City Entity Starts Building Replacement Rustic Location: The Houston Deal Sheet
Houston First Corp. began construction on the new Downtown Houston location of The Rustic, a restaurant, bar and live music venue from FreeRange Concepts.
Houston First, the city's destination marketing organization, is building the new location at the southwest corner of Jackson and Pease streets after the new GRB South building, part of the George R. Brown Convention Center renovation project, prompted the closure of the former location.
FreeRange Concepts first opened The Rustic’s original Downtown location under a lease with Houston First in 2018. Houston First will also lease the new location to The Rustic. Completion is slated for March 2027.
The new 18K SF location, two blocks south of the Toyota Center and GRB South, will help anchor an expanded convention and entertainment district that is part of Houston First’s master plan for the area.
The first phase of the convention district transformation project includes the new 700K SF GRB South and a 100K SF pedestrian plaza. It is slated for completion by May 2028.
The project team behind the new Rustic location includes architect Fusion AE, development manager Griffin Partners and general contractor Harvey Cleary.
PEOPLE
Transwestern hired Ashley Rath as senior director of data and IT, strengthening its investment in enterprise technology, artificial intelligence and data-driven innovation. She will report to Executive Managing Director of Business Intelligence, Innovation and Technology Jason Moersch.
Rath has nearly 20 years of experience and joins Transwestern from Cushman & Wakefield, where she was AI and data portfolio director.
SALES
Goldman Sachs acquired a trophy industrial asset in Katy. Grand Central West – Phase 1 is a 2024-built, 838K SF industrial facility at 22206 Beckendorff Road. The seller was a partnership between Pinpoint Commercial and Senterra.
The property is fully leased to Builders FirstSource. The tenant consolidated four locations into this facility, which serves as the sole Texas facility for specialized window manufacturing and distribution.
The JLL Capital Markets team representing the seller included Trent Agnew, Charlie Strauss, Lance Young, Clay Anderson and Dawson Hastings.
The Pinpoint Commercial and Senterra partnership owns 284 acres near Grand Central West – Phase 1, which will be developed into industrial, retail and multifamily housing. Phase 2 of Grand Central West’s development will kick off this summer and consist of two industrial buildings totaling 619K SF. Phase 2 is expected to be complete by the second quarter of 2027.
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D.R. Horton acquired 73 acres along FM 1488 in Magnolia for a residential development called Longleaf, with multifamily and single-family homes. Newcor’s David Alexander and Josh Cheatham represented the buyer.
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Bain Capital and 11North Partners acquired five open-air retail centers across California, Virginia, Florida and Texas for about $300M. The portfolio includes University Commons in Sugar Land, which has tenants including Trader Joe’s, Ulta Beauty, Burlington and Michaels.
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Brixmor Property Group bought Vintage Marketplace, a 72K SF Whole Foods-anchored shopping center at 10133 Louetta Road. The property is about 95% occupied, with other tenants including Torchy’s Tacos, Mod Pizza, Orangetheory Fitness and Jersey Mike’s Subs.
JLL Capital Markets’ investment and sales advisory team led by Ryan West, Chris Gerard and Erin Lazarus represented the seller.
FINANCING
Pinecroft Realty refinanced two medical outpatient properties in the Houston area in partnership with Live Oak Bank. The properties include the three-story Vision Park Medical Office Building at 134 Vision Park Blvd. in Shenandoah. Pinecroft developed the 57K SF building in 2022, and it is 100% leased.
The other property is the Memorial Hermann Surgery Center of Richmond at 21155 Southwest Freeway. The ambulatory surgical center was built in 2008 and acquired by Pinecroft in 2021. The facility is leased under a long-term agreement to a partnership between Memorial Hermann Health System, United Surgical Partners International and local physicians.
CONSTRUCTION AND DEVELOPMENT
Stream Realty Partners announced the groundbreaking of the Core5 Logistics Center at Airtex. The development will have a 246K SF front-load building and a 613K SF cross-dock building at 20320 and 20440 W. Hardy Road in North Houston.
The project, slated for delivery in the first quarter, will be leased by Stream’s Garret Geaccone, Boone Smith and Wilson Kelsey.
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Angler Construction was awarded the contract for Portman Holdings North Houston Commerce Park. The three-building, 714K SF industrial park is scheduled to break ground in late summer. The developer is Portman Holdings, and the architect is Powers Brown Architecture.
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Baker Katz formed a partnership with Fox & Graham Real Estate to develop Tomball Mercantile, a 15K SF retail center at the northeast corner of State Highway 249 and Medical Complex Drive in Tomball. They plan to break ground this summer on the ground-up development, which is 80% preleased to tenants including Tex-Mex restaurant La Viva Cantina and Jason’s Deli.
The development is at the entrance to the 150-acre Tomball Medical Complex, and the developers acquired the site from a hospital system.
