Scarlet Capital Ups Downtown-Adjacent Land Holdings: The Houston Deal Sheet
Scarlet Capital now controls 5 contiguous acres just north of Downtown Houston after its all-cash acquisition of a 63K SF mixed-use office and retail property at 1113 Vine St.
The property, anchored by power solutions provider Enchanted Rock and boutique law firm Okin Adams Barlett Curry LLP, marks Scarlet Capital’s third acquisition in the immediate area. The others include The Docks, a 70K SF office and retail property in a redeveloped warehouse at 1125 Providence St., and The Landing, a neighboring 1940s-era warehouse at 1133 Providence St.
The firm plans to complete light value-add renovations to bring the building to 100% occupancy.
The property is set to benefit from Texas Department of Transportation’s North Houston Highway Improvement Project, which will relocate Interstate 10 north of Scarlet Capital’s holdings. That is anticipated to begin construction in 2028.
Upon completion, Scarlet Capital anticipates its entire assemblage will be formally annexed into Downtown Houston.
PEOPLE
Skanska USA Building promoted Ben Johnson to project executive in Houston. Johnson has been with the company about 12 years and has played key roles in projects such as Downtown Houston’s Norton Rose Fulbright Tower. He has also led high-profile efforts like Texas A&M’s Mays Business School Wayne Roberts ’85 Building.
***
Holt Lunsford Commercial Investments hired Matthew Sibley as vice president. Sibley will be responsible for the sourcing and execution of investment and new development opportunities in Houston. He will helm contract negotiation, site due diligence, entitlement, design and construction of HLCI Houston assets.
Prior to joining HLCI, Sibley served as associate director of industrial development at Stream Realty Partners.
SALES
Prologis Energy closed the sale of its largest battery energy storage project, a 400-megawatt facility on 12 acres in Alvin, southwest of Houston. The project is 500 feet from a 345-kilovolt substation in ERCOT’s most congested zone, according to Prologis.
The project is intended to bolster reliability and unlock flexible capacity, enhancing resilience for CenterPoint Energy customers.
Prologis Energy secured the land, finalized an interconnection agreement, permitted the project, procured long-lead equipment and structured a 20-year ground lease and development services agreement. Construction is underway, with 200 MW expected to reach completion by the end of 2025.
***
Bow River Capital bought a 337-unit apartment community formerly known as Camden Midtown. JLL Capital Markets’ Investment Sales and Advisory team, led by Dustin Selzer, Jett Lucia, Aziza Rehmatulla and Matt Kafka, worked on behalf of the seller, Camden Property Trust.
JLL also represented the buyer in securing a loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital. JLL Capital Market’s Debt Advisory team was spearheaded by Leon McBroom, Rob Bova and John David Johnson.
***
Oxford Partners represented Illinois 3 Properties LLC in the purchase of a 23K SF building at 11407 Charles Road in Jersey Village. Oxford Partners’ Perry Mazzone and Ryan Hartsell represented the buyer. Andrew Laycock of Partners Real Estate represented the seller.
***
Partners Real Estate represented Rex Industrial Partners in selling a five-building industrial portfolio totaling 75K SF shortly after securing two 15K SF leases. The portfolio is within Rex Road Industrial Business Park in Friendswood.
Partners' Michael Keegan and Laycock represented Rex Industrial Partners in both leases and the five-building disposition. Partners’ Travis Land and Braedon Emde represented the tenant, Traverse International Inc., in the two leases.
***
The city of Sugar Land acquired the Imperial Historic District, home of the former Imperial Sugar site and the 100-year-old Char House. The purchase of the approximately 40-acre site represents the first time in history the city has owned the property.
The acquisition removes longstanding barriers that have hindered redevelopment efforts by private developers over the past 20 years since the property has been vacant.
In the coming months, Sugar Land will secure the property to prevent further deterioration and begin preservation planning for the Char House. The city anticipates selecting a private development partner by the first quarter of 2026 after a period of community engagement to help shape priorities for a master development agreement.
Sugar Land City Council in February approved up to $50M to acquire the site.
CONSTRUCTION & DEVELOPMENT
Quannah Partners and LaSalle Investment Management announced the capitalization of 290 Crossroads Commerce Center, a speculative Class-A development in Northwest Houston. The 17-acre property will be home to a 183K SF rear-load distribution center.
Construction is slated to begin in June, with delivery anticipated in the first quarter of 2026. Rosenberger Construction has been selected as the general contractor, with Powers Brown Architecture serving as architect and Pape-Dawson Engineers providing civil engineering services. Veritex Bank is providing the construction financing. Colliers will be the leasing broker.
***
Crow Holdings Development is building Hightower Business Park, a six-building industrial development at 6000 McHard Road. The 180-acre property is at the intersection of a new segment of Chimney Road under construction by Fort Bend County.
Construction is underway, and Phase 1 is expected to be completed in Q2 2026. That phase includes three buildings of 164K SF, 343K SF and 229K SF.
Phase 2 includes additional buildings of 179K SF and 737K SF. The developer is exploring build-to-suit options for the Phase 2 buildings to meet the requirements of future tenants.
The owner will also pursue land sales of a 12-acre tract and a 4-acre tract on the property. Faron Wiley, Joseph Smith and Greg Holmes of CBRE will market the property on behalf of the Dallas-based real estate development firm.
