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The Deal Sheet

Houston Deal Sheet

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The Deal Sheet

Boxer Property purchased Northwest Crossing II, a 136k SF atrium office building. The building must be relieved—the firm will bring it up out of the ‘80s. (The other buildings just would not stop mocking its mullet.) The property sits in the growing Northwest submarket, with direct access to 290 via Hollister Road. It's struggled some through the 290 expansion project, and occupancy is only 45%. (Or 65% someone's new dream home, if you want to look on the bright side.) Through its multi-million dollar renovation, Boxer will add common area amenities including conference rooms, a community kitchen, and a café-style eating area. Director of acquisitions Andre Pereira says it’ll also implement its Boxer Workstyle program, creating upscale collaborative space and executive suites. (In fact, the concept will get more emphasis in this building than others in Boxer’s portfolio.)

EXECS

Jason Gundrum joined ML Realty Partners as project manager. He will coordinate TI and assist develop efforts for the firm in Chicago, DFW, and Houston. He was previously with Villa Capital Partners.

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JLL’s Tom Melody was promoted to international director. He was one of 34 people globally to earn the title this year.

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Cherry’s Travis Shultz was promoted to divisional manager. He has been with the firm for 16 years. 

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Jan Fisher joined Old Republic National Title Insurance Co as VP. She has 30 years of experience in title insurance and banking.

SALES

KM Aldine Westfield purchased 14 acres near the intersection of Aldine Westfield and Elan Road in Spring.

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Greystar purchased Skyline Apartments (2222 White Oak). The building will be demolished, and the firm will build a new Class-A property called Elan Heights on the 1.8-acre site. Greystar has worked with Woodland Heights Civil Association for 12 months to create a property that complements the area. Moody Rambin’s Chris Dray repped the buyer and Marcus & Millichap’s Juan Cuevas repped the seller. 

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GBP Blue Ash purchased six acres on Blue Ash Drive. TNRG’s Mary-Elizabeth Moore, Jon Sellers, and Mike Spears repped the buyer and Century21’s Stephen Williams repped the seller. 

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Provident Realty Advisors purchased Arium Briar Forest, a 476-unit, recently `11 renovated apartment complex at 12951 Briar Forest Dr. It’s adjacent to Enclave Business Park. CBRE’s Ryan Epstein and Clint Duncan repped seller Carroll Org.

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An undisclosed buyer purchased Fort Bend Healthcare Center, a seniors housing property in Rosenberg. Marcus & Millichap’s Doug O’Toole and Rod Llanos listed the asset at $3.8M

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Accufleet Testing Services purchased a 16k SF warehouse on 1.5 acres at 1959 S. Air Center Blvd. Cypressbrook Co’s Joyce Sterling repped the buyer and Southwest Realty Advisors’ Patrick McKiernan and Marc Drumwright repped seller LW International.

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Davis Development purchased nine acres at 2539 Spring Cypress in Spring. It’s just south of the Exxon campus and across the street from HEB. Newcor CRE’s David Alexander repped seller ROPA and CBRE’s Bill McDade repped the buyer.

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Kee-West Equipment purchased two acres at 14955 I-10 in Baytown. Cushman & Wakefield’s Coe Parker, Kelley Parker, John Littman, and Tim Thomas repped the buyer. The seller was JA Brumley Enterprises.

LEASES

The Deal Sheet

Star Cinema Grill will occupy 42k SF in Baybrook Mall, anchoring its Lifestyle Center expansion. In keeping with the “gathering place” spirit of Baybrook’s new project, Star Cinema Grill will provide the community with a place to host private and professional events. It will open in fall 2015 and will be the flagship location in the Houston metro. Wulfe & Co’s Kristen Barker repped the tenant and General Growth Properties’ Greg Sullivan repped the mall’s developer in-house.

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Phillip Townsend leased 17k SF at the Sam Houston Plaza building (509 NorthSam Houston Pkwy). Moody Rambin’s Terri Torregrossa and Kurt Kistler repped owner Kruggel Properties and Newmark Grubb Knight Frank’s Keith Lloyd repped the tenant.

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Tech Pharmacy leased 25k SF of industrial space at 2040 W. Sam Houston Pkwy N. Boyd Commercial/CORFAC International’s Alexander Reilly and Bo Pettit repped landlord CH Realty V Lonestar and Avison Young’s Kent Willis repped the tenant.

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Tri-Supply leased 66k SF of industrial space at 8708 W. Little York. Boyd Commercial/CORFAC International’s Bo Pettit and Alexander Reilly repped the tenant and CBRE’s Faron Wiley repped the landlord.
 
DEVELOPMENT

The Deal Sheet

DCT Industrial Trust started construction of DCT Airtex Business Center, a 126k SF light industrial spec facility in Airtex Industrial Center. It’s scheduled for completion in Q3 and is located along I-45 on Airtex Drive. Angler Construction is the GC, Munson Kennedy is architect, and JLL will market the facility.

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KM Cardiff Ranch broke ground on The Shops at Cardiff Ranch, a 24k SF retail development on FM 1463 at Cardiff Ranch Drive in Katy. It’s 86% preleased, including leasing a 12k SF free-standing building to Best Friends Total Pet Care. KM Realty Advisors’ Steven Stone is representing the landlord.

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Firethorne Plaza in Katy has broken ground. The 15k SF retail development sits at FM 1463 and S. Firethorne Road. KM Realty Management’s Steven Stone is representing the developer, Williamsburg Enterprises.

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Memorial Hermann purchased 32 acres on the northeast side of Highway 290, south of Mason Road, northwest of Mueschke Road, and southeast of the Grand Parkway to develop a hospital campus serving the Cypress area.  The site is the last significant piece of developable frontage land, not already subdivided by a developer, along 290 and inside the Grand Parkway.

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The Deal Sheet

First Industrial Realty Trust has chosen Cadence McShane to develop First Northwest Commerce Center, a 351k SF light industrial spec facility. It’ll sit on 24 acres just off of Beltway 8 in the Northwest submarket. Munson Kennedy handled design. The building will be ready for occupancy in Q4.

THIS AND THAT

The Deal Sheet

Boxer Property opened Boxer Workstyle at 4101 Greenbriar, a 60k SF, three-story office building. They pre-leased so quickly (80% spoken for in six weeks) that the firm is expanding it, carving aside another larger section of the building that’ll be converted in Workstyle space by this summer. Boxer now has 14 Workstyle locations in Houston.