Sep 26

This Week’s Houston Deal Sheet

The largest retail development in the Houston area is getting a residential infusion. In addition to 1.5M SF of retail, a 10,000-seat amphitheater and high school football stadium, Valley Ranch Town Center will soon be home to 550 Class-A multifamily units.

The Pointe At Valley Ranch Town Center is the latest piece in The Signorelli Co.’s mixed-use puzzle on the doorstep of the 1,400-acre Valley Ranch master planned community. Meeks + Partners Architects and Brown & Gay Engineers have been retained to design the 550-unit project, with the first phase of 330 units expected to break ground early next year. The multifamily will be the first of many in New Caney.  “The Pointe is the first of six multifamily projects planned in the overall Valley Ranch community,” The Signorelli Co.’s CEO Danny Signorelli said.

 

SALES

Marcus & Millichap’s Jeffrey Fript and Christian Mazzini represented a locally based partnership in the sale of the Barrington Apartments, a 308-unit complex in Houston. No other broker information was provided. Fript and Mazzini also represented the seller of a two-property, 980-unit multifamily portfolio in Pasadena. The properties, 514-unit Alta Vista and Las Villas, which has 468 units, are just south of the Port of Houston. Fript also secured the buyer, a local Houston operator.

Colliers’ Christopher Winters and William Byrd represented the seller, Eastbourne Fry & 529, in the sale of a 16.7-acre development site just south of Fry Road in Houston. The buyer, K-Tung, was represented by Re/Max Alliance’s Tri Tran.

River Oaks Equity Partners represented the seller and procured the buyer of the Majestic Apartments in Houston. Majestic Apartments is a Class-B, 44-unit apartment community at 5701 Schumacher Lane.

JLL’s Ryan Fuselier and Travis Secor represented Polymers Packaging & Warehousing Inc. in acquiring a 275K SF warehouse at 550 Aleen from Aleen Street Associates. Avison Young’s Bob Berry and Grant Hortsenstine represented the seller.

Betz Cos.’ Gloria Parrino represented the buyer, Redwolf Investments, in the purchase of a 15K SF office/warehouse facility at 7207 High Life Drive in Houston. Clay Development & Construction was the seller.

On behalf of the seller, Marcus & Millichap’s Gus Lagos and Nik Kapetanakis completed the sale of Winkler Plaza, a 13,500 SF retail property at 8550 Winkler in Houston. No additional information was provided.

14800 Jersey Shore Drive, a wholly owned subsidiary of California-based Bigge Crane & Rigging Co., has closed on the purchase and expansion of 322 and 324 Riley Road in Pearland. The two assets consist of 100K SF of industrial office and manufacturing buildings on 14.9 acres of stabilized yard. NAI Partners’ Clay Pritchett represented the buyer on both transactions while his colleague Chris Caudill represented the seller of 322 Riley, JDI Ventures. Champions Real Estate’s John Bennett represented the seller of 324 Riley.

A 45K SF volleyball facility on 4.9 acres at 10914 South Gessner Road in Houston was sold to Texas Can Academy. The buyer was represented by GEJ Properties’ Rene Hightire. The seller, Spike Sports Inc., was represented by David Commercial Real Estate’s Barrett Von Blon.

NAI Partners Investment Fund acquired 11301 Fallbrook Drive, a 61K SF medical office building adjacent to the Cypress Fairbanks Medical Center in Northwest Houston. NAI’s Andrew Pappas worked with HFF’s Tyler Ford to secure debt financing. Caldwell Cos.’ Jack Russo and Blake Virgilio represented the seller, Iron Creek Ventures.

 

LEASES

A Baker Katz team represented AMC Theatrs in signing a 41,500 SF lease for a 10-screen theater that will anchor MetroPark eSquare in Shenandoah. The Retail Connection’s Steve Greenberg represented the owner. The theater is expected to open in early 2018.

Fresinius Kidney Care has leased a former CVS at 10505 Jones Road at Fallbrook by the Steeplechase subdivision. The tenant was represented by Carlos Izquierdo with Bayou City Commercial. The landlord was represented by Wulfe & Co.’s Kristen Barker.

NAI Partners’ Dan Boyles and Mike Mannella represented Waste Corporation of America in leasing 20K SF, an expansion of its headquarters at 1330 Post Oak. Transwestern’s Eric Anderson and Tyler Garrett represented the landlord, Four Oaks Place Operating.

Results Physiotherapy will be opening eight new locations in the greater Houston area in 2017. Four locations have recently opened. Edge Realty Partners’ Jamie Weaver represented Results Physiotherapy in all eight locations.

Pet Supermarket signed an 8K SF lease, joining H-E-B, Navy Federal Credit Union, AT&T, Chuy’s and many others at The Crossing at Telfair development by Rubicon Realty Group. Rubicon’s Inna Gallager represented the landlord. Edge Realty Partners’ Debbie Adams represented the tenant.

Anixter leased 10K SF at 5400 Mitchelldale Drive in Houston. Cresa Partners’ Dustin Cruz represented the tenant, while Hartman Income REIT’s Kacie Skeen represented the landlord.

Melrose Apparel has leased 12K SF of retail space in Pasadena Town Center. NewQuest Properties’ Bob Conwell and David Meyers represented the landlord. Abe Charski of Abe Charski Interests represented the tenant.

The Law Office of Bryan Fagan Protest leased 6K SF at 3707 FM 1960 in Houston. Hartman Income REIT’s Rod Hale represented the landlord.

 

EXECS

JLL has expanded its agency leasing team in Houston with the addition of Jack Russo as vice president. He will represent both institutional and private owners in the marketing and leasing of their office properties.

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