April 28, 2015

This Week's Houston Deal Sheet

The City of Rosenberg is a sponsor of the "Future of Fort Bend County" on May 27 (register here). Rosenberg has experienced phenomenal growth over the last decade, thanks to its business-friendly atmosphere, convenient access to the Port of Freeport and Port of Houston, and superb quality of lifeClick here to learn more.

An affiliate of Lincoln Property Co purchased 801 Travis, a 220k SF boutique office building Downtown, proof that major sales are undeterred by lower oil prices.

Lincoln Property's affiliate bought the 21-story asset on behalf of a pension fund client. The property is connected to the JW Marriott, and the hotel uses 801 Travis' lower level of meeting space and the 12th floor for its spa, fitness center, VIP lounge and executive offices. HFF's Danny Miller and Marty Hogan marketed the property for seller Goddard Investment Group. 801 Travis was delivered in 1981 and renovated last year. It's 83% occupied.

EXECS

O'Donnell/Snider named two new principals: Sean Salinas and Marc Perilloux. Both were also promoted to VP. Sean has been with the firm for 13 years, and Marc has been in the industry 14 years. O'Donnell/Snider also promoted two to VP—Cory Burkhalter and Kevin Gilmore— and hired Robert Householder as VP.

SALES

BPO purchased a 40k SF office/warehouse at 305 Gellhorn Dr. Cushman & Wakefield's Kelley Parker, John Littman, Coe Parker and Tim Thomas repped the buyer. CBRE's Bill Rudolf and Gray Gilbert repped seller DEDE National Properties.

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KB Home purchased 123 acres at the northwest corner of Katy Hockley Cutoff and Stockdick School Road to build a single-family subdivision. McAlister Real Estate's Chris Hutcheson, James Kadlick and Matt Herring brokered.

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OHK purchased a 58k SF industrial building at 10905 Cash Rd in Stafford. NAI Partners' Chris Caudill repped the buyer, and SRA's Marc Drumwright repped seller Satake USA.

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An undisclosed private investor purchased Shadowbriar Shopping Center, a 16k SF retail property at 12303 Westheimer. Marcus & Millichap's James Bell and Marc Irvin handled the deal.

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An affiliate of Trammell Crow Residential purchased 3.9 acres within the Lakes on Post Oak to develop a multifamily community. HFF's Davis Adams, Jeff Hollinden and Mark Bramlett repped the seller, a JV between Five Mile Capital Partners and Crocker Partners.

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KBT Enterprises purchased a 22k SF office building at 6620 Cypresswood Dr. Colliers' Michelle Soderberg and Todd Edmonds repped seller AJA Holdings.

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Colliers' Todd Edmonds and Michelle Soderberg handled two land sales in Magnolia for IAB Investments. K-KIES VI purchased 6.5 acres on FM 2978 (repped by JLL), and Egypt Land Developments bought 11 acres on Egypt Lane at Research Forest.

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Wolfgang Dominque purchased 2.4 acres at the corner of Sens Road and Spencer Highway to build an El Toro Restaurant. Claire Sinclair Properties' Wade Sinclair repped the buyer.

LEASES

Brookfield (Branding) MHOU

Ashley Furniture renewed its 52k SF lease at Deerbrook Corner for an additional 10 years. The Richland Cos' Mickey Meyer-Sturgis repped both parties; her firm owns the property.

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National Trench Safety leased 17k SF at 260 N Sam Houston Pkwy E. NAI Partners' Ami Figg repped landlord Dr. Zev Munk.

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Van De Wiele & Vogler renewed 12k SF at 2925 Briarpark. Cypressbrook Co's Greg Usher repped the tenant and Granite's Steve West repped landlord Houston GPI.

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PCI Promatec leased 11k SF of office/warehouse space at 8846 N Sam Houston Pkwy W. NAI Partners' Chris Caudill repped landlord GSL Capital Management.


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Point 2 Point Crowded House subleased 23k SF for raw storage at 565 West 38th St. NAI Partners' Chris Caudill repped the sublessee, and Cushman & Wakefield's Stephen Schneidau repped the sublessor.

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Nuera Transport leased 14k SF of industrial space at 4555 Brittmoore Rd. NAI Partners' Jake Wilkinson repped the tenant; landlord Brittmoore Investments repped itself.

FINANCING

Colvill2 (811Louisanna) MHOU

HFF's Colby Mueck arranged $6.2M in mezz financing for the development of Kings Landing, a 327-unit Class-A multifamily community in Kingwood. The developer, Mark-Dana Corp, received the mezz loan through an affiliate of Prime Finance; Amegy Bank provided the senior construction loan. The community will deliver in 2016.

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LMI Capital's Brandon Brown closed an $11M refinance for a 175-unit garden-style apartment complex in Sugar Land/Missouri City. He secured a 10-year fixed-rate Fannie Mae loan that included cash-out proceeds, which were earmarked for property upgrades. The non-recourse loan featured a 4.2% interest rate. 

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LMI Capital's Jamie Mullin arranged $26M for the refinance of a 450-unit garden-style apartment complex in the Galleria submarket. The 10-year fixed-rate CMBS loan included cash-out proceeds, a 4.22% interest rate and five years interest-only.

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LMI Capital's Kurt Dennis arranged $6.3M in debt to refinance a 60k SF shopping center in southeast Houston. The three-year fixed-rate loan was non-recourse and included cash-out proceeds. 

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Q10 KDH's Larry Peters arranged permanent financing for a 110k SF shopping center in northwest Houston. The property consists of five one-story retail buildings constructed in the late ‘70s. Larry says the challenge was a cash-out scenario with an occupancy rate below 90%; many lenders initially shied away, but Larry locked in a 10-year loan at attractive terms.

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