Rangel Renewables, LLC leased 2,094 square feet at the 2040 North Loop West in Houston, TX. Justin Harrity represented the landlord, Hartman Income REIT.
Category: Southeast Texas Deals & Announcements
Lowe Joint Venture Acquires Three Hotels in The Woodlands from Howard Hughes Corporation
A joint venture between Lowe and an institutional investor announced today its acquisition from The Howard Hughes Corporation® (NYSE: HHC) of three hospitality assets located in The Woodlands®, a 28,500-acre award-winning master planned community in the greater Houston area. The Woodlands Resort; The Westin at The Woodlands; and Embassy Suites by Hilton, The Woodlands at Hughes Landing were purchased for $252 million and will continue to be managed by Lowe’s hospitality management subsidiary, CoralTree Hospitality, which took over management of the properties in September of 2020. Lowe will immediately begin a $25 million capital investment program at the three hotels, totaling 909 rooms.
“The Woodlands hotel portfolio acquisition is consistent with our broader hospitality investment strategy that targets quality, full-service hotels and resorts that draw significant leisure travel, but also cater to corporate and group business. Located in a high-growth Houston submarket with strong demand and compelling demographics, the hotels and resort draw from multiple demand segments attracted by the appealing location, lakes, outdoor recreation and considerable amenities within The Woodlands. Business has grown steadily over the past five years and the hotels have weathered the downturn and are rebounding strongly,” said Mike Lowe, co-CEO of Lowe.
With this sale, Howard Hughes has successfully closed on approximately $376 million of the targeted $600 million net proceeds in the sale of non-core assets outlined two years ago. “The sale of our hotel assets in The Woodlands further advances the disposition of non-core assets as outlined in our 2019 strategic initiative,” said David R. O’Reilly, CEO of The Howard Hughes Corporation. “Lowe is recognized for its leading quality service within the hospitality industry, and we are pleased to have found a buyer who shares our commitment to providing visitors to The Woodlands with a best-in-class customer experience.”
VLK Breaks Ground with PBT-ISD on Maintenance Facility
(Pecos, Texas) – On Thursday, September 16, 2021, VLK Architects joined Pecos-Barstow-Toyah ISD to break ground and begin construction for the new Maintenance | Child Nutrition | Technology | DAEP Campus Facility. Funded by the district’s 2021 $178.6 M Bond, this project’s construction was the first priority on the list of bond projects in order to clear sites for the upcoming elementary school projects. This is the largest bond PBT-ISD has ever passed. Additional bond projects will consist of a new Pre-K-1st grade Early Childhood Campus, a 2nd-5th grade elementary campus, Pecos High School Phase 1 (CTE and Science Wing), and renovations to the existing Austin Elementary into a District Day Care/Adult Learning Center.
“There have been several key ‘steps’ to get to this point,” said Brent Jaco, Pecos-Barstow-Toyah ISD Superintendent. “The development of this facility has been in the works for almost a year. Breaking ground on this facility is truly an exciting step in fulfilling the plans outlined in the 2021 bond. We couldn’t be more excited to begin work and get our support staff this much-needed state-of-the-art facility!”
The new facility will feature over 10,000 square feet of maintenance and custodian storage/warehouse space, offices, a dedicated carpentry shop, and a grounds equipment repair shop. The new location will prioritize child nutrition by containing a district food service warehouse area that includes a walk-in cooler and freezers, offices, and a test kitchen. The district’s server will be located in this building in addition to technology offices, prep rooms, and storage areas. Other notable details include DAEP classrooms for elementary, junior high, and high school students; DAEP play areas such as an elementary playground and a paved play area for JH and HS; and other support spaces such as a multi-purpose training room, break rooms, and conference rooms. Separate drives will be provided for different departments, as well as a dedicated delivery drive with a secure shipping and receiving area at the warehouse spaces.
“VLK is excited to partner with PBT ISD and BTC to kick off their 2021 Bond Program with this new facility. We understand what this bond program means to the district and their community. We are fortunate to be involved from the start and look forward to working with them on the future projects,” said Monika Castillo, AIA, Principal of VLK Architects.
BTC is the main contractor on this project, and other consultants include Dunaway Associates, Ponce-Fuess Engineering, DBR, Inc., and Foodservice Design Professionals. The cost of this specific project will be $13,157,140, and the estimated completion date for this maintenance facility is summer 2022.
To learn more about the 2021 Bond for Pecos-Barstow-Toyah ISD and additional projects included, click here: //bit.ly/3hDMC34.
About VLK Architects:
With offices throughout Texas, VLK Architects provides architecture, planning, and interior design services to automotive, K-12, higher education, corporate, and institutional clients throughout Texas. For more information, please visit our website: www.vlkarchitects.com or contact 817-344-0344 or tbartley@vlkarchitects.com.
Solar Energy Company Spruce Power Signs 33,749-Square-Foot Office Lease in Houston
Houston, TX (Sept. 16, 2021) — Newmark announces the 33,749-square-foot, 1.5-floor new office lease to Spruce Power (Spruce), the largest private owner and operator of distributed generation residential solar assets in North America, at Two Memorial City Plaza in Houston Texas. Spruce Power will occupy the space at the end of 2021.
Newmark Managing Director Joshua Brown, Director John Luck, Vice Chairman Reggie Beavan and Associate Director Audrey Selber represented Spruce Power in the lease transaction. Located at 820 Gessner Road, the 18-story, 927,000-square-foot Class A office building is owned and managed by privately-held real estate investment, development and management company MetroNational.
“Given Spruce’s continuing growth, even in the midst of COVID-19, our team strove to identify a real estate solution for the company that will enhance employee experience and future growth,” said Brown. “The upcoming renovations at Memorial City Plaza, as well as nearby amenities, were attractive to Spruce and they are excited to occupy the new space.”
“When we moved Spruce from California to Houston in 2018, we knew we were moving a fast-growing new power company to the long-time hub of North American power and energy,” said Christian Fong, Chairman and CEO at Spruce. “We took a chance on Houston and its business infrastructure, and it has worked out as we’ve grown into America’s largest privately-held residential solar company. Expanding and upgrading Spruce’s offices is our own investment into a city and workforce that has fueled our company’s growth.”
Two Memorial City Plaza–a recipient of the EPA’s Energy Star Award and IWBJ’s WELL Certification–features amenities including 24-hour on-site security, key-card access, shuttle service, temperature-controlled skywalks interconnecting buildings and parking garages, as well as an on-site FedEx storefront, Skyline Deli, Comerica Bank and travel agency.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently-owned licensees, operates globally from approximately 490
Press Contact: Lizzy Mahan t 303-260-4437 lizzy.mahan@nmrk.com offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
Presido Medical Supply Leased 3,423 SF at 6806 Hwy 6 in Houston
Presido Medical Supply Svc, LLC leased 3,423 square feet at 6806 Highway 6 South in Houston, TX. Wil Logan represented the landlord, Hartman Income REIT.
King Capital Advisors Leased 3,039 SF at 1880 S Dairy Ashford, Houston, TX
King Capital Advisors leased 3,039 square feet at 1880 S. Dairy Ashford in Houston, TX. Kacie Skeen and Austin Brodeur represented the landlord, Hartman Income REIT.