LA Concepts Lease In Phase 2 Of Post Oak Retail Redevelopment: The Houston Deal Sheet

Midway, with 3Edgewood and Parkway, is kicking off Phase 2 of the retail expansion at Central Park Post Oak, a mixed-use office complex along Post Oak Boulevard in the Galleria area.

Phase 2 will introduce 30K SF of new and integrated retail space, bringing the campus to over 150K SF of retail while also adding a central green space, a new conference facility, new office lobbies, exterior hardscape and landscape improvements, and garage renovations. Midway plans to break ground on Phase 2 by the end of 2026.

Élephante and Bar Bambino will anchor the phase with leases of 11K SF and 2K SF, respectively. Élephante, a Mediterranean restaurant, and Bar Bambino, a cocktail lounge, are both hospitality concepts from Los Angeles-based Wish You Were Here Group.

Central Park Post Oak is a 17-acre complex with 1.2M SF of Class-A office space across three towers. It is owned by 3Edgewood, Midway and Parkway, redeveloped by Midway, and managed by Parkway. Office leasing for Central Park Post Oak is handled by Cushman & Wakefield, and retail leasing is handled by Bond Retail Partners.

SALES

Sail Holdings acquired a 64K SF industrial flex property at 13000 Murphy Road in Stafford. Austin Dabbs of Lee & Associates represented Rycore Capital, and Mason Alsbrooks of Lee & Associates represented Sail Holdings.

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Miami-based 12ten Capital entered the Houston market with the acquisition of Harper’s Mill, a 180-unit multifamily property at 16160 Kieth Harrow Blvd. near Katy.

Berkadia’s Houston investment sales team, led by Kyle Whitney and including Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel, Jed Dalton and Tucker Fama, represented the seller, Interurban Cos. 

Santander provided financing for 12ten Capital in the form of a five-year fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule.

Interurban had owned the property for two decades, and 12ten Capital sees a value-add opportunity. 

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Marcus & Millichap announced the sale of a 124K SF medical property, previously operating as a 198-bed skilled nursing facility, at 1615 Hillendahl Blvd. The property, built in 1965, was fully vacant at the time of marketing. 

Marcus & Millichap’s Rod Llanos marketed the property on behalf of the out-of-state seller. The buyer was not disclosed. 

LEASES

NewQuest inked new leases for Texas Heritage Marketplace, a $400M mixed-use development in West Katy that NewQuest recently broke ground on, as well as Chambers Town Center in Baytown: 

• Mattress Firm leased 3,850 SF at Texas Heritage Marketplace, represented by Scott Gardner of Main Street Commercial Partners.
• James Avery leased 2,450 SF at Texas Heritage Marketplace and was self-represented.
• The Kebab Shop leased 2,100 SF at Texas Heritage Marketplace, represented by Russell Janicek of Rally CRE.
• Birria House leased 2,181 SF at Chambers Town Center, represented by Campbell Anderson and Jacob Frenza of DuWest Realty, backfilling a former Dickey’s Barbecue Pit.

NewQuest’s Bob Conwell and David Meyers lease Texas Heritage Marketplace, and Leni Sandoval leases Chambers Town Center.

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Funbox leased 20K SF at Northland Shopping Center at 1457 Spring Cypress Road in Spring. Sydney Martin del Campo and Eric Broussard of Resolut RE represented the tenant. 

THIS AND THAT

Junto House, a 12-studio members workspace at 1516 N. Durham Drive in the Houston Heights, opened in April and is now leasing. The 2,800 SF, single-story building offers studios from 66 SF to 148 SF at a $975-per-month entry price, plus a bookable meeting room, kitchen and common lounge.

The building is owned by Somco Capital, a Houston real estate firm run by Andy Sommer. Andy and Morgan Sommer are the owners of OffChance, the parent company that operates Forth & Nomad, Café Forth and the forthcoming café Domo, which will open a block from Junto House in September.

The Junto House building was originally bought as an office for their team, which is mostly remote now, so they decided to launch a members workspace club beginning with private offices, the Sommers said in a statement.

“Most offices have spent the last decade chasing open floor plans, and we never bought it,” the statement said. “We built twelve private studios instead, designed for the kind of focused work an open floor doesn't actually allow.”