This Week's Houston Deal Sheet
Boomerang Interests has begun site work on Houston ColdPort, a 315.1K SF speculative cold storage warehouse in northeast Houston.
The facility, located on 22.48 acres at 7500 Uvalde Road, is a joint venture between Boomerang and CenterSquare Investment Management. It will be capable of accommodating a variety of cold storage uses, including freezer and cooler cold storage, food processing/manufacturing and food distribution.
Houston ColdPort is being designed and constructed by ARCO Design/Build. It will feature a 50-foot clear height, a 60-foot-deep cold dock, 38 dock positions with vertical storing hydraulic dock leveler equipment, LED lighting throughout and a 200-foot-deep truck court with 57 trailer parking spaces. Houston ColdPort can accommodate a single tenant or can be demised for a two-tenant layout.
Site work is expected to take approximately two months, after which building construction is slated to commence. Boomerang expects to deliver Houston ColdPort in the second quarter of 2022.
Colliers International’s Chris Cummings and Walker Barnett will lease Houston ColdPort. JLL’s Trent Agnew, Dustin Volz, Will Mogk, Michael Johnson and Wells Waller arranged financing for the facility.
Stephani Park joined Avenue5 Residential as senior vice president of operations in Texas. In the brand-new role, Park will lead a regional leadership team of vice presidents and regional managers overseeing more than 40 multifamily and single-family assets, amounting to around 10,000 units. She will also help Avenue5’s clients with new business opportunities throughout Texas.
Prior to joining Avenue5, Park served in portfolio leadership roles for Roscoe Property Management, Oden Hughes Management and Riverstone Residential Group. She is serving as president of the Austin Apartment Association.
An undisclosed buyer purchased 1.58 acres on FM 2920 near Tomball Cemetery Road in Tomball. RESOLUT RE’s Mohamed Gamal represented the seller, Gamal Enterprises Inc.
Enventure Global Technology leased 18.1K SF at 1311 Broadfield Blvd. in west Houston. The six-story building was built in 2000 and is now over 80% leased. CBRE’s Rich Pancioli represented the tenant, while JLL’s Jack Russo represented the landlord, an affiliate of Rycore Capital.
Packaderm leased 14.6K SF at North Freeway Business Center at 4555 Airline Drive. Stream Realty Partners’ Heath Donica represented the tenant, while Transwestern’s Darryl Noon represented the landlord, St. Paul Fire and Marine Insurance Co.
Fresenius USA Manufacturing Inc. expanded into 35.3K SF at Northwest Industrial Center at 10633 West Little York Road. Cresa Global’s Will Condrey represented the tenant, while Stream Realty Partners’ Jeremy Lumbreras and Jeff Pate represented the landlord, Prologis.
CONSTRUCTION AND DEVELOPMENT
Egrets Group broke ground April 22 on its first medical office building, a 53K SF structure in Conroe. Located at 3786 FM 1488, the three-story building will house a variety of medical offices, including primary care, imaging, a podiatrist, dermatology, physical therapy, sports medicine and pain management. Egrets Group is also developing an adjacent retail center with approximately 10K SF that will include an urgent care facility and a nail spa.
The construction of the medical office building is estimated to take a year. E Contractors will be the general contractor for the project.
JLL Capital Markets arranged financing for the acquisition of Residences 2727, a 171-unit multifamily property in the Westchase submarket. JLL worked on behalf of the borrower, REEP Equity, to secure the five-year, fixed-rate loan through the lender, NexBank. The borrower also plans to use funds to update the property, including improvements to the building's exterior, community amenities and unit interiors.
The borrower will build out a business center, update the spa, pool and courtyard area, update the fitness center with new equipment, modernize the resident lounge, install a new pet park and improve the visibility of all signage. The unit mix for the apartments includes one- and two-bedroom floor plans, averaging 917 SF. The property totals 156.3K SF and sits on 3.76 acres.
JLL’s Mark Brandenburg, C.W. Sheehan and Cort Martin led the team representing the borrower.