A 442K SF open-air retail center opposite Willowbrook Mall traded hands.
Continental Realty Corp., a Baltimore-based real estate investment and management company, made its first purchase in Houston with the acquisition of Commons at Willowbrook.
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Sitting on 39 acres at Highway 249 and FM 1960, the retail center has anchors including Academy Sports + Outdoors, HomeGoods, Michaels, Marshalls, Ross Dress for Less and Total Wine & More.
The asset was 75% leased to 32 retailers at the time of the sale. CRC’s in-house leasing team plans to backfill the anchor vacancy and lease up the remaining available space, CRC co-Chief Investment Officer Josh Dinstein said in a news release.
The center presents “several value-add opportunities based on existing vacancies and below-market rental rates, as well as other operational efficiency measures we plan to implement,” Dinstein said in a statement.
The center was built in 1985 at 7502-7540 W. FM 1960 and attracts 4.3 million customers from a 15-mile radius annually, per the release. Barry Brown and Ryan West of JLL Capital Markets represented the seller.
SALES
Smith Douglas Homes bought 60 acres at FM 1488 and Mill Creek Road in Magnolia. SVN | J. Beard Real Estate’s Diana Gaines represented the seller, Red Hill Ventures.
The property will be home to Pinemoor, the first self-development project in the Houston market for Smith Douglas Homes. The single-family community will have 216 residential lots, a central park, playgrounds, a covered picnic area and walking trails. The first phase of lots is expected to be delivered in July, with home sales anticipated to begin in the fourth quarter of 2026.
Future plans for the remaining 35 acres held by Red Hill Ventures include a mixed-use development and multifamily component.
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Corvest Industrial purchased a 34K SF building at 13415 Conklin Lane. Tyler Maner and Boone Smith with Stream Realty Partners represented the landlord, Gauge Real Estate Partners. David Buescher and Geoff Perrott with JLL represented the buyer.
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JLL Capital Markets’ Investment Sales and Advisory team, including John Indelli, Ryan West, Dawson Hastings and Max Myers, represented the seller of Ashford Village, an 81K SF grocery-anchored retail center acquired by Whitestone REIT. The sellers of the property at 1801 S. Dairy Ashford Road were Tommy Le of 3 Real Estate Group, Spencer Hough and George Giannukos.
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Royal Hotel Group LLC of Spring bought the 122-key Hampton Inn & Suites Houston Sugar Land at 218 Promenade Way in Sugar Land. The seller was Avalon Sugar Land Hospitality LLC.
HVS Brokerage & Advisory’s Eric Guerrero, James Rebullida, Fadi Rawashdeh, Kyle Peterek and Daneen Godinet participated in the transaction.
“The situation was complex, with the owner in Chapter 11 bankruptcy,” Rebullida said in a news release, adding the marketing process produced 11 offers.
Top bidders went to a courtroom auction, and the property sold for 117% of the opening bid. The winning bidder bought the hotel in cash and closed in under 45 days.
LEASES
BMC Software extended its headquarters lease at CityWestPlace Building 4 at 2103 CityWest Blvd. in Houston’s Westchase District. Cushman & Wakefield’s Scott Wegmann and Kevin Ray represented the tenant.
JP Hutcheson and Amanda Nebel, also of Cushman & Wakefield, represented the ownership, a venture of Parkway, 3Edgewood and Midway.
BMC Software will lease 96K SF as of summer 2026, which will bring the four-building trophy asset to 97% leased. BMC is the original developer of the CityWest campus, including the 21-story, 519K SF building it occupies.
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Stream Realty Partners announced the following leases:
La Vaquita leased 20K SF at 3156 Produce Row. Tyler Maner, Abraham Richardson and Will Mason with Stream represented the landlord, Cire Equity. Kyle Jett and Kristian Nielsen with Newmark represented the tenant.
Mars Shipping Service leased 102K SF at 4006 Westport Drive in Brookshire. Richardson with Stream, and Alex Zhang with TopSky Commercial represented the tenant. Cape Bell, Billy Gold, Joseph Smith and Savannah Smith with CBRE represented the landlord.
CONSTRUCTION AND DEVELOPMENT
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Howard Hughes Communities announced the completion of One Bridgeland Green, Greater Houston’s first mass timber office building. It is also the first Class-A office in Howard Hughes’ master-planned community of Bridgeland and sits within the 925-acre Bridgeland Central commercial district.
The nearly 50K SF building reached 80% preleased three months after breaking ground in 2024. Tenants include Advanced Orthopaedics & Sports Medicine, CrossCover Insurance’s new corporate headquarters, Bridgeland’s Welcome Center and supplementary offices for Howard Hughes Communities. JLL’s Scott Fikes and Jack Russo are overseeing leasing.
Building features include floor-to-ceiling windows, outdoor gathering spaces, indoor air-quality monitors, bicycle storage and showers.
FINANCING
Marcus & Millichap Capital Corp. announced the following refinancings:
MMCC sourced life company financing for the refinance of a six-property, fully occupied retail portfolio in Houston. MMCC worked on behalf of Houston-based Oak Hill Commercial to arrange the five-year loan from Symetra Financial. MMCC’s Jamie Safier and Thomas Monge represented the borrower.
MMCC sourced CMBS financing for the cash-out refinance of a 91% occupied, seven-property retail portfolio in Houston. The five-year interest-only loan is from Morgan Stanley. Safier and Monge represented the borrower.
