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This Week's Houston Deal Sheet

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Encino Energy has secured a long-term lease at Parkway's San Felipe Plaza. The Houston-based exploration and production company signed a 76K SF lease to bring the property's occupancy to 90%. This is one of the biggest leases signed this year in the Uptown submarket. 

This Week's Houston Deal Sheet
San Felipe Plaza at 5847 San Felipe St. in Houston

"The relocation is a testament to the quality and position of the asset as they look to recruit and retain top talent following their recent acquisition of Chesapeake Energy's Utica Shale assets," Parkway Chief Operating Officer Mike Fransen said in a release. 

San Felipe Plaza, one of the tallest buildings outside of downtown, is adjacent to Tanglewood, minutes from Post Oak Boulevard and close to Memorial.

The 980K SF asset has a conference and collaborative center, a new fitness center, multiple dining options with catering available, a Starbucks café, a full-service bank and dry cleaning.

Newmark Knight Frank's Philip Price represented the tenant. Parkway's JP Hutcheson and Eric Siegrist represented the landlord in-house. 

EXECS

Kurt Krolikowski was promoted to partner at Locke Lord in Houston. He is a litigator who represents clients in a broad range of commercial disputes, including consumer finance, energy and construction-related disputes. 

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Lisa Fry was appointed executive vice president of Enterprise Accounts for the Global Portfolio Solutions group at Cresa.  

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This Week's Houston Deal Sheet
Emancipation Economic Development Council Executive Director Cary Yates

Cary Yates was appointed as the first executive director of the Emancipation Economic Development Council, and Alicia Neal was hired as deputy manager. Both will spearhead the Emancipation Avenue Main Street Program, along with other EEDC initiatives that are supported by a $500K grant from the Kinder Foundation. The community-based economic revitalization initiative stimulates private sector downtown reinvestment and helps retain, expand and recruit small businesses.

SALE

Greybrook Realty Partners and Marlin Spring Investments purchased two townhome apartment complexes in Houston for $68M. The partners will renovate rental suites, improve common areas and increase building efficiencies across both properties. The portfolio consists of 566 garden-style residential townhomes on 39 acres and includes two clubhouses, fitness centers and resort-style pools.  

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Jalexy LLC acquired a 48K SF, two-story warehouse on 5.4 acres at 1625 West Grand Parkway N in Katy. NewQuest Properties' Glenn Dickerson represented the seller, G-Tech Development LLC. 

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G-Tech Development LLC purchased a 33K SF manufacturing building on 6.7 acres at 35002 Cooper Road in Brookshire. NewQuest Properties' Glenn Dickerson represented the buyer. Lee & Associates Reed Vestal and Taylor Schmidt represented the seller, Koomey Building LLC. 

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L&B Ivey Holdings Inc. acquired 1.8 acres at the intersection of Bluebonnet and West drives in Houston. NewQuest Properties' Glenn Dickerson represented the seller, Bonnie Lee Von Rauner. 

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Dean Burke has acquired 0.2 acres at 726 West 18th St. in Houston. NewQuest Properties’ Chris Dray represented the buyer. Davis Commercial's Barrett Von Blon represented the seller, Raymond D. Schmid. 

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Iberville Insulations LLC purchased a 15K SF building at 301 East Main in La Porte. Keller Williams Realty's Jeff George represented the tenant.

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Meritex Co. acquired a 122K SF industrial building in Park 225 at Highway 225 and Beltway 8 in Pasadena. CBRE's Tom Lynch represented the buyer.

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Smithers Merchant Builders purchased a 7-acre tract in La Porte at Underwood Road and West Fairmont Parkway. A 120-room skilled nursing facility will be built on the site. Wulfe & Co.'s Emil Wulfe and Qualified Properties' Greg Williams closed the deal. 

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Vigavi sold a 22K SF building on 1.3 acres in Bay Oaks Business Park on Genoa-Red Bluff Road in Pasadena. 

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An undisclosed buyer purchased Harris Professional Pavilion, an 18K SF office and retail building on Fairmont Parkway in Pasadena. Marcus & Millichap negotiated the deal.

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J. Morales Inc. purchased a 22K SF former post office building at 102 Munger St. in Pasadena. The company plans to relocate its business there.  

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Olympus Property purchased Echo at Katy Ranch, a Class-A garden-style community in Katy. Built in 2013, the 260-unit property features a resort-style pool with spa, gas grills, a fireside lounge, a resident clubroom with TVs, a billiards room, a 24-hour fitness center and a gated bark park. Units feature a gourmet bar kitchen, granite countertops, hardwood-style flooring, private balconies, garden bathtubs, walk-in closets, in-home washer and dryer and detached garages.

This Week's Houston Deal Sheet
Rendering of CityPlace in Springwoods Village

LEASE

Island Grill, a healthy Mediterranean-American fast causal concept, will open its first North Houston location at CityPlace, a mixed-use district within Springwoods Village. The restaurant joins Star Cinema Grill, a 10-screen, dine-in movie theater and 24 Hour Fitness. All of the concepts are expected to open sometime in 2019. CBRE's Eric Lestin represented the tenant. Transwestern's Nick Hernandez and Crystal Allen and Patrinely Group's Dennis Tarro represented CityPlace.   

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Valvoline inked a 473K SF lease at 1302 Wharton Weems at Port Crossing Commerce Center in La Porte. Colliers International's Gary Mabray and Walter Menuet represented the owner. JLL represented the tenant.

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Smart Warehousing LLC signed a 150K SF lease at Energy Commerce Business Center, 615 East Sam Houston Parkway in Pasadena. Lee & Associates' Trey Erwin and Mike Spears represented the tenant. NAI Partners' Holden Rushing and John Simmons represented the landlord.

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DNA Motors inked an 83K SF lease expansion at Energy Commerce Business Center in Pasadena. NAI Partners' Holden Rushing closed the deal.

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University of Texas Medical Branch signed a 42K SF lease at Victory Lakes Town Center in League City. The building was previously occupied by Sports Authority. 

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Loctek Inc.: Ergonomic Office Furniture leased a 32K SF warehouse space at Independence Logistics Park, 10025 Porter Road in La Porte.  Zann Commercial's Daniel Henn represented the tenant.   

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The University of Texas Medical Branch at Galveston signed a lease for the former Bay Area Regional Medical Center, a 373K SF facility in Webster. The hospital will be renamed the UTMB Health Clear Lake Campus and will begin operations in the spring of 2019. The lease is through 2033. 

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Urban Air Adventure Park signed a 100K SF lease for the former Home Depot building at 20251 Gulf Freeway in Webster. The business features a range of attractions, such as an intense ropes course, Urban Air Sky Rider Indoor Coaster, Drop Zone, Runway Tumble Track and Slam Dunk Zone.  It plans to open by spring break with 60 employees.

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COSA Xentaur signed a 23K SF industrial lease at 4140 World Houston Parkway in Houston. NAI Partners’ Jake Wilkinson represented the tenant.

FINANCING

Greystone has provided a $31.5M bridge loan for four skilled nursing facilities located across Texas. The nonrecourse loan provides an initial term of 24 months with two six-month extension options, as well as a floating interest rate and interest-only payments for the entire term.

The portfolio included: 

  • the 112-bed Galleria Residence & Rehabilitation Center at 2808 Stoney Brook Drive in Houston.
  • the 186-bed Westview Manor & Rehabilitation Center at 414 Johnson Drive in McGregor.
  • the 204-bed Heritage Oaks Residence & Rehabilitation Center at 112 Gibbins Road in Arlington.
  • the 202-bed Quality Care of Waco at 2501 Maple Ave. in Waco.
This Week's Houston Deal Sheet

DEVELOPMENT

Clay Development & Construction will break ground in January on a 622K SF spec distribution center between Interstate 10 and Highway 90 in Katy. This is the first development in the Pederson Distribution Park, a 106.6-acre park on Pederson Road east of the Igloo complex. The building will feature two 130-foot truck courts, up to 256 employee parking spots and the option of 170 trailer parking spots, and is expected to deliver in August. NAI Partners' John Simons, Gray Gilbert and Chris Haro and Clay Development & Construction’s Charlie Christ will be responsible for leasing. Construction financing was provided by Frost Bank. 

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Air Liquide will build a new liquid hydrogen plant at its La Porte industrial gas facility to meet increasing product demand from several customer markets. The plant will produce approximately 30 tons per day of liquid hydrogen. It is expected to deliver in 2021. 

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Oxiteno, one of the world’s largest ethoxylates producers, has completed a $200M manufacturing plant in Pasadena. 

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Bayport Polymers LLC, a joint venture between Total SA, Nova Chemicals Corp. and Borealis AG, will launch a 625,000-ton-per-year polyethylene unit in Pasadena. The $800M investment will provide 1,750 construction jobs and at least 25 permanent jobs.  

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Nissan Chemical America Corp. has completed its Pasadena plant expansion, a $1.4M project that will further automate production to increase capacity for rising demand of its products. The plant develops nanomaterials for paint, specialty coatings, catalyst, oil and gas, 3D printing and other industries.

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A 253K SF industrial building is under construction at 1901 Wharton Weems at Port Crossing Commerce Center in La Porte. The project is expected to deliver in Q2. 

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A 164K SF industrial building is under construction at 1912 South 16th St. at Port Crossing Commerce Center in La Porte. The project broke ground this month and will deliver in Q2. 

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Gulfpoint, the 43-acre business park in Houston on the Gulf Freeway at Scarsdale Boulevard, will begin construction in January. The mixed-use business park will feature flex, distribution and single-tenant sites.

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MD Anderson Cancer Center opened its new four-story, 200K SF facility at 2280 South Gulf Freeway in League City. The $100M project has an ambulatory treatment center, outpatient clinics, diagnostic imaging, radiation oncology, pharmacy, pathology/lab and rehabilitation therapy in addition to wellness resources and other support services. 

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A 12K SF office/warehouse building is under construction at the Odyssey Business Park at 315 Odyssey St. in Webster. 

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