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The Deal Sheet

Houston Deal Sheet

Rice University opened a new building that’s a series of firsts for the institution—it’s the first campus building completed in Rice’s second century, the first building with LED lighting throughout, and the first building to project under $2/SF of energy consumption.

The Deal Sheet

The Anderson-Clarke Center for Continuing Studies is a three-story, 55k SF building built on an older, underdeveloped section of campus. Overland Partners’ Brad Bailey, whose team designed the building, says he hoped to create a beautiful and vibrant gateway for the campus (it’s at the heavily trafficked southwest entrance known as Gate Eight) and set a precedent for future campus development. Brad says this is the first major academic building constructed under the University’s new master plan for future development (prepared by Michael Graves & Associates). This site was previously a commuter parking lot, and the master plan calls for its conversion to a series of academic quads and precincts.

The Deal Sheet

Brad says his team extensively studied Rice’s rich historic architecture and merged it with a more contemporary look to create a new, distinct character for the area. The facility (aiming for LEED Silver) is the first building exclusively dedicated to the Glasscock School of Continuing Studies, which has 11,000 enrollees (compared with the 5,000 full-time students at Rice). It includes a 240-seat auditorium and a 200-person interior gathering space. And Brad’s excited for the two public art installations—a 30-foot-tall sculpture called Black Ladder by Stephen Dean and five bronze sculptures called In Play created by Glassell School of Art director Joseph Havel.

EXECS

Kirksey promoted Brian Richard to EVP and a slew of people to VP—Julie Hendricks, Marty Fifer, Melissa O’Neil, Paul Newsoroff, Scott Cutlip, and Steve Otto.

SALES

Marcus & Millichap’s David Knobler closed two self-storage transactions. With teammate Chico LeClaire, he handled the sale of Deer Park Storage, a 61k SF facility in Deer Park. The duo received offers from investors throughout the country and closed to a Texas group with no financing contingency. Working with colleague Justin Miller, David also closed the sale of A Discount Mini Storage, a 30k SF facility on Mangum. It was listed at $1.1M and closed within 40 days of going on the market. Competition was fierce, and an all-cash local buyer (repped by Marcus & Millichap’s Juan Cuevas) won with significant hard money up front.

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A foreign national investor purchased Tara Oaks, a 126-unit apartment community. Marcus & Millichap’s Clint Roberts repped the seller, a local investor, and listed the asset at $4M. He secured the buyer in less than two weeks of marketing the property.

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Yes Properties purchased a 36k SF parcel of land at the NWC of FM 529 and Baker Cypress to open the second Dunkin Donuts/Baskin Robbins in West Houston. The Milestone Cos’ Patrick Barry repped seller Milestone Langham Creek, and EDGE Realty’s Jonathan Hicks repped the buyer. Jonathan also helped Dunkin Donuts/Baskin Robbins purchase 1.42 acres at the SWC of Spring Cypress and Lakewood Springs Drive to open the second store in Northwest Houston. Bob Curry repped seller Truitt Lively.

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DHRI purchased 50 acres on Bailey Road in Tomball for a single-family development. NewQuest’s Jeff Lokey repped the seller.

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NAI Houston’s John Ferruzzo and Travis Land repped seller Steadfast Development in disposing of two adjacent buildings on Bammel N Houston. All HTX Investments purchased a 16k SF industrial building on 1.3 acres; Northwinds Commercial Realty’s Jon Lindenberger repped the buyer. MMR Constructors purchased a 16k SF industrial building on 1.2 acres; Moody Rambin’s Ryan Fassett repped the buyer.

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An undisclosed buyer purchased Ella Plaza, a 35k SF retail property on Ella Boulevard. Marcus & Millichap’s Gus Lagos and Alex Bouchard listed the asset at $3.8M.

LEASES

PIKA International renewed its 20k SF lease at Commerce Center Southwest in Stafford. Holt Lunsford’s John Joubert repped the landlord and Fort Bend Real Estate’s Kelly Ferguson repped the tenant.

DEVELOPMENT

The Deal Sheet

Songy HighRoads and The Carlyle Group broke ground on the second hotel in the Galleria Place mixed-use project. The Hyatt Place will be a 157-key hotel and is being built next to the 325-key Hyatt Regency (which broke ground in December). Both hotels are expected to deliver in Q4 ’15. Amegy Bank provided construction financing. Gensler designed the Hyatt Place, and McCarthy is the GC. Galleria Place is directly across Sage Road from the Galleria Mall. Besides the hotel construction, the two office buildings are being renovated and will complete in Q1 ’15.

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The City of Pearland has funded a $6.5M park north of Shadow Creek Parkway and west of Kingsley Drive. The property is associated with a sports complex at Shadow Creek Ranch Park and will be built by Crain Group. It will open in late 2015 with three softball fields, four baseball fields, and one soccer practice field.

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The Deal Sheet

Starwood Hotels & Resorts and The Howard Hughes Corp broke ground on the Westin Woodlands at Waterway Square. The 13-story property, which totals 247k SF and includes 302 rooms, will deliver by the end of 2015. Pictured: Howard Hughes’ Peter Doyle, Coy McKinney, Eric Rabel, and Mitch Gruberg with JE Dunn’s Charlie Holliday, JE Dunn’s Jason LeBlanc, Gensler’s Jessie Palacios, and Thompson Co’s Jerry Basconi.

FINANCING

The Deal Sheet

Johnson Capital arranged a loan secured by The Commons at Presidio Square, a 189k SF center built in 1985 at the NEC of Bellaire and Highway 6. It’s anchored by an HEB. North American Development Group bought the property in 2010. Johnson Capital’s Greg Richardson, Scott Watson, Jason Pumpelly, and Brian Park arranged debt.

THIS AND THAT

Moody Rambin was retained by Richmond Eastside Holdings as the exclusive property management and leasing agent for 3000 Richmond Ave. The five-story building totals 97k SF in the Greenway Plaza submarket. The Class-B property has 5,500 SF of office space available. Walter Cameron will oversee property management and Spencer Starkey and Kurt Kistler will handle leasing.

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NAI Houston was selected as the exclusive leasing agent for the Rockwell Management six-building office portfolio consisting of 1900 St James, 1770 St. James, 4600 Highway 6 South, 12605 East Fwy, and Brays Oaks Towers at 10101 & 10103 Fondren. The portfolio adds approximately 571k SF of Class-B office space to NAI Houston’s portfolio. Brays Oaks Towers offers a significant block of contiguous space in the Southwest area submarket and benefits from a high parking ratio, which NAI believes is perfect for educational users. NAI’s Doug Pack and Sam Hansen negotiated the assignment, and Matt Evans will lead marketing.