Medical office buildings continue to be a seller's market. Heaps of capital and aggressive trading have buyers looking to scoop up deals. This week, Beth Young and Marshall Clinkscales of Colliers International helped WHGS Holdings navigate the market.
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WHGS Holdings dba Coastal Surgical Group completed the sale of a 12.3k SF MOB at 150 FM 1959 in Houston. Cameron Crouch of Gulf Coast Properties repped the buyer. The new owners will convert it from medical office to office space in which they can grow.
SALES
Black Label Commercial Groups' Beau Harris repped Stratton Development & Construction in the sale of 1.8 acres at the corner of FM 1960 and Greenbrook to 2016 Northgate Hotels for the development of a new Holiday Inn.
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Chris Caudill repped Metal Works Properties in the disposition of a 57,300 SF crane-served manufacturing facility on 8.01 acres at 8550 Telephone Road.
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Black Label Commercial Group's Jeremy Bran brokered the sale of 2043 Sul Ross, a 14-unit Class-C apartment complex in Montrose. The buyer was repped by Christopher Bran with CBMJ Investments and Development. The property’s exterior and interior are being renovated.
LEASES
Lincoln Property and Stonelake Capital Partners secured a new lease for 25k SF with ITW Global Brands at Park Ten Center, a three-story, Class-A 147k SF office building at 16200 Park Ten Blvd in the heart of Houston's Energy Corridor. Lincoln Property's Kevin Wyatt repped the landlord. Cushman & Wakefield's Beau Kaleel repped ITWGB.
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NAI Partners’ Jon Silberman, Jason G. Whittington and Kelly Torian repped Peter Paul Petroleum Co in relocating and subleasing 11,600 SF of Class-A office space in the Murphy Oil Building at 9805 Katy Fwy in Houston.
HIRE/PROMOTIONS
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Wade H. Greene is joining the Waterman Steele team as vice president. Wade has more than five years of commercial brokerage experience with a focus on retail brokerage in the Baton Rouge area.
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Warren Savery, a seasoned commercial real estate professional in Houston with 35 years of leasing experience, has joined the Advisory and Transaction services, Investor Leasing team at CBRE. Warren joins CBRE as an SVP from Cousins Properties.
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Oldham Goodwin Group has added Stephen Carter as VP in the Land Group for Brokerage Services at Oldham Goodwin Group.
FINANCING
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Transwestern Investment Group has closed TSP Value and Income Fund I with total commitments of approximately $160M. With approximately 85% of the capital invested to date, the fund is generating returns of more than 9% with an expected gross internal rate of return of 16.5%. The fund has acquired more than 3.6M SF of industrial assets in Chicago; Indianapolis; Columbus, OH; Louisville, KY; and Austin; as well as over 900k SF of office assets in San Jose, CA; Scottsdale, AZ; and Atlanta.
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NorthMarq Capital’s Warren Hitchcock arranged refinancing for Northville Plaza, a 14k SF retail property in Houston. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. Mattress One, Tile Max and Allstate represent the property’s major tenants.
THIS AND THAT
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Stacking row after row of canned food this past Saturday at the CityCentre Five, the Kirksey Architecture + Turner Construction team began to see its design of The Jungle Book’s Baloo the Bear come to life for their CANstruction entry of “Food is a Bear Necessity” and proudly took home 1st Honorable Mention for their Disney-inspired design.
