaks Business Park broke ground last week. (You break it, you buy it.) When we checked in with developer Dmac last May, its second building had just delivered at 35% leased. Those were the slow days—this newest building went into the dirt 25% pre-leased.
Here are its Doug Meadows, Terry Nehls, and prez Lance McIntyre. (Not pictured, Don McIntyre.) The park sits on 25 acres south of Cinco Ranch in Richmond. Lance tells us Terry is finalizing two leases that will bring the first building to 100% occupancy. (The second was a BTS for SP Sports.) The latest facility is 27k SF and will deliver in May.
Here's Three Square Design Group's rendering of the latest building. Allegiance Bank handled financing. When completed, Grand Oaks will have six buildings totaling 150k SF of tilt-wall space. Lance tells us Dmac also just started a 100k SF distribution facility for N2IT Containers in the Hobby Business Center, and just yesterday it closed the loan to build a 25k SF Fun N Fitness Gymnastics in Katy.
EXECUTIVE MOVES
NAIOP presented Transwestern founder/chairman Robert Duncan with the 2014 Howard Horne Legacy Award. He is the second recipient of the award, which recognizes a real estate pro who has helped shape the industry and the future of Houston.
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Toni Jackson joined Jones Walker as a partner and member of its affordable housing team. She has 20 years of real estate experience.
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David Steidley joined Hicks Ventures as principal and CFO. He has 25 years of real estate experience and has developed, acquired, financed, and constructed over $1B in his career. He was most recently VP of development and acquisitions at Medistar.
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Rosenberger Construction named Steve Salverino as partner and president. Former prez Kent Rosenberger is now CEO. Steve has worked for the firm since 1992, when he joined the industry.
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Tony Muscat joined O’Donnell/Snyder as principal. He spent the last two decades as partner with SpawMaxwell.
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Peter Merwin was promoted to principal of Gensler. He has been with the firm for the last nine of his 25-year career.
SALES
Leeco Steel purchased a 67k SF crane-served facility at 8655 Golden Spike Rd. NAI Houston’s Clay Pritchett repped the buyer, and his colleagues John Ferruzzo and Michael Keegan repped the seller. This is Leeco’s first Houston location (the 130-year-old company has 10 overall); it liked the building because of its rail service capability and its configuration (originally a BTS for another steel-related firm).
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Bay City Partners purchased a 26k SF former car dealership at 6606 7th St. in Bay City. CBRE’s Peter Mainguy repped seller Ford Credit Co and Newcor Commercial Real Estate’s David Alexander repped the buyer.
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A Houston-based private investor purchased Bonaventure Plaza, a 19k SF shopping center in Sugar Land. Marcus & Millichap’s Derek Hargrove and Justin Miller listed the property at $5.9M. It was built in ’08.
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A Californian investor purchased The Shops at Clear Lake Shopping Center. The property is at the intersection of Clear Lake City Boulevard and SH 3 and is 100% occupied. Marcus & Millichap’s Phil Sambazis and Alvin Mansour repped seller CLCB, a partnership affiliated with property developer Wile Interests. VenturePoint Commercial’s John Clement repped the buyer.
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Kimco Realty purchased Atascocita Commons from Cole Real Estate Investments. The 316k SF property is on FM 1960 and was 99.2% leased at TOS. CBRE’s Chris Cozby, Chris Gerard, and Kevin Holland repped the seller.
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An undisclosed buyer purchased 5510 Spring Stuebner, a 42k SF industrial building. Cresa’s Andrew Jewett repped seller Titan Texas Properties and Caldwell Cos’ Mark Terpstra repped the buyer.
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9902 E. Hardy LP purchased a 29k SF facility at 11601 North Houston Rosslyn. TNRG’s Preston Yaggi repped the buyer and his colleagues Stephen Kuper and Mike Spears repped the seller.
LEASES
International Rags leased 63k SF at 4410 Clinton Dr. Cushman & Wakefield’s Jim Foreman and Beau Kaleel repped the landlord, Crosby 2100 Retail, and Brian Yates Interest’s Grady Tibbs repped the tenant.
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The Day & Zimmermann Group leased 10k SF at 363 N. Sam Houston Pkwy. Moody Rambin’s Griff Jaggard and Terri Torregrossa repped the owner and CBRE’s Jon Lee repped the tenant.
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Moore Supply renewed 48k SF at 15090 Sommermeyer in West by Northwest Business Park. Cresa’s Andrew Jewett and Jeff Peltier repped the tenant and Prologis’ Jacob Milligan repped the landlord.
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Mitsubishi Heavy Industries America leased 12k SF at 20 Greenway Plaza. CBRE’s Jon Lee repped the tenant and his colleagues Cody Armbrister and Steve Rocher repped the landlord.
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The Texas Financial Group (DBA Northwest Mutual Life Insurance) renewed 40k SF in One Riverway. Fritsche Anderson’s David Anderson and Anthony Fritsche repped the tenant. Texas Capital Bank also took an additional 19k SF in the building, expanding to 46k SF total. JLL’s Mike Boehler and CBRE’s Lucian Bukowski repped the tenant. CBRE’s Steve Rocher, Kristen Rabel, and Parker Duffie repped landlord Unilev Management in both leases.
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Houston Maker Space leased 22k SF of manufacturing space at 100 Hutcheson. Cushman & Wakefield’s Jim Foreman and Beau Kaleel repped landlord Bellefontaine Stella Link Ltd. Clay & Co’s Kevin Dalrymple repped the tenant.
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700 Valve Supply leased 9041 Wingtip, an 11k SF warehouse that’s part of a three-building, 45k SF complex adjacent to Hobby Airport’s southeast fence line. Father and son duo Sky and Chad Pulford recently acquired the property, which was built in the ‘60s, and completely renovated it. The property now only has two 3,200 SF vacancies. After June, the property will go on the market.
