This Week's Houston Deal Sheet
The Houston Airport Marriott is unveiling renovations today, modernizing the 1971 hotel.
The hotel received $53M in upgrades, including to the lobby, the entrance, all 573 guest rooms and 30k SF of meeting rooms. It added a new restaurant and lounge. The renovation coincides with expansion work underway at the airport itself. When Houston City Council agreed to the renovation plan in 2013, developer Host Hotels and Resorts agreed not to build another hotel on airport grounds for at least another decade.
EXECS
Savills Studley’s Bryant Lach was promoted to assistant director. Bryant is an office tenant rep whose clients include The Brock Group, Skadden Arps, Australian Consultant and Etoco. Before becoming a broker, he was a pro golfer.
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CBRE’s Daniel Taylor was promoted to managing director of retail; he will lead retail brokerage across Texas and Oklahoma. Daniel’s been in the industry 15 years and specializes in multi-market tenant rep and roll-out assignments across the country.
SALES
An undisclosed local investor purchased Broadway Casa, a 150-unit apartment complex at 8405 Broadway St. Marcus & Millichap’s Clint Roberts listed the asset at $4.8M. The buyer won the deal with $100k hard money on day one of the contract, which then took only 28 days to close.
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An undisclosed buyer purchased 6250-6260 Westpark, a 115k SF office property. Marcus & Millichap’s Derek Hargrove and Justin Miller repped the seller.
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Medical Center Fannin OST Investments purchased 7329 Fannin and 1803 Old Spanish Trail, 1.3 acres wrapping that corner. It will be redeveloped by HarDam Hotels’ James Guillory into two nationally branded hotels totaling 325 keys. It’ll break ground in late 2016 and deliver by mid-2018. Colliers’ Tom Condon Jr. repped the buyer, and SRC Properties’ Louis Smith repped seller Dixon Financial Services. Platinum Title Partners’ Kathleen Martin coordinated closing, and Independent Bank’s Claude Leatherwood provided financing.
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An undisclosed local investor purchased land at 2105 Yale St in the Heights, which will be redeveloped. Marucs & Millichap’s Justin Miller and Derek Hargrove repped the seller and received five offers in less than a week.
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Admiral Glass purchased a 211k SF industrial building on 8.4 acres at 12218 Robin Rd. JLL’s Kevin Erck and John Talhelm repped seller Triyards, and Lee & Associates’ Justin Tunnell repped the buyer.
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An undisclosed buyer purchased the East Downtown development tract, a 30k SF building on .89 acres. Retail Solutions’ Lyle Cowand and Martin Turner repped the seller, and Chodrow Realty Advisors’ Shane Karstendiek repped the buyer.
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Denso North America (a subsidiary of Winn & Coales USA) purchased a 46k SF industrial building on 11 acres at 9710 Telge Rd. JLL’s Kevin Erck and John Talhelm repped the buyer, and Insite’s John Stavinoha repped seller Century Corrosion Technologies.
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An undisclosed buyer purchased 4141 North Fwy, a 31k SF office building. Retail Solutions’ Martin Turner and Sam Affanhe repped the seller, and Commercial Realty Partners’ Jake Jenkins repped the buyer.
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VAS Process purchased a 10k SF facility at 17639 Telge Rd in Cypress. Lee & Associates’ Ryan Searle and Patrick Wolford repped the buyer, and Steve Adkisson repped seller SF Telge Park.
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BSE Windfern purchased a 15k SF facility at 11312 Windfern Rd. Lee & Associates’ Mike Spears and Chase Cribbs repped the buyer, and Boyd Commercial’s Andy Sowell repped seller Baker Family Property Co.
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BI Airport Business Park II purchased a 17k SF facility at 16430 Aldine Westfield Rd. Lee & Associates’ Robert McGee and Mike Spears repped the buyer, and DTZ’s Jason Dillee repped seller Terex MHPS Corp.
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Worldwide Rock Enterprises purchased a 6.7-acre tract on Theis Lane in Tomball. Lee & Associates’ Reed Vestal and Taylor Schmidt repped the buyer, and Caldwell’s Keith Edwards repped the seller.
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SSR Holdings purchased a 46k SF facility at 1414 Sakowitz St. Lee & Associates’ Robert McGee repped the buyer, and NAI Partners’ John Ferruzzo and Chris Kugle repped the seller.
LEASES
Memorial Hermann Health System leased 13k SF at Claymoore Business Park (10801 Kempwood Dr). JLL’s Kevin Erck and Matt Parsons repped the tenant, and Stream’s Blake Warren repped landlord Cabot.
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Blac Inc leased 17k SF at 16430 Aldine Westfield Rd. Lee & Associates’ Robert McGee and Mike Spears repped the landlord, and NGKF’s Kyle Prater repped the tenant.
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The Embassy Suites by Hilton The Woodlands at Hughes Landing has opened. The 205-suite full-service hotel is in Hughes Landing and includes 3k SF of meeting space and a new restaurant called E’terie.
FINANCING
HFF’s Susan Hill arranged $61M in post-closing acquisition financing for Galleria Place. The two Class-A office buildings total 401k SF and a stand-alone retail site across from the Galleria. The borrower is LPC Realty Advisors I, an affiliate of Lincoln Property Co, on behalf of a pension fund client. HFF placed the three-year, floating rate, interest-only loan with ACORE Capital. HFF also arranged the property’s sale in 2015.
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NAI Partners was awarded property management of the US National Bank Building (2201 Market St) in Galveston. The firm already leased the 74k SF facility.
