Legendary Houston rapper (and Rice professor) Bun B has forever associated Port Arthur with Houston. It's deals like HFF's sale of an 84k SF recently redeveloped, fully occupied, multi-tenant, net-leased property in Port Arthur that remind us there is a wide world surrounding our great city.
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HFF's Ryan West and Matt Berry marketed the asset on behalf of the seller, Baker Katz. Agree Realty Corp purchased it for an undisclosed amount. The property is on 5.75 acres at 2770 Hwy 365 in Port Arthur.
SALES
Marcus & Millichap’s Ron Hebert and Christopher Jones completed the sale of North Eldridge Showrooms, a 19k SF retail property in Tomball. The buyer, a limited liability company, was repped by Watt Harrison in Marcus & Millichap’s Houston office.
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NAI Partners’ Clay Pritchett and Michael Keegan sold a 17.4-acre undeveloped tract at 700 Almeda Genoa Road to McKee Tessa. The site is a mile and a half west of Highway 288 in South Houston. Colliers' Carolyn Maxey and Chase Spence repped the buyer.
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Lee & Associates' Robert McGee and Ryan Young repped the buyer, Volle Property Management, in the purchase of a 21k SF industrial/manufacturing facility at 10404 Mula Road in Stafford. The seller, National Oilwell, was repped by Stream’s Jon Farris and Drew Coupe.
LEASES
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New York-based Garrison Investments and Fiesta Market inked a 15-year renewal and expansion, totaling 45k SF in Fondren Southwest Village, where landlord and tenant alike are undertaking major renovations. NewQuest's Brad Elmore repped the landlord, Garrison Fondren. Fiesta Market is expanding its footprint by 38% by leasing the adjacent space. Fiesta has anchored the 304k SF power center for 24 years.
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RE/MAX Commercial's Sky Pulford subleased 8706 Meldrum, a 1.7-acre, 21k SF warehouse across from Hobby International Airport, to Pump Reliability Solutions for Climax Portable Machining & Welding Systems. To facilitate the deal, a 10-ton crane was added to supplement the five-ton existing crane.
DEVELOPMENT
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Officials broke ground on New Hope Housing at Reed, which will include 187 one-, two- and three-bedroom apartment units and offer supportive housing to homeless and at-risk families. GSMA, AIA Houston’s 2013 Firm of the Year, is the architect for the LEED-certified development, which will cost $34.6M to build. The NHH at Reed development team also includes BBVA Compass, National Equity Fund, Houston Housing Finance, Camden Builders and AG|CM Inc.
THIS AND THAT
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For Avison Young's third annual Global Day of Giving, the Houston office volunteered at Bo’s Place, a Houston-based nonprofit bereavement center offering free grief support services for children, families and adults.
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