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This Week's Houston Deal Sheet

Houston's Energy Corridor landed another energy HQ. Kiewit, an energy and engineering contractor, inked a 171K SF deal at Energy Center 1 at 685 North Dairy Ashford. 

Energy Center I
Energy Center I

The deal is a game changer for Energy Center I, which was functionally vacant before Kiewit's lease. Constructed in 2007, the building has struggled amid Houston's energy downturn. With Kiewit, the building is 52% leased. 

“We believe the owner’s recent completion of $3.5M of capital improvements was integral in attracting a tenant of Kiewit’s caliber,” Transwestern's Eric Anderson said in a release. He and colleagues Tyler Garrett and Katy Gragg represented Spear Street Capital, which bought the property in 2017.

Louie Crapitto of JLL and David Kimball of Savills provided tenant representation services. 

SALES

Elevate CIG completed the acquisition of a 1,275-unit multifamily property portfolio for $75.3M. The portfolio includes five apartment communities in the Houston area, built between 1976 and 1983, that are well over 90% occupied.

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Adrian Duenas and Marcelo Saenz purchased the property at 2022 West Alabama, next door to their BeDesign showroom, with expansion plans that will include the construction of 15K SF of indoor space and a 5K SF rooftop terrace. 

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The IHOP on Southwest Freeway at Kirby was sold. STRIVE’s Anne Elizabeth Martin represented the seller, a Nevada-based investor, while Kyle Rozell of STRIVE secured the buyer, a local Houston investor.

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Edward and Susan Nguyen sold 4.67 acres at 2702 Milroy Lane, Houston, to VuAnh Dao, Trang Xuan Tang and Thong Van Mai. NewQuest Properties’ Austen Baldridge and Brad Elmore represented the seller in the direct deal.

PEOPLE

Skanska USA hired Brad McFarlane, an industry veteran with more than 25 years of experience in engineering and occupational health and safety, as vice president of environment, health and safety for its building operations nationwide.

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Aimee Morgan is joining JLL’s Valuation Advisory business as a senior vice president specializing in the appraisal of multifamily assets. Morgan is based in Houston.  

LEASES

Shaffer Sports & Events - 10901 Tanner Rd
Shaffer Sports & Events - 10901 Tanner Road

Aztec/Shaffer renewed and expanded its footprint in Houston to 250K SF. Aztec renewed its 125K SF lease at 601 West Sixth St. The landlord was represented by The Deal Co. The Shaffer side of the business relocated to Houston into a renovated 125K SF facility at 10901 Tanner Road. Boyd Commercial’s David Boyd and West Williams represented the landlord. Colliers’ John Parsley, Gary Mabray and Judd Harrison represented Aztec/Shaffer in both transactions. 

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Intuitive Machines renewed and expanded to 22K SF at 3700 Bay Area Blvd. in Houston. CBRE’s Parker Duffie represented the landlord, The Boeing Corp., while Savills’ Derrell Currey represented the tenant. 

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Sterling Transportation leased 21K SF at Prologis IAH Logistics, 2928-B Greens Road. Jeremy Lumbreras and Jeff Pate with Stream Realty Partners represented the landlord, Prologis.

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Iron Mountain Information Management renewed its lease of 39K SF at Westbelt Distribution Center, 2010 West Sam Houston Parkway N. JLL’s John Talhelm and Kevin Erck represented the tenant. Stream Realty Partners’ Matteson Hamilton represented the landlord, Principal Financial Group. 

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The Houston Chronicle renewed its 16K SF lease at Sugar Land Business Park, 12505 Reed Road. Stream Realty Partners’ Garret Geaccone and Boone Smith represented the landlord, Alpha Industrial Properties.

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Office Evolution leased 12K SF at 15115 Park Row in Houston. CBRE’s Elliott Hirshfeld represented the landlord, Park 10 Tenant. 

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Scope Services relocated its HQ to 148K SF at 1403 Gillingham Lane in Sugar Land with landlord Sugar Land Industrial Properties. CBRE’s William Rudolf and Kyle Golding represented the tenant.