This Week's Houston Deal Sheet
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A high-end office building underway in River Oaks has signed its first new tenants.
Park Place Tower inked three leases totaling 43K SF, representing 21% of the total available space, Stonelake Capital Partners announced in a release.
The 15-story, 210K SF tower is at 4200 Westheimer Road in Houston.
The new tenants are Compass Real Estate, which leased a full 27K SF floor; Charles Schwab, which signed an 11K SF lease for the ground floor; and the building's developer and owner, Stonelake, which will relocate its Houston office to less than 5K SF in the building.
“The early leasing activity from these sophisticated and discerning tenants validates our thesis about a flight-to-quality by companies who desire to work in a highly visible and amenity-rich location,” said Stonelake principal William Peeples, who is leading the development effort for Park Place. “In fact, we continue to see significant demand for the remaining space and expect Park Place Tower to be fully leased by the time we achieve substantial completion in March 2020.”
Park Place Tower will feature ground-floor retail and other on-site amenities, including a landscaped terrace on the ninth floor available to all tenants. The office tower is the third phase of Park Place | River Oaks, an 11.5-acre, mixed-use development at Westheimer Road and Mid Lane. Stonelake assembled the land for Park Place in 2010 through five transactions.
Colvill Office Properties' Brad Beasley and Connor Saxe are responsible for office leasing, while CBRE's Bruce Wallace and Radkey Jolink are handling retail leasing. Savills' Mark O’Donnell, Josh Meltzer, David Gordon and Jennifer Jordan represented Compass Real Estate. Peloton Commercial Real Estate's Trevor Franke and Streetwise Retail Advisors' Scott Gardner represented Charles Schwab.
Ryan Stevens joined Cushman & Wakefield as managing director of its Institutional Capital Markets Team. He will serve on the team led by Michael McDonald and Jonathan Napper. Stevens will focus on developing client relationships, conducting market tours and closing transactions in the Texas markets; he will split his time between Dallas and Houston. Prior to Cushman & Wakefield, Stevens served as vice president in the real estate acquisitions group at Lionstone Investments.
Parkway Brothers Investment Inc. acquired Copper Lakes Shopping Center in West Houston. The two-building project with 16K SF of retail and 7K SF of office space is on a 2.7-acre tract at 17111 and 17121 West Road. Built in 2007, Copper Lakes is 91% leased, anchored by Fitness 19. NewQuest Properties' Austen Baldridge and Brad Elmore represented the seller, BCTS Partners LLC. AA Realty Co.'s Andy Hsu represented the buyer.
An undisclosed buyer purchased 5.6 acres on Southwest Freeway in Rosenberg. Retail Solutions' Mohamed Gamal represented the seller, Gamal Enterprises Inc.
Avalon Sai Hotels LLC purchased the 55-key Comfort Suites near Texas Medical Center/NRG Stadium for an undisclosed amount. Built in 2002, the hotel includes a breakfast dining area, an outdoor pool and whirlpool, a fitness room and meeting space. HVS Brokerage & Advisory's Drew Noecker, Eric Guerrero and James Rebullida represented the buyer and the seller, NKB Investments Inc.
Passco Cos. acquired The Grayson, a 330-unit, Class-A apartment community at 4115 Louetta Road in Spring. Constructed in 2016, The Grayson offers open-concept one-, two- and three-bedroom units that include stainless steel appliances, island kitchens, granite kitchen countertops and full-size washer/dryers. On-site amenities include a fitness center, a resort-style swimming pool and outdoor courtyard kitchen. Cushman & Wakefield’s Josh Goldfarb and John Carr represented the buyer and the seller, Bridgeview Louetta LLC. KeyBank Real Estate Capital’s Chris Black and Caleb Marten arranged the acquisition financing.
Jackson-Shaw's new industrial development, Parc Air 59, is 50% leased at 18870 Eastex Freeway 59 in Humble. The 320K SF, three-building urban industrial development is the first industrial component within Archway Properties' 111-acre mixed-use business park. An independent producer of petroleum-based specialty products leased 120K SF in Building 1. Paul Davis Restoration signed a lease for 39K SF in Building 3. About 160K SF of industrial space remains vacant at Parc Air 59.
THIS AND THAT
Transwestern CEO Larry Heard received the 2019 Founder’s Award from SEARCH, a nonprofit committed to breaking the cycle of poverty and homelessness in the Houston area. Heard has spent the past 22 years working with SEARCH, including serving on the board of directors from 2002 to 2005. He was also a member of a four-person Capital Campaign Leadership Team, which helped SEARCH raise funds to purchase its current building near Downtown Houston in 2015.