The Deal Sheet
Transwestern leased 114k SF in Loop Central last year, accounting for 12% of the Galleria submarket’s absorption. (We should start calling it the "Transeria" or the "Gallewestern.")
Transwestern’s David Baker, Doug Little, and Kelli Crutchfield represent Loop Central landlord TIER REIT. The transactions included 65k SF to Linebarger, Groggan, Blair & Sampson and 36k SF to Ocwen Financial. Loop central is a three-building office complex totaling 575k SF. It underwent a major lobby renovation last year and is now 80% occupied. The largest block available is 98k SF at Loop Central Three.
EXECS
Cresa Houston hired two: Jay Nowlin as principal and Sandy Fishlock as SVP. Jay will open an office for the firm in The Woodlands. He has 28 years of commercial real estate experience. Sandy was formerly with Cushman & Wakefield and specializes in corporate services and major office leasing projects. She has completed over 13.6M SF in transactions valued over $505M.
SALES
A family trust purchased Burke Self Storage, a 50k SF self-storage facility in Pasadena. Marcus & Millichap’s Roger Hendricks listed the asset, and the buyer was secured by Marcus & Millichap’s Alex Bouchard and Gus Lagos. It was a 1031 exchange and sold for $26.70 per RSF with an 8.6% cap rate. It obtained SBA financing. The buyer now controls more than 600 units in Pasadena.
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D&D purchased a 0.8-acre tract at 10615 Windfern Rd. TNRG’s Mike Spears and Patrick Wolford handled the transaction.
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Inland Real Estate Acquisitions purchased Retreat at Shadow Creek Ranch, a 370-unit apartment complex in Pearland. The newly constructed community is at 2500 Business Center Dr adjacent to master-planned community Shadow Creek Ranch. CBRE’s Ryan Epstein repped seller McCann Realty. Since it opened in February, the asset rapidly leased up to 90% occupancy, averaging 40 units a month.
LEASES
Science Applications International renewed 40k SF at 2450 Nasa Parkway. JLL’s Don Foster repped the tenant and CBRE’s Dena Wren repped landlord AP Nassau Bay Project Corp.
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Conn Appliances expanded to 40k SF at 19746 I-45. CBRE’s Matt Keener repped the tenant and Metronational’s Loch Cook repped landlord Mnc Terrace at Willowbrook.
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Conroe Surgery Center 2 renewed 25k SF at Conroe MOB (1501 River Pointe Dr in Conroe). CBRE’s Jon Lee repped the tenant, which occupies 36% of the building, and PMRG’s Marci Phillips repped the landlord.
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Premier Directional Drilling expanded to 11k SF at 12941 North Fwy. Boxer Property’s Stephanie Hughes repped the landlord in-house.
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Rofson Associates renewed 76k SF at Claymoore Business Park (3800 Brittmoore). NAI Houston’s Chris Kugle repped the tenant and Transwestern’s Jude Filippone repped the landlord.
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Southwest Schools renewed 24k SF at 8440 Bissonnet. NAI Houston’s Trey Martin repped the tenant and Huntington Properties’ Isela Truong repped the landlord.
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Parallon Business Solutions expanded to 82k SF of warehouse/distribution space at Sugarland Business Park (12610 West Airport Rd). NAI Houston’s Ed Bane and Jon Michael repped the landlord and JLL’s Bob Berry repped the tenant.
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Wood Partners has leased 173 units at Alta Heights, a 256-unit apartment community that opened four months ago. Wood’s Todd Gaines says its location (between The Heights and the Washington Avenue Corridor and walking distance from retail, nightclubs, and restaurants) makes it desirable. The property was designed by Womack + Hampton, and rents range from $1,265 to $2,105 per month.
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Unified Intermodal Transport leased 5.8 acres on the frontage of East Houston Road, Howton Street, and Norwich in southeast Houston. NAI Houston’s Travis Land repped landlord Hoffman Glass Family, and Red Door Realty’s Melissa Chavez repped the tenant.
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NAI Houston’s Ed Bane and Jon Michael repped the landlord in two leases:
• McGuire Bearing Co leased 17k SF at Pine Timbers Distribution Center 2. Colliers’ Brad Beauchamp repped the tenant.
• Halco Lighting Technologies leased 21k SF at Lone Star 3 (6323 Brookhill Dr). Arledge & Co’s Jim Arledge repped the tenant.
DEVELOPMENT
Port Commerce Business Park has broken ground on Genoa Red Bluff Road, just east of Space Center Boulevard. BTS opportunities range from 2.5 acres to larger than 15 acres, and spec buildings will be ready for occupancy by year’s end.
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St. Luke’s Patients Medical Center in Pasadena is expanding, adding a 14k SF patient tower. It’s expected to complete in October 2015. A redesign of the emergency department is also underway that will increase the number of treatment rooms; completion is expected this July.
FINANCING
Members Choice Credit Union’s Bruce Hurta worked with the owners of Cypress Kids Day Care to arrange $1.3M for the acquisition of an existing business and additional real estate off of 15802 Jarvis in Cypress. He also worked with the owners of Hopscotch Day Care to arrange $1.8M in acquisition financing for real estate at 3750 N. Fry Rd in Katy.
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Members Choice Credit Union’s Bruce Hurta arranged $5M for the refinancing and partner buyout of Sugarland Ice at 16225 Lexington in Sugar Land.
