This Week’s Houston Deal Sheet
Trammell Crow and its joint venture partner, Clarion Partners, have broken ground on a 352K SF industrial building in north Houston.
The project, named Rankin 45 Distribution Center, sits on a 22.5-acre parcel at the northeast corner of Rankin Road and Interstate 45. The building is slated for completion in August.
The speculative, Class-A industrial building is designed to target midsized-to-large distribution, fulfillment, e-commerce and light industrial users.
The building was designed by Powers Brown Architecture, and A&F General Contractors is the general contractor. CBRE’s Faron Wiley and Joseph Smith have been appointed leasing agents.
Avison Young hired a seven-member team to expand office and industrial tenant representation services in Houston. The team will be led by principal Anthony Squillante. Other members are Drew Coupe, Dustin Devine and Josh Morrow as vice presidents; Collin Roach as associate; Jack Wagner as financial analyst and Michelle Goynes as client services coordinator. All were formerly with Stream Realty, and will be based in Avison Young’s Houston office.
Craig Marbach joined Hilltop Residential as executive vice president. Marbach will help lead the firm as it extends its portfolio into the Southeast, specifically focusing on the Georgia and Florida markets. He joined the company from Venterra Realty Management, where he served as managing director.
SkyWalker Property Partners acquired a 67K SF industrial building at 14211 Industry St. in central southwest Houston, as part of a sale-leaseback transaction. AMACS Process Tower Internals signed a 15-year lease with annual rent increases as part of the transaction. Skywalker Property Partners’ Clint Holland and Gary Walker represented the buyer, while JLL’s Zane Marcell represented the seller.
JPL Ventures South Cherry acquired a 48.5K SF industrial property at 915 South Cherry St. in Tomball in a sale-leaseback transaction. MHW Brokerage Services' Jonathan Sellers and Bryan Roberts represented the seller, American National Carbide Co., while Dunn Commercial's David Dunn represented the buyer.
JLL Capital Markets arranged construction financing and joint venture equity for the Montrose Collective, a four-building, mixed-use project with 150K SF of creative office and retail space in Montrose.
JLL represented the borrower, Radom Capital, to secure the construction loan with Bank OZK and joint venture equity from institutional investors advised by J.P. Morgan Asset Management.
JLL Capital Markets’ Colby Mueck, Ryan West, Matthew Putterman, Jett Lucia and Matthew Williamson represented the borrower.
LMI Capital placed permanent financing for the acquisition and refinance of two Houston-area properties.
LMI's Jamie Safier closed a 10-year, 4.38% fixed interest rate loan for the refinance of a 50-unit asset in the Pasadena submarket. The agency debt featured a three-year interest-only period, stepdown prepayment structure and cashout proceeds to the borrower.
In addition, LMI's Adam Pike closed a $6.4M loan for the acquisition of a 105K SF office building in West Houston. The first mortgage represented a 75% loan-to-cost ratio and featured a 10-year fixed rate.
THIS AND THAT
The Ion is partnering with nonprofit DivInc to build a more inclusive Houston startup ecosystem. The partnership is Austin-headquartered DivInc’s first Houston-focused initiative. Some of the early joint programming that will stem from the partnership includes events for women of color, mentoring office hours and an investor pitch boot camp.