This Week's Houston Deal Sheet
An unnamed buyer purchased 469 acres at the northwest corner of FM 362 and Owens Road in Waller in northwest Houston.
The property is located immediately north of Wolff Co.’s Beacon Hill master-planned community development, along FM 362 and just north of the Buc-ees on U.S. Highway 290. The 469-acre land parcel is expected to become a single-family, master-planned community.
The transaction is the second-largest land sale in Waller over the past 12 months and was also the eighth-largest land sale in the greater Houston area in the same period, according to CoStar data.
NAI Partners’ Alex Makris and Jeff Pittman represented the seller.
Waller and the surrounding area have been undergoing steady industrial and residential growth over the last five years or so, thanks to the completion of Segment E of the Grand Parkway, extending from Interstate 10 to Highway 290. Wolff Co.’s Beacon Hill development is expected to further boost the growth of the area, as more rooftops and a business park are built.
Melissa Pasche has been promoted to chief financial officer at Method Architecture. Pasche joined Method when it was created in 2016 through a merger of Architects Plus and Three Square Design Group. She is a certified public accountant and previously served as manager of Operations Control Americas at Air Liquide and a senior audit specialist at Deloitte.
Patel Capital Groups purchased the 64-room Comfort Suites Houston Northwest – Vintage Park, located at 2122 Tomball Parkway. The limited-service property was built in 2000. HVS Brokerage & Advisory’s Eric Guerrero, James Rebullida and Fadi Rawashdeh brokered the transaction. The seller was Irvine, California-based West Wind Hospitality.
An undisclosed buyer purchased 3 acres at the intersection of Louetta Road and Terranova West Road in Spring. RESOLUT RE’s Mohamed Gamal represented the undisclosed seller.
An undisclosed buyer purchased 0.7 acres at 12381 West Bellfort Blvd. in Meadows Place. RESOLUT RE’s Joaquin Orozco and Mohamed Gamal represented the seller.
NewRez LLC leased 60.2K SF of office space at 17000 Katy Freeway in west Houston and intends to relocate from its previous location on Dairy Ashford Road. The company will take the top floor of the Class-A, 174.5K SF building, and the firm’s name will be featured prominently with building top signage. Colliers International’s Marshall Clinkscales represented the tenant, while Transwestern’s Eric Anderson and Parker Burkett represented the owner, InSite 17000 KF LP.
Network Funding leased 22.8K SF at the Towers at Westchase I and will occupy the entire ninth floor of the Class-A office building. JLL’s Bryant Lach and Jerrod McQuain represented the tenant.
Awesung leased 239.1K SF at 611 South Cravens Road in Missouri City. Transwestern’s Jude Filippone, Brian Gammill and Darryl Noon represented the owner.
USA Gloves leased 114.5K SF at 11325 Cash Road in Stafford. Transwestern’s Jude Filippone, Carter Thurmond and Brian Gammill represented the owner.
Harmony Public Schools renewed its lease of 15.8K SF at 14100 Southwest Freeway. Transwestern’s Louann Pereira, Doug Little and Matthew Seliger represented the owner, Songy HighRoads LLC.
Third Coast Bank SSB renewed its lease of 11.2K SF and expanded its lease by 4.7K SF at 1800 West Loop South. Transwestern’s Louann Pereira, Doug Little and Matthew Seliger represented the owner, Pacific Oak.
CONSTRUCTION AND DEVELOPMENT
The Museo Medical Office Building held a topping-out ceremony on April 21. The Class-A medical office building is located at 5115 Fannin St. in the Museum District and represents Phase 1 of a mixed-use urban project. Testa Rossa Properties is developing the mixed-use project, which was designed by PJMD Architects principal Marko Dasigenis in tandem with Dallas-based Huitt-Zollars.
Dr. Mike Mann’s Mann Eye Institute will occupy the building’s top floor. Texas Laparoscopic Consultants previously announced it signed a 9.1K SF lease on the ninth floor.
Century Communities Inc. announced plans to build over 400 homes in Conroe on two sets of recently acquired land. Called Granger Pines and Caney Mills, the two new planned communities will feature single-family starting from the low $200Ks. Granger Pines will have 122 homesites, while Caney Mills will have 290 homesites. New homes at both communities are projected to start selling in fall 2021.
NorthMarq’s Matt Franke arranged the $1.5M refinance of the Suez Water Technologies & Solutions Office/Warehouse, a 20.2K SF industrial property in Pasadena. The permanent-fixed loan was structured with a 10-year term on a 25-year amortization schedule. NorthMarq negotiated financing for the borrower through its exclusive correspondent relationship with insurance company lender Innovative Capital Advisors.
Barings provided a $9.8M permanent loan commitment toward the construction of Canal Lofts, a four-story, mixed-income, 150-unit multifamily housing development in Houston.
The sponsor, Blazer, is developing the project through the Community Development Block Grant Disaster Recovery Program, which is administered by the U.S. Department of Housing and Urban Development. The development will include amenities such as a clubroom, gourmet coffee bar, pool, library, business lounge, catering kitchen, controlled access entry, fitness center, yoga room and children’s play area.
JLL Capital Markets closed the sale and arranged financing for Bellaire Medical Plaza, a 58.5K SF medical office building near the Texas Medical Center. JLL represented the seller, Ridgeline Capital Partners, and procured the buyer, an affiliate of Rycore Capital. In addition, JLL worked on behalf of Rycore Capital to secure the acquisition loan.
JLL’s Kevin McConn and Brian Bacharach represented the seller. JLL’s Capital Markets team leading the financing efforts included Matt Kafka and Cameron Cureton.
NorthMarq’s Warren Hitchcock secured construction financing of the Tomball Medical Office Building. The property will be approximately 60K SF. The transaction was structured with a fixed loan, which consists of a five-year fixed rate and a 25-year amortization schedule.
THIS AND THAT
Dart Interests awarded Colliers International the leasing assignment for Republic Square, a 301K SF newly renovated office building at 13501 Katy Freeway in the Energy Corridor. Republic Square is part of a master-planned 35-acre mixed-use development that will feature retail, hotel, office and multifamily.
Colliers International’s Blake Virgilio and Bill Insull will lead the assignment.
Texas Orthopedic Hospital, an affiliate of HCA Houston Healthcare, selected JLL as the exclusive leasing agent for its medical office building at 7505 South Main. The 80.1K SF Class-A building is on the southern edge of the Texas Medical Center.
JLL’s Chris Wadley, Angela Barber and Hope Brunner will handle marketing and leasing efforts for the property.