This Week's Houston Deal Sheet
Interchange 249, a 240-acre industrial business park, is now under construction.
When complete, Interchange 249 will have 3M SF and 10 buildings at Highway 249 and Rocky Road in Tomball. It's being developed by Lovett Industrial and Clarion Partners.
“This is a landmark project for the city of Tomball, we are incredibly grateful for the support we have received from city staff, the city council and Mayor Fegan," Lovett Industrial President Charlie Meyer said in a release. "We intend to deliver a project that we can all be proud of and one that will be a major economic generator for this area for years to come."
Phase 1 of three on the project will include 1.9M SF and four buildings. About half is pre-leased to Macy's. The entire Phase 1 will include a 908K SF build-to-suit cross dock, a 746K SF cross dock, a 138K SF front load and a 98.4K SF front-rear load.
“We look forward to joining the Tomball community and welcoming our colleagues into the new fulfillment center in 2023,” said Stacy Bobbitt, Macy’s Houston facility leader, in the release. “Our continued investment and expansion in the Houston area reflects the hard work of our exceptional colleagues serving our valued customers at our current facility.”
HOK promoted Eberhard Laepple to consulting director. Laepple, based in Houston, was first hired in 2005. He had previously been director of real estate planning.
Hanover Co. hired James Melody as development partner of Hanover Industrial. Melody will oversee industrial development in Texas, based in Houston. He was previously a director at Lovett Industrial.
Cushman & Wakefield hired Kevin Holland as executive director for Texas markets. Holland will be based in Houston. He had previously worked for other Texas CRE companies, including Edge Realty, CBRE and Weingarten Realty.
Fidelis sold a 231K SF retail center to Wu Properties.
Willowchase Center is anchored by a Fiesta, and the location is touted by the company as one of the most trafficked stores in the chain. The property is made up of 19.53 acres between 12900 Willowchase Drive and 12974 Willowchase Drive. JLL Retail Capital Markets' Senior Managing Directors Ryan West and Chris Gerard as well as Directors John Indelli and analysts Katherine Miller, Bailey Black and Grant Rexrode represented the seller.
Wu Properties hired NAI Partners to lease the center.
CJ Development bought 5.22 acres in Independence Heights.
Cushman & Wakefield's David Cook and Meredith T. Cullen represented the seller, Gross Investments. The property is at Crosstimbers Street and Yale Street.
“I see a clear path of growth intersecting Yale and Crosstimbers,” said CJ Development partner Johnny Vassallo in a release. “We are looking forward to developing a new multifamily property to draw more Houstonians to this area. We saw similar potential when we purchased Long Meadow Crossing in Richardson.”
Finial Group sold a 72.9K SF industrial portfolio to NDP Interests.
The portfolio consists of three properties: 9841 Windmill Park Lane in Houston; 20404 Whitewood Drive in Spring; and 1114 Seaco Ave. in Deer Park. The three buildings are all single-tenant and are leased by Global Drilling Support, Forge Systems and Intertek USA, respectively.
JLL Capital Markets represented Finial Group and assisted it in acquiring a 10-year loan with First Community Credit Union. JLL Senior Managing Director Trent Agnew and Director Charles Strauss were among the representation team.
A 39.44K SF warehouse at 5606 Harvey Wilson Drive traded hands.
5606 Harvey Wilson LLC sold the property to HW 5606 LLC, represented by NAI Partners' Chris Kugle and PrinGroup Commercial's Steven O'Connor, respectively.
Welcome Group bought an office and industrial facility, along with 5 acres of property, at 3250 South Sam Houston Parkway East in Pearland.
The single-tenant property is 44.8K SF with 31.4K SF of warehouse, 12.8K SF of office and 600 SF of lab space. It's being readied for a new tenant, the company said in a release. The adjacent acreage will likely be an industrial building.
The Lynd Group sold a 372-unit apartment in Kingwood for $61.4M.
Massachusetts-based Colony Hills Capital purchased the apartment complex at 200 Kellington Drive North. The Lynd Group had only owned the property, Paramount at Kingwood, since June 2021, when it purchased it for $44.55M.
Brothers Builders leased a 10K SF warehouse at 18527 Imperial Valley Drive.
Riverside Equity Real Estate's Andre' Azizi represented the landlord; Davis Commercial's Ashley Casterlin represented the tenant.
T Deez Car & Audio signed a 10-year, 18.7K SF lease at 6741 Satsuma Drive. Fritsche Anderson Realty Partner's Brandon Wuntch and Dylan Coleman represented landlord Inwood Holdings.
CMS Wireless leased a 59.6K SF space at 11300 Windfern Road. Finial Group's Jason Gibbons and Dylan Schopper represented the landlord.
Stream Realty Partners announced several new leases:
— Archimedes leased 45.5K SF at Northwest Industrial Center at 10644 West Little Work Road. Stream Realty's William Carpenter and Jeremy Lumbreras represented landlord Prologis.
— Oceansus Décor & Flooring leased 44.8K SF at Stafford Grove Industrial Park at 10633 West Airport Blvd. Stream Realty's Jeremy Lumbreras and Garret Geaccone represented landlord Ares Management.
— BZO Wheel & Tire Distributor leased 50K SF at Rampart Corporate Center at 7350 Langfield Road. Landlord Prologis was represented by Stream Realty's Jeremy Lumbreras and Matteson Hamilton.
— Chichi Trade leased 30.6K SF at Northwest Point Business Park at 7120 Brittmoore Road. Stream Realty's Garret Geaccone and Boone Smith represented landlord DRA Advisors.
THIS AND THAT
The Houston Equity Fund has raised $25M after two years in existence.
Wells Fargo recently donated $20M to the fund, which was jump-started in response to the 2020 murder of George Floyd. The fund, which helps minority small-business owners with grants, is led by Thomas Jones, formerly partner with McConnell & Jones, and Mayor Sylvester Turner.