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Leases
NewQuest closed four leases totaling 11k SF:
- Smiley Dental leased 2.4k SF in the Mesa Tidwell Shopping Center. NewQuest was repped internally by Matt Reed, and United Equities’ Kristin Hill and Tim Sandifer repped the tenant.
- Indian Wok Restaurant leased 2.4k SF in the Willowbrook Pavilion at Highway 249 and Millsview Road. NewQuest was represented internally by Bob Conwell and Rebecca Le.
- Ms. Mango leased 2k SF in Sherman Town Center in Sherman. NewQuest was represented internally by Eric Walker and Small World Realty’s Young Lim negotiated for the tenant.
- Liberty Mutual Insurance Co. leased 3.7k SF at Cypress Village Station at Highway 290 and Skinner Road. NewQuest was represented internally by Heather Nguyen and Rebecca Le, and Studley’s Craig Jablin represented the tenant.
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NAI Houston’s Jason Whittington represented the tenant in five leases totaling 21k SF:
- SK E&P Company expanded its location to approximately 4.8k SF at 1300 Post Oak Blvd. Transwestern’s Paul Wittorf repped landlord Teachers Insurance and Annuity Association of America.
- Tidal Tank/Sprint Safety-A Sprint Industrial Co. renewed its 4.5k SF lease at 5300 Memorial Dr. Parkway Realty Services’ McKenzie Followwill represented landlord Parkway Hancock Texas.
- Strategic Protection Systems renewed its 5k SF lease at 14900 Woodham Dr. Brummett & Co.’s Tom Brummett repped the landlord, 600 C.C. Business Park Ltd.
- Select Banking Systems leased 3.5k SF at 6767 Portwest Dr. Transwestern’s Jude Filippone repped landlord Koll/Per Westport LLC.
- C. Foster & Associates leased 3.4k SF at 6565 West Loop South for a new physical therapy and rehabilitation office. Transwestern’s Kelli Crutchfield negotiated for the landlord, LL Chase Merritt West Loop LLC.
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Oasis Petroleum signed a seven-year lease for 27k SF in First City Tower. The lease represents a 13k SF expansion and a relocation of its HQ within the building. Oasis has been a tenant in the 1.3M SF building since 2007. Colvill Office Properties’ Michael Anderson and Chip Colvill represented the building owner, FC Tower Property Partners LP, an affiliate of JMB Realty of Chicago. JLL’s Chad Beck repped the tenant. First City Tower is now 94% leased.
Sales
Behringer Harvard acquired Briar Forest Lofts, a 352-unit multifamily community in Westchase, in a JV between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund. The property was built in 2008 and is on nearly six acres.
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Betz Commercial Brokerage’s Ron Dagley repped seller Gleannloch Commercial Development in two land transactions in the Gleannloch Farms subdivision of Spring. NewQuest’s Jeff Lokey represented the buyer in both deals.
- Ryland Homes purchased nearly 33 acres on Crescent Clover Drive
- Providence Classical Schools bought nearly 20 acres at the future Grand Parkway and Crescent Clover
The Betz Cos. purchased more than 230 acres in Gleannloch Farms in 2006 and is in the process of selling parcels of land.
Closings
Liz Claiborne is closing all 87 of its outlet stores, including one in the Houston Premium Outlets shopping center in Cypress. Don’t worry, though, it’ll offer its Liz Claiborne and Liz Claiborne New York brands at other retailers, including JCPenney, and the company’s other brands’ outlets stores (Juicy Couture, Kate Spade, Lucky Brand, and Mexx) will remain open.
Reports
According to the latest annual listing by Bloomberg Businessweek, Houston is the best city for new college graduates. We beat out 29 other cities based on the number of entry-level employers, average annual pay, cost of living, and unemployment levels. It’s a big jump for us considering we didn’t make the list last year. Houston has fewer entry-level employers compared to second-place Washington, DC, but our low cost of living, 8.4% unemployment, and nearly $45k annual salary helped us reach top honors.
Development
According to a report by The Chronicle, H-E-B is considering building its planned store at the corner of Alabama and Dunlavy on stilts, accommodating parking underneath, and building a two-acre park on the site. According to H-E-B Houston prez Scott McClelland, the option is the only that would meet the City’s required parking levels and still leave room for green space. However, it would increase construction costs by $2M-$3M, so the company is seeking the community’s help in raising funds (think grants, donations, or perhaps collecting rent from a restaurant in the park). According to the article, H-E-B plans to present three designs for the site and allow residents to select their favorite.
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