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This Week's Houston Deal Sheet

Fritz Industries celebrated the grand opening of its 13k SF location in Katy—its first Houston facility.

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The Mesquite-based company, which has another location in Greenville, took down 13k SF at 19408 Park Row Dr. Fritz is an employee-owned company that specializes in applied chemistry and innovative manufacturing. The new office will focus on R&D, particularly pertaining to the energy industry, and employ a team of laboratory technicians and researchers. Katy Area EDC president/CEO Lance LaCour (pictured speaking at the ribbon cutting) says he's still seeing significant business growth despite the changing dynamics of the energy industry and is excited to bring another high-tech company to grow its business in Katy.

EXECS

Howard Hughes Corp promoted two: Mitch Gruberg to VP of commercial development and Jim Carman to VP of master planned communities, commercial development. Heath Melton also joined as VP of master planned communities, residential development. They'll handle projects in The Woodlands and Bridgeland. Mitch joined the firm in 2000. Jim has been with Howard Hughes for three years; most recently, he led teams on retail, multifamily and hospitality projects in Hughes Landing.

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Transwestern founder Robert Duncan was named Scenic Houston’s 2015 Scenic Visionary. The award honors a local business leader committed to enhancing the visual appearance of streetscapes and public spaces throughout the city. Robert’s pictured here (far left) with Transwestern managing directors Jan Sparks and Michael Snodgrass, who were event co-chairs. The annual awards dinner they hosted raised the most funds in the event’s history.

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Sun Holdings Group purchased Villas at Sienna Plantation, a 190-unit Class-A-plus multifamily community in the Sienna Plantation master planned community in Missouri City. HFF’s Todd Marix, Todd Stewart, Chris Curry and JC Clemens repped the seller, a JV between Watermark Residential and Murphy O’Brien. The property was delivered this year.

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Brennan Investment Group purchased a six-building industrial portfolio totaling 133k SF at 8600-8850 Jameel Rd in Houston and 12705 S Kirkwood Rd in Stafford. The firm now owns 27 buildings in the southwestern US.

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140 Industrial LLC purchased a 47k SF corporate facility on 3.2 acres at 140 Industrial Blvd in Sugar Land. First Houston Properties’ Patrick McKiernan repped seller Principle Ventures. Lease Square Feet’s Greg Egan repped the buyer.

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An undisclosed buyer purchased the 15k SF Walgreens at 11107 Market St in Jacinto City. Marcus & Millichap’s Chance Hales and Vincent Knipp repped the seller.

LEASES

The Brandt Cos leased 56k SF in Sam Houston Business Park. Levey Group’s four-building, 262k SF park is now 100% occupied. CBRE’s Joseph Smith repped Levey, and JLL’s Jeff Venghaus repped the tenant.

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Legacy Automation, Power & Design leased 18k SF of industrial manufacturing space at 11615 North Houston Rosslyn. NAI Partners’ Travis Land repped the landlord, Sadamichi 4.

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E3 Drilling & Fluid Chemicals leased 25k SF at 1123 & 1125 Lumpkin. NAI Partners’ Travis Land, Griff Bandy and Jon Silberman repped the tenant, and Finial Group’s Philip Rife repped landlord E&K Holdings.

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Q10 KDH’s Matt Franke and Larry Peters arranged financing for the 95k SF Flowserve building in Pasadena. Matt says concern over the energy markets made many prospective lenders reluctant to finance this deal, but his team was still able to underwrite and close the loan in six weeks.

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BMC Capital’s Brian Gramlich arranged a $1.3M non-recourse acquisition loan for a multifamily property in Baytown. It has a five-year fixed term with a 4.26% interest rate, one year of I/O, 80% LTV and 30-year amortization. It was arranged through a correspondent agency.

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LMI Capital closed five transactions totaling $35M in two days.
Brandon Brown arranged acquisition financing for two multifamily assets in the Houston area. Brandon procured two loans with non-recourse, 10-year terms and fixed rates. The first was a Fannie Mae loan at 75% of purchase price for a 30-unit garden-style complex in the southeast. The second was a CMBS loan with five years of I/O at 81.5% of purchase price. It funded a 320-unit complex in Northwest Houston.
Jamie Safier obtained a five-year, fixed-rate, non-recourse loan with a regional bank for a 165-unit multifamily community in Spring Branch. It included two years of I/O, an earn out funding structure and flexible prepayment.
Jamie Mullin and Kurt Dennis refinanced two commercial properties. The first is a boutique low-rise office building in Central Houston. Jamie closed a 10-year, 70% LTV fixed-rate loan at 4.38% interest rate. The final deal was a 900-unit self-storage property in Atlanta, secured by Kurt.

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CoreNet Houston was named the 2015 chapter of the year in the small/medium category at the CoreNet Global Summit North America. There are 46 chapters worldwide. The Dallas-based Southwest chapter won the large/mega chapter award, making it a clean sweep for Texas this year. Pictured are CoreNet Houston reps: Mary Ann Reynolds-Wilkins, Ilene Duwaji, Dawn Landry, Dean Strombom, Shanna Pajares and David Perryman.

Related Topics: Deal Sheet