JLL Capital Markets brokered the sale of two Houston-area office buildings, noting that a swell of interest from tenants suggests a larger trend afoot in the market.
Courtesy of Jud Haggard Photography
Woodlake Plaza in Westchase
Chevron Phillips Chemical Co. sold a 200K SF Class-A office building in The Woodlands to Beland Properties.
Completed in 2002 as the global headquarters for Chevron Phillips Chemical, the eight-story 10001 Six Pines Drive offers flexible floor plates, structured parking and 3 acres of additional land for development.
JLL Capital Markets’ Kevin McConn, Jeff Cairns and Brandon Clarke represented the seller and procured the buyer.
“We had tremendous interest in this offering, particularly from owner-users, a trend we have witnessed throughout the last 24 months,” McConn said in a statement.
Separately, a private owner/user purchased Woodlake Plaza, a 106K SF office building at 2600 S. Gessner Road in the Westchase submarket. Originally built in 1974, the six-story property offers a break room, conference room and parking for 292 vehicles.
JLL Capital Markets’ Marty Hogan led the team representing the confidential seller.
PEOPLE
The Dinerstein Cos. promoted Maria Gomelsky to chief financial officer. Gomelsky, who joined TDC in 2021 as chief accounting officer, succeeds David Glaser. Glaser is retiring after seven years with the company.
Gomelsky will oversee TDC’s financial strategy, capital planning and treasury operations. With over 20 years of experience in finance, accounting and capital markets, she previously held senior finance roles at AIG and a publicly registered REIT.
SALES
True Saga sold the Ella Plaza retail center to Sega Development. The 82K SF center, developed in 2007, is 97% leased to tenants, including Advance Auto Parts. Ella Plaza is on 7 acres at 1319 Cypress Creek Parkway.
Dakota Workman of NewQuest represented the seller. Northmarq Commercial represented the buyer.
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Alterra IOS acquired three properties totaling about 11 acres and 69K SF of warehouse space throughout Houston. The properties are at 15545 Ennis Road in Sugar Land, 1960 S. Starpoint Drive in Houston and 7470 Miller Road 2 in Houston.
Alexander Harrold of Matthews Real Estate Investment Services facilitated the Sugar Land acquisition for Alterra, while Jack Zalta of Kassin Sabbagh Realty presented the other two properties to Alterra.
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Courtesy of CapRock Partners
Kennedy Greens Distribution Center
CapRock Partners, a privately owned investor and developer of industrial real estate, acquired Kennedy Greens Distribution Center. The 524K SF Class-A facility at 13300 John F Kennedy Blvd. is near George Bush Intercontinental Airport in Houston.
This is Newport Beach-based CapRock Partners’ first entry into the Houston market. The center, completed in 2020, is fully leased to three established credit tenants.
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Partners Real Estate announced the sale of a 65K SF speculative industrial building at 510 S. Sam Houston Parkway E.
Partners’ Travis Land and A.J. Williams represented the seller. Chase Spence and Jeff Peltier with Colliers represented the buyer. A third 57K SF building is under construction at the project and is available for sale or lease.
LEASES
Houston Energy, a privately held oil and gas exploration company, renewed its 28K SF lease at Two Allen Center. The company was represented by Bob Parsley and Darren Gowell of Colliers. The landlord, Brookfield Properties, was represented by CBRE’s Bubba Harkins, Kristen Rabel and Jenny Sealy.
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Oxford Partners represented Dwyer Industries Inc. in the lease renewal of 25K SF at 1200-1236 Silber Road. Oxford Partners’ Matt Rogers and Jacob Summers represented the tenant. The landlord, a Delaware limited partnership, was represented by Nick Peterson and Walker McCairns of NAI Robert Lynn.
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Courtesy of Outrigger Industrial
Generation Park Distribution Center
Representative Materials Co. signed a 119K SF industrial lease at 1055 W. Lake Houston Parkway. This is the first lease signed for Outrigger Industrial’s 256K SF building in the newly completed Generation Park Distribution Center. The lease brings the building to 46% occupancy.
RMC is a manufacturer and value-added service provider of electrical conduit, fittings, mechanical framing and stainless steel conduit systems for commercial, industrial, data center and utility markets. JLL’s Jarret Venghaus, Jeff Venghaus and David Holland represented Outrigger Industrial. Ryan Fuselier and David Buescher, also of JLL, represented RMC.
FINANCING
Imperial Ridge Real Estate Capital provided $2.9M in senior construction financing for the conversion of a former Holiday Inn at 703 N. Sam Houston Parkway E. into workforce housing. Imperial Ridge also partnered with Amalgamated Bank to provide $4M in commercial property assessed clean energy financing for the $9.2M project, which is being developed by The 702 LLC.
The LLC purchased the property last year. It plans to convert the 250-key, 74K SF hotel into a mix of 137 studio and one-bedroom apartments. The C-PACE funding will enable energy upgrades that include new HVAC systems, energy-efficient lighting, window replacements and the installation of a rooftop solar array.
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The Texas Infrastructure Program, a team of consultants working with developers to leverage future municipal utility district reimbursements, closed five development financing transactions in the last three months. The projects financed include Sterling Traditions, a 475-acre residential community anticipated to include over 1,800 homes near the city of Dayton, northeast of Houston. The $37.7M transaction was secured in partnership with Sterling Traditions.
Another is Milo Farms, a 413-acre, 1,200-home development near Needville in Fort Bend County. The $30.2M transaction was secured in partnership with Rooted Development.