Houston Chronicle | March 25, 2021
By Katherine Feser
Market at Willis Associates, an affiliate of Fidelis Realty Partners, purchased 31.6 acres at the southeast corner of Interstate 45 and FM 1097 in Willis. The land, part of the 500-acre Moran Ranch development in Montgomery County, was purchased from MRSS Partners, a partnership of Houston-based Satya and Stolz Partners of Alpharetta, Ga. Fidelis now owns two adjacent tracts totaling 69.7 acres and is planning a shopping center and possible future mixed-use development.
Satya and Stolz acquired the Moran Ranch land in July 2019 for a mixed-use development planned for retail, multifamily, office and a potential medical campus. The property, near The Woodlands Hills community, was purchased from the heirs of oil and gas magnate W.T. Moran.
West of Houston, Satya sold 1.2 acres at Mason Road and Fry Road in Cinco Ranch to Xuyen Trang. The property is the final parcel Satya owned in Cinco Ranch since acquiring 8 acres in 2008. Joshua Jacobs of Blue Ox Group represented the seller. Lily Loh of LV Realty represented the buyer.
Miami-based 3650 REIT invested $42.5 million of junior interests in a first-mortgage loan secured by Brookfield Property Partners’ recently renovated One and Three Allen Center in downtown Houston. The loan is secured by 2 million square feet of mixed-use space, including two office buildings, the complex parking facility and athletic and social club amenities. 3650 REIT’s interest represents about 10 percent of the equity in the loan.
Molto Properties broke ground on the West Gulf Bank Distribution Center, a 115,642-square-foot project for Armstrong Relocation at 9700 West Gulf Bank in Brookhollow West Business Park in northwest Houston. Nick Peterson and John Ferruzzo of Transwestern Real Estate Services represented Molto in the acquisition of the land and subsequent building, which will be owned by Armstrong Relocation. Planned for completion in September, the project will have 97 parking spaces for cars, 24 spaces for trailers, 28 loading docks and two drive-in doors and ramps.
Sunbelt Rentals signed a 10-year lease for its scaffolding division for 24,200 square feet of office/warehouse space on 4.7 acres in Port Commerce Business Park, at 4458 Genoa Red Bluff Road. Carolyn Fincher and LeDon Wissner with Smith Raines Co. represented the landlord, Jaws Realty, and tenant.
D’Agostino Cos. broke ground on The Reserve at Baybrook, a 291-unit apartment complex at 19302 Glenwest Drive in Friendswood. Chris Bergmann Jr. of JLL represented D’Agostino in the land acquisition. The apartments will have floor plans of up to three bedrooms, 10-foot ceilings, a resort-style pool and golf simulator. Opening is planned for early summer 2022.
Miami-based-Elandis, in a joint venture between its affiliate Libra Group and London-based M&G Investments, acquired Waters at Westchase, a 260-unit apartment complex at 11490 Harwin Drive in Westchase. The seller was Nizinski Family Waters. With the acquisition, Elandis owns more than 1,000 units in Houston.
Chicago-based Dayton Street Partners selected NAI Partners as the leasing agent for its 90-acre truck terminal at 5800 Mesa Drive in northeast Houston. John Simons, Chris Haro and Jack Gilbert are handling the assignment for DSP, which acquired the terminal in January as its first property in Texas. The 500,000-square-foot terminal has 333 doors and a 33-bay maintenance facility and is undergoing a multi-million-dollar renovation.