This Week's Houston Deal Sheet
Houston's suburbs continue to rank among the metro's top office submarkets. A prominently located office building sold in Sugar Land is the latest example of investors' interest in stabilized suburban office assets.
JLL’s Martin Hogan and Dan Miller represented HighBrook Investors in the sale of Sugar Creek Place. JLL’s Ed Coco and Matt Casey and Michael Johnson arranged acquisition financing for the 151K SF Class-A office building in Sugar Land. Recently renovated, the six-story office asset is 86% leased to a diverse tenant roster representing a broad range of business sectors.
SALES
Watumull Vintage sold a 31K SF retail property at 10850 Louetta Road in Houston. CBRE’s Matthew Berry and Robbie Kilcrease represented the seller. 2MI Real Estate purchased the property.
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JLL’s Todd Marix, Chris Curry and Bailey Crowell closed the sale of Alexan Enclave, a 354-unit Class-A multifamily community in West Houston’s Energy Corridor. JLL’s Capital Markets debt placement team, including Cameron Cureton and Matt Kafka, arranged financing for the new owner.
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Evergreen Commercial Realty’s Lilly Golden represented Freeway Properties in selling a 1-acre parcel on the northwest corner of Interstate 10 and Ernstes Road in Katy. JLL’s Mark Raines represented an undisclosed buyer.
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Lee & Associates’ Reed Vestal, Taylor Schmidt and John Erck represented both the undisclosed buyer and undisclosed seller in an 18-acre transaction at 6703 Pitts Road in Houston.
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Colliers International’s Ryan Byrd and Walker Barnett represented the seller, STAG Houston 3, in the sale of a 151K SF distribution facility at 12614 Hempstead Highway in Houston. Jason Tangen, also with Colliers International, represented the buyer, NIT Industrial.
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CBRE’s William Rudolf and Kyle Golding represented 5150 Blalock in the sale of an 85K SF industrial property at 5150 Blalock Drive. Groen Realty Partners’ Cindy Wilson represented the buyer, Pomo Resources.
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Lee & Associates’ Trey Erwin, Frank Blackwood and Dalton Knipe represented Vilco Properties in the sale of 4.2 acres at 9435 Ley Road in Houston. Marleah Rodriguez with Berkshire Hathaway HomeServices Anderson Properties represented the buyer, Diligent Deals.
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Lee & Associates’ Patrick Wolford represented CDG Properties in the sale of a 34K SF industrial property at 10130 West Gulf Bank Road in Houston. MacDougall & Co.'s Joe MacDougall represented the buyer, 10130 West Gulf Bank-2019.
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American Landmark Apartments acquired two Houston properties. The Florida-based firm purchased the 234-unit Newport on the Lake in West Houston and the 250-unit Harbor View Apartments in the Houston suburb of Kingwood. They will undergo a combined $5.9M capital improvements program that includes a name change to Lakeport Villas and The JaXon, respectively.
LEASES
CBRE's Marilyn Guion and Parker Duffie completed several leases at 5718 Westheimer. New tenants in 2019 include Fizer Beck, which leased 12K SF, and Next Level Urgent Care, which will occupy 5,400 SF.
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Arch Insurance leased 10K SF at Town Centre I, 750 Town & Country Blvd. in Houston. Moody Rambin's Bob Cromwell and Kevin Nolan represented the building owner. CBRE’s William Padon and Colin Reilly represented the tenant.
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Mai Colachi leased 3,900 SF in the First Colony Commons Shopping Center in Sugar Land. The tenant was represented by Keller Williams Southwest's Fatima Haq. The landlord was represented by Wulfe & Co.’s Kristen Barker and Katherine Wildman.
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Texas Health School leased 10K SF at 11511 Katy Freeway in Houston. Moody Rambin's Kurt Kistler represented the building owner. Ryan Hartsell with Oxford Partners represented the tenant.
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Terra Energy Partners leased 33K SF at 3050 Post Oak in Houston. The tenant was represented by NKF’s Adam Grimm, Audrey Selber and Andy Iverson. CBRE represented the landlord, Sinopec USA.
FINANCING
LMI Capital's Brandon Brown, Jamie Mullin, Jamie Safier and Kurt Dennis placed financing for the acquisition and refinance of three multifamily complexes and one shopping center. Combined, the deals total $37.8M in financing.
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MidHudson LLC closed two transactions totaling more than $7M using its HUD Reserve Funding Product. The MidHudson preferred equity investments provided the working capital and initial operating deficit reserves to complete the financing of La Vida at Sienna Hills Apartments, a 276-unit multifamily development in Washington City, Utah, developed by Triago Ventures, and Arista Riverstone, a 142-unit active adult multifamily development in Houston developed by Buckhead Investment Partners.
EXECS
Robert Del’Ve was appointed managing director of project management for CBRE. He has been with the firm since 2016.
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Ralph Fite was promoted to senior vice president of finance at Welcome Group. Ralph has been associated with the Welcome Wilson Family businesses since 1997.
