This Week’s Houston Deals Sheet (Jan 1, 2022)
CBRE arranged funding for the Indigo Houston Hotel at the Galleria, a 131-key hotel located in Houston’s Uptown submarket.
The property at 5160 Hidalgo St. was purchased by Driftwood Capital in July 2021. It was valued at $ 9.1 million at the start of 2021, although it was not disclosed at the time how much the new owners from the hotel had paid. the Houston Business Journal reported.
Courtesy of Driftwood Capital
Indigo Houston Hotel at the Galleria
Olga Lepow and Mark Owens of CBRE’s Capital Markets Debt & Structured Finance team organized the financing for the new sale.
Built in 2001 and renovated in 2009, the Indigo Hotel features over 3,000 square feet of meeting space, four meeting rooms, a fitness center, and on-site restaurant.
In a statement immediately following the July sale, Driftwood Capital CEO Carlos J. Rodriguez Sr. cited the property’s proximity to the state’s largest mall and bustling business district.
âWith over 23 million square feet of office space and tenants nearby, including General Electric, BBVA Compass and Marathon Oil, the tourism and business sectors focused in this area will allow us to realize investment gains. considerable while providing a newly branded and modern hotel to the community, âsaid Rodriguez.
The Houston Land Bank hired Christa Stoneham as CEO. Stoneham was formerly Mayor Sylvester Turner’s ex officio representative on the HLB board of directors and division director at the Complete Communities Office.
Houston Land Bank is a local public corporation that redevelops vacant, abandoned or damaged properties in Houston and creates affordable housing.
Construction management company AG | CM has promoted Marty Schmitt to the post of chairman. Schmitt replaces Chairman and Founder Derwood Anderson, who is now CEO.
Schmitt was previously COO and Vice President of the Eastern Region. He was hired in 2007. In a previous role in Boston, he worked on Big Dig, a massive civilian project that hijacked Interstate 93.
Chris Hutcheson, James Kadlick, Harrison Kane and Matt Herring of Rockspring Properties have announced several sales:
–The four represented the owners in a 2.25-acre sale of Interstate 45 and the Grand Parkway in Spring to Eastgroup Properties, which will use it for industrial development.
– They represented the owners of 2.5 acres on the north side of Bissonet in a sale to a gas station developer for a convenience store and gas station. Sunoco Retail will be the fuel supplier.
– They represented the owners of a 35-acre lot in Missouri City in a sale to Dinerstein Cos., Which will build a development of 162 single-family units for rent.
– They represented the seller of 68 acres at US 290 and Kermier Road to Grand Logistics PropCo, which will build an industrial development.
Partners Capital acquired Silverlake Business Park from Pearland. The 90K SF, five office and warehouse buildings is located at 2837 Miller Ranch Road. This is the third acquisition of Partners Capital Fund IV. WC Properties sold the property and represented itself.
An anonymous Houston-based investor acquired 1.6,000 acres in Montgomery County. Work on the site, bordered by FM 1486, will begin at the end of 2022.
The unnamed development is located between College Station and Houston. Rob Whitaker and Joe Burke of NewQuest Properties represented the buyer, Eugene Campbell Family Partnership, in the transaction.
A Dallas investment fund bought a flex building for 97K SF from Webster. The nearly 7 acre property is located at 17146 Feathercraft Lane. Judd Harrison and Pat Duffy of Colliers represented the seller, Tiberius Nero. Jared Pinto of Newman Kelly Commercial Real Estate represented the buyer.
Park at Tour 18
Dallas-based Civitas Capital Group has acquired Park at Tour 18, a 241-unit multi-family complex in Humble. Park at Tour 18 was designed by Mucasey & Associates and built by Blazer.
2GRE Equity and RVP Capital, based in Grapevine, TX, have purchased Forest Retreat RV Park in New Caney as part of a joint venture. The 27.3-acre property will expand 49 more spaces by the end of the year.
Stream Realty Partners announced several new leases:
– Sigma Supply has renewed its 41K SF lease at Reed’s Landing Business Park at 2020 Greens Road. Jeremy Lumbreras of Stream Realty represented the owner, Link Industrial.
– Garylynn rented 10K SF from Astro Business Park at 8901 Knight Road. William Carpenter and Boone Smith of Stream Realty represented the owner, ATCAP Partners.
CONSTRUCTION AND LAYOUT
Christopher Todd Communities and Taylor Home Corp. will open a construction project for lease at Cypress.
The 240-home development will span 19 acres and will include one, two and three bedroom smart homes ranging from 750 to 1,250 square feet.
Riverway Properties CEO John Santasiero negotiated the deal. The two companies are planning further developments in Arizona, North Carolina and Florida.