The Deal Sheet
Katy Ranch’s Phase 1 is all out of big box space, which means Phase 2 will kick off soon. (And there’s no room for The Hangover, our post-party lost-and-found consignment store.)
Evergreen Commercial prez Lilly Golden, who reps the landlord, tells us Ferguson Plumbing and American 7 Furniture leased the last 25k SF of big box space. (Cassidy Turley’s John Nicholson and Nathan Wynne repped Ferguson and Pete Stewart Properties’ Pete Stewart repped American 7.) The development’s second phase will be under construction by Q2 and aims to have new tenants open by Q4. Katy Ranch sits at the SEC of I-10 W and Katy Fort Bend Road.
EXECS
Trammell Crow’s Jeremy Garner and Davis Griffin were promoted to principals. Jeremy leads the development of spec and BTS industrial projects throughout Houston, and is overseeing 1.2M SF of projects now. He has been with the firm since ’04. Davis focuses on healthcare and retail development throughout central and Southeast Texas. She joined TCC in 2002.
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Stream’s Jeremy Hunt was promoted to VP of its tenant rep team. He has been with Stream since 2010 and was named NAIOP’s 2013 Rising Star.
SALES
Reforma Properties purchased a 72k SF warehouse at 3919 Eastex Fwy. NAI Houston’s Michael Keegan and Darren O’Connor repped seller MKK Investment Properties, and CitiQuest Properties’ Beto Tentori repped the buyer.
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AEW Capital Management entered into a JV partnership with Brookfield Office Properties for Heritage Plaza. AEW purchased a 90% interest—41% from Brookfield and 49% from an affiliate. Brookfield maintains a 10% interest and will continue leasing and managing the property. Brookfield had purchased the building in 2010 for $286/SF and netted $118M from this transaction. Heritage Plaza is 98.4% leased (up from 84% leased in 2010).
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World Class Capital Group acquired a six-property portfolio of Houston self-storage assets. It includes 1,600 units and 270k SF; the properties will begin renovations immediately and will be rebranded as Great Value Storage assets. This is the fourth portfolio acquisition for World Class Capital in the last 18 months.
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Unlimited Investors purchased 10 acres out of a 73.8-acre tract on FM 529 in Katy. Clay & Co’s Amy Silvey repped the seller and Forbes Interest repped the buyer.
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A single-family developer purchased 35 acres on FM 518 in Pearland. They will be developed as part of the Shadow Creek community. Clay & Co’s Kevin Dalrymple repped seller Maxwell Family Trust, and he continues to represent it on the remaining 12 acres of commercial reserves available for sale.
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Roesner Investments purchased 19.3 acres at FM 529 and Pitts Road. Realm Real Estate Professionals’ Yasmin Ramsey repped the buyer and M Kidd Properties’ Mark Kidd Sr and Mark Kidd Jr repped seller Michael R. Christie.
LEASES
Patriot Artificial Lift leased a 16k SF building at 6825 Theall Rd. Betz’s Gloria Parrino repped the landlord.
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Rud and Pickarts Marketing leased 29k SF of warehouse/distribution space at 6006 Griggs Rd. NAI Houston repped the tenant and Stream’s Matteson Hamilton and Jeremy Lumbreras repped the landlord.
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Malone Bailey leased 12k SF at the Younan Place building (9801 Westheimer). Moody Rambin’s Griff Jaggard and Derek Beck repped the owner and Cresa’s Andre Granello repped the tenant.
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Catalyst Trading Co renewed 22k SF of office/warehouse space at 8211 LaPorte Fwy. Cushman & Wakefield’s Coe Parker, Kelley Parker, John Littman, and Tim Thomas repped landlord United Stevedoring Corp. Carlos Garcia Realty’s Bill Garcia repped the tenant.
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St. Hope Foundation leased 10k SF in 255 Northpoint. PMRG’s Marci Phillips repped the landlord.
DEVELOPMENT
Black Forest Ventures completed construction of Galaxy FBO at the Lone Star Executive Airport. The facility includes a 45k SF three-story building, two 38k SF hangars with 12k SF of storage on each, and nine acres of apron/aircraft parking. It’s in Conroe and houses brands Black Forest owns: Galaxy FBO, Wing Aviation, and Black Walnut Café. EE Reed was the GC.
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Lone Star College Cypress Center completed. Llewellyn-Davies Sahni designed the facility, which includes 85k SF at 19710 Clay Rd.
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Post Properties opened Post510, a 242-unit multifamily community in Midtown.
FINANCING
Berkadia’s Andy Hill arranged $28M in acquisition financing for two multifamily properties in Texas, including Dartford Square in Tomball. The property received a $6.1M loan with a floating interest rate below 3%. The property has 124 units and is 98% occupied. The loans are seven-year terms through Freddie Mac.
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HFF closed the sale of and arranged financing for 7700 San Felipe, a five-story, 101k SF office building. It repped the seller, a JV between Velocis Fund and Fuller Realty, and placed debt for buyer Hicks Ventures. The loan has a fixed-rate and was placed with Nationwide Bank. HFF’s Danny Miller and Marty Hogan handled the investment sale, and Corby Chaffin led debt placement.
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HFF’s Matt Kafka, Colby Mueck, and Will Crawley arranged JV equity and construction financing for the Center at Pearland Parkway, a 165k SF Class-A power center development. HFF repped developer Stream to arrange a JV with Thackeray Partners, and secured a construction loan through Bank of the Ozarks.
THIS AND THAT
Satterfield & Pontikes received a national Excellence in Construction Award from the Associated Builders and Contractors for its work on NASA Johnson Space Center Building 12. The project was recognized in the renovation, $10M to $100M category.
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Stream was awarded leasing and management of Alamo Crossing Commerce Center, a Class-A industrial complex. Cornerstone Real Estate Advisers purchased the center from Colony Realty Partners. The four-building property encompasses 1M SF and is 100% leased. Justin Robinson and Matteson Hamilton will oversee leasing and Scott Francis and Brandi Michel will handle property management.
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Asset Plus acquired management of Ashton Park Apartments. Since the firm took over in January, the property has increased occupancy 19%.
