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This Week's Houston Deal Sheet

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More residential units are on the way to The Woodlands. 

The Howard Hughes Corp. is developing a seven-story, 179K SF multifamily building on 1.7 acres at Six Pines Drive and Timberloch Place in The Woodlands. The project is adjacent to two Howard Hughes projects, The Millennium Six Pines and The Millennium Waterway.

This Week's Houston Deal Sheet
The Howard Hughes Corp.'s new multifamily development in The Woodlands

The luxury apartment will have 163 residences with one-, two- and three-bedroom plans as well as townhomes with direct street access. Units will feature quartz countertops, stainless steel appliances, walk-in closets, 9-foot-plus ceilings, and washers and dryers.

On-site amenities include coworking facilities, a fitness center, a third-floor amenity deck, an outdoor cooking area, bike storage and a gated entrance to the resident parking area. 

Shepley Bulfinch is the architect, and Hoar Construction is the general contractor. 

The community is expected to be completed in Q4 2020.

EXECS

Loyal Proffitt was hired as president of Allied Orion Group's property management operations. He will oversee the day-to-day operations of about 23,000 apartment units. Bringing more than 30 years of experience, Proffitt was the president at The Related Group in South Florida and the chief operating officer at US Residential. 

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Gayle Blakeley Farris joined Transwestern Development Co. as the regional partner of life sciences and healthcare. She will lead the conceptualization and execution of large-scale corporate and institutionally anchored life sciences and mixed-use tech developments in Houston and other cities. For 25 years, Farris was CEO of Forest City Science and Technology Group, a division of Forest City Enterprises, in Cambridge, Massachusetts. She completed dozens of university-related real estate developments valued in aggregate at more than $3B. 

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This Week's Houston Deal Sheet
McCarthy Building Cos. Diversity Director Kamecia Mason

Kamecia Mason was hired as diversity director, Southern Region, at McCarthy Building Cos. The is a new regional role for the company. Mason will develop policy, create programming and partner with leadership to set the strategic direction for the region's diversity efforts. Before McCarthy, Mason worked with public and private sector organizations, including Parkland Hospital District, Dallas County, Trammel Crow, Houston Independent School District and DFW International Airport. 

SALES

An undisclosed buyer purchased 22.6 acres at the northeast corner of Grand Parkway and Mueschke Road in Tomball. Lee & Associates' Reed Vestal and Taylor Schmidt represented the seller, AGC-SLC LLC. 

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An undisclosed buyer acquired a 10-acre tract on Longenbaugh Road in Katy. Coldwell Banker United Realtors' Blair Smith represented the buyer. Lee & Associates' Taylor Schmidt, Reed Vestal and John Erck represented the seller, Ramon Perez.

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Golden Spike 19 LLC purchased a 15K SF industrial property at 8725 Golden Spike Lane, Houston. Lee & Associates' Mike Spears and Thomas Leger represented the buyer. Newcor Commercial's David Alexander represented the seller, NSH Properties LLC.

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An undisclosed buyer purchased 2.4 acres at 10405 West Fairmont Parkway, La Porte. Retail Solutions' Taki Dallis represented the buyer. Qualified Properties' Alix Fox represented the seller.   

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An undisclosed buyer purchased Sunrise Lake, a 75K SF, mixed-use property at 9307 and 9223 Broadway St., Pearland. Delivered in 2006 and recently renovated, Sunrise Lake offers 50K SF of office/media space and 25K SF of retail space. The property is 86% leased. JLL's Dan Miller, John Indelli and Bryan Strode represented the seller, TIG Real Estate Services.   

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A local private investor acquired a 3,750 SF shopping center in Humble. The center is 100% leased. Newman Kelly’s Logan Kelly represented the buyer. Weitzman’s Evan Altemus represented the seller.    

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An undisclosed buyer purchased 9 acres on FM 529 in Katy. Hrothgar LLC's Devin Rogers represented the buyer. Lee & Associates' Reed Vestal, Taylor Schmidt and John Erck represented the seller, Vigavi Realty LLC.

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Mohegan Alcorn L.P. acquired a 143K SF industrial property at 9411 Alcorn St., Houston. Mohegan Capital's Abbas Rajabi represented the buyer. Lee & Associates' Mike Spears, Derek Riggleman and Robert LaCoure represented the seller, BSR Investments Co.

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Spring Branch Investment Group L.P. purchased a 58K SF office building at 11302 Tanner Road, Houston. Henry S. Miller Brokerage's Jason Du represented the buyer. Henry S. Miller Brokerage's Sam Chang and Shawn Ackerman represented the seller, Milan-Tanner L.P.

This Week's Houston Deal Sheet
263 North Sam Houston Parkway East, Houston

LEASES

Boxer Property will manage and lease about 433K SF of office space in North Houston. The three properties are 222 Benmar, 263 North Sam Houston Parkway East and 16666 Northchase Drive. 222 Benmar is an eight-story, 200K SF building connected by a skybridge to the City North office complex. 263 North Sam Houston Parkway East is an 88K SF building, and 16666 Northchase Drive is a six-story, 147K SF building. The properties are near Interstate 45 and Beltway near George Bush Intercontinental Airport.

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IX Si Investment Co. signed a 10K SF industrial property on FM 529 Road in Cypress. Lee & Associates' Robert McGee and Nick Bergmann represented the tenant. CRC Real Estate's Austin Dabbs and Richard Glass represented the landlord, Covey Ridge Development LLC.

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Anchor Workspace has opened its second coworking location in Houston. The 18K SF facility is on the third floor of 20 Greenway Plaza. The workspace caters to established corporate users seeking new space while increasing flexibility and saving on capital expenditures. Cresa's Sue Rogers and Steven Heal represented the tenant. CBRE's Marilyn Guion, Steve Rocher and Trey Comiskey represented the landlord. PDR was the architect, and Miller Lapoint was the general contractor. The company also occupies a full floor in the Mutual of Omaha Bank Building at 4265 San Felipe. 

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M.M.LaFleur, a New York-based women's clothing brand, is opening a permanent home in Houston. After launching a pop-up in October, the company is debuting a 2,300 SF showroom in Uptown's Post Oak Central. Newmark Knight Frank's Tom Havron represented the landlord, Parkway Property Investments. 

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First 290 @ Guhn Road is 100% leased four months before delivery. The 126K SF bulk facility is at 6913 Guhn Road in Northwest Houston. Iron Mountain, an information management company, signed a 46K SF lease. Black Horse Carriers, a third-party logistics company, inked an 80K SF lease. Stream Realty Partners' Matteson Hamilton and Jeremy Lumbreras represented the landlord, First Industrial Realty Trust Inc. JLL's John Talhelm and Kevin Erck represented Iron Mountain. Cushman & Wakefield's Stephen Schneidau represented Black Horse Carriers. 

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Silver Lining, a bar concept from local duo Ro Abante and Diko Jopio III, is set to open in Understory later this summer. The pair is known for owning and operating Lincoln Bar on Washington Avenue, which opened in 2015. The bar will feature a variety of signature cocktails inspired by the market's chef-driven concepts as well as craft beer, wine and spirits. Understory is a 35K SF culinary market on the tunnel level of the Bank of America Tower in Downtown Houston. 

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Crunch Fitness signed a 30K SF lease for a 24-hour fitness center in League City. The facility will have cardio and strength training and equipment, ride cycle, half-hour circuit training, a dedicated group fitness studio, a tanning bed and a sauna. Tony Hartl is the owner of Crunch League City, his third fitness center in Texas. He plans to open 21 gyms in Austin and Central Texas.

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McDonald's signed a ground lease for a 43K SF pad site in the Grand at Aliana at West Grand Parkway South and West Airport Boulevard in Richmond. NewQuest Properties' Josh Friedlander and David Meyers represented the landlord in-house. 

This Week's Houston Deal Sheet
A 275-unit multifamily asset in Southwest Houston.

FINANCING

LMI Capital placed financing for the acquisition and refinance of three multifamily complexes and a suburban office complex. 

  • LMI Capital's Jamie Mullin closed a $21M loan for the refinance of a 430-unit asset in southwest Houston. The debt has a 3.99% fixed interest rate, a five-year interest-only period and cash-out proceeds. 
  • Mullin closed a $15M floating-rate loan for the acquisition of a 275-unit asset in southwest Houston. The first mortgage represented 81% loan-to-purchase and has a three-year, interest-only period.
  • Mullin closed a $12M acquisition loan for a 255-unit multifamily property in Alief. The first mortgage represented 78% loan-to-purchase and has a 3.89% fixed interest rate with four years of interest only. 
  • LMI Capital's Kurt Dennis closed a 10-year, 4.2% fixed interest rate loan for a 48K SF office complex in northwest Houston. The first mortgage represented 70% loan-to-purchase. 

DEVELOPMENT

Kelsey-Seybold is under construction on a two-story, 37K SF clinic in Grand Morton Town Center in Katy. The multispecialty practice group has enough land to expand the clinic by 17K SF at NewQuest Properties' 91-acre commercial site. At build-out, the Grand Morton Town Center will include 600K SF of retail, restaurants and media office space. The clinic is set to open in April. NewQuest Healthcare Division represented the landlord in-house. 

THIS AND THAT 

The NHP Foundation received $12M in funding for senior housing development in the Third Ward. The City of Houston Department of Housing and Community Development administered the federal Disaster Relief funds, in partnership with Change Happens CDC. The property will have 73 studio and one-bedroom rental units at Elgin and Tierwester streets. On-site amenities will include a planned theater, retail space, health provider space, recreational amenities and a fitness center. 

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