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This Week’s Houston Deal Sheet

Wholesome Sweeteners, an organic and non-GMO food company, leased 349K SF at the Victory Commerce Center in Deer Park, Texas. 

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Victory Commerce Center

While its headquarters will remain in Sugar Land, Victory Commerce Center will be the company’s new distribution and packaging facility. 

The landlord, Crow Holdings Industrial, was represented by Colliers International's Jon Lindenberger, Walter Menuet and Paul Dominique, while the tenant was represented by JLL's Ryan Fuselier and Carl Mueller.

The east-southeast far industrial submarket, where the property is located, added over 5M SF to its 79.5M SF inventory in 2019, and another 4.3M SF is under construction.

PEOPLE

John Spafford joined CBRE as an executive vice president. He will focus on office leasing in the greater Houston market, and will continue to handle leasing responsibilities for TC Energy Center in downtown, as well as the Marathon Oil Tower in the Galleria area.

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Steven Seltzer has left The Howard Hughes Corp. to launch his own real estate consulting firm, Sheridan Commercial. As president of the new firm, Seltzer will oversee services that include property management, leasing, construction management, sustainability accreditation and investment acquisition services.

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Tye Neilson joined RERC’s Bank and Lending Valuation Management Division as managing director. He will be focusing on expanding the firm’s valuation management, valuation review, analytics, regulatory and workflow technology solutions.

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Steve Eklund joined civil engineering firm Jones|Carter as a senior client manager in Katy.

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Interior designer Lauren Rottet won three 2019 GOOD DESIGN awards for her Lyda sofa, designed for Haworth, her Fascio Collection for Visual Comfort & Co., and her Crossbeam table for Nucraft.

SALES

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Bay Area Plaza

JLL completed the sale of Bay Area Plaza in Webster, Texas. The property comprises 45K SF of retail and 27K SF of flex industrial space. JLL's Ryan West, John Indelli and Ethan Goldberg marketed the property on behalf of the seller, Orr Commercial Inc. A local buyer purchased the asset.  

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Rhone Brittmoore Logistics purchased a former Nabors Drilling campus in northwest Houston. The property comprises 112K SF of industrial office and manufacturing buildings. NAI Partners' Clay Pritchett and Zane Carman represented the buyer, while Cushman & Wakefield's Jeff Peden, Scott Miller and David Cook represented the seller, Nabors Drilling Technologies USA.

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Tazz Enterprise purchased a former Gander Mountain property, totaling 89K SF, in Hempstead, Texas. The property will be developed into a multilevel entertainment facility. The buyer was represented by The Retail Connection's Zac Hoffer. Colliers International's Kimberly Lenardson, Robert Hantgan, Ace Schlameus and Jenny Seckinger represented the seller, a REIT, in the transaction.

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Interra York Centre purchased York Center, a 115K SF, four-story office building. The buyer represented itself, while Colliers International's David Carter represented the seller.

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Griffin Partners purchased Concourse at Westway, a 130K SF two-story office building in the West Belt submarket. JLL's Trent Agnew, Kevin McConn and Marty Hogan represented the seller, EverWest.

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KM Realty Investment Trust, a Houston-based REIT, purchased the Morton & Fry Business Center. The 36K SF property comprises three buildings.

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Redwood Property Investors III purchased the former Exterran Energy Solutions campus in northwest Houston. The property comprises 301K SF of industrial, office and manufacturing buildings. NAI Partners' Clay Pritchett and Zane Carman represented Redwood Property Investors III, and JLL's Mark Nicholas and Richard Quarles represented the seller, Exterran Energy Solutions.

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Houston-based developer Land Tejas has acquired 1,039 acres in Katy. The property will be developed into a master-planned community of about 3,000 homes. Trez Capital provided financing for acquisition and development, and CBA Land Capital is an equity partner in the transaction.

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Marcus & Millichap's Adam Abushagur and Cary Latham sold Novozymnes BioAg Inc., a 10K SF research and development facility, on behalf of a private investor. The buyer is an undisclosed owner-user.

LEASES

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Ten Plaza West

Dornin Investment Group has selected NAI Partners as the exclusive leasing agent for its 375K SF, three-building House office portfolio. David Bateman, Jacob Aldridge, Andy Parrish and Lesley Rice will be heading up the marketing and leasing of the properties.

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SRI Energy Inc. leased 15K SF of industrial space in Sugar Land. NAI Partners' Jake Wilkinson and Darren O’Conor represented the tenant.

CONSTRUCTION AND DEVELOPMENT

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Museo Plaza Medical Office Building

The Museo Plaza Medical Office, a 10-story medical office building to be built in the Museum District, will break ground in February. The tower will total 364K SF.

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JLL has been selected to provide program and project management for the construction of the $250M expansion and renovation of Memorial Hermann The Woodlands Medical Center in The Woodlands. The project will add nearly 500K SF to the existing campus.

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NRP Group has broken ground on The Exchange, a 300-unit workforce housing rental apartment community in the Near Northside neighborhood. The project is being developed in partnership with the Houston Housing Authority, and 50% of the units will be reserved for residents making below 80% of the area median income.

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McCarthy Building Cos. has completed the construction of the Southwest Airlines Technical Operations Maintenance Hangar at the William P. Hobby Airport. The 240K SF hangar can house up to six 737 aircraft and has paved aircraft parking areas, wash facilities, taxiway connections, parking and loading docks.

THIS AND THAT

Minnesota-based equity firm NorthMarq has acquired Kinghorn, Driver, Hough & Co., a Houston-based firm, for an undisclosed sum. The acquisition adds 13 staff to NorthMarq’s Houston operations, as well as a $2B loan servicing portfolio, extending NorthMarq’s servicing portfolio to more than $60B.