NewQuest, Pelican To Develop Retail, Residential: The Houston Deal Sheet
NewQuest bought a 19-acre site along Morton Road in North Katy for a retail and residential development.
NewQuest earmarked nearly 7 acres for multitenant retail space and about 12 acres for a 334-unit residential community to be developed by Pelican Builders. The farmhouse-style complex will have one-to-three-bedroom units averaging 865 SF, air-conditioned corridors and two courtyards, one with a pool. Meeks + Partners is designing the project, which is slated for a March 2028 delivery.
NewQuest plans to develop an 11K SF multitenant retail building, which will deliver in early 2028, and five pad sites that will be ready for construction in mid-2027.
The development site is at the southwest corner of Morton and Porter roads, near the Katy Park youth sports complex.
“The area's future growth and success of NewQuest's other Katy projects bode well for this development site,” John Nguyen, senior vice president of Houston-based NewQuest, said in a statement.
PEOPLE
Stream Realty Partners snapped up a team from Cushman & Wakefield to work alongside Lucian Bukowski in tenant representation. The new Stream hires include Christopher Oliver, David Guion and Trey Strake, who join as vice chairmen, and Albert Spiers, who joins as vice president.
The team brings more than 90 years of combined experience advising corporate office users.
“I’ve been fortunate to work on a number of meaningful transactions throughout my career, but now having Trey, Chris, David, and Albert join the team as my partners is something I’m especially proud of,” Bukowski said in a statement. “They have consistently performed at a high level.”
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Alliance Industrial Co. promoted Chad Parrish to chief investment officer. He will oversee the company’s 14 investment markets. Parrish was previously managing director at Alliance and has overseen 10M SF of development and $1.2B of investments raised.
SALES
Edloe Realty acquired Bellaire Medical Plaza, a 58K SF medical outpatient building at 5420 Dashwood Drive. The building is about 60% leased and will fit with Edloe’s value-add medical outpatient strategy, Edloe partner Shehzad Roopani said by email.
“Bellaire Medical Plaza fits our VAMO strategy — it’s a well-located, multi-tenant medical outpatient building in an established medical cluster near the Texas Medical Center, with strong fundamentals and clear leasing momentum that has not yet reached stabilization,” he said.
Edloe partners Sohail, Rahil and Anil Roopani and team members Brad Parker and Jeff Briggs participated in the transaction. Woodforest National Bank provided financing. Cole Reethof of CBRE brokered the sale. Jeff Stein of CBRE was the lending broker.
Max Lozmack of CBRE is leading leasing. Partners Real Estate is providing property management in a hybrid approach with Edloe.
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PlaceMKR acquired Rankin Yards, a 17-building advanced manufacturing campus in North Houston, from Wellbore Integrity Solutions in partnership with an alternative investment manager. Wellbore remains a tenant.
The 50-acre infill property at 1310 Rankin Road has 612K SF throughout its 17 buildings, as well as 32 cranes and a 40-megawatt substation. PlaceMKR, a Texas-based investment and development firm, plans to redevelop portions, enclosing craneways to add 88K SF of rentable space.
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Focus Healthcare Partners acquired The Buckingham, a senior living community at 8580 Woodway Drive. Focus rebranded the community as Laural Parke Senior Living and is transitioning it to a monthly rent business model.
The community formerly required a significant upfront fee in addition to a monthly service fee, a spokesperson said. The shift removes the upfront financial commitment and offers more flexibility. LCS will manage the independent living, assisted living and memory care at the community. Nursing services are operated by Ignite Medical Resorts.
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Sahkar Hospitality Corp. bought the 90-key Staybridge Suites Houston - Humble Beltway 8 East at 4819 Canyon Lake Trace Drive in Humble from Fresh Start Hospitality LLC. HVS brokerage and advisory team members Eric Guerrero, James Rebullida, Kyle Peterek, Fadi Rawashdeh and Daneen Godinet participated in the transaction. Aseem Tandon with Cushman & Wakefield represented the buyer.
CONSTRUCTION AND DEVELOPMENT
Triten Real Estate Partners broke ground on The Landing at Aliana, a 294-unit apartment community at the intersection of Aliana Trace and Fairbairn Road in Richmond. Triten partnered on this project with NewQuest, which owns and developed the adjacent 100-acre retail project The Grand at Aliana.
The Landing at Aliana will have one-to-three-bedroom units averaging 930 SF. Amenities will include a coworking and business center, a pool, and direct-access garages and carports. The community will open in summer 2027, and construction is projected to be completed in 2028.
Associated Bank provided the construction loan. Humphreys & Partners is the project architect, OHT Partners serves as general contractor, and Bowman Consulting Group is the civil engineer.
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Triten Real Estate Partners completed Kenswick at 1960, a two-building, 400K SF distribution development at 8311 FM 1960 Bypass Road in Humble. The project includes 9K SF of Class-A office space.
Method Architecture served as architect, Grey Wolf Engineers as civil engineer and Harvey Cleary as general contractor. CBRE’s Jason Dillee, Cape Bell and Savannah Smith are leading leasing. Triten Real Estate Partners will manage the property.
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Transwestern completed Imperial Crossing, a two-building, 321K SF industrial development at Richey Road and Imperial Valley Drive in North Houston.
Building 1 totals 243K SF with a cross-dock configuration and 36-foot clear heights. Building 2 is 79K SF with a front-load design and 32-foot clear heights. Both buildings have glass storefrontlike entries.
Flexible lease options range from 35K SF to full buildings. Transwestern’s Brian Gammill, Darryl Noon and Craig Bean are providing leasing services.
FINANCING
Lument announced the closing of a $14.4M Fannie Mae multifamily loan for the acquisition of Aspen Forest, a 144-unit apartment property in Northwest Houston. The borrower is Cube Equity Group.
The loan has a fixed interest rate, five-year term with partial interest, and a 30-year amortization period. Built in 1985, Aspen Forest has 36 two-story residential buildings. It was renovated in 2020.
