The Woodlands Ritz-Carlton Residences Tops Out: The Houston Deal Sheet

Howard Hughes Communities marked the topping out of The Ritz-Carlton Residences, The Woodlands, meaning the luxury residential project designed by Robert A.M. Stern Architects reached its full height.

Construction is scheduled to be completed in 2027.

Spanning 8 acres, the property features 15K SF of indoor amenities, 3 acres of outdoor experiences and 1,200 feet of lakefront shoreline exclusively for residents.

“Each residence is laid out like a ‘great house,’ providing owners with the ideal setting of a modern lakeside estate,” Robert A.M. Stern, founding partner of Robert A.M. Stern Architects, said in a statement. “We have designed our buildings to surpass the most discerning of expectations.”

Sales appointments are available in the project’s 4K SF sales gallery at the company’s headquarters in The Woodlands. Douglas Elliman Development Marketing is the exclusive listing brokerage for the project.

SALES

Houston Fitness Partners, an independently operated Planet Fitness franchisee, bought five Fitness Project clubs in the Houston area. The gyms, with an average footprint of 20K SF, will now operate as Planet Fitness locations. 

The purchase includes gyms at 4775 W. Panther Creek Drive in The Woodlands and 6511 FM 1488 in Magnolia, meaning Planet Fitness will open in both cities for the first time. The other locations are at 2213 Northpark Drive in Kingwood, 9633 N. Sam Houston Parkway E. in Humble, and 1306 W. Davis St. in Conroe. 

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Apricus Realty Capital bought a 7-acre industrial outdoor storage property with an 80K SF building at 14333 Sommermeyer St. A JLL Capital Markets team led by CW Sheehan, Jack Britton, Peyton Ackerman and Nate Henderson arranged acquisition financing. The Apricus Realty Capital team on the deal included Matt Haley, Garrett Marler and Cort Martin.

The facility serves as the headquarters for CW Metal Products, which will execute a five-year leaseback. Jason Tangen and Barrett Gibson of Colliers represented the seller, and Paul Dominique of Colliers represented the buyer.

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Stream Realty Partners announced the following sales:

• Wolf Capital Partners purchased 52K SF at 5091, 5094 and 5115 Steadmont Drive. Heath Donica, Ryan Boozer and Jack Rathe with Stream represented the seller, Facility Solutions Group.
• Worldwide Power Products purchased 37K SF at 17401 Aldine Westfield Road. Tommy Erwin and Lucian Bukowski with Stream represented the buyer. Greg Barra with Boyd Commercial represented the seller, Well Worldwide Energy Logistics.
• Elite Houston Properties purchased 8 acres at 7560 Breen Road. Tyler Maner and Rathe with Stream represented the seller, Clean Breen Holdings. Brandon Edmonds with Edmonds & Company Real Estate represented the buyer.

LEASES

Howard Hughes announced the following leases in The Woodlands: 

• Industrious, a flexible workspace company, leased 26K SF at 4 Waterway. Eugene Terry, Rich Pancioli and Lee Diamond of CBRE represented Industrious.
• Kimley-Horn, an engineering, planning and design consulting firm, is relocating to 6 Waterway, where it will occupy 26K SF. Matthew Cortez and Drew Morris of Savills represented Kimley-Horn.

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Stream Realty Partners announced the following leases: 

• Mester Lighting Corp. expanded into 37K SF at 10643 W. Airport Blvd. in Stafford. Stream's Garret Geaccone and Jon Farris represented the landlord, Ares Management Corp. David Buescher with JLL represented the tenant.
• US Elogistics Service Corp. leased 169K SF at 12631 S. Main St. Jeremy Lumbreras and Geaccone with Stream represented the landlord, Goldman Sachs. Ivy Chen with USWHSE represented the tenant.
• JS Wholesale leased 34K SF at 4860 S. Sam Houston Parkway W. Will Mason and Wilson Kelsey with Stream represented the tenant. Joseph Smith and Savannah Smith with CBRE represented the landlord, Levey Group.
• Yzer leased 29K SF at 7170 W. 43rd St. Lumbreras and Geaccone with Stream represented the landlord, Prologis. Nathan Smith with Austin Tenant Advisors represented the tenant.

FINANCING

Gantry, a commercial mortgage banking firm, secured a $9.35M permanent loan to refinance debt for the Memorial Towers apartments at 5400 Memorial Drive. The nine-story, midcentury tower has 112 units and was recently renovated. 

Gantry’s Jeff Matlock, Joe Foley and Claire Jones represented the borrower, a private real estate investor. The 10-year loan with a fixed rate and prepayment flexibility was secured from a regional bank.

CONSTRUCTION AND DEVELOPMENT 

Lumos, a 45K SF entertainment and private event venue in Valley Ranch Entertainment District in New Caney, had its grand opening last week. The business at 22296 Market Place Drive offers augmented reality, 40-to-56-foot LED screens, laser tag, bowling, ax-throwing, and a restaurant and bar.