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This Week’s Houston Deal Sheet

Pelican Builders will break ground on its Westmore condominium building in summer 2020. 

This Week’s Houston Deal Sheet
A rendering of The Westmore condominiums in the Upper Kirby District, Houston

The seven-story building at 2323 West Main St. in the Upper Kirby district will house 33 luxury residences. The building was designed by Mirador Group, and will feature floor-to-ceiling windows, pre-wiring for smart home technology, same-floor storage and terraces. 

The Westmore is the 11th condominium developed by Pelican Builders. Final design documents are being prepared, and the permitting process is underway in advance of the groundbreaking.

PEOPLE

Gensler promoted Johnny Kousparis to principal within its Houston office. Kousparis has managed several large-scale projects, including the ExxonMobil Corporate Campus in Spring, Texas, and the Walmart Home Office in Bentonville, Arkansas.

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The Buffalo Bayou Partnership announced four new members on its board of directors: McKinsey & Co. associate partner Andrea Alexander, BakerRipley community engagement developer Bolivar Fraga, Direct Energy head of strategy and transformation Alisha Nathoo and Fayez Sarofim & Co. principal Andrew Ziccardi.

SALES

This Week’s Houston Deal Sheet
The Magnolia Grove multifamily complex in Houston's Southbelt/Ellington neighborhood.

Berkadia arranged the sale and financing of Magnolia Grove, a 268-unit garden-style community in southeast Houston. Berkadia’s Ryan Epstein, Jennifer Ray and Scott Bray represented the seller, Lantower Residential. Berkadia’s John Koeijmans and Austin Blankenship represented the buyer, a Dallas-based, privately owned company. On behalf of the buyer, Berkadia secured a 10-year, floating rate Freddie Mac loan.

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The Richland Cos. purchased Corporate Centre Webster. The 50K SF office park sits on 3.5 acres at 16969 Texas Ave. in Webster. The property is across the street from Richland’s Bay Plaza Office Complex. Corporate Centre Webster is 84% leased. Richland will assume management responsibilities of the property. The company was represented by Richland’s Thomas Townsend and Angie Steadman, and CBRE’s Tom Lynch represented the seller, Warehouse Associates.

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Crow Holdings purchased a retail development at 820 West Bay Area Blvd., near Baybrook Mall. The property is the former site of Zio’s Italian Restaurant. Construction began in 2017 and was completed in the first quarter of 2018. The property contains two 7,800 SF buildings totaling 15.6K SF of tenant space. JLL’s Ryan West represented the seller, Baker Katz.

LEASES

This Week’s Houston Deal Sheet
Greenbriar Distribution Center at 4000 Greenbriar Drive, Houston

Puffer-Sweiven LP leased 44K SF at Greenbriar Distribution Center, 4000 Greenbriar Drive. Transwestern’s John Ferruzzo represented the tenant. Stream Realty Partners’ Jeremy Lumbreras and Boone Smith represented the landlord, Alpha Industrial Properties.

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Ecolab Inc. leased 40K SF at Freeport Business Center. Newmark Knight Frank’s Reid Halverson represented the tenant. Stream Realty Partners’ Jeremy Lumbreras and Boone Smith represented the landlord, DRA Advisors.

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Visual Comfort & Co. extended its lease of 48K SF at Prologis Park Jersey Village, 7420 Security Way. Cushman & Wakefield’s Stephen Schneidau represented the tenant. Stream Realty Partners’ Matteson Hamilton represented the landlord, Prologis.

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Hometrust Mortgage Co. renewed its 11K SF office headquarters at Yorktown Plaza in the Houston Galleria area. Newcor Commercial Real Estate’s Rob Banzhaf represented the tenant. Hometrust has been in that location for more than 25 years. In addition to renewing the headquarters lease, Banzhaf assisted in negotiating branch office renewals in Cypress and Stafford, as well as relocating a branch office in The Woodlands.

FINANCING

LMI Capital’s Brandon Brown, Adam Pike and Jamie Safier placed financing for the acquisition of two separate multifamily complexes and one retail center. 

Safier originated a bridge loan for the acquisition and reposition of an 80-unit asset in the Texas City submarket. The nonrecourse loan featured a low floating rate and full-term interest-only and included 100% of the capital improvements. 

Pike originated a loan for the acquisition of a 33K SF retail center in Hidalgo County. The first mortgage featured a 10-year fixed rate. 

Brown placed an $8M bridge loan for the acquisition of a 150-unit asset in Brazoria County. The first mortgage represented 80% loan-to-purchase rate and included rehab proceeds along with a 2.5-year interest-only period to accommodate the borrower’s renovation plans.