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This Week's Houston Deal Sheet

A Houston-based firm has secured 23 acres for a mixed-use development in Cypress. I3 plans to develop Telge Crossing, which will feature 15K SF of retail, 12K SF of medical office and a new 303-unit, Class-A multifamily community. 

Telge Crossing in Cypress

I3 noted that the mixed-use project has already garnered interest and commitments from regional and national tenants.

“Cypress is a suburb that has great demographics, highly rated schools and continues to see job and population growth,” i3 Senior Vice President Matt Maglothin said. “The mixed-use component of our development only enhances our site with the commercial serving as a ‘gathering place’ for both our residents and the community.”

Arch-Con Corp. is the general contractor, and Identity Architects is the architect for both the retail and medical office buildings on the site. Domain Builders is the general contractor, W Partnership is the architect and Kathy Andrews Interiors is the interior design architect for the multifamily component. Landology is the landscape architect for the entire project.

LandAdvisors represented the seller. Cadre Realty represented i3. EDGE Realty will be responsible for retail leasing, and Transwestern will be responsible for the medical office leasing. 

EXECS

Lisa Bendfeldt was hired as manager of luxury retail and Renee Remillard joined as director of business development at The Galleria in Houston. Bendfeldt will develop and maintain relationships with luxury brands, while Remillard will be responsible for attracting retailers, advertising agencies and local business to the mall. Both roles will assist in boosting foot traffic and elevating the shopping experience in The Galleria. 

SALES

An undisclosed buyer has purchased 2 acres on Ella Boulevard and Rankin Road in Houston. Retail Solutions' Mohamed Gamal represented the seller, Gamal Enterprises' Kareem Gamal. 

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An undisclosed buyer purchased a 341K SF, 14-building industrial portfolio at 2700 Greens Road, Houston. NAI Partners’ Joshua Lass-Sughrue, Chris Kugle and John Ferruzzo represented the seller, Aero Greensmor L.P. 

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An undisclosed buyer purchased a 22K SF office building at 3808 World Houston Parkway, Houston. EDGE's Micha van Marcke and Chace Henke represented the seller. 

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A local private buyer acquired North Triangle Shops, which includes three single-tenant buildings and a two-tenant strip building totaling 16K SF in Houston. The center features national tenants like James Coney Island, T-Mobile, Shipley’s Donuts, CiCi’s Pizza and PLS Check Cashers in the strip building. JLL's Ryan West, John Indelli and Ethan Goldberg represented the seller, Braun Enterprises. The property was sold in an off-market deal. 

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A Canadian institutional investor purchased a 12-property multifamily portfolio totaling 3,904 units in six U.S. markets. The portfolio includes core-plus and value-add assets in Charlotte, Raleigh-Durham, Atlanta, Nashville, Dallas and Houston with no market totaling more than 26% of the total units. Units average 922 SF overall with an average completion date of 2010 and four of the properties also include a retail component. JLL's Matthew Lawton, Roberto Casas, Sean Deasy, Todd Marix, Bill Miller, Chris Curry, Jeff Glenn, Justin Good, Blake Rogers and Allan Lynch represented the seller, Berkshire Residential Investments. 

An aerial view of Katy Ranch Crossing

DEVELOPMENT 

Freeway Properties is developing a 151K SF office building at 24279 Katy Freeway, Katy. The project, Phase 2 of the Katy Ranch Offices development, is available for pre-leasing for summer 2020 delivery. The existing five-story parking garage will accommodate 1,100 more parking spaces. A skybridge will link the garage to the building's main lobby, which will include conference and training rooms and catering space. Phase 1 of Katy Ranch Offices was completed in 2015 and is fully leased with nearly 20 tenants. Avison Young's Sam Hansen and Doug Pack will represent the landlord, Freeway Properties.  

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Oilfield Testing & Consulting has opened a 15K SF office and laboratory space at Grandway West in Katy. OTC is the only independent cement and drilling fluid testing lab in the Houston area. The new office and laboratory, which was designed and built by Urban Cos., was built to meet the highly specialized needs of the energy industry. Grandway West is an 85-acre joint venture development of InSite Realty and Urban Cos. at 2010 Grandway Drive. JLL’s Jordan Raney and David Buescher represented OTC. Insite Realty’s Rives Nolen, John Stavinoha and Steve Hazel represented Urban Cos. 

THIS AND THAT

C. Baldwin, formerly The DoubleTree by Hilton Houston Downtown, donated over 6,000 linens, comforters, bath towels and more to Bethel's Heavenly Hands. The items were previously used when the property was the DoubleTree. Bethel serves the southwest Houston community by providing resources such as food, clothing and other needed items to individuals and families. Named after the "Mother of Houston," Charlotte Baldwin Allen, the C. Baldwin is in the final steps of a multimillion-dollar transformation.