This Week's Houston Deal Sheet: Office Portfolio Bought Out Of Receivership
LFFP Ashford Portfolio purchased a three-property office portfolio totaling 570K SF from a court-appointed receiver. The Energy Corridor portfolio consists of Ashford 5 at 14701 St. Mary’s Lane, Ashford 6 at 1155 Dairy Ashford Road and Ashford 7 at 900 Threadneedle St.
The three buildings sit on 12 acres adjacent to Interstate 10 and near Beltway 8. Renovated between 2014 and 2016, the portfolio offers a fitness center, tenant lounges and separate parking garages for each building. The eight-story properties are 58% occupied overall with a weighted average lease term of 4.7 years.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Marty Hogan and Kevin McConn. Rick Goings, John Ream and Clay Anderson of JLL Capital Markets also represented the buyer in the assumption and modification of the in-place loan.
PEOPLE
Lauri Goodman Lampson, a Bisnow Women Leading Real Estate honoree, is retiring from PDR. She was president and CEO of PDR and worked there for 35 years.
She plans to spend more time with her family and pursue interests outside of the consulting, design and architecture firm, but she will assume the role of principal emeritus and remain available to share her experience and insights.
SALES
Americold Realty Trust bought Blackline Cold Storage, a 298K SF Class-A cold storage industrial facility at 6330 Nita Way within the master-planned Cedar Port Industrial Park in Baytown. It was constructed in 2022.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Trent Agnew, Will Mogk, Keenan Ryan and Clay Anderson.
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Houston-based developer Vigavi Realty acquired 36 acres in Brookshire from Johnson Development. The land will be home to Woods Crossing, an industrial distribution business park.
Woods Crossing will be a two-phase project of three tilt-wall industrial buildings totaling 557K SF. Phase 1 will feature two buildings and is set to break ground this quarter. It will deliver in Q1 2026.
CBRE’s Tom Lynch, Billy Gold, Faron Wiley, Charles Herold and Brad Smith represented the buyer in the transaction. Wiley, Herold and Gold are set to handle marketing efforts for the project. Ware Malcomb is the project architect, Langan is the project civil engineer and E.E. Reed will serve as the general contractor.
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A partnership led by Houston-based Braun Enterprises acquired 3040 Post Oak Blvd., a 426K SF Class-A office building in the Galleria area. Braun Enterprises plans to add a fitness center and a coffee bar as well as upgrade the lobby and exterior. Braun’s partners plan to lease about 75K SF of the vacant space at the property.
Stream Realty Partners is based in the building and will continue to provide property management and leasing services. Ryan Barbles, Adam Ross and Parker Noble will oversee leasing.
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Zack Martin, Todd Moore and Connor Duffy of Colliers represented the buyer in the off-market sale of Tanner Road Business Park. The 84K SF multitenant industrial complex is at 9863-9869 Tanner Road in Houston. The buyer plans to renovate the property and is likely to fully turn over the tenant profile as part of its value-add strategy.
LEASES
FJS Investments leased 85K SF at 10610 Wyman Gordon Drive. Oxford Partners’ Matt Rogers and Jeffery Arnaud represented the building owner, O’Drill/MCM Inc.. The tenant was represented by Grant Hortenstine of CBRE.
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United Imaging leased 215K SF at 11550 N. Spectrum Blvd. in Pearland’s Lower Kirby to expand its manufacturing, research and development, and warehousing operations. The expansion will occur in phases over the next two years, with United Imaging expecting a Lower Kirby workforce of up to 185 employees.
The company expects to begin operations at the facility in late 2025. Brennan Investment Group developed the building.
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Nordstrom Rack opened in a 30K SF space in Westchase Shopping Center at 11041 Westheimer Road. CBRE's retail team, led by Brian Ashby and Sydney Dixon, represented Nordstrom Rack in the transaction. This new location brings the total number of Nordstrom Rack stores in the Houston area to eight.
Kimco Realty is the owner and landlord of Westchase Shopping Center.
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Richardson Sports signed a 193K SF full-building lease at Park 529 Building 2 in the Northwest submarket of Houston. The Park 529 project at 6740 Signat Drive is now 100% leased.
John Ferruzzo of KBC Advisors and Nick Peterson of NAI Robert Lynn both represented the landlord, Cabot Properties. Chris Haro of Partners Real Estate represented the tenant.
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Hanwha Power Systems Americas Inc. leased 28K SF at 8810 Wendigo Place in Houston. Oxford Partners’ Ryan Hartsell and Austen Buckalew represented the tenant. The landlord, United Equities, was represented by Travis Land and Braedon Emde of Partners Real Estate.
CONSTRUCTION & DEVELOPMENT
McCarthy Building Cos. completed construction of the $650M, 570K SF Houston Methodist Cypress Hospital campus. McCarthy began campus demolition work in February 2022 on 11 buildings previously occupied by Sysco Corp. It completed construction of the new 570K SF seven-story hospital in March.
Houston Methodist Cypress Hospital also features two six-story medical office buildings totaling 320K SF. McCarthy served as the project construction manager, with Page as the project architect, Walter P Moore as civil/structural engineer and Smith Seckman Reid Inc. as the technology engineer.
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Houston-based Pelican Builders will break ground this month on a 380-unit multifamily development in Pearland Town Center. The site at 3200 Business Center Drive in Pearland was purchased from CBL Properties, the master developer of Pearland Town Center.
Austin-based OHT Partners is the general contractor. Meeks + Partners is the architect, Kimley-Horn is the civil engineer, Integrity Structural Corp. is the structural engineer and CFI Cos. is the mechanical, electrical and plumbing engineer. MP Studio is the interior designer and KW Landscape Architects is the landscape architect.
Completion is expected in the second quarter of 2026.
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Martin Fein Interests broke ground on a 326-unit apartment complex at 2002 Spring Stuebner Road in North Houston’s City Place. Fein acquired the 21-acre tract from CDC Houston, a subsidiary of Coventry Development Corp. and the master developer of City Place.
The development, Echo Lake, is expected to open its first units in the second quarter of 2026 with an estimated completion date of Q2 2027. Steinberg Dickey Collaborative provided architectural services, while interior design services were provided by Moore Design Group of Dallas. Westchase Construction Ltd., an affiliate of Martin Fein Interests Ltd., will be the general contractor.
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Tricon Residential Inc., a Blackstone Real Estate portfolio company, announced the grand opening of Tricon Peek Road, a build-to-rent community of 175 homes in Katy. The single-family homes feature two-car garages and fenced backyards. The project was developed in partnership with HHS Residential and Johnson Development.
FINANCING
S2 Capital completed a $450M refinance in partnership with Starwood Capital Group. The loan is secured by 11 multifamily properties totaling 3,193 units throughout Dallas and Houston. S2 has renovated the properties and increased net operating income by 40%.
