279K SF Webster Shopping Center Trades: The Houston Deal Sheet
Fidelis Realty Partners bought Baybrook Village, a 279K SF shopping center in Webster, from O’Connor Capital Partners/Wafra.
The retail center at 1507 W. Bay Brook Area Blvd. has tenants including Ross Dress for Less and Chuck E. Cheese and newly executed leases with Havertys Furniture, PGA Tour Superstore, Burlington and Cava. O’Connor Capital Partners owned the property for more than a decade.
“Baybrook Village represented a rare opportunity to acquire a top-performing retail asset in one of the most dynamic and visited retail nodes in Texas,” Mark Witcher, senior vice president at CBRE, said in a statement. “The center’s strong merchandising mix, recent anchor tenant additions and alignment to Baybrook Mall highlighted the offering, attracting wide interest from prospective buyers.”
Witcher, Jolie Duhon, Jim Batjer, Chris Cozby and Harrison Tye with CBRE National Retail Partners represented the seller. Brent Crawford and John Fenoglio with CBRE’s Debt & Structured Finance group arranged financing on behalf of the buyer.
PEOPLE
Partners Real Estate hired Doug Madeley as its chief financial officer. Madeley will lead the company’s financial strategy, including capital allocation, financial operations, reporting, risk management and strategic planning, to support Partners’ continued growth.
Madeley previously served as chief financial officer at End Point Energy, a private energy startup. Before that, he was managing director of finance at Oasis Petroleum.
SALES
First Community Credit Union bought the former Noble Energy Center Two, a 471K SF office building at 1002 Noble Energy Way in the Tomball/Vintage Park area. The credit union will occupy up to 50% of the building, which will be its new headquarters.
“This investment in a world-class facility positions First Community Credit Union for decades of innovation, growth, and exceptional service,” CEO T.J. Tijerina said in a statement. “As Northwest Houston continues to thrive, our new headquarters will allow us to grow right alongside it.”
The remainder of the building, which was built in 2015, will be available for lease to third-party tenants. FCCU was represented by Larry Cedillo of Cross Capital Realty. The property was marketed by JLL Capital Markets’ Jeff Hollinden, Kevin McConn and Max Myers.
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An unnamed buyer acquired a 34K SF office building at 4660 Sweetwater Blvd. in Sugar Land. Kolbe Curtice of Colliers represented the seller.
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Aligned Ventures acquired Green Tree Place, a 200-unit multifamily community built in 1984. The community is in West Houston and Katy ISD. Financing was arranged by Tim Leonhard of Berkadia Affordable Housing.
Berkadia Houston Investment Sales was led by Chris Young and included Chris Curry, Jeffrey Skipworth, Joey Rippel, Kyle Whitney and Jed Dalton. The team negotiated the transaction on behalf of the seller, Kairos Investment Management.
LEASE
Colliers facilitated a 167K SF lease at Westside 10 Industrial Park at 814 FM 1489 in Brookshire. The unnamed tenant is occupying the entire building. Robert McGee, Taylor Schmidt and Austin Bartula of Colliers represented the landlord.
CONSTRUCTION AND DEVELOPMENT
Skanska USA Building completed the renovation of the historic Riverside General Hospital in Houston’s Third Ward, now home to the Harris County Public Health Department.
The project revitalized the hospital, a landmark on the National Register of Historic Places, preserving its historic value while turning it into a modern civic asset.
Originally opened in 1926, it was the first nonprofit hospital in Houston dedicated to Black patients. Skanska completed an adaptive-reuse renovation of 21K SF, including the main hospital building, the former nursing school and an adjacent utility structure.
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Newman Commercial Real Estate installed 19 mature, 30-foot overcup oak trees at Gosling Oaks, a 50-acre mixed-use development at the intersection of Gosling Road and West Rayford Road.
The installation follows the company’s 2023 relocation of three large heritage live oaks on the development site to prevent their removal during land clearing. The addition of the 19 trees follows extensive infrastructure work and reinforces the project’s integration of preserved natural elements.
Gosling Oaks is planned to include approximately 120K SF of retail and medical office space, outparcel pad sites, activated public green spaces and a multifamily component. With infrastructure complete, the site is fully shovel-ready. A 380-unit, Class-A multifamily complex is underway on the back 13.5 acres of the site, while leasing of retail, office and pad sites is ongoing.
