Jun 16

This Week’s Houston Deal Sheet Real Estate Bisnow

Snooze is opening its first breakfast eatery in Houston, and eating there will serve a good cause beyond filling your belly.

The Denver-based company has committed to donating 1% of sales into the community through in-kind goods and services. The new restaurant will open in 2016 at 3217 Montrose. Baker Katz’ Jason Baker repped Snooze, and the landlord was repped by WestMont Partners.

EXECS

Patrick Dennis joined Dinerstein Cos as president of development. He was most recently director of West Coast development for Wood Partners.

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InvenTrust Properties¹ Mark Vondrak was named director of leasing in the Houston office. He¹ll oversee retail leasing and market expansion for South Texas, Louisiana and the Midwest. Mark was previously the firm¹s leasing director for the Midwest region; before joining InvenTrust, he oversaw leasing and development of Texas projects for Kimco and Rubloff Development Group.

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John Leos joined Skanska as project executive. He has 17 years of construction experience and most recently was with Manhattan Construction.

SALES

Gekabi purchased 27 acres on the north side of FM 1488 just west of Old Conroe Road in Magnolia. Cypressbrook Co¹s Denise Ksiazek repped the seller, and Cushman & Wakefield¹s Scott Visin repped the buyer.

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United Way of Greater Houston purchased a 79k SF office building at 12300 Parc Crest Dr in Stafford. ICO Commercial¹s Lang Motes, Tawnya Dornak and Jane Nodskov repped seller Stafford Office Park, DST. Avison Young¹s Jeff Lindenberger repped the buyer.

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An undisclosed buyer purchased the Center at Cinco Ranch, a 12k SF retail property in Katy. Marcus & Millichap¹s James Bell listed the asset at $3.6M. 

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Newcor CRE¹s David Alexander assembled 286 acres near the southwest corner of Kuykendahl and Hufsmith so J. Alan Kent Development can develop a master planned community called Lakes at Creekside. He worked with 14 landowners over a three-year period to put together the tracts, including finding replacement properties nearby for landowners who lived on the site. Lakes at Creekside will have over 600 homes and eight lakes. The first 148 homes will start delivering in February.

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An undisclosed buyer purchased Clear Lake Court, a 12k SF retail property on Nasa Road 1 in Seabrook. Marcus & Millichap¹s Gus Lagos and Alex Bouchard listed the asset and secured the buyer with Marcus & Millichap¹s Nik Kapetanakis.

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An undisclosed buyer purchased Village by the Bay, a 79-unit apartment complex in La Porte. Marcus & Millichap¹s Juan Cuevas listed the asset at $4M, and Marcus & Millichap¹s John Susank repped the buyer.

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An undisclosed buyer purchased Cinco Ranch Crossing, a 31k SF industrial property in Richmond. Marcus & Millichap¹s Justin Miller and Derek Hargrove repped the seller.

LEASES

Rafatullah Siddiqui leased 11k SF of retail space at 8404 Highway 6 S. Hartman Income REIT¹s Jennifer Rabon repped the landlord in-house.

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Sprott Newsom renewed 10k SF at the Norfolk Tower building. Moody Rambin¹s Griff Jaggard and Terri Torregrossa repped landlord The Realty Associates Fund IX, and JLL¹s Steven Burkett repped the tenant.

DEVELOPMENT

PPI and TCR have completed construction of Alexan Auburn Lakes, a 346-unit luxury community at West Rayford and Gosling roads on the edge of The Woodlands.

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Woodbine Development and InterMountain Management purchased three acres in Springwoods Village and broke ground on a hotel. The Courtyard by Marriott will be the second hotel in the community when it opens in Q2 ¹16. (A Residence Inn by Marriott, just to the north, will open this September.) It¹ll have 125 rooms and will be LEED certified. 

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Memorial Hermann broke ground on the $650M expansion and renovation of its TMC campus. Memorial Hermann was founded in 1925 with a 200k SF building, the first hospital in the TMC. Now the campus is 2.5M SF, and this development will bring it over 3.8M SF. That includes a new 15-story tower with 160 additional beds, 24 ORs, 16 additional ER bays, 750 new parking spaces, a 335-seat café, the Memorial Hermann Texas Trauma Institute, John S. Dunn Burn Center expansion, and Memorial Hermann Life Flight with helistop.

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Satterfield & Pontikes was awarded three new projects from the HISD¹s $2B 2012 bond program. The three projects total $120M: replacement of Sam Houston High School, partial replacement/renovation of Westbury High School, and partial replacement/renovation of Young Women¹s College Preparatory Academy. Construction will begin in Q1 or Q2 of 2016. The Young Women¹s Academy will complete in 2017, and the other two will finish in 2018.

FINANCING

Q10 KDH¹s Ryan Watson secured a permanent 10-year loan for Fairmont Village Shopping Center in Pasadena. The owner, Rhino Realty Partners, purchased the property 16 months ago and rehabbed and backfilled it. Ryan refinanced its existing full-recourse bank loan with a non-recourse fixed-rate loan through Innovative Capital Advisors.

THIS AND THAT

Kimley-Horn and Associates opened a Woodlands office led by Steven Freeman. Jay Malo also joined the office as aviation practice builder. It¹s the firm¹s 11th office in Texas.

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Transwestern was selected to lease 15000 Northwest Freeway. First States Investors 4600 owns the 35k SF office building and recently updated the lobbies and restrooms. It also has the ability to expand the parking lot to accommodate user requirements up to 10 per 1k SF. Kelli Crutchfield and Amanda Lee will handle the assignment, including leasing 27k SF of contiguous available space.