Texas Real Estate Business

MAY 2016

Texas Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in Texas.

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22 • May 2016 • Texas Real Estate Business www.REBusinessOnline.com H O U S T O N KBS SIGNS OVER 60,000 SF IN LEASES AT WEST LOOP I & II BELLAIRE, TEXAS — KBS Strate- gic Opportunity REIT, a non-traded real estate investment trust based in Newport Beach, Calif., has signed nine leases totaling 60,227 square feet at West Loop I & II in Bellaire with tenants in the medical and fnancial industries. Bellaire Dermatology and Eye Center of Texas signed the two largest leases, at 16,334 square feet and 15,120 square feet, respectively. Located three miles west of Houston's central business district, West Loop I & II is a Class A, two-building ofce complex with 313,873 rentable square feet. It sits on a 5.6-acre ofce proper- ty with an eight-story parking garage and a covered walkway. The property is near the residential communities of Bellaire and West University with ac- cess to I-610. Amenities include struc- tured parking, a deli, park and on-site security. John Spaford and Allie Hub- bard of PM Realty Group represented KBS in the lease negotiations. Greg Hall with Greater Houston Commer- cial Properties represented Eye Center of Texas, and Jon Silberman and Dan Boyles of NAI Partners represented Bellaire Dermatology. LEE & ASSOCIATES NEGOTIATES INDUSTRIAL LEASE SPRING, TEXAS — CWER Properties LLC has purchased a 6,363-square- foot industrial building on 3.9 acres at 2610 Spring Cypress Road in Spring. Reed Vestal and Taylor Schmidt of Lee & Associates represented the seller, and James Robertson of Workspace Real Estate represented the buyer. COLLIERS INTERNATIONAL ARRANGES 34,220 SF OFFICE/WAREHOUSE LEASE WALLER, TEXAS — Colliers Interna- tional has arranged a 34,220-square- foot ofce/warehouse lease for Cor- dyne Inc. at 1500 Alegacy Place in Waller. Walter Menuet and Tom Con- don Jr. of Colliers represented the landlord, Alegacy Development, in the transaction. Colt Haack of Cold- well Banker Properties Unlimited rep- resented the tenant. M&M ARRANGES SALE OF APARTMENT BUILDING PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Skylark Townhome Estates, a 16-unit apartment property located in Pasa- dena. Juan Cuevas and Lucas Fertitta of Marcus & Millichap's Houston of- fce marketed the property on behalf of the seller, a limited liability compa- ny. Steven Carrell of the frm's Hous- ton ofce secured and represented the buyer, a limited liability company. Skylark Townhome Estates is located at 1017 Skylark Road in Pasadena. BAKER KATZ BREAKS GROUND ON 33,000 SF RETAIL DEVELOPMENT HOUSTON — Houston-based Baker Katz has broken ground on the rede- velopment of two buildings totaling 33,000 square feet on a 4.5-acre tract. Baker Katz purchased the property in summer 2015 with plans to add new signage, update the parking lot and renovate the two buildings located near the cross streets of FM 1960 and West Lake Houston Parkway. Verizon Wireless will join the tenant mix in a 4,000-square-foot building. THREE RETAILERS TO JOIN THE SHOPPES AT CINCO RANCH KATY, TEXAS — Thor Equities has leased a total of 6,800 square feet of space at The Shoppes at Cinco Ranch in Houston to three separate retail- ers. Iron Tribe Fitness, a gym fran- chise with more than 60 locations in 15 states, has signed a long-term lease for 4,200 square feet of ground-level space. Great Clips also signed a long- term lease for more than 1,000 square feet, while Nails of America is leas- ing over 1,600 square feet of space. All three businesses are scheduled to open this summer. Thor recently announced Lowe's Cos. will build a 100,000-square-foot home improve- ment store at The Shoppes at Cinco Ranch, with Thor developing retail stores and restaurant spaces through- out the remainder of the 35-acre prop- erty. Located in Katy, The Shoppes at Cinco Ranch is accessible via the West- park Tollway and bisected by Spring Green Boulevard, with parking and sidewalks throughout the property. NAI PARTNERS NEGOTIATES 31,075 SF INDUSTRIAL LEASE HOUSTON — NAI Partners has represented Point2Point Crowded House Moving & Storage in the lease of 31,075 square feet of distribution warehouse space located at 527 W. 38th St. in Houston. Point2Point and Crowded House merged in early 2012. Chris Caudill of NAI Partners represented the tenant, Point2Point Crowded Houston Moving & Storage, during the negotiations. Steve Hazel of Insite Realty represented the land- lord, Houston Pine Forest M LLC. EDGE REALTY PARTNERS ARRANGES RETAIL LEASE FOR T.J. MAXX HUMBLE, TEXAS — T.J. Maxx has signed a new 22,000-square-foot lease for a store in Westlake Marketplace, a shopping center located at Beltway 8 and West Lake Houston Parkway in Humble. Culver Stedman of EDGE Realty Partners represented the ten- ant, and Carson Wilson of Fidelis Realty Partners represented the land- lord. BELLOMY & CO. ARRANGES SALE OF STORAGE FACILITY HOUSTON — Bellomy & Co. has ar- ranged the sale of Eldridge FM 1960 Storage in Houston. The Class A fa- cility was built in 2008, sits on nearly seven acres and consists of 587 units spanning more than 77,000 square feet. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. listed the facility on behalf of the Houston-based seller. The team also procured the buyer, Extra Space Stor- age, a publicly traded REIT headquar- tered in Salt Lake City. NORTHMARQ REFINANCES RETAIL CONSTRUCTION LOAN IN THE WOODLANDS THE WOODLANDS, TEXAS — War- ren Hitchcock of NorthMarq Capital's Houston ofce has arranged the ref- nancing of a construction loan for a retail property containing two tenants in The Woodlands. The property, lo- cated on Kuykendahl Road, contains 11,000 square feet. The loan was struc- tured with a 15-year term and 25-year amortization schedule. NorthMarq arranged fnancing for the borrower through its correspondent relation- ship with an unnamed life insurance company. MCCARTHY TO BUILD 200,000 SF HIGH SCHOOL IN DOWNTOWN HOUSTON HOUSTON — McCarthy Building Cos. has been awarded the contract to build The High School for the Per- forming and Visual Arts (HSPVA) lo- cated at 790 Austin St. in downtown Houston. The school is designed to house 750 students and focus on sev- eral arts disciplines, including acting, writing, music, fne arts and dance. The fve-story, 200,000-square-foot high school will include an 800-seat theater, 300-seat black box theater, rehearsal rooms, cafeteria and two foors of underground parking. Locat- ed in the middle of downtown Hous- ton, the project will cover an entire city block. The seven-story building, which includes two foors of parking, is scheduled for completion in Sep- tember 2018. McCarthy Building Cos. has been awarded the contract to build The High School for the Performing and Visual Arts (HSPVA) located at 790 Austin St. in downtown Houston. The school is designed to house 750 students and focus on several arts disciplines.

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