This Week's Houston Deal Sheet
Kevin Holland returned to Edge Realty Partners, where he worked from 2016 to 2020, after spending about three years with Cushman & Wakefield as an executive director. He rejoins Edge as a principal on the Houston capital markets team.
At Cushman & Wakefield, Holland provided advisory services to private and institutional clients in the greater Gulf Coast region, based on specialized strategies for the disposition of opportunities from strip centers to anchored properties.
Also moving to Edge is Britton Holland, also formerly of Cushman & Wakefield, a top adviser with a focus on valuation, strategic planning and transaction structure. Britton Holland has developed commercial real estate software applications designed to optimize retail site selection and land development opportunities, analyzing satellite imagery via machine learning and artificial intelligence.
Both have diverse experience, including assisting clients with debt and equity, purchasing nonperforming loans, acquiring properties on behalf of public and private REITS, and disposing of properties and portfolios for private and institutional clients, per a release.
"We are extremely excited to welcome Kevin Holland back to the team at Edge Capital Markets,” Mart Martindale, Edge managing principal, said in the release. “His background in commercial real estate capital markets is extensive, but more importantly, he's a great friend and partner. His infectious personality and ‘client first’ attitude is a welcome addition to our team."
SALES
Sam Chang of Henry S. Miller Brokerage represented the seller of an industrial property at 4408-4410 Joyce Blvd. in Houston. The 27K SF building sits on 8 acres and its potential uses include warehousing, distribution and manufacturing.
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Colliers announced the sale of 12.5 undeveloped acres on Knights Court in Missouri City across from Elkins High School. The buyer of the tract was an undisclosed developer with plans to develop an office condominium park. The seller, a local investor, was represented by Chris Hutcheson, Harrison Kane and James Kadlick of Colliers.
The property is ready for development and sits less than 2,300 feet from Highway 6. It has more than 1,000 feet of frontage on Knights Court.
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Newman CRE, the master developer of the 107-acre Magnolia Village South mixed-use development at FM 1488 and Spur 149, sold a 1.2-acre pad site to a convenience store user.
Newman has 12 more pad sites available within the development. The other 95 acres have already been developed for multifamily and single-family uses.
All utilities have been brought to the site and stormwater/detention has been engineered and constructed. The remaining pad sites are shovel-ready.
LEASES
Oxford Partners represented Wärtsilä North America in the lease renewal of 42K SF at 11710 North Gessner Road. Oxford Partners’ Ryan Hartsell and Matt Rogers represented the tenant, and William Carpenter and Jeremy Lumbreras of Stream Realty Partners represented the landlord, Beltway Crossing ILP.
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Starwood Global Logistics leased 80K SF at 10611 Red Bluff Road in Pasadena. Tyler Maner and Woody Hillyer of Stream Realty Partners represented the landlord, Principal Financial Group.
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Cortland Co. expanded into 16.4K SF at 10633 West Airport Blvd. in Stafford. Jeremy Lumbreras and Garret Geaccone of Stream Realty Partners represented the landlord, Ares Management.
CONSTRUCTION & DEVELOPMENT
Real estate investment, development and operating company Triten Real Estate Partners and general contractor Arch-Con Corp. topped out The Mill Phase 1, a seven-story multifamily and retail development at 2315 Navigation Blvd. in Houston’s East End District.
Named after a lumber mill on the site in the 1890s, The Mill is situated on 6 acres at the corner of Canal Street and Navigation Boulevard. It aims to bring modern offerings while honoring the site’s industrial history, per a release.
Triten enlisted Michael Hsu Office of Architecture, which previously collaborated with the firm on M-K-T in the Heights, to design the initial phase of The Mill. At 334K SF, the Class-A building will offer 341 multifamily units and more than 6K SF of retail in a walkable environment. The 145K SF, seven-story parking garage will serve every unit floor and provide parking for retail and future phases of The Mill.
The multifamily component will offer one-, two- and three-bedroom units with varying floor plans and balcony offerings as well as two-story brownstone units. Tenants will have access to a third-floor amenity deck with an outdoor pool, outdoor yoga lawn, exercise room, club lounge and break room. Pre-leasing will begin in Q1 2024.
The retail component is on the first floor, with frontage along Navigation Boulevard, and oversized windows and storefronts. Wade Green and Hannah Tosch with Colliers are leading the retail leasing efforts.
THIS & THAT
Boxer Property, the Houston-based company that manages 13M SF of commercial buildings across the U.S., including 2M SF of collaborative workspace, entered a data alliance with CoworkIntel, a market intelligence platform for the flexible workspace sector.
Part of The Instant Group, CoworkIntel’s data platform connects tens of thousands of spaces to deliver market insights on supply, demand, pricing, revenue and comparative data sets.
The Instant Group invested in CoworkIntel in 2022 to bring transparency and accessibility to the flexible workspace industry. It covers more than 4,000 markets.
Boxer's data will help CoworkIntel provide a broader view of the flex space market.
