This Week's Deal Sheet: Houston Investor Buys Second Office Building
LM & Associates purchased Timberway One, a 94K SF office building in Houston’s Energy Corridor, from Banyan Street Capital.
At 15990 N. Barkers Landing Road, Timberway One is a three-story building that is 92% leased.
The JLL Capital Markets team, led by Marty Hogan, represented the seller. Banyan Street Capital acquired the property as part of a 2.2M SF portfolio from Parkway Properties in 2014.
This is the second office building purchased by LM & Associates, a family-owned and operated investment company based in Houston and affiliated with Lewis Marks. It has previously owned single-family and multifamily properties.
LEASES
Oxford Partners represented Peak Paper Plastics LLC in the sublease of 23K SF at 3717 Yale St. in Houston. Oxford Partners’ Austen Buckalew represented the tenant. The sublessor, Crazy Boss LLC, was represented by Dustin Cruz and Kayla Kight of Cresa.
FINANCING
Cushman & Wakefield’s Healthcare Capital Markets Team arranged the syndication of a senior loan collateralized by Big Sky Medical’s three medical-outpatient building portfolio in the Houston area. Cushman & Wakefield’s Tyler Morss and Gideon Gil represented Big Sky Medical Properties and GFH in the syndication, which included Siemens and First Horizon Bank.
The portfolio includes three Memorial Hermann Convenient Care medical office buildings: a 48K SF building in League City, a 30K SF building in Katy and a 32K SF building in Spring.
CONSTRUCTION & DEVELOPMENT
The Signorelli Co. announced it expects the first residents of Austin Point, a 4,700-acre master-planned community in Fort Bend County, to move in later this year. Phase 1 will offer public spaces, a social hub called The 1824, and 421 homes. Nine homebuilders will break ground on model homes in April and plan to deliver residences by the end of summer.
Austin Point will have up to 50,000 residents upon completion. First-phase homebuilders include William David Homes, Drees Homes, CastleRock Communities, Westin Homes, Perry Homes, Ashton Woods and Beazer Homes.
The 1824 will be anchored by a 3K SF with a café, wine bar and front porch. It will have an outdoor concert and event lawn, a food truck court, a beer garden and play area.
