This Week's Houston Deal Sheet
Flourish Hospitality purchased 6.4 acres in Shenandoah to build a 135-key EVEN Hotel.
The tract is on Shenandoah Park Drive and David Memorial Drive. The EVEN brand was created by InterContinental Hotels Group in 2012 with a heavy focus on wellness and lifestyle balance. There are only four existing EVEN Hotels: two in NYC, one in Connecticut and one in Maryland. Colliers’ Tom Condon Jr. and Charlie Herder repped the seller, Staloch Realty Services’ Kevin Staloch repped the buyer, and Old Republic Title’s Jennifer Harmon coordinated. Benchmark Bank’s Jason Beene provided financing.
EXECS
Transwestern’s Justin Brasell was promoted to VP in the healthcare advisory group.
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CBRE’s Michael Caffey was promoted to president of Texas and Oklahoma.
SALES
Liberty Property Trust purchased three buildings and 139 acres of undeveloped land in La Porte, a $93M deal. The facilities in Port Crossing Commerce Center total 921k SF and are 100% leased, and LPT plans to develop an additional 2M SF. (Phase 1 could be a 408k SF cross dock building and a 105k SF rear load building; they might break ground next year.) They’re close to Bayport Container Terminals and the Barbour’s Cut Terminal. LPT city manager Jay Kraft says the firm has been expanding its presence in the southeast/La Porte area because fundamentals have been improving there.
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TNRG’s Mike Spears and Mark Ward closed two sales to Johnson Living Trust. It purchased a 13k SF single-tenant facility at 8626 Fairbanks N Houston and a 7,500 SF facility at 8638 Fairbanks N Houston. The duo repped the seller, and Colliers’ Trey Erwin repped the buyer.
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Freedom Cloud Co purchased a 13k SF single-tenant facility at 16431 Aldine Westfield. TNRG’s Mike Spears and Chase Cribbs repped the seller, and JLL’s Jarret Venghaus repped the buyer.
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Ferguson Enterprises purchased 36k SF of industrial land at 220, 226 and 234 West 26th St. Cushman & Wakefield’s John Littman, Kelley Parker, Coe Parker and Tim Thomas repped seller Selzer Heights Investments (a Texas JV).
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An out-of-state private investor purchased Bay Colony Center II in a 1031 exchange. The 23k SF shopping center is in Dickinson. Marcus & Millichap’s Justin Miller repped the seller, and his colleague Juan Cuevas repped the buyer.
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HPI Holdings has finalized the purchase of a 34-building business park totaling 865k SF of office/warehouse/industrial space in the Greenspoint area. CEO Hal Pontez is rebranding the park, which sits along West Hardy Road near the Sam Houston Tollway, to Hardy Properties at Intercontinental. It will undergo major renovations. As we first announced last month, Caldwell Cos’ Bill Ginder and team will lease and manage the park.
LEASES
Wendy’s leased a 48k SF pad site and Verizon leased 2,500 SF of retail space in Chambers Town Center in Baytown. NewQuest’s Bob Conwell and Brad Elmore repped the landlord in-house. NewQuest’s Daniel McCormack repped Wendy’s, and 360 Real Estate’s Steven Thomas repped Verizon.
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An undisclosed tenant leased 21k SF at 7310 West Rd. NAI Partners’ Michael Keegan repped landlord IEK Holdings, and Mohr Partners’ Gary Horn repped the tenant.
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OliverMcMillan announced more tenants to the River Oaks District: Baanou, Hopdoddy Burger Bar, Les Copains and the Tuck Room.
DEVELOPMENT
Lovett Commercial broke ground on Main Street Kingwood, its 33-acre shopping center. The center will have 240k SF of retail, grocery and healthcare tenants, including HEB and Memorial Hermann. Pictured are reps from LSI, HEB, Lovett, City of Houston, Memorial Hermann, Heights Venture Architects and the Lake Houston Redevelopment Authority at the groundbreaking. The center will deliver in fall 2016.
FINANCING
Transwestern’s Jan Sparks and Michael Snodgrass arranged construction financing for Arabella, Randall Davis’ condo project. The 33-story property will feature 99 luxury units at San Felipe and Westcreek next to the River Oaks District. It’s aiming to break ground this month and will deliver in fall 2017. Michael says the financing structure was very complex because it was comprised of numerous tranches of capital, including a first lien construction loan, mezz construction loan and multiple EB-5 investors along with local and international equity partners. Powers Brown is the architect of record, and GT Leach is GC.
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Q10 KDH’s Emily Zarcaro and Matt Franke secured permanent financing for the Centre at Greatwood, a retail center in Sugar Land. It’s 100% occupied with stable historical performance. Combined with the borrower’s experience and the strength of the submarket, it was highly desired by KDH’s network of correspondent life insurance companies. Symetra won the deal.
THIS AND THAT
Transwestern was selected by Iron Point Partners to lease and manage 10700 N Freeway. Michelle Wogan and Paula Musa will lead leasing at the 182k SF, Class-A property, which has 145k SF available. Iron Point plans to implement extensive capital improvements, including replacing the roof with an energy-efficient one and adding a café.
