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Real Estate Bisnow
   
January 3, 2013 
 
 
Greenway Hits Jackpot; The Deal Sheet

E.E. Reed Construction is a sponsor of Bisnow's Future of the Energy Corridor on Feb. 1 (register). Click here to learn how E.E. Reed finishes projects on time and builds with integrity, reliability, and trust.

 
The wave of office acquisitions continues: Parkway Properties purchased Phoenix Tower for $124M. That puts the 626k SF Class-A trophy property in Greenway Plaza at $198/SF.
 
Phoenix Tower
CBRE's Jared Chua, Bernard Branca, and Russell Ingrum repped the seller. Bernard says the sale indicates Houston's growing appeal to investors, particularly for high-quality assets. Phoenix Tower was 85% leased at time of sale. It was significantly renovated in '11 and was recently awarded LEED-EB Gold.
 
Bisnow (Sales) Jumbo
SALES

 
Reserve at Park Ten

A subsidiary of CapLease purchased The Reserve at Park Ten for $36M. The 145k SF Class-A building is 100% leased and is positioned for LEED-EB certification. CBRE’s Bernard Branca, Jared Chua, and Russell Ingrum repped the seller, Principal Real Estate Investors.

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Aldi purchased 2.8 acres at Fairmont Parkway and Watters Road in Pasadena. The store will open this spring. Colliers’ Marshall Clinkscales repped the seller.

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Baron Properties purchased AMLI Towne Square, a 380-unit community. ARA’s Matt Rotan, David Oelfke, David Mitchell, and David Wylie repped the seller. This is Baron’s first Houston acquisition. AMLI Towne Square was built in 1999 by TCR and was 98% occupied at TOS.

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The Anglican Church of St. Peter purchased 3.2 acres at 19923 Cypress Church Rd to build a religious facility. Coldwell Banker’s Vince Elder repped the buyer and Caldwell Cos’ Keith Edwards repped the seller.

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Ramsey & Co purchased a 12k SF office/warehouse facility at 5605 Campbell Rd in Fairbanks Industrial Park. Southwest Realty’s Patrick McKiernan and Marc Drumwright repped the buyer and First Houston Properties’ Jonathan McDaniel and Aron Grenader repped the seller.

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Star of Hope Mission purchased 48 acres on Reed Road west of SH 288. Betz’ Darin Gosda repped the seller and The Willmann Co’s Karl Willmann repped the buyer. Charter Title’s Barbara Daley and Marvin Zindler facilitated.

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NSH Properties purchased a 15k SF industrial building at 8725 Golden Spike. The Law Offices of Herrera repped the buyer and TNRG’s Steve Adkisson repped the seller.

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Dish Network Service purchased 2.5 acres in Oak Ridge North Commerce Park. Newmark Grubb Knight Frank’s Doug Nicholson repped the buyer and TNRG’s Mike Spears repped the seller.

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Petroleum Oil Tools of Houston purchased 88 acres off of East Industrial Parkway in East Montgomery County. It will build an industrial facility on the site. Bandier’s David Alexander repped the buyer.
LEASES
 
9896 Bissonnet

Bee Busy Learning Academy expanded into 12k SF at 9896 Bissonnet. Boxer Property’s Shay Calhoun repped the landlord in-house.

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DermSurgery Associates renewed 14k SF at Greenpark One, an eight-story MOB at 7515 Main St. CBRE’s Jon Lee repped the tenant and Caldwell Cos’ Andy Havel and Blake Virgilio repped the landlord.

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Kurz & Co leased a 22k SF office/warehouse facility at 3474 Yale in Pineforest Business Park. Southwest Realty Advisors’ Patrick McKiernan and Marc Drumwright repped the tenant and Insite’s Steve Hazel repped the landlord, Cabot Properties.

DEVELOPMENT

UTMB announced an $82M expansion at its League City location. The 142k SF project includes 39 inpatient beds, 17 ER/urgent care beds, operating and endoscopy rooms, and 25k SF of shell space for future development. This will be the second building on the 60-acre tract; the 110k SF specialty care center opened in 2010.

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Construction re-started for Bay Area Regional Medical Center at 200 Blossom Street in Webster. The 176-bed hospital will open in November. Medistar partnered with Surgical Development Partners to develop, manage, and operate the $160M facility. Future expansion could accommodate 248 beds.

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Kelsey Seybold

Kelsey-Seybold Clinic broke ground on a 36k SF facility in Pasadena; it’s slated to deliver this spring. The two-story building will sit on a 5.6-acre tract at 5049 E. Sam Houston Pkwy.

THIS AND THAT

According to Bay Area Houston Economic Partnership, a conceptual site plan has been developed for a commercial reserve tract at Friendswood’s West Ranch. Not including the pad sites, it totals 99k SF. The developer, Friendswood Development Co, would like to see a 62k SF anchor and several smaller tenants.

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Avison Young was selected by Zenith Real Estate Group to provide marketing and leasing services for an 11-building office portfolio totaling 954k SF. The buildings are concentrated on Richmond Avenue between the Sam Houston Tollway and Dairy Ashford; 80% of the total SF is in Westchase. Lee Jeane and Jennifer Pierce will handle the assignment. The buildings:

  • Mill Creek Office Building, 4702 FM 1960 West: 41k SF
  • Westwood Green, 9494 Southwest Freeway: 140k SF
  • The Silverstone Building, 2900 Wilcrest: 125k SF
  • 10500 Richmond Ave: 95k SF
  • Richmond Centre, 10550 Richmond Ave: 92k SF
  • 10555 Richmond Ave: 50k SF
  • Richmond Park Westchase, 10800 Richmond Ave: 98k SF
  • 10850 Richmond Ave: 93k SF
  • The Colonnade, 11111 Richmond Ave: 93k SF
  • 11222 Richmond Ave: 53k SF
  • Royal Oaks Place, 12000 Richmond Ave: 73k SF

 

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Four Oaks Place
Four Oaks Place received LEED Gold cert. The four-building complex totals 1.7M SF in the Galleria.

Upcoming Bisnow Events!
 
Wednesday, Jan. 9, 7am-10am. Bisnow's Houston Industrial Real Estate Summit. Hear our panelists break down future developments, capital markets trends, the Port of Houston’s impact, and which areas are poised for growth. Register here.

Friday, Feb. 1, 7:30am-10:30am. Bisnow's Houston Future of the Energy Corridor. Hear the experts talk about the area with over 20M SF of office space and another 13M SF projected by 2030. Register here.
 
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