This Week's Houston Deal Sheet

Wolf Capital Partners has acquired Heights Medical Tower.

The 120K SF medical office building at 427 West 20th St. in the Heights, will be renamed HeightsMED, and it will be renovated this year for completion in 2023. Those renovations will include a new lobby, elevator cabs, restrooms and spec suites as well as new mechanical, electrical and plumbing systems. Wolf Capital Partners will also renovate the exterior with widened sidewalks, among other changes.

Heins Properties' Anthony Heins represented Wolf Capital Partners; JLL Managing Director Matthew Putterman secured financing from Origin Bank for Wolf Capital Partners. Transwestern's Justin Brasell and Christian Connell will provide agency leasing.

“HeightsMED benefits from the neighborhood’s strong payer mix and high-income,” Brasell said in a release. “Barriers to entry in the Heights are extremely high given the submarket’s very limited supply of quality medical office space. HeightsMED is an excellent opportunity for specialty practices seeking reasonably priced Class A space in an in-demand submarket.”

PEOPLE

Hanover Co. promoted Dan Gordon to regional development partner of Hanover Industrial.

Gordon will oversee operations in Maryland, Washington, D.C., Virginia, Pennsylvania, New Jersey and the New York City metro area. Gordon was first hired at Hanover as a development associate in 2016 and was most recently development partner.

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Gerald Crump has been hired as chief operating officer at Gulf Coast Commercial Group.

Crump was previously at Weingarten Realty Investors, where he was vice president, Central Region, of leasing for nine years.

SALES

Great Hope Supply and Fu Fu Holdings purchased a 38K SF office building in Southwest Houston.

The office at 9207 Country Creek Drive will house a showroom and offices for Great Hope Supply, which is a home improvement and building supplier. Sunet Group's Vicky Lu represented the buyers. The seller, Adonai Plaza, was represented by Davis Commercial's Lisa Rimkus.

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Miami company Atlantic Pacific Cos. acquired Houston residential property Broadstone Memorial.

The Energy Corridor multifamily building at 875 North Eldridge Parkway has 401 units and will be renamed The Atlantic Memorial with the acquisition.

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Mediterranean Sea Capital sold 6.6 acres in Conroe.

NAI Partners' Hunter Stockard, Cary Latham and Wyatt Huff represented the seller. NAI Partners' Tyler Clements represented the buyer, Arissa Properties. 

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A 20K SF medical office park at 4701 Farm to Market 2920 in Spring changed hands.

Stan Johnson Co.'s Evan Altemus represented the seller. The property was purchased by an unnamed private investor and is 83% leased.

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An undisclosed buyer acquired a 20.2K SF multi-tenant retail center on 1.8 acres at 4915 FM 2920, in Spring. Newman Kelly Commercial Real Estate’s Jared Pinto represented the seller, Marcin Shopping Center LLC. He also procured the buyer, a California investment firm.

LEASES

Stream Realty Partners announced several leases:

• Buske Logistics leased 116K SF at Market Street Logistics at 8550 Market St. Stream Realty's Jeremy Lumbreras and Matteson Hamilton represented landlord CenterPoint Properties.
• Dal-Tile Distribution leased 57K SF at Bay Area Business Park at 10619 Red Bluff Road. Stream Realty's Woody Hillyer and Justin Robinson represented landlord Principal Financial Group.
• Tiger Network Technology leased 29K SF at Griggs II at 5990 Griggs Road. Stream Realty's Boone Smith and William Carpenter represented landlord ATCAP Partners.
• JellyComb leased 39K SF at Colony Crossing Business Park at 10215 South Sam Houston Parkway West. Stream Realty's Jeremy Lumbreras and Garret Geaccone represented landlord Ares Management.

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Hip Beauty Supply leased 15K SF at 501 FM 1092 in Stafford. Weitzman's Sarah Thobae represented the landlord.

CONSTRUCTION AND DEVELOPMENT 

Encore by David Weekley Homes is selling its first houses in its new planned community, The Highlands - Encore Collection, which is for adults 55 or older.

It's the first Houston-area active adult community for the homebuilder. The community's amenities will include an 18-hole golf course, a fitness center, lakes where residents can fish and kayak, a lazy river and tennis courts. Houses are between 1.6K SF and 2.7K SF in two sections. Houses in similar David Weekley Homes active adult communities elsewhere in the U.S. sell for at least $300K. The company has similar communities in Arlington and Porter in Texas, as well as in Atlanta and Phoenix, among other cities. 

CORRECTION, MARCH 6, 13:30 A.M. CT: A previous version of this story misidentified Gerald Crump's title. The story has been updated.