Houston-based engineering firm Jones|Carter recently took advantage of a tenant's market when the firm expanded and consolidated its operation with a new 27K SF lease at Sierra Pine II in The Woodlands.
:no_upscale():quality(75))
Jones|Carter will move into offices on the first and fourth floors of the building. Stream's Brad Fricks repped the landlord while Jones|Carter was repped by Savills Studley's Derrell Curry.
"It was a perfect time for Jones|Carter to be in the market," Curry told the Houston Chronicle. "Since we did the transaction, the market has actually improved. We would not get the same deal we got then today."
LEASES
McKinsey & Co., a global consulting firm, is relocating its Houston office to Hines' 609 Main, where it will occupy 36k SF.
***
Gulf Coast Regional Blood Center leased 5K SF of retail space in Fairfield Town Center. NewQuest Properties' Bob Conwell and JJ McDermott repped the landlord. Jesse Tollett of Jesse J. Tollett & Co. repped the tenant.
***
Vista Host Inc. renewed a 7,700 SF office lease at the Towers at Westchase I, 10370 Richmond Ave. in Houston. JLL’s Ed Prejean and Don King repped the tenant, and Stream's Ryan Bishop repped the landlord, FSP Westchase.
SALES
Baker Katz completed the acquisition of two acres near Baybrook Mall, where it will develop two retail buildings totaling 15K SF. Streetwise’s David Wise and Joe Silver repped Baker Katz, and Colin Fox & Associates' Colin Fox represented the seller.
***
Marcus & Millichap’s Derek Hargrove and Justin Miller repped the seller in the disposition of Royal Providence Plaza, a 37K SF retail property in Houston. The buyer, a partnership, was secured by Hargrove, Miller and Davis Hansen.
DEVELOPMENT
A new 25k SF retail building is slated for the corner of Weslayan and West Alabama. Lewis Property is the broker, Kirksey designed the project, and PM Realty Group is the developer, the Houston Business Journal reports.
***
D’Agostino Cos. and Slate Real Estate Partners are planning to build a 250-unit Class-A apartment complex and a 120-unit active-adult apartment in City Place, according to the Houston Business Journal.
***
:no_upscale():quality(75))
On behalf of Aliana Development Co., JLL completed the sale of a 38-acre parcel for the development of a Target-anchored, 438K SF retail center in the Aliana master planned community. The retail center also features a 102K SF H-E-B, which recently opened.
FINANCING
NorthMarq Capital’s Kerry French negotiated the refinance of Alexan Auburn Lakes, a 346-unit multifamily property at 6000 West Rayford Road in Spring. The transaction was structured with a seven-year term featuring two years of interest-only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller/servicer relationship with Freddie Mac.
