The year is off to a hot start with the announcement of an 886K SF development in Conroe. American Furniture Warehouse acquired a 30-acre tract at Interstate 45 and River Plantation Drive, where the company will construct a megastore, showroom and merchandise warehouse.
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The land purchase marks the third installment for AFW in the Houston marketplace. AFW unveiled its 355K SF Webster location in September and is constructing a 500K SF facility in Katy, slated to open in April. Baker Katz's Ben Brown represented AFW while Caldwell Cos.' Mark Terostra represented the seller, Gross Land Fund I.
“AFW’s strategic and aggressive expansion into the Houston market speaks volumes about our growing city and opportunities therein,” Brown said.
AFW’s new location will feature a 443K SF megastore, 150K SF of showroom space and 293K SF of merchandise storage.
SALES
Industrial Outdoor Ventures closed on a 104-acre improved yard site at 11022 Mesa Drive in Houston for $10.5M. The seller was Traylor Brothers Inc.
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Edge Realty Partners brokered the sale of Outback Steakhouse at 12559 Southwest Freeway in Stafford. Edge's Burdette Huffman and Josh Jacob represented the seller, Stafford 59 & Airport LP.
DEVELOPMENT
IDV broke ground on South Belt Central Business Park, a 3.5M SF business park at the northeast corner of Cottingham and Beltway 8. Cushman & Wakefield is handling leasing.
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H-E-B officially opened the highly anticipated H-E-B MacGregor Market. Located at the intersection of North MacGregor Way and State Highway 288, the new 90K SF store fills a growing demand in two of Houston’s fastest-growing areas.
LEASES
Common Desk executed a 30K SF lease at 3040 Post Oak Blvd. Stream Realty Partners’ Ryan Barbles and Mathew Volz represented the landlord, MetLife Investment Management.
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Innovapptive leased 13K SF at 24 Greenway Plaza from Weslayan Partners. NKF’s Joshua Brown, Reggie Beavan III and Andy Iversen represented the tenant.
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P&I Supply renewed its lease of 47K SF at Beltway Crossing Business Park, 13721 South Gessner Road. JLL’s Jarret Venghaus and Jordan Raney represented the tenant. Jeremy Lumbreras with Stream Realty Partners represented the landlord, LINK Industrial Properties.
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Read King leased 12K SF at 1900 West Loop S. NFK’s Mark Russell represented the tenant.
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Gloria’s Latin Cuisine has leased 5,500 SF of retail space in Katy Grand, located at the intersection of Interstate 10 and Grand Parkway/TX 99 in Katy. NewQuest Properties’ Rebecca Le and Heather Nguyen represented the landlord. Rene Rodriguez III of Nan & Company Properties represented the tenant.
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Gridforce Energy leased 13K SF at 1301 Fannin. NKF’s John Luck, Joshua Brown, Reggie Beavan III and Andy Iversen represented the tenant.
FINANCING
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PGIM Real Estate Finance arranged $240M in acquisition financing for the Bank of America Tower in Downtown Houston. The financing was arranged on behalf of a joint venture partnership between Beacon Capital Partners, Skanska USA and an institutional investor. The financing assignment was led by Eastdil Secured.
EXECS
NAI Partners’ NAI Investment Fund promoted Adam Hawkins to vice president of acquisitions.
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