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Stream Realty Jumpstarts 2015 with Multiple Industrial Leases

26 Feb 2015, 9:10 pm

By Liviu Oltean, Associate Editor

The Hardy Distribution Center

Stream Realty Partners has had a very busy new year. In spite of the recent concerns regarding the energy industry, in the first 45 days of 2015, the Dallas-based company managed to execute more than 700,000 square feet of new industrial leases in Houston.

“Houston is a tale of two cities when it comes to our industrial market: One half of the market is tied to local distribution and the other half is tied to the more specialized, crane-served type facilities, which are geared more for oilfield services and heavy manufacturing companies. Stream’s fastball is the first subset, which we track at approximately 261 million square feet marketwide and a very healthy 4.8 precent vacant through the end of 2014,” said Matteson Hamilton, managing director of Stream Realty, in an official statement.

The completed deals are:

  • A 207,230-square-foot lease at 8520-B S. Sam Houston Parkway West in the Bayou Bend Business Park. Matteson Hamilton and Adam Jackson represented Stream and Thackeray Partners.
  • An 185,640-square-foot lease at 9401 Bay Area Blvd. in the Bay Area Business Park. Justin Robinson and Kyle Valentine represented Principal Financial Group.
  • A 171,000-square-foot lease at 113 Gillingham Lane in the Sugar Land Interchange Distribution Center. Cannon Green with Stream represented the tenant.
  • 143,690 square feet of space at 1521 Greens Road in The Hardy Distribution Center. Justin Robinson and Kyle Valentine represented Clarion Partners, while CBRE’s Ed Frantz represented the tenant.
  • A 50,372-square-foot lease at 13215 – 13249 North Promenade in the Freeport Business Center. Matteson Hamilton and Jeremy Lumbreras represented DRA Advisors. The tenant was represented by JLL’s Jarret Venghaus.
  • 47,430 square feet of space at 13721 S. Gessner in the Beltway Crossing Business Park. Justin Robinson and Michael Flowers represented IIT, while Caldwell Cos. represented the tenant.

Image courtesy of Stream Realty Partners

BHW Breaks Ground on Luxury Apartment Community in Lake Jackson

19 Feb 2015, 5:35 am

By Liviu Oltean, Associate Editor

Plantation Park Apartments

Houston-based BHW recently broke ground on Plantation Park, a 238-unit luxury apartment community in Lake Jackson, Texas. The first phase of the Class A residential complex will be developed on a 27.9-acre site on Plantation Drive and is expected to span 16 acres. The remaining acreage might be used later on for a second phase of apartments, for pad sales or for other commercial projects.

According to the company’s website, Plantation Park will retain its park-like feel through extensive landscaping and open areas. Amenities include a fitness center, a resort-style pool, a walking trail, on-site management, nine- to 12-foot ceilings and a dog park. In addition, about 30 units will be available in single-story structures.

As Commercial Property Executive has reported, BHW was founded in 2012 by Martin Bronstein and Ralph Howard, also founders of global real estate advisor The Situs Cos., which was acquired by Helios AMC in 2011. Before its acquisition, Situs employed more than 400 professionals, evaluated over 30,000 assets in the U.S. and Europe, and advised on €60 billion of European commercial real estate debt.

Image courtesy of BHW via official website


BNY Subsidiary Exits Houston Market

12 Feb 2015, 9:25 pm

By Liviu Oltean, Associate Editor

CenterSquare Investment Management, the real asset investment subsidiary of BNY Mellon, announced its exit from the Houston real estate market with the sale of 1301 Fannin St. and the Villas at Hermann Park.  The two assets were acquired through Urdang Value-Added Fund II (UVAF II), a $463 million value-added closed-end fund.

1301 Fannin St. is a 784,000-square-foot mixed-use office tower and data center located in Houston’s CBD. It was acquired in 2007 in joint venture with Griffin Partners and, along with the Villas at Hermann Park, represented one of UVAF II’s largest investments. Throughout CenterSquare’s eight-year hold period, the common areas and infrastructure were upgraded, achieving net operating income growth of 71.6 percent.

Located in Houston’s renowned Texas Medical Center, the Villas at Hermann Park were purchased in joint venture with Austin-based Falcon Southwest Cos. in 2011. Upgrades to the common areas and apartment interiors under CenterSquare’s ownership led to NOI growth of 20.5 percent.

CenterSquare is not crossing Houston off its list, however. “While we are out of Houston right now, CenterSquare plans to monitor potential new value-add investment opportunities in Houston next year as a robust development pipeline of new product converges with the approaching economic slowdown resulting from lower oil prices,” said David Rabin, managing director of private real estate, in an official statement.

HFF Arranges $50M in Financing for Uptown Houston Office Building

5 Feb 2015, 8:51 pm

By Liviu Oltean, Associate Editor

3040 Post Oak

Pittsburgh-based HFF arranged $50 million in financing for 3040 Post Oak Blvd., a 427,486-square-foot office building that is part of the Lakes on Post Oak complex in Uptown Houston.

The real estate investment firm acted on behalf of the owner, MetLife Real Estate Investors, obtaining a 10-year, fixed-rate loan through Northwestern Mutual Life Insurance Co. The HFF debt placement team consisted of Senior Managing Director Wally Reid, Associate Director Tyler Ford and Real Estate Analyst Matthew Putterman.

Located at the intersection of Post Oak Boulevard and Hidalgo, the property has been the recipient of “The International Office Building of the Year” award by the Buildings Owners and Managers Association.

The asset was purchased by MetLife in 2014 with the help of HFF, which marketed and closed the sale. It was acquired from a joint venture comprising Five Mile Capital Partners L.L.C. and Crocker Partners.

“It’s kind of interesting because it is part of a larger complex, so three office buildings and a land piece were offered on a portfolio or individual basis, and on that particular building we did have strong interest,” Trent Agnew, director with HFF, told Commercial Property Executive last year. “It’s 80 percent leased, in one of the strongest submarkets in the city, so there’s near-term potential with vacancies, and in-place and long-term leases provide a backstop and security of income.”

Stream Realty Announces Houston CBD Acquisition, Retail Center Grand Opening

30 Jan 2015, 5:22 am

By Liviu Oltean, Associate Editor

The 600 Jefferson

It’s been a busy new year for Stream Realty Partners. Already, the Dallas-based firm announced the grand opening of its Center at Pearland Parkway in Pearland and the acquisition of 600 Jefferson in the Houston CBD.

Located at the intersection of FM 518 and Pearland Parkway, The Center at Pearland Parkway is a 165,000-square-foot retail development that features anchor and junior-anchor, inline and pad-site space. Its tenant roster includes companies such as T.J. Maxx, Ross Dress for Less, Petco and Palais Royal.

“This project features a great combination of strong national retailers and amazing access for an extremely underserved area of Pearland,” said Mark Sondock, managing director at Stream Realty. “As evidenced by the great reception we’ve received from the market, we’re really looking forward to providing the community with a great mix of tenants they can be excited about.”

Located a few blocks from Midtown, 600 Jefferson was acquired in partnership with DRA Advisors LLC from Brookfield Office Properties. Plans are to reposition the Class B office tower as Class A through such means as extensively renovating the lobby, common areas and exterior.

“600 Jefferson provides a unique opportunity to take a position in one of the most dynamic markets in the nation, Houston’s Central Business District,” said Stewart Lyman, vice president at Stream Realty, in an official statement. “The building’s structural efficiency and exceptional location make it a perfect candidate for a repositioning strategy. Upon completion of renovations, the building will fit a demand set that’s not currently served in the CBD.”

Image courtesy of Stream Realty

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