The Deal Sheet
It's a rather mind-boggling proposition: CityCentre is gearing up its next wave of growth, preparing to nearly double its leasable footprint. (There must be vitamins in the soil for growth this rapid.)
Midway EVP of development Shon Link says the next phase of development will take place on a 6.4-acre extension and will include 740k SF of LEED Gold office, a 285k SF multifamily high-rise with 270 units, 22k SF of retail, and one acre of central green space. Besides doubling City Centre, that'll push its northern boundaries to I-10. Colvill will begin marketing the two 16-story office buildings tomorrow—they’ll directly front the Katy Freeway and Town & Country Boulevard. Meanwhile, CityCentre Five (15 stories, 200k SF) is still under construction just south of this expansion tract. Partially to thank for the new plans: Midway recently expanded its partnership with LaSalle Investment Management.
Jan Walker joined Hicks Ventures as SVP of property management. The firm has a 1M SF office portfolio; Jan will primarily be responsible for the direct management of Two Westlake Park. She previously held positions with Brookfield, Behringer Harvard, and TCC/CBRE.
Mark Courville joined HOK as VP. He has 34 years of industry leadership experience. He was most recently with Chevron, where he led the US East and Latin America Groups for Chevron Business Real Estate Services. In this position, he supervised teams on more than 50 projects in 2013.
Dr. Elena Bakina joined Colliers’ office in The Woodlands as a healthcare real estate specialist.
Sullivan Brothers purchased 3.9 acres at 402 Ashland to develop townhomes. ARA’s Tom Dosch repped seller SemaSys, and IPX1031 facilitated the tax deferred exchange. Fidelity was the title company.
CDI Real Estate (Stripes) purchased a site at FM 3083 and Loop 336 in Conroe for development of a convenience store. MHW Real Estate’s Jody Czajkoski repped the buyer.
Clarion Partners purchased Westchase Corporate Center, a 184k SF Class-A office building. JLL’s Rudy Hubbard, Kevin McConn, and Rick Goings repped seller DRA Advisors. Rudy says the property included a stable cash floor but embedded upside in below-market rents, and it comes with a surface parking lot that could accommodate a 93k SF Phase II office building.
Prologis purchased 15151 Sommermeyer, a 58k SF tilt-wall crane-served warehouse/distribution center. The property sits in Prologis Park West by Northwest and is fully leased to Proserv Operations. HFF’s Rusty Tamlyn and John Rogers repped seller Foundation Properties. Prologis now owns 20 of the 26 buildings in the park.
HFF closed the sale of and arranged acquisition financing for 8 West Centre, a newly-completed Class-A office building on the Sam Houston Tollway. Danny Miller, Rusty Tamlyn, Mark West, and Trent Agnew repped seller Core Real Estate in the disposition, and Matt Kafka and Wally Reid arranged debt placement for the buyer, Azrieli Group. That five-year, fixed-rate acquisition loan was placed with Aegon USA Realty Advisors. 8 West Centre was delivered last year; the 227k SF property is fully leased to Cameron International and Helix Energy Solutions.
Allen Harrison Co purchased 1.2 acres at the NEC of I-10 West and Adkins Drive in Spring Valley. Evergreen Commercial Realty’s Lilly Golden and Joey Lumsden repped the seller and Transwestern’s Tim Gregory repped the buyer.
Foundation Logistics and Services leased 18k SF of office/warehouse space at 15370 Vantage Pkwy W. Cypressbrook’s John Hornbuckle repped the tenant and Northwinds Commercial’s Dylan Schopper repped landlord Soundstar Properties.
Kenyon International Emergency Services leased 11k SF of flex space at 612 Spring Hill Dr in Spring. Cypressbrook’s Joyce Sterling repped the tenant and Lincoln Property’s Brandon Brooks repped the landlord.
InterContinental Hotels Group opened Staybridge Suites Houston NW Willowbrook after a $2M renovation and rebranding. The property is located off of Highway 249 and brings IHG’s Texas portfolio to 30 Staybridge Suites and 15 more in the pipeline. It’s owned by Willowbrook Hospitality and managed by DePalma Hotels.
Wood Partners delivered Alta City West, a boutique 133-unit multifamily community on Westheimer. It’s already nearly 30% leased. The property was designed by Good, Fulton & Farrell.
Pensam Funding closed a preferred equity transaction on a Class-A, 402-unit urban infill multifamily community. It was structured behind a Fannie Mae agency loan with an existing Pensam Funding sponsor.
Q10 Kinghorn, Driver, Hough & Co’s Ray Driver and Dave Holland secured a 10-year permanent loan for the refinance of a Class-A multitenant office building in Katy. The 32k SF facility was built by The Mission Cos and Entrust. Thrivent Financial provided the fixed-rate financing as a non-recourse construction take-out loan. It liked the suburban location off the Grand Parkway and Westpark Tollway and underwrote a tenant occupying 70% of the building without requiring funded re-tenanting reserves.
THIS AND THAT
PMRG brought property management services in-house for its multifamily division. It hired Joan Maxwell as SVP to expand the business in key markets throughout the US. PMRG will oversee management of its current multifamily developments in Houston (2929 Weslayan), Dallas, and Denver, but also hopes to expand into third-party management.
Transwestern pros across the country donated more than $22k to the ALS Association in honor of former West region prez George Garfield, who was recently diagnosed with the disease. The company’s top execs (Chip Clarke, Larry Heard, and Robert Duncan—pictured above) agreed to do the ice bucket challenge if the company raised $10k in three weeks. As you can see, it more than doubled that amount in the timeframe.
Colvill Office Properties was selected to market the Galleria Place office towers (formerly known as Galleria Plaza). The two buildings total 396k SF and are owned by The Carlyle Group and Songy Highroads. That partnership is repositioning the property as a high-end boutique office project with extensive renovations that are underway. It’s also building two hotels on the site. Galleria Place has 158k SF of contiguous space available for tenants to take occupancy next year. Damon Thames and Connor Saxe will handle leasing.
Latipac Commercial was awarded property management of four local retail properties:
• 4309 Sienna Parkway, a 22k SF building in Missouri City
• 4802 Fairmont Parkway and 3100 FM 528, two retail assets recently acquired by WFP Baymont from Gateway Hayes. The former is 106k SF and 72% occupied, and the latter is 79k SF and 90% occupied. WPW Realty Advisors’ David Werlin will handle leasing.
• 8350 & 8366 Westheimer, a 23k SF property