The Deal Sheet
International Airport Centers broke ground on Airtex Distribution Center, a 225k SF state-of-the-art warehouse property. And although Houston hasn't traditionally been a large-user market, it could go to one tenant. (And with Howard Hughes long gone, who needs all that aviation space?)
CBRE’s Tom Lynch and John Fenoglio arranged financing. Tom tells us the Class-A cross-dock building could be divided to four tenants, but the team would love to see it taken down by one large user. (Plus if you share, that means they're always gonna be bothering you to borrow staples and stealing your WiFi.) It’s definitely possible, he says: Houston’s distribution used to be serviced mainly through Dallas with just a 50k SF warehouse locally. But we’ve grown too much for that to be viable anymore. He’s seen an increase in users from 150k SF to 300k SF, starting with homebuilding-related companies (firms like HD Supply and Builders Choice closed major leases last year), and now it’s trickling to the retail side.
Tom also thinks the building’s 32-foot clear height is a draw. (He says Houston seriously lacks this product, which users love for the extra cubic feet of storage.) CBRE’s Ed Frantz and Faron Wiley will lease the property, which sits just a couple hundred feet from I-45. It’ll complete later this summer. Powers Brown designed the building, and it’s being constructed by Satterfield & Pontikes and Pontikes Development.
CBRE promoted Jeff Stein to SVP and Jerrod McQuain to VP. Jeff is in the firm’s debt and structured finance group; over the past five years, he has advised owners on more than $750M of debt and equity originations. Jerrod joined CB in October specializing in office tenant rep. During his 10-year career, he has completed over 200 assignments totaling 2M SF.
Adler Kawa Real Estate Advisors (AKREA) purchased The Business Center at Park Ten, a 115k SF complex of three industrial/flex buildings. It was built in 1998 and is 92% leased. AKREA has purchased five properties in Texas and the Carolina through its Fund II, which launched in early 2013 and closed with $56M in discretionary capital in February. HFF’s Rusty Tamlyn and Trent Agnew repped seller Columbia Texas Park Ten and HFF’s Paul Stasaitis and Jorge Portela secured financing.
Yes Properties purchased a 36k SF parcel of land at the NWC of FM 529 and Barker Cypress. It will open the second Dunkin Donuts/Baskin Robbins in West Houston. The Milestone Cos’ Patrick Barry repped seller Milestone Langham Creek Development, and EDGE Realty’s Jonathan Hicks repped the buyer.
An undisclosed buyer purchased Waterside Commons, a 40k SF retail property in Richmond on the Grand Parkway. Marcus & Millichap’s Jerry Goldstein listed the property at $8.9M. The property was built in ’08 and is 96% leased.
Vanguard Truck Center purchased a 12k SF industrial building at 2200 North Gordon in Alvin. Prime Capital’s Jerry Turboff repped the buyer and Boyd Commercial/CORFAC International’s Conrad Bernard repped the seller CDE Real Estate Corp.
Atwood Oceanics moved into 89k SF in Energy Crossing II. The firm had officed in Park Ten Place for 34 years. Its new HQ represents an expansion for the company, which has had record growth recently. Atwood’s office was designed by Gensler and built by Trademark Construction. It’s targeting LEED Silver.
Stream Realty announced the anchor tenant line-up for The Center at Pearland, a 165k SF shopping center development it started last month. TJ Maxx, Ross, Palais Royal, Petco, Five Below, and Rack Room Shoes will fill big box space in the property, which is 60% preleased. Stream expects to deliver The Center at Pearland this fall and is actively working on a potential second phase of development. Ralph Tullier and Mark Sondock are leasing the project.
Liftex Corp leased 12k SF at 7266 Wynnpark Dr. NAI Houston’s Ed Bane and Jon Michael repped the landlord and JLL’s Ryan Fuselier repped the tenant.
Miller Mays & Associates leased 10k SF at Pine Timbers Distribution Center. NAI Houston’s Ed Bane and Jon Michael repped landlord IndCor Properties and JLL’s Jarrett Venghaus repped the tenant.
Niavo Gulf Industries leased a 102k SF crane-served manufacturing facility at 12300 Amelia Dr. NAI Houston’s Clay Pritchett repped landlord National Property Holdings and Smith Raines Co’s LeDon Wissner and Carolyn Fincher repped the tenant.
Construction is underway on Heartis Cypress (rendered) and Heartis Clear Lake, two 78-unit, 63k SF seniors housing communities. They’re both expected to open in Q1 ’15 and will have 54 assisted living units and 24 memory care units. Caddis Partners is developing the centers, which will be managed by Good Neighbor Care. Caddis developed/acquired a record $100M last year and hopes to surpass it this year. KATUS is designing both communities, and MAPP Construction is building them. Amegy Bank provided financing.