Stonelake Capital Partners has closed on 6161 Bingle, a 127,513-square-foot industrial property situated on 17 acres, in the heart of northwest Houston. This acquisition marks Stonelake’s sixth Houston industrial transaction in 2020, and their 18th Houston industrial transaction since 2015. The seller, Graybar Electric Company, had previously vacated the building and desired to sell the building quickly. Graybar was represented by Andy Sowell, SIOR with Boyd Commercial, LLC. With Sowell’s assistance, Stonelake began working to acquire this functional, infill distribution building near the intersection of Highway 290 and Bingle Road. Stonelake and Graybar agreed to terms only days after the property hit the market. With the help of David Munson, SIOR and Wes Williams, both also with Boyd Commercial, Stonelake was able to successfully negotiate a lease with Hannibal Industries. Hannibal Industries is one of the largest steel pallet rack manufacturers in the United States and is recognized as a leader in the material handling industry. The full-building, long-term lease was fully negotiated and executed in conjunction with Stonelake’s acquisition of the property. Since entering the Houston market in 2015, Stonelake has owned or developed nearly 3.5 million square feet of industrial warehouses.
NAI Partners recently arranged a 38,765-square-foot office lease for First Investors Financial Services, Inc. at 5757 Woodway in Houston. The building is occupied by a variety of tenants including medical, traditional office, service and co-working tenants. NAI Partners’ Dan Boyles, partner and member of the company’s office tenant rep group, represented First Investors Financial Services in the transaction. The landlord, 5757 Woodway Realty, LTD, was represented by Braun Enterprises. 5757 Woodway Realty, Ltd. (a Braun Enterprises-related partnership) purchased the building in 2018 and immediately rebranded the building, transforming the project inside and out. Braun initially built out their office suite concept—Urban Office by Braun Enterprises—which consists of modernized small office suites with shared work space, conference rooms, kitchen, lounge area and other amenities and later leased it to Local Office a local co-working concept. Additionally, Braun developed space beneath the parking garage which is now occupied by Sola Salon Suites. First Investors Financial Services is an automobile finance company founded in 1988 to serve the special finance needs of automobile dealers and consumers.
Houston, TX (January 4, 2021) George W Evans Properties, Ltd. has sold 5902 and 5904 Dolores Street containing 23,177 SF of land and 2,844 sf of improvements. The buyer was represented by Kal Drooby Realtors. The seller was represented by Mark Kidd, Sr. and Mark Kidd, Jr. of M Kidd Properties, Inc.
For information contact:
Mark Kidd, Sr.
M Kidd Properties, Inc.
Bellomy & Co. announced the sale of Texas Storage in Rosenberg, Texas, 37 miles southwest of Houston. The Class B property comprises 335 units in 44,718 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented Diehl Investments II LP, the Katy, Texas-based seller. The team also procured the Delaware-based buyer, BCORE Storage Jennetta LP
When ‘partnership’ is part of your organization’s name, being awarded for working on a partnership is about as good as it gets. Waller County Economic Development Partnership recently took home a bronze award for Public Private Partnership from the International Economic Development Council. “To be judged as one of the best in the world, by the best in the world, is truly both humbling and rewarding,” says Vince Yokom, the EDP’s Executive Director. The EDP worked with the Waller County Road Improvement District and Waller County to help Ross Stores, Inc. build a new distribution center in the community just west of Houston. “Ross has not even occupied the facility yet and it has already been a great corporate citizen in supporting our infrastructure improvements in the area and our economic development effort,” Yokom says. “This was a true partnership effort and one of the best experiences we have had in working with a prospect.” For many companies, Waller County is an obvious choice for a distribution hub. Served by a number of major highways and freeways, as well as rail and an airport, its strategic location on Houston’s west side is an incredible asset. It is now primed for development just as U.S. companies show renewed interest in reshoring operations. For decades, these factors such as cheap labor, inexpensive transportation and endless incentives convinced companies to move their production facilities out of the U.S. But the times, they are a-changin’, as the song goes. According to the Reshoring Institute, “a growing number of businesses have rethought their global manufacturing strategies,” which has led to an increasing number of companies bringing at least part of their production back to the U.S. Click to read more at www.rednews.com.
NAI Partners arranged the sale of five buildings totaling 260,950 square feet at 8800 Technology Forest Drive, located in The Woodlands, Texas. The main building on the former Lexicon Pharmaceuticals campus is a 128,400-square-foot, Class A office property with laboratory space. Additional properties on the site include a one-story flex property with lab and office space, as well as two special-use facilities. This is the single-largest commercial real estate sales transaction in the Life Sciences sector in the Greater Houston area in 2020. NAI Partners’ Dan Boyles and Jon Silberman represented the seller, Lexicon Pharmaceuticals. Lexicon will be relocating its corporate headquarters to a new location in The Woodlands. “We’ve been seeing life sciences real estate activity ramping up in and around the Greater Houston area in a big way,” said Boyles. “When we initially listed the property, we thought it might have more broad appeal as a redevelopment opportunity, but there was plenty of interest from potential laboratory, office and biological manufacturing users, further underscoring Houston’s growing appeal as a life sciences hub.” Lexicon Pharmaceuticals is a biopharmaceutical company that is applying a unique approach to gene science based on Nobel Prize-winning technology to discover and develop precise medicines for people with serious, chronic conditions. Using a patient driven approach, the company is working to discover and develop innovative medicines to safely and effectively treat disease and improve patient lives.