The Deal Sheet
JLL arranged $23M in acquisition financing for Woodlands Crossing, a recently constructed, 125k SF shopping center. (It's totally worth it for easy access to Trader Joe's noodles.)
The fully leased asset at Woodlands Parkway and Kuykendahl Road in The Woodlands is part of a 93-property, 12M SF retail portfolio owned by Global Retail Investors.MetLife provided the 10-year fixed-rate loan. JLL EVPs Mike Yavinsky, Jimmy Board, and Jon Goldstein led the team with managing director Wesley Boatwright. JLL managing director George Cushing and VP Wendy Vandeventer handled the sale of the property in February.
EXECS ON THE MOVE
All nine employees of Ingenium joined HOK, bolstering the firms structural engineering capabilities. The former Ingenium team is led by Anu Mahendra, who will co-direct HOKs structural engineering practice with SVP Ed Abboud.
Hoar Construction promoted Brady Johnson to director of operations and Ray Finlayson to senior estimator. Brady has been with the firm for 16 years and will now oversee its entire Texas division. Ray is an 18-year vet of Hoar. Hoar made five other senior level promotions in Q1 and hired 10 new project staff.
GCW Investment purchased a 15k SF office/warehouse in Stafford Road Business Park in Stafford. Southwest Realty Advisors Marc Drumwright and Patrick McKiernan repped the buyer, and NAI Houstons John Ferruzzo and Joshua Lass-Sughrue repped seller SBP Development.
Fortune One Foods purchased the 90k SF warehouse it has been leasing at 935 W 18th St in The Heights. RE/MAX Memorial Commercials Sky Pulford repped the buyer and Mike Hill Properties Mike Hill repped the seller, Kervin Jacob Family/Jakes. Fortune One Foods occupies 60k SF of the property and will expand into the remainder of the building when Pita Pals lease expires in two months.
Amulfo Rodriguez Construction purchased 0.8 acres on Seven Pines Drive in Spring from Benevolent Investment Fund of Houston. Betz Gloria Parrino repped the buyer.
Ritaco International leased a 15k SF office/warehouse at 10060 W Sam Houston Pkwy S. Southwest Realty Advisors Patrick McKiernan and Marc Drumwright repped the tenant, and DCT Industrials Will Hedges repped the landlord in-house.
CBREs Steve Rocher, Kristen Rabel, and Parker Duffie closed two office leases totaling 21k SF at Millennium Tower. BMS Management owns the 369k SF building. Berkley Oil & Gas Specialty Services expanded/renewed 16k SF, and Redman Drilling expanded/renewed 4,603 SF. Jackson Cookseys Andy Iverson and Joshua Brown repped Berkley, and Great Southwest Realtys Randy Franka repped Redman.
Linn Thurber expanded/renewed 31k SF of office space at 3555 Timmons Ln. CBREs Steve Rocher, Kristen Rabel, and Parker Duffie repped the landlord. Unilev Management. Calibre Groups Candice Baggett repped the tenant.
Martin Resource Management expanded to 10k SF at Three Riverway. CBREs Steve Rocher, Kristen Rabel, and Parker Duffie repped the landlord, Unilev Management, and JLLs Don Foster repped the tenant.
Dillards leased 10k SF of industrial space on 4515 Pinemont St. ICO Commercials Payton Indermuehle repped the tenant and Prologis Bryan OHair repped the landlord.
CONSTRUCTION & DEVELOPMENT
Brookhollow Central I wrapped up its $11M renovation, and Parmenter SVP Alan Rubenstein says the transformation is so dramatic that tenants and brokers dont recognize it. The property was built in 1971. Its revamp was designed by Ziegler Coopers Christopher Barboza and included a new faade, entry, new two-story lobby, and elevators. It also added a second-story skybridge attaching an expanded main lobby to the garage. Colvill Office Properties is leasing the property; Chip Colvill says it offers a 200k SF HQ space. Turner Construction handled the remodel. Parmenter is applying for LEED Gold.
Triad Construction broke ground on two projects for Silverleaf Resorts in Galveston, a $3.6M ambassador building (Building #35) and a $2.3M lodge (Building #5). The firm is also handling several site improvements for Silverleaf, and it just completed Building #21 (a presidents building, above) for $2.8M.
Q10 Kinghorn, Driver, Hough & Cos Larry Peters and Ben Johnson secured an $11M refi for a 274-unit multifamily community. Larry says lenders are jockeying to reach their allocations for the year, which is leading to favorable deals for borrowers.
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