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This Week's Houston Deal Sheet

Development in The Woodlands continues with Lake Woodlands Crossing, a 62K SF retail center in The Woodlands Town Center. The project is approximately 65% pre-leased ahead of its groundbreaking. 

Lake Woodlands Crossing Groundbreaking
Lake Woodlands Crossing groundbreaking

Ulta Beauty, Stickhouse and Main Squeeze Juice Co. are the first tenants announced in Lake Woodlands Crossing. Ulta Beauty will serve as the anchor tenant along with an additional 25K SF retailer to be announced at a future date. Ulta will relocate from its location in The Woodlands Town Center to the new 10K SF space. CDA Architects is designing Lake Woodlands Crossing. Arch-Con Construction is the general contractor. Completion of Lake Woodlands Crossing is slated for late 2018.

LEASES

Party City leased 12K SF of retail space in Market Square at Eldridge. NewQuest Properties’ David Meyers and Josh Friedlander represented the landlord, NQI. Baker Katz’s Jason Baker represented the tenant.

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Infrastructure Networks, a provider of broadband wireless networks and other critical infrastructure industries, is relocating from Katy to a new 15K SF corporate headquarters in Galleria Tower II in Houston. NAI Partners’ Lane Morgan represented the tenant.

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Elementia USA has signed a 16K SF lease for the entire third floor of 396 West Greens Road in Houston. JLL’s Jessica Ochoa and John Pruitt represented the landlord, GWL Realty Advisors. Tripp Pruet of Savills Studley represented the tenant.

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515 Post Oak
515 Post Oak

Greater Houston Community Foundation leased 18K SF of office space at 515 Post Oak Blvd. in the Galleria. Stream’s Richard Barbles represented the landlord, Spear Street Capital. NAI Partners’ Dan Boyles represented the tenant.

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Belvoir Real Estate Group’s Kyle Fischer represented KRO Energy Products in a 14K SF industrial lease at 13019 Crockett Martin in Conroe.

SALES

KB Homes purchased a combined 61 acres along Stuebner Airline in Houston. NewQuest’s Jeff Lokey represented KB Homes in the three separate deals.

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Belvoir Real Estate Group’s Matthew Goldsby facilitated the purchase of 7702 Fry Road, a 1,900 SF Starbucks retail property in Cypress. Cushman & Wakefield’s Scott Crowle represented the seller.

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Marcus & Millichap’s Nate Newman and Doug O’Toole completed the sale of Kingwood Medical Plaza, a 12K SF medical office property in Kingwood.

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Bridgewater Apartments
Bridgewater Apartments

Sentinel Capital acquired the 206-unit Bridgewater Apartments in Tomball. ARA Newmark’s Matt Saunders represented the seller. Financing for the deal was arranged by NorthMarq Capital’s Bobby Weinberg.

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SVN’s Todd Franks and Matt Rotolante represented the seller and procured the buyer for Vista on Gessner, 810 units in the Sharpstown submarket of Houston.

HIRES/PROMOTIONS

Crystal McDonald joined Kirksey as chief financial officer and vice president.

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Philip Guyton is the new vice president of finance for Land Tejas. Land Tejas also hired David Morrison, who will work as an assistant project manager.

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NAI Partners promoted Darren O’Conor, Nick Peterson and Holden Rushing of the company’s industrial services group to senior vice president; and Jake Wilkinson, also of the industrial services group, to vice president.

DEVELOPMENT

EastGroup Properties commenced construction on 8781 West Road, a 58K SF addition to West Road 5. West Road 5 will be the fifth and final phase of EastGroup’s master-planned business park, West Road Business Park. Upon completion, the park will consist of five buildings totaling 364K SF.