This Week's Houston Deal Sheet
Leading off this week's Deal Sheet is HFF's nearly 1M SF industrial portfolio disposition on behalf of Stockbridge Capital Group. The Class-B portfolio contains 16 industrial buildings in Houston's South, Southwest and Northeast industrial submarkets.
“Class-B industrial, especially portfolios of scale, continue to generate a tremendous amount of interest due to the lack of competitive supply, pricing in relation to replacement cost and upward pressure on rental rates,” HFF Senior Director Trent Angew said.
The portfolio comprises the 206K SF Astro Business Park at 8825-9087 Knight Road; two buildings totaling 225K SF at 5990-6018 Griggs Road; the 298K SF McCarty Business Park at 245-309 McCarty St.; and four buildings totaling 206K SF at 8710-8798 Westpark Drive. The portfolio is 95% leased to 57 tenants. HFF’s investment team was led by Agnew and Rusty Tamlyn while its debt placement team was led by Brian Carlton and Cameron Cureton.
Marcus & Millichap’s Jerry Goldstein completed the sale of Woods Retail Plaza, a 27K SF multi-tenant retail property at 4658 FM 1960 West. The building is 87% occupied and had a list price of $2.45M.
Marcus & Millichap’s Dave Knobler and Charles LeClaire completed the sale of Best Storage, a 60K SF self-storage facility in Texas City at 3730 Emmett F. Lowry Expressway.
Poynter Commercial Properties Corp. represented three clients in lease transactions totaling approximately 45K SF. Poynter’s Kevin Poynter and Peyton Poynter represented each client.
- Memorial Clinical Associates signed for 30K SF at 16001 Part Ten place. Stream’s Brad Fricks represented the landlord.
- Larry Pollock and Associates signed for 7,500 SF at 1800 St. James Place. PMRG’s Mike Martin represented the landlord.
- West Mermis signed for 7K SF at 1301 McKinney. CBRE’s Debra Wilson represented the landlord.
Airswift renewed a 19K SF office lease at 3050 Post Oak Blvd. in Houston. JLL’s Louie Crapitto and Diana Bridger represented the tenant. Parker Duffie and Jason Presley of CBRE represented the landlord, Sinopec USA Inc.
Lee & Associates’ Chris Nash and Travis Taylor represented Badger Midstream Energy in a 6K SF office sublease at 3663 North Sam Houston Parkway East in Houston.
HFF secured $18.7M in construction and redevelopment financing for a 191-room, upscale, select-service hotel that will serve as a hotel for the public as well as for the 2017 World Champions at their spring training facility in West Palm Beach, Florida. The debt placement team was led by HFF's Scott Wadler and Wesley Hightower.
Buffalo Bayou is looking to crowdfund its new three-story brewery. The company is looking to raise $250K from NextSeed, where it estimates a 1.7 to 1.9x multiple on the investment. So far Buffalo Bayou Brewing has raised $214K. Invest over $1K and you’ll get free beer for life.
Capital Retail Properties is developing the Shops at Spring Village, a 20K SF center at 2209 Spring Stuebner Road, near the Exxon Mobil campus, Realty News Report reports. The initial tenants, including Dunkin' Donuts, AT&T and Sports Clips, will open in the first quarter.
BP pushed back its move-in date for the company’s flooded Energy Corridor campus. BP will reopen the campus in April, according to the Houston Business Journal.