This Week’s Houston Deal Sheet
TA Realty purchased East Belt Business Park, a four-building, Class-A industrial project in the southeast submarket.
The 350K SF project comprises two cross-dock buildings and two rear-load buildings situated on 23.7 acres at 1455-1485 East Sam Houston Parkway South. The property was developed in two phases, in 2004 and 2008, and has remained more than 90% leased since delivery.
JLL’s Trent Agnew, Rusty Tamlyn, Charlie Strauss and Tom Weber represented the seller, a fund advised by Morgan Stanley Real Estate Investing.
NAI Partners promoted Chris Haro, a member of the company’s Industrial Services group, to vice president. Haro works on a variety of industrial leasing and sales assignments across the U.S. One of Haro’s significant recent projects is the upcoming Southwest International Gateway Business Park in El Campo, Texas.
CF Investments LLC purchased a 108.7K SF retail center on 10.9 acres at 10966 Grant Road from WP Norchester LP. NewQuest Properties’ David Luther represented the buyer.
Westside Management LLC purchased a 14.5K SF Davita Dialysis at 12606 Westpark Drive from NewQuest Properties. NewQuest Properties’ Kelly Workman represented the buyer and its David Luther represented the seller.
Welcome Group purchased a three-building complex totaling 117K SF. The complex is situated on approximately 15 acres fronting Highway 288, just off the northeast corner of Sam Houston Parkway E. and Highway 288. All three buildings are leased to Seaboard International. Welcome Realty’s Ryan Wasaff and John Wilson represented Welcome Group.
Alphalete Athletics purchased 13927 South Gessner, a corporate campus consisting of five buildings totaling 87.7K SF on 18.1 acres. ICO Commercial’s Peyton Easley and Andrew Kaskow represented the buyer, while the seller was represented by Cresa’s Sue Rogers and Andre Granello.
Classic Chevrolet of Sugar Land purchased a 49.1K SF industrial building at 10000 West Airport Blvd. NAI Partners’ Chris Caudill and Griff Bandy represented the seller, SES Properties, while Re/Max Vintage’s Tiffany Sebastian represented the buyer.
TGS-NOPEC Geophysical Co. renewed its full-building lease of 97.3K SF at 10451 Clay Road. The property is owned by Office Properties Income Trust and managed by The RMR Group. The landlord was represented by Transwestern’s Doug Little and Louann Pereira, while NAI Partners’ Jon Silberman represented the tenant.
Dunavant Distribution Group leased a 137.3K SF industrial building at Bay Area Business Park, 10619 Red Bluff Road in Pasadena. The landlord was represented by Stream Realty’s Justin Robinson and Jeff Pate, while the tenant was represented by Colliers International’s John Nicholson.
Hotard Coaches leased 26.5K SF at 4600 and 4700 Highway 73 in Port Arthur. The property sits on 10.35 acres, and has 19.5K SF of warehouse space. Lee & Associates’ Trey Erwin and Justin Cole represented the landlord, Carlisle Port Arthur.
CONSTRUCTION AND DEVELOPMENT
Hicks Ventures and Taconic Capital Advisors are planning to extensively renovate the 18-story office building at 1177 West Loop South, located within the Galleria submarket. The original building was constructed in 1979 with significant back-of-house upgrades completed between 2014 and 2017. Renovations began in February, and the project is slated for completion in August. Gensler is the architect, and Terralab is the landscape architect.
CBRE Capital Markets Debt & Structured Finance secured $16.1M in bridge financing for Sugar Land Physicians Center, a 56K SF medical office building located at 7616 Branford Place in Sugar Land. The three-story building has Class-A medical and office space, and a dedicated parking garage. CBRE’s Dana Summers, Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell and Jim Korinek arranged the loan on behalf of the borrower, American Commercial Contractors LLC. Money360 provided the three-year loan with flexible prepayment options.
NorthMarq has arranged a $28.5M refinancing of Champions Forest Plaza. The 187K SF retail property is located at 5466 FM 1960 West, and anchor tenants include The Container Store, Ann Taylor, Starbucks, Fidelity Investments and Jos. A Bank. NorthMarq’s Matthew Franke, Ray Driver and Michael Borden arranged financing for the borrower, Smithco, through OneAmerica.