This Week’s Houston Deal Sheet
McCord Development acquired 201.2 acres from an affiliate of Exelon Generation Co. to expand its Generation Park master-planned development in northeast Houston.
Generation Park sits on 4,200 acres at the northeast corner of Beltway 8 and the Sam Houston Tollway near Lake Houston. The acquisition will allow for the strategic expansion on the west side of Generation Park, bringing businesses and new employers to the area, according to a press release.
The development is already home to several large tenants, including TechnipFMC’s corporate campus, San Jacinto College’s newest campus, Lone Star College’s Process Technology Center, an upcoming distribution center from IKEA, and Redemption Square, a mixed-use lifestyle and entertainment area.
Exelon Generation Co. was represented by Cushman & Wakefield’s David Cook, Jeff Peden and Scott Miller, concurrently with Cresa Global Inc.’s Will Condrey, Kayla Black and Ben Sample.
Hans Nordby joined Lionstone Investments as head of analytics and research. Prior to Lionstone, Nordby served as managing director at CoStar Group, leading the portfolio strategy division. Nordby will be based in Boston, but will spend significant time working at Lionstone’s Houston headquarters.
Nick Childs joined Newcor Commercial Real Estate as a commercial real estate agents. Childs specializes in representing clients in the multifamily, retail and office sectors.
An undisclosed buyer purchased Rayford Village, a 20K SF, fully leased retail center in Spring. The retail center consists of two buildings that house several national retailers. JLL marketed the properties on behalf of the seller, BNS Rayford Partners, represented by Adam Soffar and Rob Naggar.
Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with First Community Credit Union. JLL Retail Capital Markets’ Ryan West, John Indelli and Katherine Miller represented the seller, while JLL’s Michael Johnson, Stuart Helper and Trey Pizzitola represented the buyer.
NAI Partners’ Investment Fund platform closed on its third Fund III acquisition, Avera Commerce Center, a 16-building, 245.5K SF single-story flex industrial park on 14.6 acres in Stafford. The deal is the 12th acquisition for the NAI Investment Fund platform, and pushes the portfolio over 1M SF. NAI Partners’ Andrew Pappas and Adam Hawkins negotiated and closed the deal. Amergy Bank’s Natalie Garza arranged the debt financing. NAI Partners’ Landlord Services Division has been hired to manage the property, with leasing assigned to NAI Partners’ Andy Parish and Lesley Rice.
An undisclosed buyer purchased 6220 Navigation Blvd. The property is 27.3K SF of free-standing office and warehouse space on 1.4 acres. Moody Rambin’s Zack Taylor and Tommy Erwin represented the buyer, while PrinGroup Commercial’s Steven O’Connor and Marc Lawson represented the seller.
NACC Disaster Services leased 114.4K SF at Prologis Central Green, 16605 Air Center Blvd. Colliers International’s Jim Pratt represented the tenant, while Stream Realty Partners’ Jeremy Lumbreras and Jeff Pate represented the landlord, Prologis.
Dunavant Distribution Group expanded its lease by 114.4K SF at Bay Area Business Park, 10619 Red Bluff Road. Colliers International’s John Nicholson III represented the tenant. Stream Realty Partners’ Justin Robinson and Jeff Pate represented the landlord, Principal Financial Group.
Expedi Inc. expanded its lease by 45.7K SF at Sam Houston Business Park, 8844 West Sam Houston Parkway South. Stream Realty Partners’ Boone Smith and Garret Geaccone represented the landlord, DRA Advisors.
CONSTRUCTION AND DEVELOPMENT
Archway Properties is performing a major renovation and repositioning of the newest asset to its mixed-use portfolio, a distribution center/warehouse in north Houston. The firm will complete construction at the end of June at 300 Bammel Westfield Road, a 29.3K SF former service center acquired as a value-add play. KCS Construction Services of Houston is demising and white-boxing the interior of the single-tenant project, keeping intact 950 SF of showroom space and opening up the balance of the structure. Archway Properties also has upgraded the building’s electrical service. The parking lot has been resurfaced, restriped and configured for 60 vehicles with a section reserved for outside storage or additional parking if needed. The project features three loading docks, bay doors and a stand-alone wash bay.
THIS AND THAT
Better Homes and Gardens Gary Greene will temporarily close the company’s Pearland office and co-locate that office with the company's Friendswood office. In addition, the Bellaire office will consolidate and co-locate with the Gary Greene Post Oak Park and West Gray offices. The company determined that larger teams in those locations would be best for each community in the long run. A new Pearland office location will be announced in the future. The Friendswood and Bellaire teams will continue to operate out of their respective offices.
The Texas A&M University System has announced the name of its new 5-acre campus in the Texas Medical Center: Texas A&M Innovation Plaza. The university system initiated the new campus by acquiring and renovating an 18-story office building at 1020 Holcombe Blvd. to be the home of EnMed, a new two-degree program that allows students to earn a master’s degree in engineering and a medical degree. That building will open later this year. A student housing tower and an integrated medical building will also be constructed as part of the campus.