This Week's Houston Deal Sheet
Two tenants have leased more than 500K SF of industrial space in Houston's southeast submarket.
A global e-commerce provider leased 402.7K SF at Underwood Port Logistics Center, located at 4600 Underwood Road in Deer Park. CBRE’s Dedrik Pharis represented the tenant, while the landlord, an affiliate of Triten Real Estate Partners, was represented by CBRE’s Joseph Smith, Patrick Rollins, Jason Dillee and Andrew Jewett.
Frederick Trucking leased 102.9K SF of bulk distribution space at Bayport North Logistics Center I, located at 9701 New Decade Drive in Pasadena. NAI Partners’ Chris Haro represented the tenant, while CBRE’s Joseph Smith, Patrick Rollins, Jason Dillee and Andrew Jewett represented the same landlord.
According to CBRE Research, at the close of Q3 2020, the southeast industrial submarket had a vacancy rate of 7.6%.
John Bibeau joined document understanding and contract analytics software company ThoughtTrace as vice president of real estate. Bibeau will provide senior leadership in sales and business development, and provide strategic guidance to customers in the commercial real estate sector. He was previously at CBRE, where he was a vice president in Advisory and Transaction Services focused on representing owners and occupiers throughout Southern California.
10631 Corporate Drive Realty LLC purchased a Class-A corporate office and food processing facility at 10631 Corporate Drive in Sugar Land. The facility consists of 153K SF of combined office, freezer-cooler warehouse and food processing space. NAI Partners’ Zane Carman and Clay Pritchett represented the buyer, a nationwide food manufacturing company, while JLL’s Jarret Venghaus, David Buescher and Jordan Raney represented the seller, Midway Corp. Partners LP.
A private investor purchased Compass Instruments, a 13.8K SF industrial property at 321 South Persimmon St. in Tomball. The property is situated on 1.59 acres and was built in 2001. Marcus & Millichap’s Adam Abushagur and Cary Latham had the exclusive listing to market the property on behalf of a private seller, and the buyer was also procured by the team.
RMM Properties LLC purchased the 39K SF Centre South retail center in southeast Houston. The 3.3-acre property is located at 11030 Kingspoint Road. NewQuest Properties’ Kelley Workman, David Luther and Dakota Workman represented the seller, Community Commercial Properties II LLC. Kelley Workman also sourced and represented the buyer.
LaserWeld Inc. purchased a 71.8K SF manufacturing facility in the 1,655-acre Conroe Park North. Situated on 10.5 acres at 3479 Pollok Drive in Conroe, the facility was move-in ready at time of sale and will serve as the company’s second location in Greater Houston. The building was completed in 2017 and features 10-inch thick slab, 10-ton crane and climate-controlled welding areas. The property has built-in capability to expand the structure to 129.3K SF. Colliers International’s Bill Byrd represented the buyer, while Archway Properties’ Ben Allen represented the seller.
Alfa TX Investment Group purchased the garden-style Willow Ridge apartments in southwest Houston. The 262-unit property was built in 1977, totals 180.2K SF and has averaged 93% occupancy over the last five years. JLL’s Joey Rippel, Chris Young and Kyle Whitney represented the seller, Sentinel Capital. JLL also worked on behalf of the buyer to originate the 10-year, fixed-rate Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital LLC, a Fannie Mae DUS lender. JLL Capital Markets’ Laura Sellingsloh led the debt team that represented the borrower.
TAXA Outdoors leased the entire 69.4K SF building at 7930 Blankenship Drive in northwest Houston. JLL’s Geoff Perrott and Jeff Venghaus represented the tenant, while Transwestern’s Nick Peterson and John Ferruzzo represented the landlord, Prologis.
Medical Transportation Management Inc. renewed 16.6K SF at 5151 Mitchelldale. CBRE’s Ed Frantz represented the tenant, while Hartman Income REIT’s Justin Harrity represented the landlord, Hartman Income REIT.
THIS AND THAT
Stream Realty Partners has been selected by Woodbranch Management as the exclusive leasing partner for its 1.1M SF, six-building Houston office portfolio. The portfolio includes four buildings in the Westchase submarket: 9800 Richmond Ave., 3100 South Gessner Road, 11000 Richmond Ave. and the 21-floor Millennium Tower at 10375 Richmond Ave., which is undergoing significant renovations.
Additional properties include 1775 St. James Place and 4265 San Felipe St., Galleria-area properties that will also receive large-scale renovations. Millennium Tower's renovations were expected to be complete by the fourth quarter of 2020. Stream Realty Partners’ Brad Fricks, Craig McKenna, Mat Volz, Adam Ross, Matt Asvestas and Elliot Collie will serve as leasing agents for the six properties.
Colliers International has been selected by Decorative Center Houston to lease the 500K SF, 10-story Class-A office building at 5120 Woodway Drive. The property is situated on 7 acres in the West Loop/Galleria submarket and was developed by Trammell Crow. Colliers International’s Bill Insull and Blake Virgilio will lead the assignment.
JLL Land Advisory Services has been selected by Sysco to market a 105.67-acre development site for sale along Highway 290 in an infill area of Houston. The site has 94.11 usable acres and houses a vacant 660.7K SF building built in 1979 and 1981. The site is in the northwest corridor, within Houston’s extraterritorial jurisdiction, and isn’t restricted by zoning. The JLL Land Advisory Services team representing the seller is being led by JLL’s Dan Bellow, Louis Crapitto, Simmi Jaggi, Elizabeth Clampitt, Chris Bergmann, Franco Rivero and Lance Collett.
NAI Partners has been selected by PinPoint Commercial to market 32 acres in Phase 2 of its 51-acre Trinity Business Park industrial development in southeast Houston. The property is available for land sales, build-to-suits and spec development of single-tenant light industrial product. NAI Partners’ Travis Land will be responsible for marketing the remaining land in the business park, developed with regional detention and utilities.
Phase 1 of the park consisted of 19 acres, which were sold to a Houston-based industrial contractor that serves the area’s chemical and petrochemical plants. That phase is under development, including an 80K SF warehouse building.