Real Estate Transactions: Hotels in Ten Oaks
Sales
Office
1130 Enclave Parkway LLC, an oil-related company based in Coral Gables, Fla., has purchased a 3,500-square-foot office building at 1130 Enclave Parkway in the Energy Corridor. The buyer plans to move in to a large part of the building after a current tenant’s lease expiration. George N. Polydoros of George Polydoros Co. represented the seller, Enclave Pointe I Ltd. Steven O’Connor and Marc Drumwright of Southwest Realty Advisors represented the buyer.
Apartments
Gaia Real Estate has sold the Township Apartments, a 300-unit complex at 401 S. Bender Ave. in Humble, to a local developer. The property was built in 1972 and comprises 41 residential buildings on 15 acres. Since acquiring the property in January 2012, Gaia has renovated the interiors, updated the amenities, put on new roofs, painted the exterior and redesigned the fitness center, business center and pool.
Gaia Real Estate manages a portfolio of $1.7 bil-lion in real estate assets, including more than 15,000 apartments and 600,000 square feet of office space throughout the U.S. The company is based in New York City and has property management headquarters in Houston.
GoldOller Real Estate Investments has entered the Texas market with the purchase of the Trails at Dominion Park, an 843-unit apartment complex at 200 Dominion Park, for $52.5 million. The property was built in the early 1990s and is situated on 50 acres along the Interstate 45 corridor in north Houston. Amenities include five pools, heated spas, a fitness center, tennis courts, sand volleyball and a dog park. The property offers one-, two- and three-bedroom apartments, with washer/dryer connections, balconies and patios. Apartment floor plans range from 600 to 1,500 square feet. The property is 95 percent occupied. Philadelphia-based GoldOller’s portfolio totals 11,000 units in 15 states, primarily in the Midwest and Southeast.
Fort Worth-based Panther FW Investments, in partnership with a local multifamily investment group, has purchased the Oaks of Cypress Station Apartments, a 294-unit complex at 1000 Cypress Station Drive. It is the second multifamily property for Panther in Houston. Panther’s business plan is to increase rental revenue through extensive interior and exterior upgrades. The property was purchased from Americas Oaks in Houston Holdings, a family venture based in Canada.
Land
The Woodlands United Methodist Church has purchased a 12.8-acre tract from the Johnson Development Corp. for a church in Woodforest, the community’s first. The site is at the southwest corner of Woodforest Parkway Northwest and Fish Creek Thoroughfare near Stewart Elementary. Construction is expected to begin in three to four years after a sustained worshipping community is established. A new pastor, to be appointed this summer, is expected to start small groups in a home church this fall.
Leases
Office
ImpactWeather, a Stormgeo company that serves as a full-time weather department for companies around the world, has renewed a lease for 11,031 square feet at 12650 Featherwood. Dan F. Boyles Jr. and Liz Westcott-Brown of NAI Partners represented the tenant. Derek Beck and Kurt Kistler with Moody Rambin represented the landlord, Derrick Management.
OnX Enterprise Solutions, an enterprise data center IT solutions provider, has opened a Houston office in the Community Bank building at 10333 Richmond. OnX has been serving Houston-area clients for more than 30 years and wanted a central location to allow for continued growth in the Texas market. The regional office will serve the Texas market along with a satellite office in Dallas.
Regus, a provider of business centers around the world, has leased 14,782 square feet in the Gateway I building at 3663 N. Sam Houston Parkway East. Wade Bowlin and Marci Phillips of PM Realty Group represented the landlord, Laurus Corp. Elliott Hirshfeld and Mike Kay CBRE represented the tenant.
Badger Midstream Energy has leased 14,782 square feet in the Gateway I building at 3663 N. Sam Houston Parkway East. Wade Bowlin and Marci Phillips of PM Realty Group represented the landlord, Laurus Corp. Richard Stromatt of General Development Corp. represented the tenant.
Etc.
Hospitality
Several hotel projects are being built in Ten Oaks, a development of Wolff Cos. in west Houston. Dallas-based Western International broke ground on a Courtyard by Marriott and a Hampton Inn & Suites by Hilton after purchasing 5.2 acres near the corner of Barker-Cypress Road and Park Row, just north of Texas Children’s and Methodist’s west Houston hospitals. The hotels will be within walking distance of major employers such as Wood Group, Mustang Engineering and Sercel. Om Shanti Hospitality is building a SpringHill Suites by Marriott at 15750 Park Ten Place. The hotel will be 55,000 square feet and have 112 rooms.
Apartments
Berkadia Commercial Mortgage has provided $6.5 million in acquisition financing for Village in the Woods, a 530-unit community at 11800 Grant Road in the Steeplechase area. The borrower was PBHZ #1, an entity of Hamilton Zanze & Co. The 31-year-old property is 93 percent occupied, with average rents at 72 cents per square foot, according to oconnordata.com.
Industrial
Houston-based Levey Group has started construction on the second phase of its Sam Houston Business Park along Beltway 8 between U.S. 290 and Texas 249 in northwest Houston. The 263,000-square-foot business park was developed entirely on a speculative basis, meaning construction began before any tenants had been signed. The project, started in 2012, represents a new line of business for Levey Group, which traditionally handled build-to-suit projects for tenants. Phase two, which will complete the project, features a 56,600-square-foot building on 3.9 acres on the northeast side of the park. Building 4 could be used by a single tenant or divided into space as small as 27,720 square feet. Completion is planned in May 2015. Joseph Smith of CRBE is handling leasing. The first phase, consisting of three buildings, is 95 percent leased. Among the largest tenants is Flotek Industries, which signed a 50,000-square-foot, 15-year lease. Flotek is planning to build out a high-tech state-of-the-art laboratory research facility in the park. Other tenants include Ringers Gloves, Tyndale USA, NDLI Logistics, Westermann and Doorscapes. The park is located at 8844, 8846, 8848 and 8850 N. Sam Houston Parkway West.
Residential
New home sales in the Spring master-planned community of Harmony shot up 92 percent in 2014 over the previous year, driven by demand from both area families and those relocating here for jobs. Last year, 217 new homes sold for an average price of $351,893. The homes averaged 3,246 square feet. Homebuyers who relocated within Spring accounted for 36 percent of the sales in the community at Riley Fuzzel Road and Rayford Road. About 17 percent of Harmony’s 2014 new home sales were to out-of-state buyers. Harmony is a project of the Johnson Development Corp.
Firethorne reached an all-time high of 368 new homes sold last year in the 1,400-acre community in Fulshear. To date, the master-planned community has sold 2,359 new homes and closed on 2,258. When completed, it will have 3,400 homes, with 150 acres devoted to parks and recreational amenities. The community is now about two-thirds built out.
For the complete article, please go to:
http://www.chron.com/business/real-estate/article/Real-estate-transactions-6022022.php