Signorelli Co. Starts Final Phase Of Valley Ranch: The Houston Deal Sheet
The Signorelli Co. broke ground on the Azalea District at Valley Ranch, the final single-family expansion of the 1,400-acre master-planned community in New Caney.
The Azalea District will span 328 acres, with the residential component encompassing 203 acres. Plans call for 359 single-family homes.
The first phase includes 156 homesites on 40- and 50-foot lots, scheduled for delivery this summer. The homebuilder is First America Homes, The Signorelli Co.’s homebuilding division. Community amenities will include a pool, playground, pavilion and trails.
An adjacent 125 acres are reserved for Azalea’s commercial development, with healthcare services as the focus.
“Azalea represents the next evolution of Valley Ranch, a destination that pairs world-class health and wellness with lifestyle conveniences,” Greg Wattson, senior vice president of commercial development for the Signorelli Co., said in a statement.
PEOPLE
Stephen Golding was hired as senior vice president at Oxford Partners, where he will focus on industrial and healthcare real estate advisory.
Golding began his career in consulting and has experience in asset management and investment in industrial and healthcare portfolios. He will continue to manage investments through his firm in addition to his role at Oxford.
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Partners Real Estate hired Jon Carrasco as senior vice president of research, based in Houston. Carrasco will focus on expanding Partners’ research platform across Houston, Austin, San Antonio and Dallas.
Carrasco previously led research teams at CBRE, Madison Marquette and Avison Young. He has more than 20 years of experience working with data in commercial real estate, finance and medicine.
SALES
Turner & McKiernan acquired a multitenant industrial park at 28030 FM 2978 between Magnolia and The Woodlands. TM plans to erect two more buildings on the property’s excess land while renovating the exteriors of the two existing buildings, expanding the square footage from 21K SF to 43K SF.
The firm plans to upgrade the park from Class-B to Class-A and capitalize on its proximity to The Woodlands. Patrick McKiernan with First Houston Properties Inc. brokered the transaction.
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Millett Duty Free Inc. acquired an 81K SF distribution building at 635 Gellhorn Drive in East Houston. KBC Advisors’ John Ferruzzo represented the seller, Raban Properties LLC, along with Barrett Gibson and David McMahon of Colliers. Mike Taetz of Colliers represented the buyer.
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An unnamed New York investor bought HP Storage, a 60K SF self-storage property at 6140 N. Sam Houston Parkway. Marcus & Millichap’s Dave Knobler, Charles LeClaire, Mixson Staffel and Adam Schlosser marketed the property on behalf of the seller, a Texas-based LLC and the original developer, and procured the buyer.
The 314-unit property was built in 2016 and expanded in 2019. It has been rebranded and is now managed by CubeSmart.
LEASES
An unnamed investment management firm leased 17K SF at Norton Rose Fulbright Tower, the 28-story Class-A office at 1550 Lamar St. in Downtown Houston that opened less than two years ago.
The 375K SF building, developed by Skanska, was about 70% leased last year after namesake law firm Norton Rose Fulbright expanded its lease to 139K SF.
CONSTRUCTION AND DEVELOPMENT
Foundation and infrastructure work is underway on a 10-acre, sports-focused destination called Social District. The mixed-use project is at 1 Hall Road, between Pearland and Houston, and its first phase is fast-tracked for completion ahead of the 2026 FIFA World Cup, according to a press release. Phase 1 includes two soccer fields encompassing 18K SF.
The property will have 120K SF of leasable commercial space throughout 49 units, with 44K SF preleased, as well as two outdoor soccer fields, two outdoor padel courts, seven indoor padel courts and five indoor pickleball courts.
“This vibrant space will help turn neighbors into friends and create lasting family traditions for everyone in Houston,” Social District CEO Jose Negrete said in a statement. “Here, every square foot is designed for living fully, playing hard and enjoying life.”
Future tenants include Altitude, an aviation-themed restaurant. The developers plan for Social District to be an active community gathering place with events like movie nights, open-space art galleries and yoga under the stars.
