Cinco Ranch and Katy residents have reason to rejoice as Alamo Drafthouse's expansion plans become more clear. The eight-screen Dine-In Cinema will anchor the final phase of development at LaCenterra at Cinco Ranch.
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In addition to the 37k SF theater, Vista Equites Group and Amstar Group are planning 7,500 SF of retail space and a six-story parking garage to accommodate the additional visitors to the 410k SF mixed-use development.
SALES
Colliers International repped RPMC LLC in the sale of 5.4 acres on the southwest corner of Broadway Bend Drive and West Broadway Street in Pearland.
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PFM purchased 15.3 acres in 529 Industrial Park from the seller, West 529 Industrial Park. PFM will build a new 150k SF office/manufacturing/distribution warehouse at the site. Southwest Realty Advisors' Marc Drumwright repped the buyer. Colliers International's Bill and Ryan Byrd repped the seller.
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US Harmony purchased the four-story 50k SF office building at 10555 Richmond in the Westchase District. The seller, Zenith Equity Group, was represented by Colliers International's David Carter. The property is 100% leased.
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EDGE Capital Markets' Josh Jacobs and Burdette Huffman closed the sale of Briar Forest Plaza, a 12k SF shopping center at 13346 Briar Forest Drive in Houston. Mark Kalil of Mark Kalil & Associates repped the buyer. Briar Forest Plaza is 100% leased and shadow-anchored by LA Fitness.
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CBRE assisted Nitya Capital in purchasing a portfolio of six Houston-area apartment communities, totaling 1,462 units. CBRE’s Clint Duncan provided brokerage services on behalf of the seller along with KET Enterprises' Tom Wilkinson and Hashir Saleem. Michael Thompson, with CBRE’s Debt & Structured Finance Group, obtained the acquisition financing for the buyer.
LEASES
Yellowstone Landscape leased an 8,800 SF industrial space on five acres at 3502 Treaschwig in Humble. Black Label Commercial Group’s Beau Harris repped landlord Stratton Development & Construction.
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Rockler Woodworking & Hardware leased 6k SF of retail space in Spring Town Center, at the intersection of FM 2920 and Kuykendahl Road in Spring. NewQuest Properties' Bob Conwell and Ashley Williams Strickland repped the landlord in-house. L3 Corp's Craig Wielansky and Streetwise Retail Advisors' Joe Silver repped the tenant.
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Pet Supermarket leased 7,478 SF of retail space in Marketplace at Ninety-Six, at the intersection of League City Parkway and Hobbs Road, League City. NewQuest Properties' Rebecca Le repped the landlord in-house. Edge Realty's Debbie Adams represented the tenant.
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HIRE/PROMOTIONS
Lee & Associates Houston has two new principals, Reed Vestal and Taylor Schmidt, who were both promoted from senior director after joining the firm in 2015. Combined they’ve completed over $350M in transactions.
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NAI Partners hired Joe Bright and Zach Leger as associate brokers.
