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The Deal Sheet

Houston Deal Sheet

Carson Commerce Center, three buildings totaling 365k SF in Pasadena, is now complete. (So if you had February in your building completion office pool it's time to collect.)

The Deal Sheet

Carson Cos managing director Dan Zoch (here with his little lady Marianna, who is managing director of sandbox leasing) tells us the park is the only non-rail served bulk spec project delivered in the Southeast in the last five years. It’s at Main and Main of the petrochemical complex undergoing significant expansion (the 20-acre site is on Highway 225). It includes one 119k SF front-load facility (which could go single-tenant or be divided to 39k SF), a 185k SF cross-dock building (it features a two-story office component and also can be single-tenant or divide to 33k SF), and a 62k SF crane-served building with 3,470 SF office component that could accommodate two tenants.

The Deal Sheet

All three facilities were built at once by Cadence McShane and designed by Powers Brown. Dan tells us he’s signed his first lease in the project already (look for an announcement on who and how big soon). Next up, Carson Cos is developing the remaining 36 acres in Northwest Crossing; it’s about to launch three spec buildings there.

EXECS

Colvill Office Properties’ Win Haggard Jr was promoted to SVP. He has been with the firm for eight years and has leased over 1.4M SF since. He is currently responsible for a 4.3M SF Class-A office portfolio across Houston.

SALES

An undisclosed buyer purchased 6501 Goforth, a 58k SF facility. Coldwell Banker’s Robert Bain repped the seller, the Stevens Family.

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Sealy & Co and AEW Capital, in a new JV, purchased a 20-building industrial portfolio in Texas. The 1.9M SF portfolio is 91% leased and sits mostly in DFW, but includes properties in Houston and San Antonio. The JV will focus on assets and portfolios in major industrial markets with a defined investment size between $5M and $100M.

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The Deal Sheet

Houston Z & L Holding purchased a 124k SF industrial building at 3702 Knapp Rd in Pearland. Coldwell Banker’s David Hummel and Vince Elder repped seller GP Assets and Century 21 Southwest’s Kenneth Li repped the buyer.

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The Deal Sheet

Unicorn Real Estate Investment-Texas purchased 11 acres on the east side of Kirby south of Beltway 8. The site will serve as the future home of Amerlux. Griffin Development’s Scott Goodman and Samuel Griffin III repped the buyer and Urban Meridian Group’s Justin Patchen repped seller Spectrum 86 Partners.

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The Deal Sheet

A Chicago-based firm purchased The Parks at Boulder Creek, a 54k SF shopping center in Pearland. Colliers’ Kim Lenardson will handle leasing.

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The City of Baytown purchased 39 acres on E. Wallisville Road between N. Main and Sjolander in Baytown. The acquisition was done in three transactions from sellers Efrain Garcia, Alberto Garcia, and Mario Garcia. Claire Sinclair Properties’ Wade Sinclair facilitated. 

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Perry Homes purchased 76k SF of land at 2417 Commerce Street at Canal. Cushman & Wakefield’s Dave Cook, Jeff Peden, and Will Condrey repped sellers Hector Zamora and Horacio Zamora and their colleague Stephen Schneidau repped the buyer.

LEASES

Hydraulic Systems leased a 25k SF office/warehouse at 27601 Commerce Oaks in Oak Ridge North. Avison Young’s Scott Fikes repped the tenant and Southwest Realty Advisors’ Marc Drumwright and Patrick McKiernan repped landlord NCO.

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Tara Exports leased 81k SF in Blaffer Distribution Center. First Houston Properties’ Aron Grenader repped the tenant and Warehouse Associates’ Lee Paris repped the landlord in-house.

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Silver Line Distributors leased 18k SF in Shepherd 10 Business Park. Victory Group of Texas’ Pamela Tranpark repped the tenant and Warehouse Associates’ Lee Paris repped the landlord in-house.

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Houston Motor & Control expanded to 17k SF at 14400 Hollister Rd, which just delivered in December. Stream Realty’s Josh Morrow and David Buescher repped the tenant and Liberty Property Trust’s Hans Brindley repped the landlord in-house.

DEVELOPMENT

The Deal Sheet

Azalea Residential, a JV between Stonelake Capital and StreetLights Residential, broke ground this month on Azalea Court. The 645-unit luxury multifamily development will include an eight-story mid-rise building and a 17-story tower at Westheimer and Mid Lane inside the Loop. Looney Ricks Kiss is handling design, and Streetlights Residential Texas Construction is GC. Texas Capital Bank provided construction financing, and ZRS Management will manage the community when it delivers in June 2015. Azalea Court will be Phase 1 of an 11.2-acre mixed-use project.

FINANCING

BMC Capital’s Keith Van Arsdale arranged two cash-out refis for multifamily properties in Houston. The first is a $1.2M deal for a 48-unit facility. The second is $3.5M for a 152-unit community. Both feature 75% LTV and a five-year fixed rate of 4.55% and were arranged through a bank.

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UC Funding arranged an $8.8M acquisition bridge loan on a 540-unit Class-C apartment community. It includes 49 two-story buildings, and proceeds will go to renovations. The deal includes 90% LTC and was closed in 21 days.

THIS AND THAT

NRC Realty & Capital Advisors was retained by 7-Eleven to coordinate the sale of 72 gas stations and/or convenience stores. That includes 22 locations in Texas, two of which are in Houston. The lots range from 8,000 SF to 5.6 acres and are being sold without 7-Eleven branding.