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Real Estate Bisnow
The largest commercial real estate publication in the United States.
   
January 17, 2012 
 
 
CAMDEN'S $100M BUY; THE DEAL SHEET

Phoenix Tower offers an amazing business environment located within one of the most dynamic districts in Houston. 75,000 SF now available for lease, with amenities including a fully equipped gym, car care services, a rooftop terrace, and more! For more information, click here.

 
Camden has exercised its option to purchase the 80% interest not currently owned by the company in 12 JVs for nearly $100M cash. It will now wholly own the 12 apartment communities totaling 4,034 units in Houston, Dallas, Vegas, Phoenix, and Southern California.
 
Ric Campo
We snapped Camden CEO Ric Campo speaking at a Bisnow event last October. This is a binding obligation for Camden to purchase (and for the holders to sell) the JV interests. It will also repay the indebtedness secured by those communities (about $273M). Camden intends to close the acquisitions by the end of this month. Ric says the transaction provides the company an attractive opportunity to acquire quality assets in high-growth areas and reduce leverage.

PEOPLE

ML Realty Partners’ Ryan Hesch and Nancy Kozinski were both promoted to SVP. Ryan will lead the firm’s finance function, and Nancy will lead asset management.

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John Dunn joined iCORE Global – Houston, a strategic partner of Griffin Partners, as tenant rep and project leasing specialist. He was previously with Hines, where he raised capital for real estate assets for Hines REIT and Hines Global REIT.  John participated in the acquisition of $4.5B in international and domestic assets during his tenure.

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Dora Parker was named president/CEO of Principal Management Group of Houston, an Associa company. She has 20 years of experience in community management and was an original founder of PMG Houston before its acquisition by Associa. (Then it was known as Parker Management Group.)

SALES

Carson Cos purchased 22 acres in Beltway Crossing Business Park in Missouri City. JLL’s Bob Berry and Jarret Venghaus repped seller C&L Partnership. Carson Co’s Dan Zoch repped the buyer in-house. The firm plans to develop an industrial project on the site.

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DR Horton purchased 22 acres in Gleannloch Farms in Spring. NewQuest’s Jeff Lokey repped both buyer and seller.

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909 Birnham Woods

STYN purchased a 54k SF apartment complex at 909 Birnham Woods in Pasadena. Clay & Co’s Amy Silvey repped the seller, Worldnet Telecom Services.

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Alden Land Development purchased 2 acres in The Woodlands adjacent to Alden Bridge Village Shopping Center. Everson Developments will develop a two-building office project totaling 20k SF on the site. J. Beard is handling marketing, sales, and leasing of the buildings and brokered the site acquisition.

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A private partnership purchased a 1-acre pad site at the intersection of Technology Forest Boulevard and Research Forest Drive in The Woodlands for a full-service Japanese restaurant.  The buyer owns and operates two Sakekawa Japanese Steak House & Sushi Bar restaurants, including one in Indian Springs Village of The Woodlands.  J. Beard’s Tim Maczko repped the seller, Everson Developments

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An undisclosed buyer purchased Diamond Plaza, a 26k SF retail property in Katy. SRS Real Estate Partners’ Todd Hardin repped the seller and Huntington Properties’ Peter Licata repped the buyer.

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A publicly traded REIT purchased 97k SF Woodbridge Shopping Center in Sugar Land. The asset was listed at $9.5M and is anchored by a long-term ground lease with Kroger. Marcus & Millichap’s James Bell repped the seller.

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An undisclosed buyer purchased 10k SF North Main Shopping Center. Marcus & Millichap’s Jerry Goldstein repped the seller.

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Parmenter Realty purchased Brookhollow Central, an 806k SF, three-building property. The asset was owned by Thomas Properties Group and CalSTRS, which stabilized tenancy of the asset with a 220k SF lease to Comerica Bank. Thomas chairman/CEO Jim Thomas says the sale was part of the firm’s plan to prune its portfolio of non-strategic properties. It continues to own San Felipe Plaza and CityWestPlace.

LEASES

Petco leased 13k SF in Spring Town Center. NewQuest’s Bob Conwell and David Meyers repped the landlord in-house and its Matt Reed repped the tenant. 

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Houston Chronicle Publishing Company leased 18k SF at Spring Hill Business Park. Lincoln Property Co’s Kevin Wyatt and Brandon Brooks repped the landlord and Studley’s Valerie Palmquist repped the tenant.

DEVELOPMENT

Stream Data Centers acquired 7.6 acres for a state-of-the-art data center development in The Woodlands. The Stream Private Data Center (PDC) will be a 73k SF ground-up development. The purpose-built data center will be constructed using Miami-Dade County (Florida) building code standards, providing the ability to withstand sustained 146-mph straight-line winds. The facility will also be certified LEED Gold. It will initially deliver 4.5 MW of critical power, with the ability to easily expand the critical load to 9.0 MW with all necessary conduit and pads in place. The PDC will break ground in February and will be ready for occupancy in December.

THIS AND THAT
 
Phoenix Tower

Phoenix Tower was designated a BOMA 360 Performance Building. The 34-story Class-A office building is owned by FSP Phoenix Tower LP and is leased and managed by Hines.

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Wulfe & Co was awarded leasing of Sunrise Lake Village, a 50k SF retail center and four-story, 42k SF office complex in Pearland. Katherine Wildman and Jeanie Gibbs will handle the assignment.

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Moody Rambin was retained as the exclusive listing agent for the Main Southwest Professional Building in Sugar Land. The one-story, Class-C building is 36k SF with 16k SF available. Derek Beck and Griff Jaggard will handle leasing.

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Tarantino Properties was awarded leasing assignments on eight properties totaling 206k SF, including four office buildings, three retail centers, and a flex/industrial property. One of the retail centers and one of the office buildings are proposed properties and will be newly constructed. Tarantino’s new office buildings are Chase Bank Lakeside at 10411 Westheimer, Westpark Office Building (proposed at 23804 FM 1093), Baker Road Professional Building (an MOB at 1010 Baker Rd in Baytown), and Doctor’s Hospital‐ Tidwell Medical Plaza at 509 W Tidwell. The new retail centers are Rich Hill Shopping Center on Hillcroft, 3610 Hillcroft (proposed), and 5805‐5821 Bellaire. Tarantino’s new flex/industrial property is at 8600 Westpark.

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Central Management Inc was awarded facility management of 7425 Pinemont  Dr. The firm's Paul Panus and Robert Barton will co-manage the 110k SF warehouse.

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The Woodlands has assumed a leadership role in the development of Bridgeland. The Howard Hughes Corporation acquired its partner’s interest and took full control of The Woodlands in July and the team will now help Bridgeland realize its full potential as a master-planned community. Both communities are among the best-selling master-planned communities in the US: The Woodlands ranks #3 and Bridgeland ranks #12 by Metrostudy Report. Alex Sutton and Tim Welbes will oversee development at Bridgeland, just as they do in The Woodlands, and Peter Houghton will continue as project manager and onsite leadership.

***

 
Texans skyline

Brookfield Office Properties did its best to cheer the Texans to victory, lighting up Three Allen Center and Heritage Plaza with team spirit. Although the team didn’t make it and we’re now fumbling around in a heartbroken trance, Brookfield’s engineers did their best. So thanks to Freddie Paterson, Mike Rodriguez, and Troy Buckwalter for coordinating with tenants Thompson & Knight, Kawaski Industries, Plains Marketing, and BDO Seidman to make it possible!

MEA CULPA

Last week, we referred to Community Development Strategies’ recent promotions. The firm’s correct name is CDS Market Research.

Bisnow
THANK YOU, DR. KING
 
Like many of you, we took yesterday to acknowledge the service of Dr. Martin Luther King, Jr. We admire his courage and continuing impact on American cities. This picture is from 1964, and if 95% of the Bisnow staff had been alive then, we'd certainly have been there to take it. But from what we can glean, it looks like Dr. King's response to someone asking, "How big an impact will transit-oriented development have on city centers in the year 2012?" Whether he's saying "a lot" or "why are you asking me this," it's an appropriate response.
 
Our Houston reporter's fiancé is making pot roast for dinner. She's incredibly excited. Eaten any good meals recently? Email Catie Brubaker, catie@bisnow.com.
 
 
 
 
Hines (Phoenix Tower)
 
Moody Rambin (WLoop4)
 
US Prop (MedicalCenter2)
 
Bisnow DFW Health HOU
 
Arent Fox Barcode HOU
 
Bisnow Events3 HOU
 
Microsoft (Share)
 
Reznick Insights HOU
 
Bisnow Churchill MHOU
 
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