Mac Haik has broken ground on a Hilton Home2 Suites immediately north of I-10 at Sherwood Forest Drive.
Lincoln Property Co purchased Galleria Place, two Class-A office buildings totaling 401k SF. The sale includes Galleria Place I (217k SF office building), Galleria Place II (178k SF office building), Sage Plaza (6k SF fully leased retail building), Regions Bank and two parking garages. The office portion is 53% leased. HFF’s Danny Miller and Marty Hogan repped sellers The Carlyle Group and Songy Highroads. HFF is also arranging financing for the buyer.
LEASES
Mariak leased 104k SF in Ellington Trade Center. JLL’s Ryan Fuselier and David Buescher and LAREM’s Ed Whittemore repped the tenant. Stream repped landlord KDC. The 284k SF Class-A industrial building is in the southeast far submarket.
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Assure Fertility leased 15k SF at Greenpark One in the Med Center. Townsend Interests’ Mike Townsend repped the tenant, and Transwestern’s Ashley Cassel and Justin Brasell repped the landlord.
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Hoerbiger Service leased a 20k SF office building at 8448 N Sam Houston Pkwy W. TNRG’s Ryan Searle, Mike Spears and Preston Yaggi repped landlord BCC Management. CBRE’s James Stark repped the tenant.
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ATU Duty Free subleased 14k SF at Air Center Business Park. Cypressbrook Co’s John Hornbuckle repped the subtenant, and Jackson Cooksey’s John Luck repped sub-landlord Necotrans.
FINANCING
CBRE fought Houston’s negative perception to secure $22M in bridge financing for Westchase Park Plaza. CB’s Charles Foschini, Christopher Apone, Christian Lee and Amy Julian arranged financing for Parmenter Realty Partners, and say the challenge was finding a lender who could overlook Houston’s energy-centric reputation and focus on the quality of the asset and institutional sponsor. Parmenter’s strength as an operator helped the lender get comfortable with the deal. American Capital provided the floating-rate, three-year loan at 70% LTV. The loan replaces a previous bridge loan that CB also originated. It has a lower cost of capital and additional funds for continued stabilization of the project. Westchase Park Plaza is a 232k SF Class-A office center that’s 71% leased.
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LMI Capital’s Jamie Safier closed $15M for the acquisition and refinancing of three apartment complexes in Houston in the last 30 days. The two newly acquired properties total 260 units in Spring Branch: Jamie arranged a 10-year fixed-rate CMBS loan representing over 90% of purchase price and a five-year, 4.35% fixed-rate loan equating over 75% of the asset’s purchase price. The third deal refinanced a 50-unit Tomball community and featured a $2.5M, 10-year fixed-rate agency loan at 4.34%. It provided significant cash-out proceeds within 18 months of its original acquisition.
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LMI Capital’s Jamie Mullin arranged $16M in financing to acquire a 425-unit property in southwest Houston. He placed the 10-year fixed-rate loan with a CMBS lender.
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LMI Capital’s Brandon Brown arranged two multifamily loans:
• $6M to refinance a 120-unit community in Humble. The 10-year loan featured three years of interest-only and allowed the borrower to significantly reduce its interest rate and get cash-out proceeds.
• $2M to refi a 60-unit multifamily property in the East End. He obtained a seven-year fixed-rate loan with two years interest-only.
Mac Haik acquired 5.2 acres on Sherwood Forest and began construction on a 142-room hotel on half of the site. MH Hospitality is developing the five-story property, which will be open for occupancy next August. Mac Haik’s Ron Marshall and Brandon Poynter repped the buyer.
EXECS
Judwin Realty president Jerry Winograd was inducted into the Houston Apartment Association Hall of Fame. He’s pictured with his family: sister-in-law Carol, brother Marc, mother Judy, daughter Nicole and wife Bonnie. Jerry has served on the boards of HAA, the Texas Apartment Association, National Apartment Association and on HAA’s Better Government Fund. He’s an enthusiastic advocate of developing a professional workforce for the apartment industry and is a professor at the Graduate Real Estate Program at UH’s Bauer College of Business. During his stint as HAA president in ’06, Jerry helped provide 37,000 apartment units to those in need after Hurricane Katrina.
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Moody Rambin’s Karen Wright was promoted to VP of office services. She has nine years of experience.
SALES
Duma Land purchased a 100k SF office/warehouse building on 6.5 acres at 8201 & 8211 La Porte Fwy. Cushman & Wakefield’s Coe Parker, Kelley Parker, John Littman and Tim Thomas repped seller United Stevedoring Corp. Colliers’ Trey Erwin and Walker Barnett repped the buyer.
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EGI International Corp purchased Parkside Grand Parkway. Oden Hughes (in partnership with Desarrollos Delta of Monterrey, Mexico) delivered the 354-unit multifamily property in 2014. ARA’s David Mitchell repped the seller. The Katy-area community was Oden Hughes’ first development in Houston. It’s underway with its third, Parkside Bella Terra.
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C&E Construction purchased a 2.9-acre tract on Farrell Road. TNRG’s Chase Cribbs repped the buyer, and TNRG’s Robert McGee and Thomas Leger repped seller TNRG Development.
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SRG Enterprises purchased 1.5 acres on the north side of Sam Houston Parkway East west of Wilson Road in Humble. Cypressbrook Co’s Denise Ksiazek repped the buyer, and Johnson Development’s Jennifer Johnson repped seller Fall Creek Investors.
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