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This Week's Houston Deal Sheet

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A longtime industry veteran has switched shops. Gray Gilbert joined NAI Partners as the company's 15th partner, bringing to the firm more than 28 years of experience as one of Houston's most prolific industrial brokers. 

NAI Partners' Gray Gilbert
NAI Partners' Gray Gilbert

Gilbert came to NAI from CBRE, where he worked as a broker for the past 17 years. Throughout his career, Gilbert has completed more than $1.35B worth of sale and lease transactions. 

SALES

River Oaks Equity Partners represented the seller and procured the buyer for Lindencrest Apartments, a 20-unit apartment community at 7410 Lindencrest St. in Houston.

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Marcus & Millichap’s Dave Knobler completed the sale of A Low Cost Self Storage, a 35K SF self-storage facility in Baytown. The facility also had approximately 1.5 acres of expansion land included in the sale that fronted Texas State Highway 146.

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Stafford Commerce Center
Stafford Commerce Center

HFF’s Rusty Tamlyn and Charlies Strauss led the team behind the sale of Stafford Commerce Center, a 68K SF, fully leased, Class-A industrial distribution warehouse in Stafford. Stafford Commerce Center is 100% leased to Quest Design and Fabrication. 

LEASES

In recent months, the following retailers put pen to paper in Katy Ranch Crossing:

  • PGA Tour Super Store signed for 35K SF, represented by Property Commerce’s Chad Moss.
  • Floor & Decor signed for 73K SF, represented by CBRE’s Matthew Keener.
  • Glowzone signed for 37K SF, represented by Colliers’ Robert Hartigan.
  • IRace signed for 60K SF.

Over the last five years, Katy Ranch Crossing has leased roughly 150K SF a year. With 40K SF remaining, the asset is over 95% leased. Lilly Golden's Evergreen Commercial Realy represented the landlord, Freeway Properties, in all deals. 

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Crew Fitness, a row studio concept based in Mobile, Alabama, will debut its first expansion unit this spring in the Houston Heights. Husband and wife team Dan and Marcia Strange will own and operate the facility, which will anchor Bungalows on 22nd Street, a boutique retail destination now under construction at 715 West 22nd. Crew Fitness will occupy the entirety of the first of two structures that will eventually be on the 10K SF site with front and rear parking options.

FINANCING 

The Cape in Tomball
The Cape in Tomball

JLL’s Mark Brandenburg led a team in securing financing on behalf of Stoneleigh CP Apartments. Freddie Mac provided the loan, which will be used to refinance The Cape, a 228-unit multifamily community in Tomball.

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HFF secured financing for Haven at Westgreen, a 225-unit, Class-A apartment community in Katy. HFF’s Cortney Cole and Dustin Selzer led the team representing the borrower.

HIRE/PROMOTIONS

Pat Grimes and Reggie Shipman joined the Belvoir team as senior director and multifamily assets specialist, respectively. The two bring more than 50 years of collective industry experience, including time working with Hines, Transwestern, Equity Office, Dinerstein Cos. and Marcus & Millichap.

CORRECTION, JAN. 23 3:30 P.M. ET: Evergreen Commercial Realty's Lilly Golden has been added as the landlord broker of Katy Ranch Crossing.