This Week’s Houston Deal Sheet
Earhart Chenault LLC has purchased 9700 West Gulf Bank, a manufacturing building located in Brookhollow West Business Park.
The sale of the 245K SF building included an additional 8.6 acres to accommodate future expansion. Lee & Associates’ Stephen Kuper and Preston Yaggi represented the buyer, while Transwestern Commercial Services’ Nick Peterson and John Ferruzzo represented the seller, NIP Owner I LLC.
According to Transwestern's Q4 industrial report, vacancy for the manufacturing sector remained the lowest of all property types, ending the year at 2.3% for both direct vacancy and overall vacancy.
NAI Partners announced that Carlos Marquez and Darren O’Conor have been added to the firm’s roster of partners. Marquez is the first partner-level professional based in the San Antonio office, while O’Conor is based in Houston. Both are part of the firm’s Industrial Group.
Gizem Petrosino joined Chamberlain Hrdlicka as an associate in the litigation practice. She will focus primarily on general civil defense, labor and employment litigation, and intellectual property.
Lee & Associates hired four new additions to its brokerage team. Brad Kilbride joined as a director, and will specialize in representation for regional and national retailers and project leasing. Grant Walker joined the firm as retail head, to launch the Houston retail team. Anthony Fera and Stuart Peterson joined as associates.
Tristar Alliance Properties purchased Sterling Plaza, a 102K SF, Class-B office building located at the intersection of Beltway 8 and Southwest Freeway. Lee & Associates’ Robert LaCoure and Ryan Young represented the buyer, while O’Connell Realty’s Patrick O’Connell represented the seller, Mykawa Hso Limited Partnership.
Colliers International announced three new leases in Port Crossing Commerce Center in La Porte. Gasket Resources leased 17K SF in Building C4, and was represented by Qualified Properties’ John Willhoite.
Leader Marine USA leased 27K SF in Building C4, and was represented by JLL’s Travis Sector and Ryan Fuselier.
Averitt Express leased 93K SF in Building B1, and was represented by Equitable Property Co.’s Pete Greenfield.
Colliers International’s Gary Mabray and Walter Menuet represented the landlord, Liberty Property Trust, in all three transactions.
Advance Energy Partners renewed its lease at 11490 Westheimer Road. The company signed a renewal and expansion for 14K SF. NAI Partners’ Dan Boyles represented the tenant, while Moody Rambin’s Kurt Kistler represented the landlord, Hertz Westchase Park Plaza.
Kudela & Weinheimer leased 12K SF at Westport Business Park. Moody Rambin’s Ryan King represented the tenant, while Cushman & Wakefield’s Beau Kaleel and Michael Foreman represented the building owner.
CommonGrounds Workplace opened its second Texas location at 3 Greenway Plaza. The 28K SF coworking space will serve up to 458 members. The CommonGrounds in-house creative team designed the workplace with Ziegler Cooper Architects. Fritsche Anderson Realty Partners’ Sam Pouns and Molly Perrotta represented the tenant.
Karl Lagerfield Paris will open its first store in Texas in February, located at Houston Premium Outlets. The tenant will be located in a 3K SF space, and is part of continuing efforts of the center to expand its roster of luxury retailers.
CONSTRUCTION AND DEVELOPMENT
Demolition of the former Exxon Mobil campus has been completed, and the construction of the Brookhollow Marketplace shopping center has begun. The 200K SF project will be located at the corner of Highway 290 and Dacoma Street, and major retailers at the center are slated to open in the fall of 2020. Fidelis Realty Partners purchased the property in 2016.
Pearl Hospitality unveiled its completed historic redevelopment of the 1954 Medical Towers in the Texas Medical Center building this week. The building is now The Westin Houston Medical Center, a 382K SF luxury wellness hotel.
Commerce Towers will undergo renovations. The 25-story luxury high-rise condominium building in Downtown Houston was constructed in 1928, and was last renovated in 2004. The building is owned by Premier Towers LP. Of a total 140 units, the company owns 71, while the rest are owned by individuals.
Hunt Real Estate Capital has provided a Fannie Mae Multifamily Affordable Housing Preservation loan in the amount of $18.1M to refinance an affordable multifamily community in northwest Houston. The Copperwood Ranch Apartments is a 280-unit, garden-style multifamily community that was developed in 2003. The 15-year loan features two years of interest payments, followed by a 30-year amortization schedule.
THIS AND THAT
Texas-based coworking and hospitality company Common Desk has signed a deal to bring its coffee shop brand, Fiction Coffee, into 1400 Post Oak Blvd., as an amenity to the Four Oaks Place office campus in Uptown Houston. The coffee operator was chosen by the project’s owners, Allianz and Nuveen.
Technology accelerator Capital Factory has merged with Station Houston. As a result of the partnership, Capital Factory will power all of Station Houston’s startup membership and startup-focused services. Station Houston will continue to operate out of 1301 Fannin, where it currently exists, until it moves into a new space at The Ion in early 2021.
New Orleans-based Urban South Brewery will open its first satellite brewery in Houston’s Sawyer Yards District on Feb. 29. The 14K SF facility will be located at 1201 Oliver St., and will comprise a 10-barrel research and development brewing operation, a canning line, a dedicated barrel and blending room, and a public taproom with a large patio and beer garden.