This Week's Houston Deal Sheet
Partners Capital has sold Clear Lake Business Center in Webster to an unnamed buyer.
The 149K SF flex park was acquired by Partners Capital in 2019. Partners Capital was represented in the deal by NAI Partners' Cary Latham and Josh Lass-Sughrue. Both NAI Partners and Partners Capital are part of Partners Real Estate Co.
“As a result of our hands-on ownership program and deliberate focus on enhancing the tenants’ overall experience, we substantially improved the cashflow and occupancy at Clear Lake,” Partners Real Estate Co. partner Andrew Pappas said in a release. “This represented an ideal exit opportunity and return for our Fund II investors.”
Renovo Financial hired Ianne Fasthoff as senior vice president of lending in Houston as part of its Texas expansion. Fasthoff was previously a direct private money lender with Civic Financial Services.
Houston landscape architecture firm Clark Condon hired Elizabeth Gilbert as managing principal, Jason Miller as operations principal, and Mary Keilers as innovation and research principal in a leadership reshuffle. Co-founder and former President Sheila Condon will advise and mentor the new principals.
Animal Emergency Hospital of Conroe will lease a 10K SF clinic at Towne Center East Shopping Center in Conroe. The landlord was represented by Sabre Properties' Sharon Biles; the tenant was represented by Wulfe & Co.'s Bunny McLeod and Katherine Wildman.
Stream Realty Partners announced several industrial leases:
- Unisource Acquisition Corp. renewed its 27K SF lease at Railwood Industrial Park at 9040 Railwood Drive. Stream Realty's Jeremy Lumbreras and Garret Geaccone represented landlord DRA Advisors.
- Hai Trung expanded 12K SF at Post Oak Service Center at 1291 North Post Oak Road. Stream Realty's William Carpenter and Boone Smith represented DRA Advisors.
- GS Hydro US leased 11K SF at Prologis Park IAH Logistics Center at 3340-B Greens Road. Stream Realty Partners' Woody Hillyer and William Carpenter represented landlord Prologis.
- Tech Pharmacy Services renewed its 25K SF lease at Westbelt Distribution Center at 2040 West Sam Houston Parkway North. Stream Realty Partners' Matteson Hamilton and Woody Hillyer represented Prologis.
CONSTRUCTION AND DEVELOPMENT
In a joint venture, Watco Cos., Pontikes Development and McNair Industries will build a 400-car storage-in-transit yard in Baytown.
The yard, The Port 10 Watco Rail Logistics SIT Yard, will extend the Port 10 Logistics Center and will also include 3M SF of warehouse and distribution space. Construction will begin in February and is expected to complete in 2023.