Category: Southeast Texas Deals & Announcements

Two adjacent retail assets in Houston trade to Bridgewell

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of two adjacent Houston retail centers, including the 49,359-square-foot Sunridge Shopping Center (Sunridge) and the 44,398-square-foot Westchase Plaza (Westchase).

JLL worked on behalf of the seller, Whitestone REIT. An entity controlled by Houston-based Bridgewell Property Management, LLC acquired both assets. The privately held Bridgewell and its affiliates own over 30 retail, industrial, storage and mixed-use properties totaling two million square feet in the Houston MSA.

Situated in the Westchase trade area, Sunridge Shopping Center (3800 S. Gessner Road) and Westchase Plaza (3700 S. Gessner Road) are located at the northwest and southwest corners of Westpark Drive and S. Gessner Road. The hard corner locations provide the centers with visibility to almost 80,000 vehicles per day. The immediate trade area has been the recipient of tremendous tenant demand, as well as little new supply additions and is now approximately 97% leased. Tenants are drawn to the area’s density with over 30,000 residents within a one-mile radius.

Institutionally managed and leased by the Whitestone REIT for over 20 years, Westchase and Sunridge are 80% leased shopping centers featuring a tenant lineup of La Tapatia, Little Caesars, Subway, United States Postal Service and several additional local retail and medical tenants. The average tenure at the center is 11.7 years.

The JLL Retail Capital Markets Investment Advisory team was led by Senior Managing Director Ryan West, Senior Director John Indelli and Analysts Clay Anderson and Ryan Olive.

The two properties will be managed by Keen Realty and leased by Hunington Properties, Inc.

Sale of premier neighborhood strip center in Houston’s prime retail corridor closes

Posted on by Mia Goulart

JLL Capital Markets has closed the sale of Uptown Plaza, a 28,000-square-foot neighborhood strip retail center located in the prime retail corridor of Houston, Texas.

JLL represented the seller in the transaction. Pine Ridge Real Estate acquired the asset in an all-cash transaction.

Developed in 2002, the 100% leased Uptown Plaza is currently occupied by CVS, Vision Corner, EG Geller Shoes, Lesley Ann Jewels, Alchemy 43, Fizz Nails and Grotto. The property features an average tenure of over 12 years and a weighted average remaining lease term of three years.

Located at 4715 Westheimer Road, Uptown Plaza sits at the intersection of Westheimer and Interstate 610 and is surrounded by numerous high end retail destinations, such as River Oaks District, The Galleria, Highland Village and BLVD Place. The property attracts consumers from Houston’s most affluent residential neighborhoods, including River Oaks, Tanglewood and Montrose. Retail fundamentals in the inner-loop River Oaks submarket remain strong boasting a 3.3% vacancy rate, and across the Houston MSA retail rents have grown 5.6% year over year. The property is situated on 2.74 AC and presents the possibilities for future redevelopment in an unmatched location. Additionally, within a three-mile radius of the property is a population of over 203,000 residents, and within a one-mile radius an average household income of $164,432.

The JLL Retail Capital Markets team that represented the seller was led by Senior Managing Director Ryan West, Senior Director John Indelli and Director Erin Lazarus.

Ware Malcomb announces construction is complete on DECISIO Health’s corporate headquarters in Houston

Posted on by Mia Goulart

Ware Malcomb, an award-winning international design firm, announced that construction is complete on DECISIO Health, located at 520 Post Oak Blvd. Suite 600, in Houston. Ware Malcomb provided interior architecture and design and branding services for the 15,000-square-foot interior office renovation. 

DECISIO Health is a Houston-based digital health company with a configurable clinical decision support platform designed to aggregate data from electronic health records, in-room medical devices such as monitors and ventilators, and other sources of patient data to present relevant clinical data of the patients’ condition in a set of configurable dashboards.

DECISIO Health, relocated to a new office space designed to enhance employee collaboration and create a thoughtfully designed work environment. The new office space, strategically selected for its suitability and capacity to accommodate DECISIO’s growing team, reflects the company’s commitment to fostering an energized and collaborative work environment. The office design seamlessly combines functional spaces with elements that evoke a techy, fun, speakeasy feel. A neutral, darker color palette paired with ample natural daylight and a variety of textures was chosen to create an engaging space custom designed to align with their company culture.  

Ware Malcomb collaborated closely with DECISIO to bring their new office to life. The team addressed the unique challenges of the project, which included the need for a variety of different workspaces, flexible use of square footage, and a high level of acoustic privacy through the use of multiple types of workstations, multi-use space and high performance acoustic materials.  

Notably, Ware Malcomb’s in house Branding Studio played a pivotal role in the successful outcome of the project by providing custom branded graphics for key spaces within the office. By interpreting the essence of DECISIO’s brand and integrating it throughout the space, the team successfully captured the company’s identity and values.  

Ware Malcomb worked closely on the project with the building owner/developer, Griffin Partners. Headquartered in Houston, Griffin Partners is a commercial real estate investment, development, and property management firm that owns and operates properties throughout Texas, Colorado, Arizona, Utah, Tennessee, and North Carolina. General contracting services for the project were provided by Crest Builders. The tenant was represented by Edward Edson with Colliers and the building was represented by Jill Nesloney with Lee & Associates.  

$255 million credit facility arranged for single-family rental portfolio located across Texas

Posted on by Mia Goulart

JLL Capital Markets has arranged a $255 million credit facility for single-family rental homes located across Texas. Upon close, the facility refinanced an initial portfolio of homes in Houston, Dallas-Fort Worth, San Antonio and Bryan/College Station.

JLL worked on behalf of the borrower, Camillo Properties Ltd. doing business as SimplyHome, to secure the bridge facility through Churchill Real Estate, a vertically integrated real estate investment firm with $6 billion outstanding across more than 60 facilities in its lender finance business as of Q2 2023. SimplyHome is one of the largest private owners of purpose-built SFR in the country, and since inception, SimplyHome has scaled its holdings into 10,000 SFR homes across 100 different neighborhoods.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Colby Mueck, Managing Director Matthew Putterman, Director Laura Brown and Analyst Davis Burnett.

Chris Lewis named Most Admired CEO by the Houston Business Journal

Posted on by Mia Goulart

Chris Lewis, managing principal at Lee & Associates, Houston, has been honored with the 2023 Houston Business Journal (HBJ) Most Admired CEO Award. This recognition highlights Lewis’ exceptional leadership and his significant contributions to the Houston business community.

The HBJ Most Admired CEO Award is a highly esteemed accolade that recognizes outstanding CEOs who have demonstrated exemplary leadership, innovation, and success in their respective industries. Lewis’ dedication to excellence and his commitment to driving growth and success for Lee & Associates, Houston have earned him this well-deserved recognition.

Forty-nine CEOs were chosen by members of the HBJ staff for their career achievements and leadership skills. The honorees will be recognized in a special section of the HBJ’s August 25 weekly edition and at an awards luncheon on Thursday, August 24, at the Marriott Marquis Houston.

West Houston office building undergoes multi-million-dollar reno; sees flurry of leasing activity

Posted on by Mia Goulart

Stream Realty Partners has leased more than 74,000 square feet at a West Houston office building as ownership announces a multi-million-dollar capital improvement project.

Eldridge Oaks, located at 1080 Eldridge Parkway and adjacent to Terry Hershey Park in the highly desirable Energy Corridor, is owned by national real estate investment firm, Broadshore Capital Partners, on behalf of its clients.

Broadshore worked with Stream Houston, IA Interior Architects, and OJB to reimagine the building’s identity and create an environment focused on the health and wellness of its occupants. Stream, a national commercial real estate firm offering an integrated platform of services, provides leasing, property management, and construction management services at Eldridge Oaks. Senior Vice President Brad Fricks and Vice President Matt Asvestas serve as leasing agents.

O’Donnell/Snider Construction is overseeing the construction, which will be completed this fall.

Eldridge Oaks’ proximity to Terry Hershey Park as a natural amenity is a competitive advantage few buildings can offer. A robust fitness center also offers direct connectivity to the park trails. The renovation includes thoughtful programming of outdoor amenities to further enhance the tenant experience and attract companies seeking employee-centric office spaces. Improvements underway include a complete update to the first- and second-floor lobbies, a conference center and on-site food services. Also on tap is a connected, collaborative tenant lounge space and enhancements to other building common spaces.

Global engineering company Gulf Companies recently signed a 52,148-square-foot-lease at Eldridge Oaks. Beau Bellow of JLL represented the tenant.

Other notable transactions at Eldridge Oaks include:

  • Ryder Integrated Logistics executed a 7,141-square-foot lease. Gary Lawless of Cresa represented the tenant.
  • VsmSQ Structural Engineers executed a 6,161-square-foot lease. Anthony Fritsche of Fritsche Anderson Realty Partners represented the tenant.
  • CCL Global leased 4,739 square feet. The tenant was represented by Scott Visin of Cushman & Wakefield.
  • Hanwha Global Investments Corporation secured a 2,616-square-foot lease. Tripp Pruet with Stream represented the tenant.

Eldridge Oaks is a 14-story, Class A office tower built in 2009 offering a variety of amenities including on-site property management, 24/7 security, and an above-market parking ratio. The building can accommodate tenants ranging from 3,000 square feet to 235,000 square feet and has move-in ready speculative suites available.

The LEED® Gold Certified building provides immediate access to Terry Hershey Park hike and bike trails, and a plethora of walkable restaurants, bars, hotels and lifestyle retail at The Enclave on Eldridge and Plazas at The Parkway retail development across the street.