Houston’s Uptown Development Authority Completes $122 Million in Bond Financing

The Uptown Development Authority (UDA) has successfully completed the second half of its $112 million bond financing. The bonds consisted of a $48 million privately placed series 2021A bond at 2.0% and a $64 million public offering series 2021B bond at 3.52%, for an all-in combined cost of 3.18%. The proceeds will fund affordable homes throughout Houston, directed by the City’s Housing and Community Development Department. The low interest rates achieved for the issuance of the Series 2021B, led by UBS Financial Services Inc., show that bond investors view both Houston and UDA’s fiscal health positively. Houston has been nationally recognized for establishing the model of an impactful affordable housing response system. Moving beyond supporting existing homeowners and renters, this funding will allow Houston to assist 1,000 new low-to-moderate income homebuyers throughout the City. The proceeds will support the City of Houston’s “1000 Affordable Homes Program.” This program includes New Home Development: $47 million, 575 homes – The new home development program will support affordable home development for owner-occupied homes, with a special focus on development within the Mayor’s Complete Communities. Homebuyer Choice Community Land Trust: $53 million, 425 homes – The Homebuyer Choice Community Land Trust program supports new homebuyers willing to purchase a home in a land trust model. More information about the land trust model is available at www.houstonclt.org.

DWG Capital Adds Sugarland-Area Industrial Facility to Portfolio

DWG Capital Partners, a fully integrated Los Angeles-based commercial real estate investment and capital markets firm, announced its acquisition of a Texas industrial property in a sale-leaseback transaction for an undisclosed sum. The 35,835-square-foot light industrial facility located at 1317 Business Highway 71 North in Columbus, Texas is situated near Houston’s Sugarland submarket and is fully occupied by The Theut Company, a division of Denver Glass Interiors (DGI), which is a portfolio company of Dallas-based private equity firm Baymark Partners. In a multi-layered transaction, a team from DWG Capital Group, led by President Judd Dunning, sourced the pre-market opportunity, developed a total value and risk assessment, structured the sale-leaseback, procured financing, and then secured numerous highly qualified investors for the venture. The Theut Company, also known as Theut Glass, is a commercial glazing company that also fabricates metal framing in its shop, with expertise in glazing systems for educational, municipal, religious, and other construction where an architectural focal point is derived from glass and metal aesthetics. Founded in 1986 in Columbus, Texas, by brothers Rusty and Scott Theut and their father Stan, the company was acquired by DGI in December 2020. Bryan Huber and Michael Soleimani of SAB Capital represented the tenant in the 17-year absolute NNN sale-leaseback. Washington Federal Bank provided acquisition financing for the venture.

DWG Capital Adds Sugarland-Area Industrial Facility to Portfolio

DWG Capital Partners, a fully integrated Los Angeles-based commercial real estate investment and capital markets firm, announced its acquisition of a Texas industrial property in a sale-leaseback transaction for an undisclosed sum. The 35,835-square-foot light industrial facility located at 1317 Business Highway 71 North in Columbus, Texas is situated near Houston’s Sugarland submarket and is fully occupied by The Theut Company, a division of Denver Glass Interiors (DGI), which is a portfolio company of Dallas-based private equity firm Baymark Partners. In a multi-layered transaction, a team from DWG Capital Group, led by President Judd Dunning, sourced the pre-market opportunity, developed a total value and risk assessment, structured the sale-leaseback, procured financing, and then secured numerous highly qualified investors for the venture. The Theut Company, also known as Theut Glass, is a commercial glazing company that also fabricates metal framing in its shop, with expertise in glazing systems for educational, municipal, religious, and other construction where an architectural focal point is derived from glass and metal aesthetics. Founded in 1986 in Columbus, Texas, by brothers Rusty and Scott Theut and their father Stan, the company was acquired by DGI in December 2020. Bryan Huber and Michael Soleimani of SAB Capital represented the tenant in the 17-year absolute NNN sale-leaseback. Washington Federal Bank provided acquisition financing for the venture.

New Class A Distribution Building Underway in Houston

Transwestern Real Estate Services (TRS) and Molto Properties announced the official groundbreaking of West Gulf Bank Distribution Center, a 115,642-square-foot, Class A distribution building located in Brookhollow West Business Park at 9700 West Gulf Bank in Houston. Transwestern Managing Director Nick Peterson, SIOR, and Executive Managing Director John Ferruzzo, SIOR, represented Molto Properties in the acquisition of the land site and subsequent building. The team additionally provided Molto Properties brokerage services in the sale of the land and building to Armstrong Relocation, which will occupy the building upon completion in September. West Gulf Bank Distribution Center is a state-of-the-art industrial development located in the heart of Northwest Houston. The development will accommodate 97 car parking spaces, 24 trailer parking spaces, 28 loading docks and two drive-in doors and ramps.

Final Building at New Houston Area Business Park Sells

NAI Partners recently arranged the sale of 13744 Pike Road, a 15,525-square-foot industrial building located in Missouri City, Texas. NAI Partners’ Travis Land and AJ Williams, of the company’s Industrial Services group, represented the seller Adkisson Group in the sale of 13744 Pike Road. The buyer was represented by Sam Chang of Henry S. Miller. This was the sixth sale and last available building at Pike Road Business Park. Adkisson Group has several new Industrial developments that will be announced soon in the Southwest submarket.