This Week's Houston Deal Sheet
In Houston, there have never been more locations to celebrate Taco Tuesday. This week, Fuzzy's will open its fifth location in Houston and 100th overall, marking a major milestone for the Fort Worth-based fast-casual Mexican restaurant.
Fuzzy's will open at 2015 West Gray in early 2017. The company also is opening a store at 2660 Marina Bay Drive, League City; no opening date has been announced.
EXECS
Matt Phillips joined CBRE as SVP and will work alongside SVP Clint Duncan to build upon CBRE’s multifamily investment sales and financing successes throughout the Texas and Oklahoma division.
LEASES
Bechtel Oil, Gas & Chemicals leased a 24k SF building at Harms Road Industrial Park, a project developed by United Equities in Northwest Houston. Derrell Curry of Savills Studley repped the tenant, and Travis Land of NAI Partners repped the landlord.
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Clampitt Paper Co renewed 7,210 SF for one year at Mitchelldale Business Center at 5151 Mitchelldale in Houston. Caleb Lawson, with Flatrock Commercial Real Estate, repped the tenant. Kacie Skeen repped the landlord, Hartman Income REIT.
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NAI Partners' Lane Morgan repped Den Hartogh Americas in leasing 5,737 SF of office space at 12301 Kurland Drive in Houston. Transwestern's Parker Burkett repped the landlord, Mission Cos.
Southbelt Park Ltd leased a freestanding 23k SF newly constructed manufacturing facility to Lion Millwork Co at 13735 FM 529 in Houston. NAI Partners' John Ferruzzo and Nick Peterson repped the landlord, and Cushman & Wakefield's Michael Foreman and Beau Kaleel repped the tenant.
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SCIS Inc renewed and expanded into 9,920 SF for five years at Mitchelldale Business Center at 5151 Mitchelldale in Houston. Kacie Skeen repped the landlord, Hartman Income REIT.
Two office/warehouse leases have been signed at 9777 West Gulf Bank. Armadillo Photo Supply Inc leased 9,700 SF and was repped by Donald Fincher of TruCore Commercial. Helios Digital Packaging leased 16k SF and was repped by Lee & Associates' Stephen Kuper and Preston Yaggi. Colliers' Walter Menuet and Judd Harrison repped the landlord.
SALES
Rotuna Medical Properties purchased The Rotunda Building, a 52k SF MOB at 5819 Highway 6. Colliers' Beth Young repped the buyer. The seller was repped by Colliers' Barkley Peschel and Kolbe Curtice.
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Marcus & Millichap's Dave Knobler and Justin Miller worked on behalf of the seller to dispose of Kingwood Storage. The 254-unit asset was built in 1985.
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Black Label Commercial Group's Jeremy Bran brokered the sale of 400 Westmoreland St, a 15-unit apartment complex in Montrose. New owner CBMJ Investment & Development's Christopher Bran is renovating the property's exterior and interiors.
JLL’s Jarret Venghaus and Geoff Perrott, on behalf of Alfa Laval, completed the sale of an industrial property at 11600 East Hardy Road. Worldwide Trucking purchased the property, which is fenced and encompasses about seven acres and seven buildings, several of which are crane-served. The buildings total 53k SF, of which 11k SF is office space. CBRE’s Bill Rudolf repped the buyer.
DEVELOPMENT
E.E. Reed Construction broke ground on the Embassy Suites Park 10 Hotel. This project consists of a 208k SF, 15-story, 208-room, full-service hotel in the Energy Corridor area.
E.E. Reed Construction recently began work at Redemption Square in northeast Houston, a five-story, 92k SF office building. The project team includes McCord Development and architect Page. Redemption Square is scheduled to be completed in May 2017.
FINANCING
BMC Capital's Dallas office arranged a $1.2M loan for a multifamily property in Houston. The non-recourse loan features a 4.5% fixed rate for 15 years and 15-year amortization. The loan was secured through one of BMC Capital's correspondent banking relationships.
THIS AND THAT
NAI Partners held an internal fundraising event at its Houston office on behalf of Child Advocates. More than 50 backpacks were assembled with new school supplies for donation to children for the upcoming school year.
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Just in time for the new school year, the Houston office of McCarthy Building Cos completed its Tools for Success School Supply Drive. McCarthy’s 10 Houston-area job sites worked together over a three-week period to collect 4,062 24-count boxes of crayons, a total donation of 97,488 crayons.
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JLL has been retained by BIT Holdings Forty-Six Inc to lease Town Center I and II, two Class-A office buildings totaling 280k SF in The Woodlands. JLL EVP John Pruitt and SVP Chrissy Wilson will oversee the leasing of Town Center I and II, respectively.
