This Week’s Houston Deal Sheet
Lovett Commercial, the developer behind POST Houston, has announced plans for an outdoor event space opening at the mixed-use development in early 2021.
The 6K SF event space is customizable, and can host events with up to 300 guests. The outdoor venue will be on the building’s rooftop, as part of what the developer believes is the world’s largest rooftop park and farm.
The 5-acre rooftop park and sustainable organic farm is called Skylawn and was designed by Hoerr Schaudt, the same architect that designed McGovern Centennial Park in Houston.
Skylawn will have 360-degree views of Downtown Houston’s skyline and multiple dining options, an event venue and recreation and open spaces.
POST Houston is a mixed-use redevelopment of Downtown's former Barbara Jordan Post Office, which was occupied by the U.S. government until 2015. The project will open in 2021.
Shawn Cloonan joined McCord as general counsel. Cloonan will oversee all legal aspects, advance life sciences initiatives and advise on strategic development projects across the development company. Prior to joining McCord, Cloonan served as chief operating officer, executive vice president and general counsel of Texas Medical Center.
Sara Black joined Nan & Cos. Properties as a broker within the company’s Houston Heights office core group. Prior to the move, Black served as an associate at Compass.
B.J. Kerstiens was promoted to regional vice president of the Quadex Lining System division at the Vortex Cos. His main responsibilities will be managing the overall business from the QLS perspective, supporting the sales team and estimating to project coordination, scheduling and licensee support.
An undisclosed buyer purchased Sierra Ranch Storage, a 15.1K SF self-storage asset in northeast Houston. The facility was constructed in 2017. Marcus & Millichap’s Dave Knobler and Casey Kral represented the seller, an undisclosed private inventor, and also secured the buyer.
An undisclosed buyer purchased 1.6 acres at 503 Schweikhardt St., located in an opportunity zone less than a mile from the new East River development in East End. Belvoir Real Estate Group’s Kyle Fischer represented an undisclosed seller.
KM Realty Investment Trust purchased two multi-tenant retail properties in Spring and Tomball. Gosling Road Plaza is a 15.1K SF retail property at 5250 FM in Spring, and is 90% leased. The property was purchased from Lone Star Partners.
The trust also purchased Kuykendahl Center, a 4.6K SF property at 25417 Kuykendahl Road in Tomball that is 100% leased. The property was purchased from MDGV14 LP.
An affiliate of Silvestri Investments purchased a 119.7-acre tract at the southwest corner of FM 2920 and Telge Road in Tomball. The seller, Martens Land Gershaft, was represented by Transwestern’s Carlos Bujosa and David Schwartz III.
J-R 1726 Inc. purchased 11.96 acres at the intersection of Crawford and Tanner roads in Houston. NewQuest Properties’ Brad LyBrand and David Meyers represented the buyer, while Boyd Commercial’s David Boyd represented the sellers, Payton Waters Sr., Payton Waters Jr. and Payton Waters, trustee.
CONSTRUCTION AND DEVELOPMENT
Demolition of the former Sears building at Memorial City Mall began this week, the first milestone in the redevelopment of the 1.7M SF retail center. Sears was the mall’s original anchor tenant in 1966, but the store closed in late 2018. The 20-acre parcel is a key aspect of MetroNational’s long-term master plan for the 300-acre Memorial City campus that will reimagine and redesign the area to add new mixed-use and lifestyle options, as well as improved walkability. MetroNational began working last year with Trademark Property Co. to overhaul Memorial City Mall. Gensler and Stantec are leading design efforts for the redevelopment project.
The construction of the 364K SF Museo Medical Office Building in the Museum District is underway, and completion is slated for fall 2021. The building represents the first phase of Museo, a mixed-use urban project inspired by the surrounding neighborhood’s dedication to art, science and culture.
The Tomball Economic Development Corp. board approved an incentive agreement with CCJ Collaborations for the construction of a 10.5K SF brewery and restaurant in the TEDC-run Tomball Business & Technology Park. The project’s estimated capital investment is more than $4M, and it is anticipated to create 55 jobs within the first two years of operation. An economic analysis conducted for TEDC predicts the new project will generate $22.8M in direct economic output over the next 10 years. Spinoff businesses in the community are expected to produce $7.9M in economic output.