The Deal Sheet; Seniors Housing Smack Down
It's been a busy week already for seniors housing development, with three announcements from three different developers. (Chunky sweaters and senior living are the hot fashion trends for fall.)
The Buckingham, one of Houston’s most luxurious seniors housing properties, is expanding. (Wouldn’t your mother or grandmother look lovely on this grand staircase?) The community is adding 186 residences—growing its independent living, assisted living, memory care, and private skilled nursing offerings—to its Memorial neighborhood location. It’s a significant $56M expansion for owner Senior Quality Lifestyles Corp. Greystone Development will handle the expansion, which will deliver in 2017. This morning, PinPoint announced it's completed development of The Legacy at Falcon Point. It's a 164-bed assisted living and memory care facility, and the firm believes it's the most technologically advanced seniors housing community in Texas. And let's not forget Avanti Senior Living, which recently broke ground on its first Cypress facility, Avanti at Towne Lake. The firm was founded last year and initially plans to build seniors housing across Texas, Louisiana, and Florida.
EXECS
Skanska named three executive moves. Benjamin Llana was promoted to development director; he leads the development of Capitol Tower Downtown. Cameron Alexander was promoted to senior development manager; he leads development of West Memorial Place, which announced its second phase yesterday. And Seán Murphy joined the firm as real estate development manager. He will assist at Capitol Tower.
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Nester Clark joined IPA as director of its Houston office. He was previously at Soros Real Estate Partners, where he was the youngest partner in its history and managed a $1B private equity fund.
SALES
American Elevator Inspections purchased one acre for an office site at 5424 John Martin Rd in Baytown. The seller was RW Green Family. Claire Sinclair Properties’ Wade Sinclair facilitated.
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An undisclosed buyer purchased Woods of Inverness, a 272-unit multifamily community at the intersection of the Hardy Toll Road and FM 1960. It was built in 1981 and is 93% occupied. CBRE’s Clint Duncan and Ryan Epstein repped the seller, ComCapp.
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An undisclosed buyer purchased nine acres at 1310 and 13110 Garret Rd. Coldwell Banker’s Andrew Wupper repped the seller and Cypressbrook Management’s Denise Ksiazek repped the buyer.
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Sheldon Battery purchased a 10k SF office/warehouse at 410 Rankin Circle. Southwest Realty Advisors’ Patrick McKiernan and Marc Drumwright repped the buyer and Adkisson Group’s Steve Adkisson repped seller AFS Inc.
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Caldwell Co’s Bill Ginder repped the seller in two deals:
• Stream-Flo purchased a 17k SF manufacturing building on Derrington Street in Northwest Houston. Steve George Inc’s Steve George repped the buyer.
• An undisclosed buyer purchased 142 acres in Waller Industrial Park. Don Dennis repped the buyer.
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Caldwell Cos’ Keith Grothaus repped brokered two deals.
• Pearland RJR purchased 6.5 acres on West Little York and Guhn. TNRG’s Preston Yaggi and Steve Kuper repped the buyer.
• An undisclosed buyer purchased 174 acres at Highway 290 and FM 362. Caldwell’s Daniel Greco closed the deal with Keith.
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An undisclosed buyer purchased Residences at Cinco Ranch, a 300-unit luxury apartment complex. ARA’s David Wylie repped seller TA Associates. The property was built in ’09 and was 98% occupied at TOS.
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QuadGent Properties purchased a 26k SF fully occupied multi-tenant facility at 351 Columbia Memorial in League City. TNRG’s Preston Yaggi and Patrick Wolford repped the buyer, and TNRG’s Reed Vestal and Taylor Schmidt repped seller Wycoff Properties.
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RLLR Properties purchased an 18k SF facility at 7310 West Little York. TNRG’s Robert McGee and Thomas Leger repped seller Terry Allen Enterprises.
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Angela Johnson purchased a 1.7-acre tract at 104 Melody Ln in Friendswood. TNRG’s Taylor Schmidt and Reed Vestal repped the buyer.
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A Corpus-Christi based storage operator purchased Bankers Mini Storage, a 479-unit facility in Missouri City. Bellomy & Co’s Bill Bellomy, Michael Johnson, and John Owens repped the seller, a Houston-based family partnership.
LEASES
Office Furniture Connection leased 125k SF of industrial space at 13101 Almeda Rd. Finial Group’s Keith Bilski and Neil Martin repped the landlord and Raintree Commercial’s Corey Ferguson repped the tenant.
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Dave & Buster’s leased 40k SF in the Baybrook Mall expansion. Baker Katz’ Jamie Weaver and Jason Baker repped the tenant with Venture Commercial’s Ross McCook and Larry Leon. Greg Sullivan repped the landlord.
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Percheron Holdings leased 21k SF in The Offices at Grandway West. It will occupy part of the first of five buildings designed to be constructed in the project. Stream’s Anthony Squillante and Jeremy Hunt repped the tenant. The landlord—a JV between Insite Realty Partners and The Urban Cos—repped itself.
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Colo Railroad Builders leased a 16k SF facility on 11755 Connor St. TNRG’s Thomas Leger, Robert McGee, and Chase Cribbs repped the tenant.
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Intuitive Machines leased 11k SF at 3700 Bay Area Blvd. Savills Studley’s Derrell Curry repped the tenant and CBRE’s Dena Wren repped landlord The Boeing Co.
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Funderburk Courtois renewed 17k SF at 2777 Allen Parkway. Cushman & Wakefield’s Trey Strake repped the tenant and CBRE’s Kristen Rabel and Elliott Hirshfeld repped landlord American General Life Insurance.
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Facility Interiors renewed 46k SF at 1440-1498 N Post Oak. CBRE’s Searcy Ferguson repped the tenant. Landlord Prologis repped itself.
FINANCING
NorthMarq Capital’s Warren Hitchcock refinanced a portfolio of three boutique office buildings totaling 176k SF: Green Oaks at San Felipe and the Campanile Buildings. The transaction was structured with a 10-year term and 25-year amortization at a rate in the 3% range. Warren says the portfolio attracted the most aggressive financing terms in the market thanks to its quality, tenant mix, Inner Loop location, sponsorship, and relatively low leverage. Aegon provided financing.
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BMC Capital’s Tony Talamas arranged $1.3M in cash-out refinance for a retail property. The loan featured a four-year fixed-rate at 4.65% and 20-year amortization.
THIS AND THAT
Transwestern was named property manager of Amegy Bank’s three Houston buildings totaling 342k SF: 1801 Main, 4576 Research Forest, and 1300 Rollingbrook Dr. Transwestern will also provide lease admin services for 47 bank branches and ATMs throughout Texas.
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Employees at the JW Marriott Downtown will be well-dressed—the hotel collaborated with fashion designer David Peck to create high-style uniforms. The JW Marriott opens this month, and David Peck will have an onsite fashion show on Sept. 29 to show off the look.
