JV With Owner-User Acquires Office Building: The Houston Deal Sheet
A joint venture between a local investor and a medical user that will occupy a large portion of the property bought 1400 Ravello Drive, a 137K SF office building in the Mason Creek Business Park in Katy.
The building was sold fully vacant after its sole tenant, which had occupied the building since its completion in 2009, vacated in December.
JLL’s Capital Markets Investment Sales and Advisory team, representing the seller, a large lending institution, was led by Rick Goings and Kevin McConn.
“There were eight office assets purchased by end-users in 2025 across the Houston market, making up about 15% of the buyside capital by dollar volume, and 2026 is off to a strong start with this continuing theme,” Goings said in a statement. “These user sales are great for the overall market, as they reduce the amount of competitive vacancy the day the asset trades.”
SALES
Fogelman Properties acquired Inkwell Greenhouse, a 301-unit apartment community in the Katy area. Built in 2018, the property is 91% occupied and managed by Fogelman.
Fogelman’s investment plan includes a rebrand, new exterior paint and enhancements to the pool and outdoor pavilion area, clubhouse, fitness center and pet spa/dog park.
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Realterm acquired three Houston properties as part of a 22-property industrial outdoor storage and logistics portfolio. Axis Partners sold the portfolio, which totals 325K SF across 79 acres throughout the U.S.
Nick Murphy of Eastdil Secured facilitated the transaction.
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Stonemont Financial Group bought a 15-acre property with an 83K SF building at 11939 Aldine Westfield Road in Houston. The property was part of a five-property industrial service facility portfolio.
LEASES
East Coast Warehouse & Distribution leased 321K SF of warehouse space at Baytown 146, an industrial development in Chambers County, east of Houston. This will be East Coast’s first Texas operation, bringing a $42.5M investment and creating 65 jobs.
KBC Advisors represented the landlord, Velocis. Operations are expected to begin in May.
CONSTRUCTION AND DEVELOPMENT
A luxury garage condo development is coming to 20717 Westheimer Parkway in Katy. Republic Luxury Garages will have 42 garage condos in four buildings, ranging from 10K SF to 19K SF, for a total of 55K SF. It will offer climate-controlled car storage in 1,650 SF garages with 14-foot-high garage doors.
The community will include a 2,900 SF clubroom and offer car shows, networking opportunities and social gatherings catering to motorsports enthusiasts. The model garage is expected in February, with construction expected to be completed in March.
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The Signorelli Co. is underway with construction on The 1824 at Austin Point, a 2.5-acre civic green space and social pavilion that will anchor Phase 1 of the 4,700-acre mixed-use, master-planned community in Fort Bend County.
Slated to open in early spring with Honor Society Coffee Co. as its food and beverage operator, The 1824 will serve as a gathering point where trails, streams, roads and social programming converge.
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Angler Construction completed an updated 19K SF build-out at the West Houston office of Wyatt Field Service Co., a heavy mechanical contractor. The new space has updated offices, a kitchen, a training room, a conference room and pops of Wyatt Red throughout.
Project renovations included new framing, flooring, paint, ceiling grid tiles and millwork. Goree Architects served as the project's architect.
FINANCING
Hartman Properties secured a $6M loan from a local regional bank to refinance a 78K SF medical office building at 3100 Weslayan St. The financing includes $1.3M held back to fund capital improvements at the property, which is 78% occupied.
