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The Deal Sheet

Houston Deal Sheet

OliverMcMillan announced four luxury retailers for the River Oaks District. That makes the retail component about 75% pre-leased. (No need to be polite about the last free slice, go ahead and take it.)

The Deal Sheet

Cartier inked 6,000 SF, Dior took a two-story 9,000 SF store, Hermès locked down a two-story 10k SF building, and Tom Ford will occupy 4,900 SF. (Our credit card is about to melt.) The locations will open in spring 2015. All four custom stores are large enough to offer the full collection each season for these brands, says OliverMcMillan senior managing director of retail Jeff Zeigler. The River Oaks District is under construction now with its 252k SF of premier retail.

EXECS

Gregory Shaw joined Boyd Commercial/CORFAC International as director of office brokerage. He will particularly focus on building the firm’s tenant rep business, and will likely hire more office specialists. Gregory is a 30-year vet of Houston real estate. Since ’04, he had overseen Prescott Realty’s Houston office as managing director.

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CBRE’s Janet Shipley and Anna Lange were promoted to associate directors of its asset services group. Janet has been in CRE since 1990 and now oversees three managers with office assets in the Galleria and West Houston. Anna has nearly three decades of experience and will supervise a portfolio of retail and office properties.

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Andrew Montgomery joined Griffin as EVP and head of acquisitions. He was previously managing director at Hines, where he completed 18M SF of transactions totaling over $4.1B of office, multifamily, and industrial properties.

SALES

The Deal Sheet

Jevan Capital (in association with Comunidad Realty Partners) purchased Gessner Estates, a 659-unit apartment complex. It will renovate the property. CBRE’s Ryan Epstein repped seller RB Associates.

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Stockdale Capital Partners purchased Sugar Creek I and II, a 409k SF office park in Sugar Land. HFF’s Rusty Tamlyn and Trent Agnew repped seller Granite Properties, and HFF’s Jeremy Womack arranged financing with MetLife. The property was 96.1% occupied at TOS. Houston is a heavy focus for Stockdale now, and it’s aggressively looking for more acquisitions here.

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FH Land purchased 40 acres near the Fred Hartman Bridge on Evergreen Road in Baytown. Claire Sinclair Properties’ Claire Sinclair Gavrel repped seller Graham Mortgage Corp.

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The Deal Sheet

A senior healthcare group purchased a 32k SF retail building at 9950 Kleckley. Coldwell Banker’s Vince Elder and Daniel Bekele repped the seller and PR Associates Commercial’s Daniel Tran repped the buyer.

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Marcus & Millichap’s Vincent Knipp closed the sale of three ground-leased properties, including a McDonald’s on Richmond Avenue just west of the Galleria. It was built in ’13; that deal closed at a 4% cap rate to an out-of-state 1031 exchange buyer. Vincent also closed the sale of a Panera in Kingwood. It was also built in 2013 and has freeway frontage on I-69. It’s anchored by the new 123k SF Kroger Marketplace and closed at a 5.22% cap, also to an out-of-state 1031 exchange buyer. Last but not least is Buffalo Crossing, a 9,319 SF strip center and freestanding CVS. It’s on 610 close to the Med Center and sits on two parcels totaling 3.14 acres. 

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The Deal Sheet

A national health group purchased a 25k SF multi-building facility at 14320 Walters Rd. Coldwell Banker’s Mark McGinley repped the seller and AA Realty’s Andy Hsu repped the buyer.

LEASES

Kauffman Tire expanded by 16k SF at 16235 Port Northwest. It now occupies the entire 92k SF building, which just finished construction. CBRE’s Ann Huntington and Billy Gold repped the tenant.

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Floor and Décor Outlets of America leased 65k SF at 3665 Hwy 6 in Sugar Land, backfilling a former Kroger. This is the brand’s fourth Houston location. CBRE’s Daniel Taylor, Jeff Kittleson, and Simmi Jaggi repped the tenant and Wolfe & Co’s Kristen Barker and Katherine Wildman repped the landlord, Kossman Development Co.

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Document Technologies leased 10k SF at 2550 North Loop West. Moody Rambin’s Terri Torregrossa and Kurt Kistler repped landlord Oxley Leasing 2550, and JLL’s Ryan Barbles repped the tenant.

DEVELOPMENT

First Industrial Realty broke ground on First Northwest Commerce Center, a 351k SF distribution facility. It can accommodate a single tenant or be broken down to 40k SF. The property is just off Beltway 8 on a 24-acre site at 4800 West Greens Rd. It’ll deliver as early as Q4, bringing First Industrial’s Houston portfolio to nearly 4M SF. Director of development Chad Parrish is leading the efforts. Davis Commercial Development is facilitating, Cadence McShane is GC, and Munson Kennedy is architect. CBRE’s Billy Gold and David Adame are leasing the asset.

FINANCING

LMI Capital’s Jamie Mullin arranged $6.8M for the refinance of a 300-unit multifamily property in Spring Branch. The Class-C property is in the path of development in the desirable submarket. The borrower had maturing debt and prioritized a loan that would allow it to cash out a portion of its equity while retaining maximum flexibility. The loan was arranged from a regional bank and features flexible prepayment, no reserves, and a 3% interest rate.

THIS AND THAT

NAI Houston was selected as the exclusive leasing agent and property management company for 917 Franklin St, a 39k SF office building in the Downtown Historic District near Market Square. EVP Doug Pack and Drew Crawford will handle marketing. Doug also repped the buyer in its recent purchase of the facility.