This Week's Houston Deal Sheet
H-E-B is one step closer to bringing Houston its first multilevel grocery store. The San Antonio-based grocer has announced it will close its Bellaire store at 5130 Cedar next month to begin construction. The new store is expected to open in the fall.
The redevelopment will be two stories and more than double the size of the existing 20k SF store, which was built in 1994. In addition to expanded parking, the store will feature a much wider variety of products and new specialty departments. In the interim, the H-E-B faithful can get their fix at H-E-B's locations at 5417 South Braeswood Blvd. and 5225 Buffalo Speedway.
SALES
Buchanan Street Partners acquired Sam Houston Crossing II, a 160k SF office building at 10344 Sam Houston Park Drive in Houston, from Duke Realty for an undisclosed price. CBRE's Jared Chua repped the seller. Buchanan Street repped itself.
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NAI Partners’ Clay Pritchett repped the San Jacinto River & Rail Park in purchasing a 28.5-acre tract of undeveloped land adjoining the park on the Union Pacific Rail Line along Old Beaumont Highway in Houston.
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Marcus & Millichap’s Jerry Goldstein completed the sale of Ponderosa Shopping Center, a 51k SF retail property at the southeast corner of Kuykendahl and Saddlecreek Drive in the 1960 area of Houston.
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Marcus & Millichap's Jerry Goldstein completed the sale of Pasadena Park Shopping Center, a 164k SF retail property in Pasadena. Tenants include Big Lots, Dollar Tree, Surplus Warehouse and Harbor Freight. The shopping center is 91% occupied and had a list price of $8M.
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Colliers International’s Trey Erwin and Christopher Klein repped Cidema Three in the acquisition of a 57k SF crane-served warehouse at 7922 Hansen Road, completing a 1031 exchange. Bill Boyer of CBRE and Danya Bogart of Sands Asset Advisors repped the seller.
LEASES
Black Label Commercial Group’s Beau Harris repped Stratton Development & Construction in the leasing of a new 16k SF office/warehouse property at 1630 FM 1960.
DEVELOPMENT
The Learning Experience is continuing its rapid expansion with a new location in Pearland at the intersection of I-45 and SH 288. The early education academy has approximately 170 locations with another 120 under development nationwide.
FINANCING
HFF arranged fixed-rate financing for Hanover Post Oak, a 355-unit, Class-A, high-rise multifamily tower near the Houston Galleria. HFF worked exclusively on behalf of the borrower, The Hanover Co., to secure the 10-year, fixed-rate loan through an agency lender. Cortney Cole, Scott Galloway and Dustin Selzer led the HFF team.
