This Week's Houston Deal Sheet: Hines Buys 3,000 Acres For Master-Planned Community
Hines acquired nearly 3,000 acres in West Houston for a master-planned community with more than 7,000 homes.
The site is at the corner of Westpark Tollway/FM 1093 and Texas Heritage Parkway, which bisects the tract, near Katy and Fulshear.
Hines partnered with builders to acquire the land, including Toll Brothers, Perry Homes, Highland Homes, Lennar Homes Village Builders, Coventry Homes, Westin Homes, Newmark Homes and Beazer Homes.
Construction is expected to begin in early 2025, with the first lots delivering in 2027 and homes from builders to follow thereafter.
Amenities will include a 5-acre recreation center, a clubhouse, hiking and bike trails, 800 acres of oxbow lakes and green space.
PEOPLE
Granite Properties appointed Paul Bennett as senior managing director and market leader of Houston. Bennett will also continue to serve as senior managing director and market leader of Dallas.
Scott Martin, Granite’s longtime executive managing director who led the Houston Granite team for 26 years, retired Jan. 1.
Bennett will be responsible for investment, development, leasing and market positioning of Houston and Dallas. He began his career at Granite as director of investments in 2000.
SALES
Marcus & Millichap announced the sale of Crossing at Telfair Reserve I and Reserve C, two retail strip centers in Sugar Land. Both are part of the 112-acre Telfair Crossing development. Justin Miller exclusively marketed the property on behalf of the seller, a Houston-based developer. Marcus & Millichap’s Alex Wolansky, Gus Lagos and Scott Jones procured the buyer, a local private investor.
Crossing at Telfair Reserve I is at 222 Highway 6 and comprises 15K SF on a 2-acre parcel. Built in 2021, the property's tenants include Eggholic and Mercy Emergency Room.
Crossing at Telfair Reserve C is at 350 to 400 Promenade Way and comprises 34K SF on a 6-acre parcel. Built in 2019, it is home to 15 tenants, including Wingstop, Hertz Car Rental and Pet Supplies Plus.
LEASES
D&R Signs leased 45K SF at Constellation Post Oak Building 2 at 15012 S. Post Oak Road in Houston. Stream Realty Partners’ Heath Donica, Eric Crutchfield and Mac Hall represented the tenant. Colliers’ Zack Taylor and Barkley Peschel represented the landlord, Constellation Real Estate Partners.
Constellation Post Oak is a two-building, 424K SF development. About 76K SF is available for leasing.
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Deugro Inc. leased a full 165K SF building at Dayton Street Partners’ truck terminal at 2828 FM 1405 in Houston. Situated on 47 acres in the Cedar Port Industrial Park, the cross-dock terminal has 214 doors and 1,000 trailer positions. DSP acquired the land in 2022 and developed the property.
Partners Real Estate’s Gray Gilbert and Chris Haro represented DSP in the transaction, while Partners’ Zane Carmen represented Deugro.
THIS & THAT
Henderson Rogers Structural Engineers, a Houston firm founded in 2005, rebranded as Rogers DeSimone Structural Engineers upon the retirement of founding partner Matt Henderson. Leadership will continue under company President K. Elaine Rogers, also a founding partner.
Rogers DeSimone provides structural engineering and related services for educational, healthcare, commercial facilities, civic/community buildings and mixed-use facilities, with a special expertise in aviation projects. A strategic partnership formed with DeSimone Consulting Engineering in 2020, which offers both firms access to expanded resources and geographic reach.
Vivek Gurjar was promoted from associate principal to principal and Noran Wahab was promoted from senior project manager to associate.
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Industrious is the new operator of the Ion’s coworking community, taking over 86K SF of space that was previously overseen by Common Desk. The coworking space has private suites and offices, dedicated desks, phone booths and conference rooms of varying sizes.
