Tag: Houston

Lovett Industrial and PCCP acquire two industrial business parks in Houston

Posted on by Mia Goulart

Lovett Industrial, the Houston-based real estate investment firm and PCCP, LLC, a national commercial real estate investment firm have acquired the Claymoore Portfolio, consisting of 1,390,900 square feet across 10 Class A industrial buildings in Houston’s NW submarket.

The Claymoore Portfolio, comprised of Claymoore Business Park and Northwest Business Park, features highly functional warehouses that provide a diverse range of site plans and suite sizes ranging from 12,000 to 275,000 square feet. Located on Clay Road and Beltway 8, Claymoore Business Park features eight cross-dock and front-load buildings totaling 1,019,000 square feet, 18- to 24-foot clear heights, and 960 parking spaces. Situated on West by Northwest Boulevard and Highway 290, Northwest Business Park features one cross-dock and one front-load building totaling 378,900 square feet, 24-foot clear heights, and 746 parking spaces. The portfolio is 100% occupied by 21 tenants that have a weighted average tenure of over 11 years.

The business parks’ core, infill locations allow for immediate access to Beltway 8 and Highway 290 and close proximity to Interstate 10, providing occupants the ability to service some of the metro’s most densely populated and affluent areas. The portfolio represents a unique opportunity for scale in the heart of the largest and most established industrial submarket in Houston.

Marketing and leasing efforts for the portfolio will be exclusively handled by Brian Gammill, Jude Filippone, and Darryl Noon of Transwestern. Trent Agnew of JLL served as broker on the transaction. Acquisition financing is provided by Voya Financial and was arranged by Michael Johnson and Wally Reid of JLL.

The Claymoore Portfolio is Lovett Industrial’s second stabilized property acquisition and will be managed by Lovett Industrial Management. Additionally in the Houston area, Lovett Industrial has 3.2 million square feet under construction and 3.3 million square feet of completed developments between seven projects.

Cushman & Wakefield represents JMB in Houston law firm lease at 1001 Fannin in Houston

Posted on by Mia Goulart

Cushman & Wakefield has arranged a 7,541-square-foot lease with Hogan Thompson Schuelke LLP at 1001 Fannin on behalf of JMB Realty Corporation.

Brad Beasley and Chip Colvill of Cushman & Wakefield represented the landlord in the lease negotiations. Joshua Brown and Kaitlyn Duffie of Newmark represented the tenant.

The 47-story LEED Gold certified tower includes 1.3 million square feet of flexible and efficient office space with eight corner offices per floor, 25,000 square feet of retail and amenity space, a tunnel-connected parking garage and a new fitness center.

CenterSquare expands into manufactured housing sector through acquisition of Houston-based Piney Woods

Posted on by Mia Goulart

CenterSquare Investment Management, in a joint venture with K8H Ventures, has acquired Piney Woods, a to-be-built 394-lot manufactured housing community located in the Crosby submarket of Houston, Texas. The acquisition represents CenterSquare’s first private equity investment in the sector and was made via joint venture with K8H Ventures, an experienced, local manufactured housing operator that has a strong track record in the Houston market. 

The property’s central location allows it to benefit from adjacency to both the Port of Houston, which is experiencing significant growth and generating blue-collar jobs, as well as the thriving Lake Houston community. Piney Woods will help address the dilemma of cost-burdened renters who comprise half of this growing metropolitan hub by offering an affordable housing alternative for a market that is witnessing some of the highest population growth rates nationwide. Texas continues to lead the United States for annual manufactured housing shipments by state. 

The property will be built to Fannie Mae Level 4 and 5 Quality Rating Standards and will feature modern, new product, appealing to long-term renters seeking a home-like living experience at a reasonable cost. Piney Woods will offer an array of premium amenities including a swimming pool, basketball court, playground, walking trails and green spaces. 

CenterSquare has previously invested in manufactured housing through the firm’s listed real estate securities platform. This direct investment aligns with CenterSquare’s thesis of acquiring and/or creating communities that are fortified by strong secular tailwinds including the rising cost of home ownership, increasing demand for larger spaces and amenitized communities, and a limited inventory of affordable options located in high growth submarkets. 

The land is shovel ready, and lots will be developed over a 12-month period with completion scheduled for August 2024. The business plan calls for the completion of the horizontal site work and a robust pre-leasing marketing campaign to generate leasing velocity. 

Partners Real Estate arranges 11,611-square-foot lease for Royston, Rayzor, Vickery & Williams in Houston

Posted on by Mia Goulart

Partners Real Estate, one of the largest independent commercial real estate firms in Texas, recently arranged an 11,661-square-foot lease located at 1415 Louisiana Street in Houston.

Partners’ Griff Bandy and John Zivley represented the tenant in the transaction. The landlord, Wedge Commercial Properties, was represented by Connor Saxe of Cushman & Wakefield.

Jim Humphries joins JLL Capital Markets’ SFR team

Posted on by Mia Goulart

JLL Capital Markets announced today that Jim Humphries has joined the firm’s single-family rental (SFR) team as a director sitting in the Houston office.

Humphries will focus on SFR and build-to-rent (BTR) investment sales nationally and will work alongside the current SFR team lead, Managing Director Matthew Putterman.

Humphries joins JLL from Colliers in Houston, where he has spent the past eight years. Most recently, he served as senior vice president and began his concentration on middle-market SFR and BTR investment sales in 2019. Prior to his career with Colliers, Humphries worked with HFF (predecessor to JLL) as part of the Houston multi-housing investment sales team.

New Stream Realty Partners’ industrial warehouse in Houston now 100% leased

Posted on by Mia Goulart

A 156,483-square-foot speculative distribution development in Northwest Houston that recently received LEED certification is now fully leased with the signing of a single tenant.

KHD Group, a furniture vendor and supplier that started its business with the VECELO brand, will occupy Stream Realty Partners’ Raceway Northwest Distribution Center at 9707 Fairbanks North Houston Road. Stream, a national commercial real estate firm offering an integrated platform of services, announced the completion of the warehouse in March.

Stream Houston Senior Vice Presidents Jeremy Lumbreras and Boone Smith were instrumental in identifying and securing the tenant for the development. Kyle Fletcher, a Houston-based director on Stream’s Industrial Development Services team, led the development and construction management of the facility.

Raceway Northwest Distribution Center was constructed to the most modern distribution development standards, including a front-load configuration with 36-foot clear height, 25 dock-high doors, and 109 vehicle and 22 trailer parking spaces. The development delivered in move-in condition with speculative office space, a white-boxed interior warehouse, LED warehouse lights, and a fully fenced and secured truck court.

The facility, which offers frontage along Fairbanks North Houston Road, provides immediate access to the Sam Houston Tollway, State Highway 249, and U.S. Highway 290. It is located near Houston’s population center, providing a unique offering in the market. Corporate neighbors include Amazon, The Home Depot, Panasonic, Advance Auto Parts, UPS, and Target.

Raceway NW Distribution Center is owned and overseen by Stream Realty Partners. Bringing over 170 years of combined experience, the Industrial Development Services division at Stream sources and executes development opportunities across a growing platform and offers a full suite of development-related services. Stream’s Investment Management Platform leverages expertise from Stream’s 15 local offices to make investment decisions based on real-time supply and demand fundamentals. Stream actively owns 32 investments of 21 million square feet and approximately $3.1 billion in assets under management.