The Deal Sheet
How come Wood Ridge Plaza, a 212k SF retail center in The Woodlands that just sold to Crow Holdings, received more interest than anyone expected? (We love a good Cinderella story, but only if we know exactly how she did it.)
HFF’s Rusty Tamlyn, Ryan West, and Matt Berry repped the seller and tell us that on the surface, the property didn’t quite have the profile to appeal to institutional buyers (it was built from ’75 to ’97, renovated in 1997, and is 87% leased), and the private investor pool is typically pretty thin for assets of this size. Despite that, it had a solid amount of interest from a mixed bag of buyers thanks to “The Woodlands’ Premium.”
This aerial shows you why: The property has half a mile of I-45 frontage with great visibility, is across from the Woodlands Mall, and is surrounded by activity. With this deal in the bag, the team is marketing Spring Cypress Village, a 101k SF Sprouts-anchored property on 249. It’s a rare grocery-anchored property with value-add opportunity (Rusty says it’s been 10 years since he saw that combo). Apart from this, Ryan’s working on his own baseball team—he and his wife are expecting their fourth child.
EXECS
Transwestern’s Carleton Riser was promoted to president of Transwestern Development, with plans for an aggressive operational and geographic expansion. He has 18 years of development experience.
***
Woodmont Co’s Brad Cruickshank was promoted to SVP and Joseph Williams was named assistant VP. Brad specializes in the sale and sourcing of retail and NNN properties throughout the country, and has completed over $800M of transactions.
***
Clint Duncan joined CBRE as VP in its multi-housing group, and Chris Thomas joined its land team as VP.
***
First Industrial Realty Trust’s Chad Parrish was promoted to director of development and is moving to Houston from Chicago. He will lead the firm’s development activities in Houston, Dallas, and other Central US markets. He will begin with overseeing the development of First Northwest Commerce Center, a 351k SF cross-dock facility.
***
Boxer’s Sheldon Stevenson was promoted to senior broker. He has been with the firm since 2012.
***
Chris Wadley joined Transwestern as VP of tenant advisory. Last year, he completed 600k SF of office and industrial sales and leases.
SALES
LAACO purchased 3 acres near the NEC of W Lake Houston Parkway and Will Clayton to develop a Storage West self-storage facility. Caldwell Cos’ Clay Roper and Keith Edwards repped seller Northeast Baptist Church. EDGE Realty’s Jonathan Hicks repped the buyer.
***
United Front Group purchased a 69k SF tract at the SWC of Fuqua and Fondren to develop a gas station and convenience store. Reliance Commercial repped the buyer and EDGE Realty’s Jonathan Hicks repped seller Kamin Properties.
***
An undisclosed buyer purchased 15.5 acres in Pearland to develop a multifamily property, and another purchaser nabbed 5.7 acres at Discovery Bay and Business Center Drive in Pearland to develop an MOB. NewQuest’s Brad LyBrand and Allen Crosswell repped the seller in both. Clay & Co’s Amy Silvey repped the buyer in the second transaction.
***
An undisclosed buyer purchased 2.4 acres at Louetta and Fireside in Spring. NewQuest’s Bob Conwell and David Meyers repped the buyer and colleague Matt Reed repped the seller.
LEASES
NEXT Financial Group leased 33k SF at 2500 Wilcrest. Stream’s Anthony Squillante and Jeremy Hunt repped the tenant and Insite’s John Stavinoha repped the landlord.
***
Tool Mart leased 38k SF of warehouse/distribution space at Beltway Crossing Business Park (13721 South Gessner). NAI Houston’s John Ferruzzo and Chris Kugle repped the tenant and Stream’s Justin Robinson repped the landlord.
***
RIEX Co leased 18k SF at 8850 N. Sam Houston Pkwy W. CBRE’s Joseph Smith repped landlord Levey Group and NAI Houston’s Nick Peterson repped the tenant.
DEVELOPMENT
Stream Realty is developing a 165k SF power center at the NEC of FM 518 and Pearland Parkway. The 27-acre project will be called The Center at Pearland Parkway and is adjacent to a new HEB. It will be anchored by a number of national retailers, including Ross and TJ Maxx. Stream will also manage and lease the property.
FINANCING
LMI Capital’s Jamie Mullin arranged $16.5M for the acquisition of a 655-unit multifamily property. The loan closed in 33 days from application. It nabbed 78% LTV with a ten-year fixed interest rate non-recourse. The first three years are I/O; the deal was arranged with a CMBS source.
THIS AND THAT
Hillwood Communities and McGuyer Homebuilders is developing Pomona, a 1,000-acre master-planned community, in Manvel. It plans to build 2,100 single-family homes in the property.
***
Henry S Miller is celebrating its 100th anniversary this year.
***
Hines sold its parking services company, WinPark Management, to Propark America.
***
Trigild tapped Allied Advisors to market the 38-property Coldwater/Silvercreek portfolio including 36 retail strip centers and two single-story office properties throughout the country. It will sell individual assets, groups of properties, or the entire $50M portfolio. One Houston facility is in the mix, 12950 Willow Centre Dr.
***
CBRE was selected to market 12 tracts totaling 110 acres at the intersection of 45 S and Beltway 8 near Hobby Airport. The property has had the same owner since 1952. Bill McDade, Kristen McDade, and Peter Mainguy are handling the listing; Bill says it’s well-suited for retail, industrial, or residential development.
