This Week's Houston Deal Sheet
The second hotel in Songy Highroads’ Galleria mixed-use development has opened.
The Hyatt Place Houston Galleria is a 157-room select-service hotel with three floors of common space. Aimbridge Hospitality is managing the 12-story property. The Hyatt Place is adjacent to Songy Highroads’ Hyatt Regency Houston Galleria, which delivered this fall in the developer’s 7.6-acre mixed-use development.
EXECS
John Waltz joined EE Reed as VP of operations. The 30-year industry vet previously worked for EE Reed from 1995 until 2011.
SALES
A private investor purchased Terramont Village Shopping Center, a 25k SF property in Village of Sterling Ridge in The Woodlands. Marcus & Millichap’s Jerry Goldstein and Nate Newman listed the asset for Edens for $5.5M. It got 10 offers and closed within 90 days of listing.
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Alajen Bay 10 Properties purchased 6.3 acres at Bay 10 Business Park in Baytown. NAI Partners’ John Ferruzzo and Darren O’Conor repped seller Grand Parkway/Kilgore Parkway LP. NAI Partners’ Jason Whittington repped the buyer.
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An undisclosed buyer purchased Woodforest Plaza, a 14k SF retail property at 13421 Woodforest Blvd. Marcus & Millichap’s Derek Hargrove and Justin Miller repped the seller.
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Jaikrishna Patel purchased 67.5 acres of industrial land at Mesa Drive between Little York and Tidwell. NAI Partners’ John Ferruzzo and Chris Kugle repped seller S/C Management 87.
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KR Development purchased a 21k SF facility at West 529 Industrial Park. NAI Partners’ John Ferruzzo and Nick Peterson repped the buyer, and Colliers’ Bill Byrd and Ryan Byrd repped seller Urban Construction Southwest.
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Armada Hoffler Properties purchased the Cavalier Portfolio, 11 retail properties topping 1M SF in the central and eastern US (most of the assets are in North Carolina but some are in Texas). HFF’s Jim Hamilton, Richard Reid, John Owendoff, Amy Sands, Clinton Mitchell and Jordan Lex repped the seller, a partnership between DDR Corp and TIAA-CREF.
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SaDaMiChi 7 purchased 10 acres of industrial land on Liberty Road. The tract is now available for lease. NAI Partners’ Travis Land repped the buyer, and Colliers’ Blake Gibson repped seller Sunbelt Broadcasting.
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NGKF moved into its new regional HQ at 2 BLVD Place (1700 Post Oak). The move unites NGKF and ARA Newmark’s offices into one 39k SF space. BLVD Place is now 98% leased. Colvill’s Marilyn Guion and Connor Saxe and Wulfe & Co’s Elise Weatherall repped landlord Wulfe & Co, and NGKF’s Lispah Hogan repped the tenant in-house.
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Trojan Rental & Sales leased 10k SF of manufacturing space at 501 Hickerson St in Conroe. NAI Partners’ Travis Land repped the landlord and is marketing Phase 2 at Hickerson Industrial Park. Buildings 4, 5 and 6 are underway and will be ready for occupancy by mid-2016.
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SOAP Hand Car Wash leased a 31k SF outparcel at Shoppes at Memorial Villages (I-10 and Wirt Road) and will open the new facility this summer. Weingarten’s Brody Farris repped landlord Weingarten, and Fox & Graham’s Clay Graham repped the tenant.
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Q10 KDH’s Larry Peters arranged $2M in permanent financing for Plainview Apartments. The property has 130 units averaging 924 SF spread over 49 buildings spanning 9.3 acres. It’s 100% occupied. The borrower refinanced a maturing CMBS loan and pulled cash out for property upgrades. The fixed-rate seven-year term loan had 4.3% interest and two years of interest-only.
THIS AND THAT
Congrats to Houston’s 2016 TOBY winners, which are moving on to the regional competition. In the over 1M SF category, property manager Transwestern’s Jacob Roberts won for Pennzoil Place, pictured. The building is owned by Metropolis Investment Holdings. In the 500k to 1M SF category, BG Group Place (owned by BG Holdco and managed by Hines’ Amy Wagner) took the trophy. BBVA Compass Plaza won the 250k to 500k SF award; it’s owned by RS Post Oak Perennial and managed by Stream’s Michael Kent. In the retail category, Dunhill Partners’ Lindsay Janek took the award for Vintage Park Shopping Village. The renovated award winner was The Bellevue, owned by Principal Financial Group and managed by Stream’s Scott Francis. 717 Texas Ave won the earth award; it’s managed by Hines’ Sara Del Aguila and owned by Block 59 LP. Last but not least, Cameron Management took top honors for historical buildings for Esperson; its Kathy Gonzalez is the property manager.
