Just because it was a slow week in commercial real estate due to ICSC RECon (and of course, leading up to a long weekend) doesn't mean big money didn't change hands in Houston. Hartman Retail paid big bucks for a 98% occupied shopping center near Chinatown.
:no_upscale():quality(75))
Hartman bought Mission Bend Shopping Center at the corner of Bellaire Boulevard and Highway 6 for just over $15M. The shopping center is 140k SF on 11 acres. JLL's George Cushing and Wendy Vandeventer repped the seller. Dave Wheeler, Julian Kwok and Russell Turman repped the buyer in-house.
SALES
Transwestern's Carlos Bujosa and David Schwarz repped Thirteen Eldridge in the disposition of a six-acre tract in Sugar Land. The buyer has proposed developing the land into a school.
LEASES
:no_upscale():quality(75))
PetroAfrica leased 19k SF at 8950 Kirby Dr. PetroAfrica is a diversified provider of oilfield supply and services in the Republic of Angola. NAI Partners' Darren O'Conor and Jake Wilkinson repped the tenant.
DEVELOPMENT
Port Cameron will develop a new 500-acre deep-water staging port in Cameron, LA. Construction on the $1.5B project will commence in November, and the first phase is slated for completion by Q3 2017.
FINANCING
:no_upscale():quality(75))
Miami-based investor BridgeInvest announced the $2.3M acquisition and rehab loan for a desirable 20-unit multifamily community in Montrose. BridgeInvest once again used Christopher Bran as its Texas rep. Q10 KDH's Emily Zarcaro repped the borrower.
THIS AND THAT
Cypress-Fairbanks ISD deployed co-location services within CyrusOne's Houston West Data Center. Cypress-Fairbanks is the third-largest school district in the state and 25th-largest in the nation with over 114,000 students.
