The Deal Sheet
Behringer Harvard Multifamily REIT I is transitioning to becoming a fully integrated self-managed REIT. That starts with a name change. (There comes a time in everyone's life when they must put aside the nicknames of their youth. Except for our friend Cheese, he's stuck with that one.)
Prez/COO Mark Alfieri will become CEO of the newly rebranded Monogram Residential Trust. It’s one of the industry’s youngest portfolios, with an average property age of five years. (Sounds like the Astros.) It’s got $2.9B in assets, and has a $1.5B development pipeline. In Houston, it’s building The Muse Museum District (delivering Q2 ’15) and Allusion West University (delivering this year). Its existing assets here include Briar Forest Lofts, Eclipse, Uptown Post Oak, and The Domain at Eldridge. Once the self-management process completes, its assets will be known as the Monogram Apartment Collection.
Margaret Doggett Crow, wife of the late Trammell Crow, died Friday. She was 94. She was part of World War II history when she was on a school-sponsored tour of Europe aboard the SS Athena, which was torpedoed and sunk by the Germans off the British coast. Margaret and her friends had to be rescued from lifeboats hours later. She married Trammell in 1942 and they had six children. Among her many accomplishments was the creation of the Trammell and Margaret Crow Collection of Asian Art museum. She was preceded in death by her husband in 2009 and her oldest son, Robert Crow, in 2011. She is survived by five children, 17 grandchildren, and eight great-grandchildren. The family requests that in lieu of flowers, donations may be made to The Margaret and Trammell Crow Chair for Alzheimer’s and Geriatric Research at Southwestern Medical Foundation in Dallas, The Trammell and Margaret Crow Collection of Asian Art, or The Hockaday School for Girls.
CBRE promoted Colin Grimes to VP. He specializes in tenant rep for the firm’s global corporate services and global energy practice.
Presidium Group, in JV with Nessel Development, purchased a 252-unit apartment complex in North Houston. The property is currently named Live Oak Bend Apartments, but will be rebranded and upgraded with a significant capital renovation. Presidium co-CEO Cross Moceri says the property was well maintained and acquired at a significant discount to replacement. It was an off-market transaction.
SG Cypress Real Estate Ventures purchased Centre at Cypress Creek, a four-building office and industrial complex totaling 466k SF. HFF’s Rusty Tamlyn and Jeff Hollinden repped seller PrinREI. Coventry consulted the buyer. The office space is 94% leased; the property sits within the former HP Compaq campus.
Marcus & Millichap’s Gus Lagos and Nik Kapetanakis repped the seller of a 30k SF industrial property on Mula Lane in Stafford. It was listed at $1.5M.
East Houston Properties purchased 4.1 acres on the 2200 block of Rollingbrook Drive in Baytown to develop a medical facility. Claire Sinclair Properties’ Claire Sinclair Gavrel repped seller Massoud Bastankhah.
Baytown Equity Investments purchased a 1.5-acre site on the 7200 block of Garth Road in Baytown to develop a Marriott Extended Stay Hotel. The seller was Off Corner Texas. Claire Sinclair Properties’ Claire Sinclair Gavrel repped the buyer.
Harbor Group International purchased Westchase Creek, a 456-unit multifamily community. HFF’s Craig LaFollette, Todd Stewart, Todd Marix, Tre Banks, and Chris Curry repped seller Allen Harrison Co. (The firm had previously handled the sale of Westchase Creek from Camden to AHC.) HFF’s Cortney Cole and Will Crawley handled debt placement of a five-year, fixed-rate supplemental loan through Freddie Mac. The transaction included assumption of an existing Freddie Mac loan secured by HFF two years prior. Westchase Creek was renovated in 2012/2013 and is 93% leased.
Snelson Oilfield Lighting renewed 32k SF of industrial space at West by Northwest Industrial Park. Stream’s Justin Robinson and Matteson Hamilton repped landlord Liberty Property Trust.
A1 Warehousing leased 29k SF of industrial space at McCarty Business Park. Stream’s Matteson Hamilton and Jeremy Lumbreras repped landlord Stockbridge. Betsy Scofield & Associates’ Brenda Brummett repped the tenant.
Texan Floors renewed 18k SF in Silber Road Business Park. Stream’s Justin Robinson and Matteson Hamilton repped landlord Agellan Capital Partners and Wexford Capital Partners’ Brady Wilkins repped the tenant.
Bravo Machining leased 11k SF of warehouse/distribution space at 18209 Chisholm Trail. NAI Houston’s Ed Bane and Jon Michael repped the landlord.
Wright Waste Management leased 3.6 acres at the corner of Crawford and Tanner Roads. NAI Houston’s Travis Land repped landlord Hoffman Glass Family, and his colleague John Ferruzzo repped the tenant.
Elliott Electric Co leased 68k SF of warehouse/distribution space at Carson Commerce Center in Pasadena. NAI Houston’s Travis Land and Michael Keegan repped the tenant and Carson Cos’ Dan Zoch repped the landlord in-house.
Q10 Kinghorn, Driver, Hough & Co’s Matt Franke and Larry Peters secured an $18M construction loan for Apache Industrial Services. The firm recently acquired a 123-acre site to build several buildings totaling over 300k SF. The first buildings will deliver this summer. Mutual of Omaha Bank provided the loan.
Construction will begin soon on the long-anticipated Midtown Arts and Theater Center Houston (MATCH). The 46k SF exhibition space was designed by Lake Flato and Studio RED in consultation with over 40 Houston arts and performance groups. The project, which is slated for a spring 2015 delivery, is a transit-oriented development just steps from the Ensemble/HCC metro station.
Two Wolff Cos properties were awarded Quality Planned Development designations by the West Houston Association. Above, chairman David Wolff accepts the recognition for Westway Park and Ten Oaks. The former is a 150-acre office park at the intersection of Sam Houston Tollway and Clay Road and the latter sits at Park Row and Barker Cypress and includes the Texas Medical Center West Campus.
Two Houston property manager teams and their buildings won first place in BOMA’s TOBY regional competition. Intellicenter, managed by Lincoln Property’s Melanie Short, and Pearland Medical Plaza, managed by HCFD Realty’s Lynn Harris will move on to the next level of competition.
Transwestern and Hines were recognized as 2014 Energy Star partners of the year with Sustained Excellence Awards. Transwestern has been an Energy Star partner since 2002 and has received the Sustained Excellence accolade annually since 2006. The firm has benchmarked 62M SF and has an Energy Star average portfolio rating of 74. Hines has been recognized by the EPA 10 times, and this is the seventh year it received the Sustained Excellence Award. Its Energy Star portfolio includes 185 facilities topping 60M SF. Its average performance rating is 82.4, making it nearly 40% more energy efficient than the national average.
THIS AND THAT
Central Management Inc was awarded management of the Fulshear Professional Park (8043 and 8045 FM 359 in Fulshear). The Class-A property features two 12k SF office buildings. Trent Vacek is handling leasing.