This Week's Houston Deal Sheet
An 83-acre tract near the Daikin Texas Technology Park and the proposed 290-acre Waller Town Center in Waller County has been sold.
The growth in the area bolstered a surprisingly high amount of interest.
The Thomas family had owned the land for more than 100 years before closing it to a local investment group in an all-cash, full-price offer within a 35-day span. The land is at the intersection of Kickapoo Road and FM 2920 and adjacent to a future high speed-rail transit station.
"This was the first time that this property was listed," said NewQuest Properties Executive Vice President Jeff Lokey, who represented the seller. "The interest level was considerably stronger than I initially anticipated."
The land was purchased by VEC L.P. as an investment for a three- to five-year hold, Lokey said. Bayou City Co.'s Carlos Izquerido represented the buyer.
The northwest Houston area is primed for growth. The population has skyrocketed 84.4% since 2010 to about 300,000 residents.Within a 5-mile trade area of the site, there are 15,000 residents with an annual income of $78,343.
The Waller Town Center will feature a mix of retail, restaurant, entertainment, hotel and office space with quick access to Highway 290. It is expected to start construction by 2020.
Daikin Industries opened its $417M technology park in 2017 and is projected to employ 5,000 workers, of which 80% would relocate from other locations. The facility is expected to spur economic development in the area.
Lokey is also marketing a nearby 52-acre site in Waller County for sale.
Mark Thiele was appointed senior vice president of the Houston Housing Authority and will work on reversing the city's affordable housing crisis. Thiele will oversee the day-to-day operations of vital housing programs and identify growth opportunities to serve Houston families, senior citizens, veterans and those with disabilities. He previously served as vice president of the Housing Choice Voucher Program.
Benjamin Llana was promoted to vice president of commercial development operations at Skanska USA. Joining the company in 2013, he most recently served as director of development, including serving as a critical part of developing Capitol Tower, a 35-story, Class-A office development in Downtown Houston. In his new role, Llana will continue to work on the design, leasing and construction phase of Capitol Tower, as well as find new land opportunities.
Illinois-based Yeluh LLC purchased the Holiday Inn Express & Suites Missouri City West at 5007 State Highway 6 in Missouri City. CBRE’s Michael Yu, Rahul Bijlani and Agrama Mannapperuma represented the seller, MC Hotels LLC.
Himmel’s Architectural Door & Hardware purchased a 21K SF industrial asset at 5750 Windfern Road in Houston. NAI Partners’ Jake Wilkinson represented the buyer.
Admiral Glass Co. purchased a 211K SF heavy manufacturing building at 12218 Robin Blvd. in Houston. Lee & Associates' Justin Tunnell represented the seller. JLL's Joseph Berwick and Richard Quarles represented the buyer, IFP-II LLC.
An undisclosed limited liability company purchased The Centre at Eagle's Nest, a 24K SF retail property at 5324 Atascocita Road in Humble. Marcus & Millichap’s Nate Newman and Logan Kelly represented the seller, a limited liability company.
An undisclosed buyer purchased a 20K SF industrial property at 937 East Airtex Drive in Houston. NAI Partners’ Travis Land and John Ferruzzo represented the seller, Steadfast Development.
NewQuest completed three deals in South Texas:
- Nine Two-O LLC purchased 5 acres at Brittmoore Park Drive and Tanner Road in Brittmoore Business Park in Houston. NewQuest Properties' Ori Batagower represented the seller, Distress Land Developers. Belvoir Real Estate Group's Cary Latham represented the buyer.
- Oyster Creek Place LLC purchased 2.9 acres at the intersection of Highway 6 and Oyster Creek in Richmond. NewQuest Properties' J.J. McDermott and Jon Jamison represented the seller, Lieven Van Riet. Realty One Partners' Beau Evans represented the buyer.
- JBAB Investments LLC purchased 2.6 acres in the Reserve at Shadow Creek, at Discovery Bay and Business Center drives in Pearland. NewQuest Properties' Brad Elmore, Bob Conwell and Austen Baldridge represented the seller. Neal Thomson and Brad LyBrand, also with NewQuest Properties, represented the buyer.
Welco International Inc. signed a 16K SF lease at 2212 Dwyer Harrell Road in Houston. Moody Rambin's Jim Autenreith and Chris Ochterbeck represented the owner, 2212 Dwyer LLC.
Duluth Trading Co. signed a 16K lease at Katy Ranch Crossing in Katy. Evergreen Commercial Realty's Lilly Golden represented landlord Freeway Properties. Baker Katz's Jason Baker and Traci Holman represented the tenant.
Health Care Service Corp. inked a 48K SF renewal lease at 1800 West Loop South in Houston. Transwestern's Doug Little, Louann Pereira and Matthew Seliger represented KBS Realty Advisors. JLL's Sean Reynolds and Garrold Parratt represented the tenant.
Stream Realty completed eight industrial leases in Houston:
- Ann Arbor Distribution leased 36K SF at Prologis Park IAH Logistics Center at 2928-A Greens Road. Fischer & Co.'s Curt Starr represented the tenant. Stream Realty Partners' Matteson Hamilton and Jeremy Lumbreras represented the landlord, Prologis.
- Goodman Manufacturing Co. leased 411K SF at Northwest Logistics Center at 6751 North Eldridge Parkway. Stream Realty Partners' Seth Koschak represented the tenant. Stream Realty Partners' Matteson Hamilton and Justin Robinson represented the landlord, GLP.
- Restoration Hardware renewed its lease of 71K SF at Rampart Corporate Center at 7355 Yorkfield St. JLL's Jarret Venghaus represented the tenant. Stream Realty Partners' Matteson Hamilton and Jeremy Lumbreras represented the landlord, Black Creek Group.
- Royal Gourmet leased 57K SF at Apex Distribution Center II at 10634 Tanner Road. Oxford Partners' Ryan Hartsell represented the tenant. Stream Realty Partners' Blake Warren and Matteson Hamilton represented the landlord, WPT.
- Cotton Commercial leased 55K SF at Claymoore Business Park at 3010 Claymoore Drive. Caldwell Cos.' Ron Roberson represented the tenant. Stream Realty Partners' Blake Warren and Bryan O’Hair represented the landlord, Prologis.
- Global Event Supply leased 20K SF at Southport Business Park at 5969 South Loop Freeway East. JLL's Travis Secor represented the tenant. Stream Realty Partners' Jeremy Lumbreras and Bryan O’Hair represented the landlord, DRA Advisors.
- Freese & Nichols renewed and expanded a 34K SF lease at 10497 Town & Country. Southern Asset Service Corp.'s Pamela Ball and Harold Ginsburg represented the tenant. Stream Realty Partners' Brad Fricks and Matthew Asvestas represented the landlord.
- Liberty Lift Solutions LLC signed an 11K SF lease at 16420 Park Ten Place. NAI Partners' Griff Bandy represented the tenant. Stream Realty Partners' Mathew Volz and Matthew Asvestas represented the landlord, HighBrook Investors.
Lease Builders LLC signed a 13K SF lease for an industrial space at 9917 and 9919 Tanner Road in Houston. Lee & Associates' Clint Hankla represented the landlord. Boyd Commercial's Andrew Sowell represented the tenant, Atelier Domingue LLC.
SC Warehousing inked a 12K SF lease for office and warehouse space at 9364 Wallisville Road in Houston. First Houston Properties' Patrick McKiernan represented the tenant.
HFF's Cortney Cole and Sterling Curry secured financing for 4 Eighty West Parker, a 137-unit apartment complex in Houston. The borrower, TriArc Properties, agreed to a five-year, fixed-rate loan with two years of interest-only payments. The asset is on 5.6 acres and consists of 12 two-story residential buildings. Renovated earlier this year, the property was 93.7% occupied at the time of the deal. Green Bank's Rhonda Sands facilitated the loan.
Houston-based Stanmore Partners broke ground on Ravella at Sienna Plantation Apartment Homes at 5330 Sienna Parkway, the latest multifamily development within the master-planned community developed by Johnson Development Corp. The three-story, Class-A apartment community will occupy over 16 acres. It will feature one-, two- and three-bedroom units and range from 609 to 1,517 SF.
The 292-unit community will offer amenities such as a state-of-the-art clubhouse featuring a 24-hour fitness club, a conference room, a business center, a private executive office, a latte lounge and a game room. Residents can also enjoy a resort-style pool with poolside cabanas and fire pits, outdoor seating, a fire pit and dog parks. Houston-based Steinberg Dickey Collaborative will provide architectural services, and Haven Design Studio of Houston will provide the interior design. First Tennessee Bank N.A. will provide construction financing for the project.
THIS AND THAT
The Downtown Redevelopment Authority released a request for qualifications for landscape design consultants for the Southern Downtown Park at the 1500 block of Fannin Street. Interested design teams must submit a statement of qualifications by 2 p.m. on Wednesday, Oct. 17.