This week’s Houston offer sheet (April 4, 2021)
Costco Wholesale Corp. purchased 13 acres from Grid, a mixed-use development in Stafford, to build the region’s first Costco business center.
Construction has already started on a 148,000 square foot retail space that will serve as the primary tenant for the mixed-use development.
The grid is developed by StreetLevel Investments and its joint venture partner Provident Realty Advisors. Construction of the 192-acre mixed-use development began in 2018 and will be completed in several phases.
Some of the offerings include 350K SF of retail, dining and entertainment concepts; 2,400 residential units; 500K PCs of creative office space; several hotel brands and concepts; a health club; a network of pocket parks, jogging and cycling trails; and public space activated. The architectural firm Gensler and the landscape architecture firm TBG are consultants on the project.
New Hope Housing elected Frank Steininger to join its board of directors. Steininger, who retired from Civeo Corp. last year, brings with him extensive financial experience. Steininger worked for over six years at Civeo and was previously a partner at PricewaterhouseCoopers, where he worked for over 34 years.
Andi Bolin joined Stewart Title as Director of Agency Sales, responsible for growing and managing agency partnerships in Houston and the Texas Gulf Coast region. Bolin brings nearly 14 years of securities and settlements experience to Stewart, including recent experience in operations management, escrow systems and processes, and business development.
Matthew Stirneman has joined Chamberlain Hrdlicka’s Houston office as a Senior Advisor in the Corporate, Securities & Finance division. Stirneman will focus on corporate finance, securities, real estate, energy and other general business matters, including representing borrowers, financial institutions and private equity firms in structuring, financing negotiation and documentation of financing transactions.
7155 Old Katy Realty, an entity of Braun Enterprises, purchased a 90.4Kft multi-tenant office building at 7155 Old Katy Road in the North Loop West office submarket. The building is on 4.17 acres. The buyer represented in the transaction, while David Carter and Taylor Wright of Colliers International represented the seller, Houston Eye Associates.
United Equities purchased a 30,000 square foot industrial building at 9342 Telge Road, located in Aberdeen Business Park. The property is leased to Oceaneering International Inc. Travis Land of NAI Partners represented the buyer, while Jason English of Colliers International represented the seller.
Charah Solutions, based in Louisville, Ky., Purchased the 6,166-acre Gibbons Creek power station and reservoir in Grimes County, northwest of Houston. The property was acquired by a subsidiary of Charah Solutions, Gibbons Creek Environmental Redevelopment Group LLC. Avison Young advised the buyer. The team was led by Richard Shield of Avison Young, with support from Richard Hanson and Marissa Rose in the Chicago office and Tommy LeBlanc in the Houston office.
A private investor bought a 15,000 square foot shopping center in Cleveland, northeast of Houston. Scott Lambert of Mission Realty represented the buyer, while Nate Newman and Logan Kelly of Newman Kelly represented the seller.
An undisclosed buyer purchased 4.32 acres at West Orem Drive and Hillcroft Avenue in southwest Houston. Mohamed Gamal of RESOLUT RE represented the vendor, Gamal Enterprises Inc.
A group of investors, including Sunrise Capital Group and led by David Davidenko, Julia Bykhovskaia and Merrill Kaliser, have acquired The Gallery at Katy, a 316-unit garden-style apartment complex in the Katy / Cinco Ranch submarket. . The property was built in 1983 and has been recently refurbished. It was 94% occupied at the time of the sale. The acquisition marks Sunrise’s first property in Houston and its eighth property under management in Texas. Brett Benton of Newmark negotiated the transaction.
Merit Hill Capital has purchased Good Spot Storage, a 30,000 square foot self-storage facility at 3735 Mangum Road in northwest Houston. Dave Knobler of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was secured by Knobler and Charles LeClaire in the Denver office.
Courtesy of NAI Partners
The exterior of 2445 Technology Forest Blvd. in The Woodlands
Lexicon Pharmaceuticals has leased 25.3K square feet for its new head office at 2445 Technology Forest Blvd. in The Woodlands. The company sold its old corporate campus to 8800 Technology Forest at the end of 2020. Dan Boyles and Jon Silberman of NAI Partners represented the tenant in the lease transaction, in addition to managing the sale of the corporate campus. ‘last year.
Commando Pressure Control Inc. has renewed its lease for a 14.1,000 square foot industrial building at 11614 Canyon Trail Drive in northwest Houston. The property is located in the Four Seasons Business Park. Jack Gaffney and John Buckley of Finial Group represented the owner.
The Kelsey-Seybold Clinic leased 12.5Kft from the River Oaks Mall. The new location is expected to open in September. John Wise of Weingarten Realty Investors represented the owner, Weingarten.
CONSTRUCTION AND DEVELOPMENT
Courtesy of Luxigon
An aerial view of POST Houston in downtown Houston
Lovett Commercial has signed an agreement with Live Nation to open a new concert hall at POST Houston, the company’s redevelopment of Houston’s historic Barbara Jordan Post Office. The 90K SF Theater is under construction and is slated to open in 2021. The venue will host POST Houston and was designed by New York-based architecture firm OMA in conjunction with Houston-based Powers Brown Architecture.
POST Houston’s 550K SF development aims to provide the city’s downtown northern neighborhoods with a mixed-use environment that combines arts, entertainment, creative workspaces, dining and retail. The project is located at 401 Franklin Street.
BV Capital and Archway Properties have launched BV Archway Real Estate Income Fund, relaunching a $ 50 million equity game with the off-market acquisition of a 111-acre business park in the Houston market. The fund plans to acquire 10 to 12 single-tenant, triple net leased properties in Texas. BV Capital projects that it will be fully invested in one to two years.
The fund started the portfolio with its first stake: a 79.7K SF Floor & Decor showroom and warehouse in Park Air 59, a mixed-use development located at the east entrance of Bush Intercontinental Airport. . The project developed by Archway, delivered at the end of 2019, is guaranteed by a triple net lease.
The fund’s strategy provides for an anticipated maintenance of five years. The team is focused on finding bespoke developments and one-off acquisitions of newer buildings, which are leased long-term to creditworthy tenants in strong markets such as Dallas-Fort Worth and Houston.
Marcus & Millichap Capital Corp. arranged $ 3.7 million in refinancing for an 80-unit multifamily asset in Houston. The seven-year loan consisted of a fixed interest rate of 3.25%, two years of interest only, and the repatriation of equity to the promoter. The financing was negotiated on behalf of the borrower by Brandon Brown of Marcus & Millichap.
Marcus & Millichap Capital Corp. arranged a $ 7 million refinancing for a 110-unit multifamily asset in Houston. The 10-year loan has a fixed interest rate of 3.89% and only six years of interest. Brandon Brown of Marcus & Millichap represented the borrower.
JLL Capital Markets arranged an acquisition financing for Savoy Manor, a 192-unit multi-family property in Houston. JLL worked on behalf of the borrower, LLP Equity, to secure the 10-year variable rate loan through Freddie Mac. The loan will be insured by JLL Real Estate Capital LLC, a Freddie Mac Optigo lender. The JLL Capital Markets team representing the seller was led by Mark Brandenburg, CW Sheehan and Cort Martin.
Larry Peters of NorthMarq has completed a cash refinancing for Market at Shenandoah, an 11.6,000 square foot Class A commercial property in Conroe. The transaction was structured with a 10-year term over a 25-year amortization schedule at an interest rate of 3.65%. NorthMarq arranged financing for the borrower through its correspondent relationship with Symetra, a life insurance company.
THIS AND THAT
Courtesy of Transwestern
BriarLake Plaza in Houston’s Westchase submarket
Transwestern Real Estate Services has been engaged by Cousins Properties to provide office rental services for BriarLake Plaza in the Westchase submarket of Houston. The mission includes two Class A assets: 502.4K SF One BriarLake Plaza at 2000 West Sam Houston Parkway S and 333.1K SF Two BriarLake Plaza at 2050 West Sam Houston Parkway S. David Baker, Tyler Garrett and Katy Gragg of Transwestern will represent the possession.
Hartman Income REIT Management has launched Bizsuites, a unique office model designed to be affordable and flexible for small businesses in Texas. It will be deployed at eight sites in Houston, Dallas-Fort Worth and San Antonio, with additional sites on board later this year.
Bizsuites offices cover seven suburban office submarkets in three of Texas’ four major subways. Locations include furnished office options, cafes, free Wi-Fi, presentation materials, directory listings in the lobby, courier delivery services, and free housekeeping and concierge services.