This Week’s Houston Deal Sheet
MLG Capital purchased The Belvedere Springwoods Village, a Class-A apartment community in the mixed-use community of Springwoods Village, at 2323 East Mossy Oaks Road.
The four-story, 342-unit apartment community has one-, two- and three-bedroom floor plans, and was developed in 2014 by Fein Communities. The property has been certified to National Association of Home Builders Green Bronze Level.
The Belvedere Springwoods Village is less than a mile from CityPlace at Springwoods Village, a 60-acre urban village that houses several corporate campuses, including ExxonMobil, Southwestern Energy, ABS and CHI St Luke’s. The Hewlett Packard Enterprise campus is under construction in the area.
Berkadia’s John Koeijmans and Austin Blankenship arranged financing on behalf of the buyer, while Berkadia’s Ryan Epstein and Jennifer Ray represented the seller, Martin Fein Interests.
PEOPLE
Better Homes and Gardens Gary Greene has acquired Century 21 Hardee-Team Realty, a long-established franchise owned and operated for 26 years by Chris Hardee. The deal was made in March, and more than 50 agents will join Greene’s 1,300 agents in communities across Houston. The Hardee-Team agents began their transition digitally in March.
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Leslie Tan joined Chamberlain Hrdlicka’s Houston office as senior counsel on the Labor & Employment team. Her practice focuses on guiding employers through challenges, from counseling on daily operations to navigating litigation. Tan practices in state and federal courts throughout Texas, represents employers in administrative proceedings and alternative dispute resolution processes, and handles sensitive investigations for public and private entities.
SALES
2735 Fondren LLC purchased a 23.5K SF stabilized retail center in Houston. The property has local credit tenants on new leases. Houston Realty Advisors’ Ed Ayres represented the seller, PL Real Estate Investments LLC, while J. Lindsey Properties represented the buyer.
LEASES
Whitmeyer’s Distilling Co. leased 16.5K SF at 204 South Love Oak St. in South Live Oak Industrial Park. The company intends to use the space to bottle and distribute liquid hand sanitizer. Whitmeyer’s, which distills whiskey, vodka and gin, started distributing hand sanitizer in March. The company leased the property from the Tomball Economic Development Corp., which purchased the industrial park last month. Whitmeyer’s is already operational in the Tomball facility, and is in discussions with TEDC to make Tomball its permanent home.
CONSTRUCTION AND DEVELOPMENT
Archway Properties will break ground in mid-May on a build-to-suit retail building for Northern Tool + Equipment in Park Air 59, a 111-acre mixed-use development at the eastern edge of Bush Intercontinental Airport in northeast Houston. The 22K SF store will be built on a 1.7-acre, freeway-fronting pad site. It will be the Minnesota-based hardware chain’s eighth location in the greater Houston area. Archway has selected LaGrone Service Ltd. as the general contractor for the project, which is expected to open in Q1 2021. Baker Katz’s Jason Baker and Traci Holman represented the tenant in the long-term lease negotiations.
THIS AND THAT
Naissance Capital has awarded the leasing assignment for a Class-A office building at 2425 West Loop South, also known as TwentyFour25, to Colliers International. Colliers International’s Bill Insull and Blake Virgilio will head up the marketing of the 281.6K SF building, located adjacent to the River Oaks District and Hotel Derek in the Galleria. TwentyFour25 was designed by architect I.M. Pei, who is known for the design of the entrance to the Louvre and the Kennedy Center in Washington D.C. The building will be enhanced in 2021 with direct walkable access to the shops and restaurants at the River Oaks District.
