Younan Properties acquires Energy Corridor office building
Younan Properties expanded its Houston portfolio with the acquisition of Two Westlake Park, a 455,000-square-foot office building within the 58acre Westlake Park development in the Energy Corridor. The building was owned by Pimco before being foreclosed upon last year after losing two major tenants. Dan Miller and Martin Hogan of JLL Capital Markets represented the seller. It is the second time for Younan to buy the building, last owning it in 2011.
“This is part of our ongoing expansion in the Houston office market with value-added opportunities that possess significant upside potential,” CEO Zaya S. Younan said in an announcement. “Our strategy is to reposition this asset with creative renovation plans and updated amenities for tenants to enjoy.”
Stonelake Capital Partners purchased 6161 Bingle, a 127,513square-foot industrial building on 17 acres near U.S. 290 in northwest Houston. Andy Sowell of Boyd Commercial represented the seller, Graybar Electric Co. In conjunction with the purchase, Boyd Commercial’s David Munson and Wes Williams arranged a full-building lease with Hannibal Industries, a manufacturer of steel pallet racks.
Inway Oaks JV purchased 44.25 acres at 26008 Riley Road, Waller, from Schwindmoore Forest LLC. Randy Nerren of NewQuest Properties represented the buyer. Brenda Pennington of B. Pennington Commercial Real Estate represented the seller.
Global Student Housing Houston purchased a 1.2-acre development site at Scott and McGowen streets near the University of Houston. Brad LyBrand of NewQuest Properties represented the seller, RSB Ventures.
Partners Capital, the investment arm of NAI Partners, announced two medical office leases at its recently renovated building at 11301 Fallbrook in northwest Houston. Dr. Regina Lewis with Texas Orthodontic Specialists, Dr. Stephen Chen with Texas Orthodontic Specialists and Dr. Joseph Chen specializing in oral and maxilla-facial surgery signed a lease for 6,293 square feet. Touchstone Medical Imaging/Steeplechase Diagnostic Center leased 6,983 square feet. Lesley Rice and Andy Parrish of NAI Partners represented the landlord.
Equus Capital Partners
obtained loans totaling $40 million to refinance the recently renovated 5300 Memorial and 10497 Town & Country office buildings. Jon Ream of JLL Capital Markets arranged the five-year, floatingrate loans through East West Bank. The 5300 Memorial building contains 153,671 square feet and is 93 percent leased, while 10497 Town & Country totals 149,309 square feet and is 91.5 percent leased.
Geirin North Shepherd LLC purchased an 84,200-squarefoot, multi-tenant industrial building at 5708 N. Shepherd Drive. John Ferruzzo and Nick Peterson of Transwestern Real Estate Services represented the buyer. David Munson and David Boyd of Boyd Commercial represented the seller, the Estate of Frank D. Adams.
Ingenero leased 2,595 square feet of office space at 4615 Southwest Freeway. John Hornbuckle of Cypressbrook Co. represented the landlord, EP Office Holdings. Charles Fertitta of Colliers International represented the tenant.
Long View Equity Partners IV acquired 6015 Skyline Drive, a 36,596-square-foot industrial building from Accent Sign & Awning in a sale-leaseback transaction. The seller, a manufacturer of custom electric signs and awnings since 1979, will continue to occupy the property.
Cierra Tank Services purchased a 6,300-square-foot industrial building at 14814 Park Almeda Drive from K &K DePeuter Investments (DePeuter Electrical Solutions). Tony Orozco of EXP Realty represented the buyer. Jason Gibbons, Doc Perrier and Jack Gaffney of Finial Group represented K&K DePeuter Investments in the sale and in a new lease at 103 Riley Road.
VP 2020 purchased 3.14 acres at 134 Vision Park Drive, Shenandoah. Keagan LeBlanc of Pinecroft Realty represented the buyer. Greg Usher of Cypressbrook Co. represented the seller, Cypressbrook Vision Park LP.