Out-of-state investors still see opportunity in Houston. Looking to capitalize on RevPAR growth in the Southwest Freeway market, the Holiday Inn Houston in Southwest Sugar Land has changed hands.
The 207-room, full-service hotel was especially attractive as it was recently renovated and features 6.8k SF of flexible event space. CBRE's Michael Yu, Rahul Bijlani, Eric Guerrero and Agrama Mannapperuma repped the seller, K&K Hotel Group. Marc Sallette and Olga Lepow with CBRE Hotels’ Debt and Structured Finance team arranged financing.
SALES
Warren Distribution purchased the 104k SF distribution/warehouse facility at 910 Rankin Road in Houston. Lee & Associates' Mike Spears, Patrick Wolford and Preston Yaggi repped the owner, Rankin, and Gerber Realty's David Gerber repped the seller.
LEASES
NAI Partners' Jason Whittington repped the Houston Engineering & Scientific Society (H.E.S.S.) in renewing its 21k SF special events and meeting facility that was once the home of Harold Farb’s upscale restaurant the Carlyle. Tanglewood Property Group's Henry Hagendorf and Dean Wilkens repped the landlord, Franklin Post Oak.
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RegAction renewed and expanded into 5.4k SF at 10700 Richmond Ave in Houston. Moody Rambin's Kurt Kistlerand and Karen Wright repped building owner Gupta Richmond Avenue. Oxford Partners' John Zivley repped the tenant.
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JLL’s Matt Parsons and Mark Raines completed 8k SF of retail leases:
Mama Fu’s Asian House signed a 2.2k SF retail lease at the Shoppes at ParkWest.
Woodlands Family Dental signed a 3.2k SF retail lease at Vanderbilt Square Shopping Center.
Brooklyn Bagel signed a 2.5k SF retail lease at The Market at 1488.
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NAI Partners' John Ferruzzo and Darren O’Conor repped Bombshelter Diesel Supply in leasing 42.2k SF of distribution/warehouse space at 21401 Park Row Drive in Houston. Darryl Noon and Brain Gammill with Transwestern repped the landlord, MCA Mason Creek Owner.
DEVELOPMENT
Method Architecture finished construction of Bobby Ford Tractor & Equipment, an outdoor power equipment retail and showroom center in Angleton. Just an hour south of Houston, the 11.3k SF showroom displays specialty equipment from tractors and trailers to excavation machinery.
HIRES/PROMOTIONS
Colvill Office Properties' Connor Saxe was promoted to director of leasing and Margaret Schwethelm has advanced to leasing rep in the firm’s exclusive office landlord leasing practice.
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Dylan Schopper joined Finial Group as managing director with a focus on tenant and end-user representation and acquisitions. Dylan serves on the Board of Directors of SIOR and ACRP.
THIS AND THAT
Four Seasons Hotel Houston announced plans for Bayou & Bottle—a new lobby bar and restaurant concept by renowned restaurateur Richard Sandoval that will complement the hotel’s soon-to-be renovated lobby.
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CBRE-managed office and retail complex Houston Center collected over 1,800 school supply items and backpacks during the 2016 Back-to-School Supply Drive benefiting HISD's High School Ahead Academy. Tenants throughout the 4.2M SF office and retail complex brought in items over a two-week period.
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