NIT Industrial bought a 151,260-square-foot distribution building at 12614 Hempstead Highway in northwest Houston. The seller, STAG Houston 3 LP, was represented by Ryan Byrd and Walker Barnett of Colliers International. Jason Tangen, also with Colliers International, represented the buyer. NIT, which plans to make capital improvements to the property, has retained Colliers to market the space to tenants.
Terra Energy Partners leased 33,457 square feet at 3050 Post Oak Blvd. in the Lakes on Post Oak office campus near the Galleria. Adam Grimm, Audrey Selber and Andy Iverson of Newmark Knight Frank represented the tenant. CBRE represented the landlord, Sinopec USA.
The Richland Cos. renewed several tenants at its Bay Plaza Office Complex, 711 West Bay Area Blvd. The deals include DYB Advisory Group for 5,039 square feet, Simien Properties for 3,476 square feet and DFI Organics for 2,070 square feet. Angie Steadman represented the landlord in-house.
Pomo Resources, doing business as Pomgranit Stones, purchased an 84,894-square-foot industrial building on 5.9 acres at 5150 Blalock Drive. William Rudolf and Kyle Golding with CBRE represented the seller, 5150 Blalock LLC. Cindy Wilson with Groen Realty Partners represented the buyer.
JLL announced today that it has completed the sale and arranged acquisition financing for Sugar Creek Place I, a 151,772-square-foot, Class A office building in the Houston-area community of Sugar Land, Texas.
JLL represented the seller, HighBrook Investors, and procured the buyer, Songy Highroads LLC. Additionally, JLL worked on behalf of the new owner to secure the three-year, floating-rate acquisition financing through an affiliate of Marathon Asset Management, L.P.
Sugar Creek Place I is prominently located at 14100 Southwest Freeway at the corner of Interstate 69 and Commerce Green Boulevard in Sugar Land, one of Houston’s most sought-after and best-performing suburbs. The property has direct access to several primary transportation thoroughfares including Beltway 8, Westpark Tollway, Grand Parkway and U.S. 90, and has convenient access to Sugar Land’s residential communities of First Colony, Greatwood, New Territory, River Park, and Imperial. Recently renovated, the six-story office asset is 86% leased to a diverse tenant roster representing a broad range of business sectors, including energy, real estate, consulting, education, healthcare, and finance.
The JLL Capital Markets team representing the seller was led by Senior Director Martin Hogan and Senior Managing Director Dan Miller.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Ed Coco and Directors Matt Casey and Michael Johnson.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge deliver the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
The deal secured by Holliday GP Corp prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
A European investor is close to a deal to buy one of downtown Dallas’ office towers.
Spain-based investor Masaveu Real Estate US wants to purchase the 18-story KPMG Plaza in the Arts District from the Korean investment fund that’s owned it for three years, according to brokerage company reports.
The 450,000-square-foot Ross Avenue office building has been up for sale for the last few months. The office tower is next door to the new 28-story Hall Arts Residences condos and hotel, which is near completion. The Meyerson Symphony Center is across the street.
Commercial property firm Cushman & Wakefield has been marketing the building for sale. Representatives with the firm declined to comment.
Tenants in the building include developer Hall Group, KPMG, UMB Bank, Jackson Walker LLP, and Spencer Stuart. KPMG Plaza has restaurants on the ground floor facing Flora Street and a sculpture garden on the east side of the tower.
The sale to Masaveu is estimated at $240 million, according to a report by real estate firm Colliers International in a just-released newsletter. KPMG Plaza sold for an estimated $200 million the last time it traded.
The nearby 1900 Pearl office tower recently sold for $700 per square foot — the highest price ever paid for a Dallas office project.
The KPMG high-rise is one of a handful of downtown Dallas office buildings that have recently been up for grabs. A Korean investment group just spent more than $96 million to acquire a majority stake in the 37-story One AT&T Plaza skyscraper on Commerce Street.
Masaveu Real Estate US is a unit of Corporación Masaveu, a family-owned investment group based in Oviedo, Spain. Founded in 1840, Masaveu has holdings in real estate, industrial companies, wineries, and medicine. Masaveu has operations in eight countries.
Metro NEXT Plan Earns Houston Realty Business Coalition Stamp Of Approval Houston Other October 15, 2019, Kyle Hagerty, Bisnow Houston Want to get a jump-start on upcoming deals? Meet the major Houston players at one of our upcoming events! At the ballot this November, Houston Metro will ask voters for a $3.5B bond, more than ever before, in hopes of funding 75 miles of rapid bus service and 16 miles of light rail while putting $600M into the local bus system. The plan, not without its critics, could be a game-changer for Houston’s Inner Loop, constrained by traffic and ever-widening highways. The plan was officially endorsed by the Houston Realty Business Coalition, with a two-thirds majority vote from trustees. But with a concerning lack of specifics, Metro NEXT’s vision may be more of a dream. Courtesy of Metro Houston Metro Light-Rail “We are pleased to support this forward-looking bond measure,” Houston Realty Business Coalition Chair Alan Hassenflu said in a statement. President and CEO of Fidelis Realty, Hassenflu is behind several high-profile developments across the Houston area, like the redevelopment of the 1.1M SF San Jacinto Mall and Yale Marketplace, a chic Whole Foods-anchored retail center. “To secure our region’s continued economic prosperity as its population grows to 10 million by 2040, and to keep congestion from crippling our region, we must expand our mobility options in a fiscally prudent manner,” Hassenflu said. “We believe the METRO Proposition does that.” The plan, which can be viewed here, contains dozens of projects aiming to be completed over the course of a 20-year timeline. Metro has said it will apply for matching federal dollars that could raise the investments to $7.5B. The plan lists start and endpoints of routes, but not where the buses or rails will run in between those points. Critics say the lack of transparency about what will be built, when it will be built and where exactly it will be built is setting up voters for a false bill of sale, just like the last Metro bond vote. Courtesy of Metro Houston Metro Buses The last time Houston voters went to the ballot for a Metro bond, a $640M proposal voted on in 2003, things didn’t work out as originally planned. Routes were decided after the vote, changing massive portions of the plan. Critics say the same thing can happen with this bond. “I think the plan is as specific as the process allows,” Metro Chairwoman Carrin Patman said, the Houston Chronicle reported. “No one has to worry they are not going to have a chance to weigh in on a given connection.”
Southern Downtown Park, bounded by Fannin, San Jacinto, Leeland, and Bell, will add green space to downtown Houston.