Developers grow spec industrial portfolios across Houston region
Woodside, a Fort Worthbased real estate fund manager, bought 12012 Wickchester, a 110,000-square-foot office building on 3.7 acres in the Energy Corridor. Marty Hogan and Kevin McConn of JLL Capital Markets represented the seller, CapRidge Partners. The sixstory building was renovated in 2021 and is about 60 percent leased to a mix of tenants. Stream Realty Partners will continue to provide leasing services for the building with Matt Asvestas and Ryan Barbles as the leasing agents. Woodside plans HVAC updates, lobby renovations and improvements to the parking garage and patio.
Houston-based Transwestern Development Co. completed Bayport 146 Distribution Center, a 454,600-square-foot cross-dock industrial building at 5803 Old Highway 146 in Seabrook. Near Bayport Container Terminal, the building has 36-foot clear heights and can accommodate tenants from 114,000 to 454,600 square feet. Brian Gammill, Darryl Noon and Nick Peterson of Transwestern are handling leasing. The property broke ground in April of 2022.
Constellation Real Estate Partners, an investor and developer of logistics properties with offices in Houston and Dallas, in partnership with New York-based Cadre, acquired 20.8 acres on the northeast corner of Beltway 8 and Telephone Road for an industrial development in southeast Houston. Designed by Seeberger Architecture, Constellation Telephone consists of two buildings totaling nearly 192,500 square feet. The project can accommodate distribution, fulfillment, e-commerce and light industrial tenants from 20,800 square feet to 98,500 square feet. Zack Taylor of Colliers assisted with the land purchase and will oversee leasing along with John Nicholson. Construction will begin in the second quarter with completion planned in early 2024. Constellation is developing Constellation Post Oak, a two-building, 426,200-square-foot industrial development, in southwest Houston and has another project in El Paso.
Growth Capital Partners ,a real estate investment company based in Birmingham, Ala., and Houston-based developer Phelan-Bennett have completed Westside 10 Industrial Park, a 167,000-square-foot building at 814 FM 1489 in Brookshire. The development, which has more than 3,800 square feet of office space, is part of Growth Capital Partners’ Fund II. Robert McGee, Taylor Schmidt and Austin Bartula of Lee & Associates-Houston are managing the leasing. The project represents the Growth Capital Partner’s first industrial development in the Houston area. Corvus Construction handled construction. GCP Management Services will provide property management.
TDECU (Texas Dow Employees Credit Union) announced an agreement with the city of Lake Jackson that will enable the credit union to develop the 5-acre plot it is buying near Oak Drive and Center Way in downtown Lake Jackson with a new member center with multiple drive-thru bays. As part of the plan, Azalea Street will be extended north to Center Way. The credit union will give part of the land to the city for a new library or other public space and parking lots for a new urban park. TDECU will donate its current location at 1001 FM 2004 to the city for redevelopment. Construction is scheduled to begin in late 2023 with opening planned in the first half of 2024. The largest credit union in Houston, TDECU was founded in Lake Jackson in 1955 and has 35 member centers in Texas.
Holdings Enterprise bought a 17,433-square-foot industrial property on 4.4 acres at 6421 N. Shepherd Drive. Zane Carman of Partners Real Estate represented the buyer. Jeff Peltier and John Parsley of Colliers represented the seller, R & J Partnership.
Houston-based Baker Katz bought a 20,000-square-foot building at 18980 Gulf Freeway in Friendswood in the Baybrook area for a retail redevelopment housing one or more tenants. Ben Brown of Baker Katz represented his firm. The seller was represented by Lewis Property Co.
Fire King Holdings bought a multi-tenant office building at 1710 West Lake Houston Parkway, Kingwood, from Woodforest National Bank. The two-story, 25,669-squarefoot building was built by the bank in 2007 as part of the King’s Harbor mixed-use development. Following the purchase, Genesis Medical Group, offering primary care, medical spa and urgent care services, will occupy the majority the building. Jeff Beard of SVN | J. Beard Real Estate – Greater Houston represented the seller. Bonnie Pfrenger, also from SVN, represented the buyer.