A Class-A apartment complex serving Exxon Mobil's 385-acre campus in Spring is under new ownership. Mill Creek Residential sold the 396-unit garden-style Modera Spring Town Center to Abbey Residential Services.
The property is at 21801 Northcrest Drive. Berkadia’s Ryan Epstein, Jennifer Ray, Wes Breeding and Scott Bray repped the seller. No buyer broker information was provided. The move is an indication of market timing.
“Houston’s multifamily market is poised for a recovery in the near term with apartment absorption expected to exceed 28,000 units in 2017,” Epstein said. "Savvy investors are recognizing this is a good time to acquire quality institutional assets in a major metropolitan area at normalized cap rates on temporarily depressed rents.”
SALES
Baker Katz acquired a 22K SF retail building at Fairmont Parkway and Beltway 8 in Pasadena. The asset is 70% leased. Baker Katz plans to update the signage and landscaping.
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Lee & Associates’ Cameron Hicks, Taylor Schmidt and Reed Vestal repped the buyer in the closing of 32K SF at 10835 South Wilcrest Drive in Houston. CBRE’s Tom Lynch and Daniel Parulian repped the seller, Magaziner-Rockley.
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The 177K SF Museum Medical Tower will undergo a $10M renovation. HCP Inc., the building owner, engaged Cassetty Architecture out of Hendersonville, Tennessee, to create a design that provides a fresh look while respecting the unique museum district charm and style. Scott & Reid General Contractors, headquartered out of Dallas, has been selected as the general contractor.
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Discount grocer Aldi will spend more than $33M to remodel 24 Houston-area stores. The goal is to have renovations completed by the end of 2018.
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On behalf of the seller, Colliers' Marshall Clinkscales brokered the sale of a 36K SF site at 2929 Fairmont Parkway. First Realty Associates' Chuan Le repped the purchaser.
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NAI Partners’ John Ferruzzo and Chris Kugle and NAI Robert Lynn’s Mark Miller repped the buyer in the purchase of a 42K SF industrial/office warehouse at 9110 Meadow Vista Lane in Houston. Colliers’ Jason English repped the seller, Essentra Pipe Protection Technologies.
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Colliers' Beth Young sold 2622 Marina Bay Drive, a 7,300 SF ambulatory surgical care center in League City. No buyer information was provided.
LEASES
MetroNational’s Brad MacDougall repped the landlord, MetroNational, in the lease of 7,400 SF to Pro Oil & Gas Services at Three Memorial City Plaza in Memorial City. Fritsche Anderson Realty’s David Anderson repped the tenant.
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JLL’s Jeff Venghaus represented LSI Industries in renewing a 140K SF lease at Prologis Park in Houston. Prologis’ Kevin Wittler repped the landlord.
DEVELOPMENT
Värde Partners will open an office at 609 Main, Downtown's newest trophy tower, spokeswoman Paula Prahl confirmed to the Houston Business Journal. The private equity firm recently filed a $450K construction permit with the City of Houston. D.E. Harvey Builders Inc. is the builder for the office, which will be on the 39th floor.
CORRECTION, JULY 11, 3:28 ET: An earlier version of this story incorrectly spelled Brad MacDougall's name and has been updated.
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