JLL Capital Markets closed the sale and financing of Chasewood Technology Park, a four-building office campus totaling 463,969 square feet in northwest Houston. JLL represented the seller, The GenCap Group, and procured the buyer, Nitya Capital, and helped Nitya to secure a $46 million loan through Morgan Stanley. Chasewood Technology Park consists of One, Two, Three and Four Chasewood, which are located at 20333, 20405, 20445 and 20329 State Highway 249, respectively. The 10.44-acre site is positioned in one of Houston’s fastest-growing submarkets near the intersection of State Highway 249 and Louetta Road, equidistant between the Grand Parkway and Sam Houston Tollway. The GenCap Group’s first investment at Chasewood Technology Park was the acquisition of Two Chasewood in 1997, followed in the late nineties by the purchase of One Chasewood and the development of Three Chasewood. Four Chasewood was developed and delivered at the start of the 2008 financial crisis. Within a year, the building was more than 85 percent leased. “This type of strong demand has been typical during our holding period,” said Paul Vangrieken, executive vice president with the GenCap Group. “Despite the many challenges, these assets have continuously outperformed the market thanks to a strong ownership sponsor and the dedication of the Transwestern leasing and management team.” The GenCap Group’s only reason for selling the portfolio is because one of the partners, an undisclosed Dutch pension fund, is divesting all of its U.S. holdings. The JLL Capital Markets team representing the seller was led by director Rick Goings and analyst Ethan Goldberg. Financing efforts were led by JLL Capital Market’s senior director John Ream and associate Laura Sellingsloh. “This portfolio is among the first large office trades to occur in the Houston market since COVID-19 hit the U.S.” Goings said. “The pandemic created numerous challenges in bringing this deal across the finish line, but we had the right assets, the right tenancy and the right buyer to get it done. The prior owners did a great job in positioning these buildings to withstand macro-economic events and Nitya understood that value proposition.” The northwest Houston area has been driven by market-leading population growth given the proximity to the Energy Corridor and The Woodlands. Planned nearby future development includes Class A multi-housing, retail pads and jogging/biking trails along Cypress Creek, which is adjacent to the property. The multi-story buildings are 92.9 percent leased overall to a diverse array of tenants in the oil and gas, consulting, technology, engineering, architecture, healthcare, and food services industries.

NAI Partners recently arranged an 8,600-square-foot industrial lease for Viking Engineering at 4930 Dacoma Street in Houston. Viking Engineering provides the upstream oil and gas industry with well construction design and analysis solutions. NAI Partners’ Alex Taghi represented the tenant in the transaction.

August 24, 2020 (Houston) – Hartman Income REIT Management, Inc. (Hartman), a commercial real estate firm headquartered in Houston, Texas broke ground on a 7,500 square foot retail property at 17211 North Freeway in Houston, Texas this year. The development is underway at the Houston shopping center Hartman acquired in 2013 with the retail anchor tenant, Floor and Décor. The 7,500 square foot retail development is expected to be completed in the fourth quarter of this year, according to the project’s general contractor, Dan Jones. “17211 North Freeway retail project is a value-add investment for the shopping center, we expect the new retail space to attract a great amount of new shoppers to the center and are looking forward to welcoming future tenants to the space.” The retail project was conceptually planned when the land was acquired with company growth in mind. Hartman focuses on purchasing commercial real estate properties that are underperforming and tackles the task of improving the properties, adding value and raising occupancy rates. At 17211 North Freeway, Hartman is doing just that with this new addition of a 7,500 square retail building. Houston based, Stewart Consulting Services, designed the new building development that will tentatively include four individual retail suites, with one of the end suites providing drive-through capabilities for its future tenant. The building will cosmetically give a value-add look to the area as it will have a sleek brick and modern finish offering a positive refreshed look to the retail center. Located just south of the intersection of I-45 and FM 1960, the retail center will also boast the ability to easily shop, offer convenience, and will be a great addition to the extremely fast-growing area. Hartman views this new land development as essential to the growth of the area. This development follows the recent opening of the new headquarters of Exxon Mobil located nearby. Significant developments such as Exxon Mobil’s have brought with them a massive growth in population and spike in people visiting the area for work or other leisurely activities. Hartman expects the new retail space to emphasize the rising desirability of the area and is hopeful to bring new businesses and unique upgrades to the Houston metroplex. “The leasing team here at Hartman is excited to add this new development to the existing center that is the home of Floor and Décor. We hope to attract national tenants to drive traffic to the existing center and bring future growth opportunities to the area.” Says Katherine Morrison, Hartman’s regional Vice President of leasing. Looking ahead, Hartman continues to expand at its properties, break ground on new projects and has numerous projects in the works related to retail, office, industrial, and flex space. In total, Hartman has over a hundred thousand square feet in the pipeline and looks forward to welcoming new and future tenants to the Hartman platform. Hartman Income REIT Management, Inc. will be pre-leasing the available suites at this retail center. For more information on leasing at this location, please call 713-467-2222.

About Hartman: Hartman is a premier property management company in the Houston, Dallas and San Antonio markets. Hartman has owned and operated commercial office properties since 1983, offering premium office space at attractive rates. With more than 37 years of commercial leasing expertise in Houston, San Antonio and Dallas, Hartman knows exactly what their customers require. For more information, visit www.hi-reit.com.

Contact:
Malori Bizzell
Marketing Manager
Hartman Income REIT Management, Inc.
214.432.3708
mbizzell@hi-reit.com

Correro & Rhodes leased 2,031SF at 2909 Hillcroft in Houston, TX for 5 years. Richard Maloof represented the landlord, Hartman Income REIT.

PSI Premier Specialties, Inc. leased 2,015SF at 3100 Timmons in Houston, TX for 5 years. Richard Maloof represented the landlord, Hartman Income REIT.