Dunham Pointe, a 202K SF retail and restaurant district in Cypress, secured a grocery anchor and is set for groundbreaking on Oct. 1. 

Trademark Property Co. and partner MetLife Investment Management announced that they secured financing for the project, which is part of the 1,300-acre Dunham Pointe master-planned community. 

The development already has 14 tenants signed on, including anchor Whole Foods Market, as well as Nordstrom Rack and Shake Shack. Lease negotiations are in the works with another 12 tenants totaling 65K SF, and there are letters of intent from more than 10 additional retailers, the press release states.

“Starting construction is a major milestone for us and for Dunham Pointe,” Trademark CEO Terry Montesi said in a statement. “We are seeing the start of a new retail development cycle after one of the longest downturns in history. With record-low national retail vacancy and construction starts, the market is genuinely undersupplied, and developers and investors are starting to respond.”

Home sales began at Dunham Pointe in 2021. More than 1,000 homes have been purchased.

Dunham Pointe Development, the master plan developer, is under contract or in negotiations with developers and users for multifamily, townhomes, medical facilities and additional commercial uses.

SALES

Fat Property, a Houston-based multifamily owner operated by Cody Lutsch, bought two multifamily properties in Midtown Houston. The properties at 220 and 230 W. Alabama St. total 131 units. 

The Berkadia Houston investment sales team of Kyle Whitney, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Tucker Fama represented the seller, an affiliate of Realty Center Management Inc., in the off-market transaction.

Built in 1960 and 1965, respectively,  220 and 230 W. Alabama consist of two multifamily communities with studio, one-, and two-bedroom apartment homes and amenities including swimming pools and fitness centers. 

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Hornet Real Estate acquired two Houston industrial properties in August. The transactions include the value-add acquisition of a 50K SF light industrial property at 10506 Kinghurst Drive in Southwest Houston.

The business plan for that property includes transforming a 31K SF former pickleball space into two units for lease-up, construction of a speculative office, adding 400 amps of power and converting existing leases from gross to triple-net structures.

The other transaction was a light value-add acquisition of Meadowglen BP, a 71K SF light industrial property at 11381-11391 Meadowglen Lane in the Southwest Outer Loop submarket. The business plan there includes vacating nonstrategic tenants.

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Triten Real Estate Partners, a Houston-based investment, development and operating firm, closed a joint venture with Principal Asset Management to recapitalize a 17-property industrial outdoor storage portfolio. The portfolio comprises 120 acres and 340K SF across markets including Atlanta, Houston, Dallas-Fort Worth and Miami.

Principal entered into the joint venture after acquiring TPG AG’s interest, with Triten maintaining an ownership stake and serving as the portfolio’s operating partner, overseeing leasing and management. 

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Alterra IOS acquired four industrial outdoor storage properties in the Houston area. The properties total 12 acres and 120K SF of warehouse space. The properties include 5800 Surrey Square St. and 8248 Fuqua St. in Houston, 2801 and 2805 Sens Road in La Porte, and 600-610 Aurora Business Park Drive in Conroe. 

Houston remains a target market for Alterra IOS, which now has a portfolio of 39 properties and 338 acres in the Houston area. 

LEASES

Six headquarters commitments total 180K SF of new leasing activity at 10000 Energy Drive in Spring over the past 16 months, bringing the 564K SF building to 90% occupancy.

The leases were executed in the South Tower, with new tenants including DSV, Iron Oak Energy Solutions, Enerflex and Tetra Technologies, which was announced in December, and two additional undisclosed headquarters tenants. 

Newmark’s David Baker, Elliott Hirshfeld and Kristen Baker serve as exclusive leasing agents at the property. 

Newmark’s Joshua Brown and Adam Grimm represented Enerflex in its lease, while Rich Pancioli of CBRE represented DSV, and Anthony Squillante and Josh Morrow of Avison Young represented Iron Oak Energy Solutions.

Built in 2014, 10000 Energy Drive has more than 40K SF of indoor and outdoor conference space, a fitness center, a food hall, extensive green space, a 1-mile nature trail and floor-to-ceiling glass throughout. Expand Energy Corp. fully occupies the property's North Tower.

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Wesco Distribution, an affiliate of Wesco International, leased 376K SF and a 5-acre industrial outdoor storage yard at Trammell Crow Co.’s Carpenters Logistics Center Building 1. The business-to-business distribution, logistics and supply chain solutions company will occupy half of the 752K SF cross-dock industrial facility at 15600 Carpenters Logistics Drive in Channelview, east of Houston.

CBRE's Cape Bell, Jason Dillee and Kayla Ripple represented the landlord. The remaining half of the building, including a 3,600 SF office space, remains available.

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Central Park Post Oak has seen 81K SF of new leasing across six tenants. Sesco, the U.S. headquarters of global cement distribution and terminal operations company Sesco Group, leased 30K SF across two floors of Central Park One. 

Five additional tenants have leased a combined 51K SF at Central Park Two, including a 7,500 SF, fully furnished, move-in-ready suite at Central Park Suites.

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Lodging Solutions leased 88K SF at 750 Almeda Genoa Road and 13131 Almeda Road. Oxford Partners’ Matt Rogers represented the tenant.

CONSTRUCTION AND DEVELOPMENT

Riceland, the 1,500-acre master-planned community in Mont Belvieu being developed by McGrath Real Estate Partners, completed and opened its 8K SF Lakehouse amenity center.

More than 400 homes are underway at Riceland. The active homebuilders are Chesmar Homes, David Weekley Homes, Highland Homes, Perry Homes and Autograph Homes.

The Lakehouse overlooks a 10-acre stocked lake and includes a pool, lakeside terrace, event lawn, playground, dog park and athletic club.

Construction is nearing completion for the 17K SF Mill House mixed-use building within Riceland’s Town Center. 

Groundbreaking is expected this fall for The Square, another recreational component of Riceland, with plans for an outdoor pavilion, Wiffle ball fields, pickleball courts and a playground. 

THIS AND THAT

Fondren Orthopedic opened a new medical office and ambulatory surgery center totaling 13K SF at 11713 Shadow Creek Parkway in Pearland. Dr. Robert Burke will continue his general orthopedic practice from the new office, specializing in joint replacement, arthroscopy and cartilage restoration. 

Fondren owns the new-construction building, which includes a 4,200 SF medical office with 12 exam rooms. The adjoining 8K SF ambulatory surgery center includes two operating rooms and two treatment rooms.