This Week's Houston Deal Sheet
Houston-based Blackline Cold Storage LLC is planning to build a 300K SF cold storage facility at Cedar Port Industrial Park near Port Houston.
The real estate firm specializes in cold storage development and operations. CBRE’s Jeff Stein told Bisnow that Blackline intends to operate the asset as a third-party logistics facility and sign contracts with customers to utilize the space.
Located within the heavy-haul corridor near the Barbours Cut and Bayport container terminals, the 300K SF cold storage facility is expected to be completed in the first quarter of 2022.
The property will be developed on a 36-acre site that was recently purchased by Blackline and Artemis. Project features include multiple segregated temperature zones, 48-foot ceiling heights, up to 50 truck doors, blast freezing capability and rail connectivity.
CBRE’s Gordon Reynolds, Brian Myers, Jeff Stein, Brock Hudson, Art Rasmussen and David Norrie arranged the joint venture equity and financing for the construction of the project on behalf of Blackline.
Cedar Port Industrial Park is the largest master-planned, rail-and-barge-served industrial park in the U.S. and one of the first industrial parks with rail access near Port Houston.
PEOPLE
Phillip Benjamin joined CDC Houston, a subsidiary of Coventry Development Corp., as senior vice president. Benjamin previously served as executive vice president and chief portfolio officer for Patrinely Group LLC. He has also worked at Banc of America Securities LLC, TIAA-CREF and Goldman Sachs.
***
New Hope Housing has elected Jeff Hebert to join its board of directors. Hebert, president of HR&A Advisors, brings extensive experience in resiliency planning, redevelopment, equitable and inclusionary growth, and economic development.
Hebert previously served the city of New Orleans in many capacities in the recovery of Hurricane Katrina, including as the first deputy mayor, chief administrative officer and chief resilience officer, and as executive director of the New Orleans Redevelopment Authority.
SALES
David Z. Mafrige Interests purchased World Houston Plaza, a 216.9K SF office building at 15710 John F. Kennedy Blvd. in North Houston. The buyer purchased the building at a Ten-X auction, which is a platform for digital real estate transactions. A number of interior and exterior modifications are planned to update the Class-A building. Colliers International’s David Carter represented the seller.
***
An unnamed buyer purchased an 18.9K SF flex building at 8902-8904 FM 2920 Road in Spring. Lee & Associates’ Clint Hankla and Justin Cole represented the buyer and seller.
***
American Landmark Apartments purchased Pine Creek Ranch, a 240-unit multifamily community in The Woodlands. The property will be renamed Stone Creek at the Woodlands and will undergo a $2.7M capital improvements project. Built in 2005, the property is located at 3600 College Park Drive.
LEASES
An unnamed tenant leased 45K SF of industrial space at Beltway Exchange at Colony Crossing, located at 10401 South Sam Houston Parkway West in Missouri City. Henry S. Miller Brokerage’s Sam Chang represented the tenant, while Stream Realty Partners’ Boone Smith represented the landlord, STAG West Houston LP.
***
An unnamed tenant leased a 12K SF distribution building on 1.5 acres at 34505 Interstate 10 in Brookshire. Lee & Associates’ Taylor Schmidt represented the landlord, Roland 5 LLC.
***
Golden Corral leased 10.8K SF at 4021 Spencer Highway in Pasadena. Lee & Associates’ Brad Kilbride and Grant Walker represented the landlord.
***
Sweeping Corporation of America leased a 1.5-acre stabilized yard at 13629 Chrisman Road in North Houston. Finial Group’s Doc Perrier and Sam Giammalva represented the landlord.
***
Jura Energy Management LLC expanded its lease to 15.2K SF at Memorial City Place, situated at 9821 Katy Freeway. NAI Partners’ Randy Wilhelm and Liz Westcott-Brown represented the tenant, while MetroNational’s Brad MacDougall and Warren Alexander represented the landlord in-house.
***
Liberty Oilfield Services LLC leased 20.4K SF at One Memorial City Plaza, situated at 800 Gessner. JLL’s Anya Marmuscak represented the tenant, while MetroNational’s Brad MacDougall and Warren Alexander represented the landlord in-house.
***
Silverbow Resources Inc. leased 16.2K SF at 920 Memorial City Way and will move into the space in mid-May. CBRE’s Kevin Kushner and William Padon represented the tenant, while MetroNational’s Brad MacDougall and Warren Alexander represented the landlord in-house.
***
Chipotle leased three locations totaling over 77K SF and in each deal was represented by Baker Katz’ Traci Holman. The first is located at 4045 Little York Road and measures 35.3K SF. Capital Retail’s Eric Walker represented the landlord.
Another location is at 2555 East League City Parkway in League City and measures 3.3K SF. Capital Retail’s Jacob Weersing represented the landlord. The third location, situated at the southeast corner of I-10 and State Highway 146 in Mont Belvieu, measures 38.9K SF.
There are two other Chipotle locations under construction in the area: one in Katy and another in Kingwood.
CONSTRUCTION AND DEVELOPMENT
The nine-story, 365K SF Memorial Hermann The Woodlands Medical Center has topped out. The multiyear project broke ground in early 2020 and is slated to be patient-ready as a Level 2 trauma center by the spring of 2022.
JLL’s James Selmser, Mark Harrison, Daina Pitzenberger, Steven Donnelly and Rosanna Brock worked closely with Memorial Hermann Hospital System’s Justin Kenrick, Jason Glover, Catherine Giegerich and Linda Nelson to oversee construction.
The tower will have versatile quick-turn spaces, strategic emergency entrances, more room for navigation of machinery, and increased social distancing ability in waiting rooms. At the adjacent existing parking garage, two floors were added to give visitors an extra 404 parking spaces. The northeast parking lot was expanded by 200 spaces.
Following the completion of the South Tower, an additional 146K SF will be renovated inside of the hospital. Austin Commercial serves as the general contractor, PhiloWilke as the architect and SSA as the engineer.
FINANCING
Marcus & Millichap Capital Corp. has arranged a $4.5M loan for the refinancing of a 65-unit multifamily asset in Houston. The 10-year loan features a 3.45% fixed interest rate, three years of interest only and the repatriation of capital to the borrower. The financing was negotiated on behalf of the borrower by Marcus & Millichap’s Jamie Safier.
THIS AND THAT
Transwestern Real Estate Services has been selected by LPC Realty Advisors I LP to provide leasing services for Galleria Park I and II, two Class-A buildings totaling 392.2K SF in the Galleria submarket. Transwestern’s Doug Little, Jack Scharnberg and Megan Snodgrass will represent building ownership. Transwestern also represents building ownership in the leasing of Galleria Park’s 28.3K SF of retail space.
***
The Montrose Center has officially opened the Law Harrington Senior Living Center in the historic Third Ward, situated at 2222 Cleburne St. The center features 112 one- and two-bedroom independent living apartments. Open to all low-income individuals and couples who are 62 years or older, LHSLC offers affordable housing, health and wellness services, recreational programs, a dog park and other residential amenities.
After breaking ground in 2019, LHSC is now the largest LGBTQ-affirming, affordable senior living center in the nation and first in Texas. The $26.5M facility was lease-up ready in early January, with residents moving in shortly thereafter.
The grand opening will be held on-site June 24 at 6 p.m. during Pride with Houston Mayor Sylvester Turner, former Mayor Annise Parker and Rep. Sheila Jackson Lee.
***
Horizon Aeromarine Inc., Alchemy Industrial, Gbowo Inc., Carbon ATM, Polyvascular and Parallax621 are six startups joining the East End Maker Hub in the historical East End District. The East End Maker Hub is a collaboration between TXRX Labs and Urban Partnerships Community Development for high-tech manufacturing, crafters and fabricators.
