With the help of CBRE's prolific hotels team, Prime Developments has acquired its second hotel in Houston, this time in one of the area's top-performing submarkets. The deal is CBRE Hotels' sixth transaction in Houston year-to-date.
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CBRE Hotels’ Michael Yu, Rahul Bijlani and Eric Guerrero arranged the sale of the Holiday Inn Express & Suites Houston East in Baytown. Canadian-based investment group Prime Developments purchased the hotel from Houston-based Pride Management.
“The East Houston/Baytown market is currently one of the top-performing submarkets within the Houston MSA,” Guerrero said. “The demand in the area has increased as the downstream oil/gas business activity has thrived in the past few years. Buyers are attracted to the strong cash flow that hotels in this market can generate.”
SALES
AGM Tools Houston purchased the 13K SF industrial building at 5074 Steadmont in Houston’s Northwest corridor. Oxford Partners' Will Austin represented the buyer. The seller, a family partnership, was represented by Evans Properties' Joe Evans and Janae Evans.
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J Beard Real Estate Co.’s Jeff Beard represented the buyer of two office warehouse facilities to be occupied by Downhole Technology LLC, a subsidiary of Schoeller-Bleckmann Oilfield Equipment. The 4-grade level buildings comprise 120K SF on 16.7 acres at 12450 and 12452 Cutten Road in Harris County. The seller, Northwest Real Estate Holdings, was represented by Cushman & Wakefield’s Cape Bell and Allison Hall.
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NAI Partners’ Trey Martin represented HCM Development in the purchase of an 8K SF office/warehouse in Houston. Adkisson Group’s Steve Adkisson represented the seller, which was not disclosed.
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CRC Real Estate’s Richard Glass represented JRJ in the sale of a 23K SF building on 1.7 acres at 5933 Bellaire Blvd. in Houston. The buyer was Classic Cars of Houston. No broker information was provided.
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Riverside Assets Management purchased 11.7 acres of retail land at the intersection of FM 529 and Fry Road in Houston. NewQuest’s Jeff Lokey represented the buyer. Colliers’ Bill Byrd represented the seller, Eastbourne Fry & 529 II.
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CRC Real Estate’s Richard Glass represented Smith International in the sale of a 47K SF building on 10 acres at 15815 Waverly in Houston. The buyer was Constellation Growth Real Estate. No broker information was provided.
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Lee & Associates' Robert McGee and Cameron Hicks represented Behl Precision Fabricating in the sale of 9.1 acres near Interstate 69 and Beltway 8 in Stafford. Swearingen Realty Group repped the buyer, Redi Carpet.
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CRC Real Estate’s Richard Glass represented Charles McClure in the sale of two acres at 2415 West 11th in Houston. Alco Realty’s Estevan Orozco represented the buyer, UR Properties.
LEASES
Black Label Commercial Group’s Nick Childs brokered the lease of 6K SF to an undisclosed tenant at the new retail shopping center, Marcel Town Center at Woodland Lakes, at the northwest corner of Old Conroe Road and FM 1488 in Conroe.
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Lee & Associates' Thomas Leger and Chase Cribbs represented MKO Global in leasing 14.5K SF at 8559 East North Belt in Humble. Welcome Group’s Ryan Wasaff repped the landlord, GSL Partners Sub Eight.
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Newcor Commercial Real Estate’s Rob Banzhaf and Ryan Dierker represented Cooper Hart Leggerio & Whitehead in a 16K SF lease renewal at 2202 Timberloch Place in The Woodlands.
HIRES/PROMOTIONS
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Savills Studley has made several key changes in Houston. Current Houston Branch Manager and Director Mark O’Donnell has been promoted to Texas regional manager, and Drew Morris and Kyle Kelley have been promoted to branch managers in the Houston office.
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Gary Lehmberg, a Houston-based commercial real estate veteran, has joined Boxer Property as a senior regional broker. Lehmberg will focus on developing broker relationships with a focus on Boxer’s Chicago, New Jersey and Boston portfolios.
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Matt Reese and John Frazier have joined Baker Katz.
THIS AND THAT
Friedman Integrated Real Estate Solutions has been awarded management of three office buildings totaling over 256K SF, expanding its portfolio in Texas. The offices in Houston are at 1505 South Highway 6, 2772 Bingle Road and 4101 Interwood Parkway.
CORRECTION, SEPT. 13, 10:20 A.M. ET: A previous version of this story spelled Cameron Hicks' name wrong. The story has been updated.
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