This Week's Houston Deal Sheet
Transwestern Development Co. and Diamond Realty Investments acquired a 20.8-acre site in Sugar Land to develop a two-building warehouse/distribution property totaling 327K SF.
The project, called Sugar Land Crossroads, will comprise two buildings designed for tenants ranging from 28K SF to the full capacity of 327K SF. It will be located within Sugar Land Business Park, which includes 1,000 acres with 79 buildings, totaling 7.5M SF.
The buildings will offer 32-foot clear heights and share trailer parking spaces and a 255-foot truck court. Building 1 will feature a front-load configuration with 127K SF, while Building 2 will have a cross-dock configuration with 200K SF.
Sugar Land Business Park is in Houston’s Southwest submarket, and at the end of 2019, the vacancy rate was 3.4%. That was 240 basis points below the submarket average, according to Transwestern.
Ed Ripley has joined law firm Andrews Myers as a shareholder, and will also be part of the restructuring and bankruptcy and creditors’ rights team. Prior to the move, Ripley spent 13 years at King & Spalding.
Michael Sieger joined NAI Partners as vice president – office project leasing. Siegler will focus on enhancing leasing and marketing services to existing clients, and to further make available the full scope of NAI Partners’ Landlord Services platform in Houston. Previously, Sieger was at Madison Marquette, where he was responsible for the leasing operations of an office portfolio in Houston, as well as new business development of third-party leasing and management.
CEJ Holdings purchased a 15,500 SF industrial property at 2003 Wilson Road in Humble. Lee & Associates’ Patrick Wolford represented the buyer, while Colliers International’s Blake Gibson represented the undisclosed seller.
Dunavant Distribution leased 137,300 SF at Bay Area Business Park, 10619 Red Bluff Road. Colliers International’s John Nicholson represented the tenant, while Stream Realty Partners’ Justin Robinson and Jeff Pate represented the landlord, Principal Financial Group.
Johnson Controls Inc. leased a 30K SF industrial property at 4111 Greenshadow Drive in Pasadena. The landlord, Vigavi Zen LLC, was represented by Lee & Associates’ Reed Vestal and Taylor Schmidt, while the tenant was represented by CBRE’s Carlton Anderson.
Network Outfitters leased 11,700 SF at 6210 Rothway St. in Northwest Business Park. Colliers International’s Jay Kyle and Taylor Wright represented the tenant, while Walter Menuet and Judd Harrison represented the landlord, Citadel Venture Holdings.
HCA Healthcare leased the 48,400 SF build-to-suit HCA Healthcare Center for Clinical Advancement building in Pearland. Construction began on the training center, which is slated for completion by early 2021. NAI Partners’ Griff Bandy and Joe Bright represented HCA in the transaction, where the organization signed a long-term lease for the specialized build-to-suit facility.
Quality Reel Solutions leased 18,900 SF of industrial space at 4555 Airline Drive. NAI Partners’ Jake Wilkinson represented the tenant.
The Simmons & Fletcher law firm renewed 10,300 SF of office space in Memorial City Place at 9821 Katy Freeway. NewQuest Properties’ Randy Nerren represented the tenant, while MetroNational’s Brad MacDougal and Warren Alexander represented the landlord.
Elumatec North America Inc. leased 15K SF of industrial space at 1511 Industrial Drive in Missouri City. Greater Houston Commercial Properties’ Stuart Rosen represented the tenant, while NAI Partners’ Darren O’Conor and Jake Wilkinson represented the landlord, Bison Warehouses.
Wine.com renewed its lease of 18K SF at Willowbrook Distribution Center, 9333 Millsview Road. Stream Realty Partners’ Boone Smith and Garret Geaccone represented the landlord, KKR.
Amran Inc. renewed its lease of 24,400 SF at Sugar Land Southwest Business Center, 12320 Cardinal Meadow Drive. CBRE’s Steve King represented the tenant, while Stream Realty Partners’ Jeff Pate and Jeremy Lumbreras represented the landlord, DRA Advisors.
Farmer Bros Co. renewed its lease of 24K SF at West by Northwest Industrial Park, 6300 West by Northwest Blvd. Stream Realty Partners’ Jeremy Lumbreras and Boone Smith represented the landlord, Link Industrial Properties.
Frank Supply Co. renewed its lease of 70,700 SF at Beltway Crossing Business Park, 13513 South Gessner Drive. JLL’s Jarrett Venghaus represented the tenant, while Stream Realty Partners’ Jeremy Lumbreras represented the landlord, Link Industrial Properties.
CONSTRUCTION & DEVELOPMENT
PDGL Partners LP purchased 2.8 acres from Tomball Economic Development Corp. to develop a speculative industrial project. The project will be built within Tomball Business and Technology Park, and will consist of a 39K SF multi-tenant office/warehouse. The project will break ground in late 2020. Dave Mitchell and Peter Goldsmith represented the buyer, while Colliers International’s Tom Condon represented the seller. Stewart Title’s Jane Matthews coordinated the closing.
Electra Capital closed on a preferred equity investment in Stonebridge at City Park Apartments, a 240-unit, garden-style apartment community in southwest Houston. The $5.5M, three-year investment was structured to allow the sponsor, Strategic Realty Holdings, to update and renovate the asset to Class-A from its current Class-B status. The community consists of one- and two-bedroom apartments ranging from 680 SF to over 1,100 SF.
THIS AND THAT
Allied Orion Group will manage Smart Living at Garden Oaks, a 150-unit apartment community in north Houston. The community features one-, two- and three-bedroom apartment homes, and is owned by Civicap Partners.