This Week's Houston Deal Sheet: Sugar Land Approves Fluor Campus Redevelopment

Sugar Land City Council approved the preliminary concept for Lake Pointe Green, a 53-acre redevelopment plan for the former Fluor Corp. campus.

Houston-based Lovett Group will develop Lake Pointe Green, a pedestrian-friendly community with 25 to 30 acres of compact housing, including townhomes and roughly 720 multifamily units, plus parks, trails and green spaces. 

Fluor left behind its 1.2M SF Sugar Land office campus with a move to the Energy Corridor announced in 2023. City council created a redevelopment district and rezoned Fluor’s campus at the end of that year.

Sugar Land's council approved a $7M incentive to support new park land, civic spaces and an expansion of the Brooks Lake Trail funded through sales tax revenue set aside for projects that enhance public amenities.

The city will also reimburse up to $5.3M for demolition and environmental remediation and up to $12M for public infrastructure. Per the development agreement, the buyer is required to close on the property by the end of July. 

Lovett, which has overseen the creation of large-scale, mixed-use redevelopments such as POST Houston, could start construction by the end of this year. 

SALES

CEG Multifamily purchased Harbor Shores, a 284-unit multifamily asset in Montgomery. The 16-acre property on the shores of Lake Conroe, near Fernland Historical Park and Saint Francis Wolf Sanctuary, was built out in two phases in 2016 and 2023.

The deal was brokered by Institutional Property Advisors, a division of Marcus & Millichap dedicated to serving institutional clients, with Greg Austin, Travis Austin, Jackson Hart and Will Balthrope, along with Kyle Devillier of Marcus & Millichap, representing the seller, NRG Conroe Villas LP, and procuring the buyer.

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Houston-based Triten Real Estate Partners sold an 11-property industrial outdoor storage portfolio. Triten acquired the infill portfolio in 2022 from a local family. The 117-acre portfolio is 100% leased to tenants in sectors that include transportation, distribution, freight and material supply. The property was marketed by CBRE. 

LEASES

Ashford Beer Garden signed a 21K SF lease at Ashford Yard, the 13-acre mixed-use project at 1325 S. Dairy Ashford Road that is being developed by Market Square Cos. and Tenon Property Co.

Henry S. Miller's Shawn Ackerman represented the landlord.

The family-friendly beer garden will have 10K SF of indoor space and 11K SF of patio space, 100 beer taps, food, wine and cocktails. Ashford Beer Garden is owned by Houston hospitality veteran Steven Salazar.

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Atlanta-based Havertys Furniture plans to open a 42K SF showroom in the Signorelli Co.’s Valley Ranch Town Center. The store at 22296 Market Place Drive in New Caney will open this fall.

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Black Stone Minerals renewed its 55K SF lease at 1001 Fannin in Downtown Houston. Partners Real Estate’s Chip Colvill and Brad Beasley represented the landlord, JMB Realty and its affiliated entities. Trey Strake and David Guion of Cushman & Wakefield represented the tenant. 

THIS & THAT 

Chamberlain Hrdlicka's Houston-based team, led by Habeeb “Hobbs” Gnaim, represented architecture firm Page in signing a definitive purchase agreement to be acquired by Stantec. The transaction was supported by Umair Karowadia, Marianne Standley, Pearson Wolk, David Pierson, Aly Dossa, Joshua Sutin, Jack Li and Will Cowan. 

Pending regulatory approvals, the acquisition will create the second-largest architecture firm in the United States. The integrated firm will have a U.S. workforce of about 13,500 employees, a 35% expansion of Stantec’s U.S. Buildings practice.